PLSG managing member announces $265K closings
South Side-based life sciences investment firm Pittsburgh Life Sciences Greenhouse, managing member of the PLSG Accelerator Fund, announced that during the first quarter of the fiscal year it has seen more than $265,000 in closings from portfolio companies North Side-based Cohera Medical, South Side-based ALung Technologies and Oakland-based Personal Health Recording for Quality of Life. Investments into those companies came from the organization's Technology Development and Early Stage funds.
Swedish firm rejects Mylan merger proposal
Swedish pharmaceutical company Meda AB said it has rejected a merger proposal from Mylan and has terminated talks with the Cecil-based generic drug maker. Meda makes drugs that treat respiratory, skin, heart and other problems. It reported 2013 earnings of about $125 million on sales of about $2 billion.
GrubHub surges after $192 million IPO
GrubHub Inc., which lets hungry city dwellers order food online, surged in its trading debut after raising a higher-than-expected $192 million in an initial public offering. The shares rose 31 percent to $34 after the company, which runs websites including Seamless.com and Menupages.com, and its shareholders sold the stock at $26 apiece.
Penney teams up with Macpherson for lingerie
J.C. Penney is hoping that some supermodel magic will win over shoppers in the lingerie department. The beleaguered department store chain is launching an exclusive lingerie collection with a partnership with Elle Macpherson. The collection will be in 300 of Penney’s 1,100 stores starting Friday. Penney says it will wait to see how the brand fares before deciding whether to roll it out to its other stores.
Nest disabling feature on Nest Protect alarms
The high-tech home monitoring device company Nest Labs is disabling a feature on its smoke alarms due to the risk that owners could unintentionally deactivate it with the wave of a hand. Nest was acquired by Google earlier this year for $3.2 billion. Nest is halting sales of all new Nest Protect alarms to ensure none without updated software is sold.