A South Side biotech company has received a $2.4 million grant from the government, which will allow the startup to finish preclinical work on its first product and start clinical trials in humans.
Renerva LLC received the award from the Department of Defense through the Medical Technology Enterprise Consortium, a biomedical technology group that collaborates with multiple government agencies. Renerva is a spinout from the University of Pittsburgh and Cornell University.
“We’ve been under the radar purposefully,” said Lorenzo Soletti, Renerva’s president and CEO. “We’ve done great things so far with very little money.”
Renerva’s injectable gel, which is derived from porcine tissue, is used to promote healing of damaged peripheral nerves. Based on animal studies, the compound has the potential to return functionality to patients who would otherwise be disabled from different types of nerve injury.
“Enhancing the ability of a nerve to heal would represent a true paradigm shift in this space,” said Paul Gardner, chief medical officer.
ALung Technologies Inc. Chairman and CEO Pete DeComo said Renerva’s technology could address several conditions.
“Renerva has a platform core technology with the potential to ameliorate several conditions of the peripheral nerve system in a space ripe for adoption of new therapeutic solutions,” said Mr. DeComo, who is also a member of Renerva’s board of managers.
Renerva’s initial focus is the 500,000 Americans who suffer from acute nerve injuries each year. The company, which was founded in 2017, employs 10 full- and part-time people and 20 contractors.
The company does not yet generate revenue, but anticipates getting Food and Drug Administration clearance no later than 2023. The company’s South Side offices serve as a research and development center while production work is outsourced.
Mr. Lorenzo, 42, co-founded Taunton, Mass.-based medical device company Neograft Technologies Inc., before becoming an Entrepreneur in Residence at Pitt’s Innovation Institute. He has a master’s degree in biomedical engineering from Politecnico di Milano in Italy, a doctorate degree in bioengineering from Pitt and an MBA from Carnegie Mellon University.
Kris B. Mamula: kmamula@post-gazette.com or 412-263-1699
First Published: December 14, 2018, 2:00 p.m.
