Pittsburgh Life Sciences Greenhouse will cut staff positions and lease additional space in its South Side headquarters in an effort to cut costs.
Greenhouse president and CEO John Manzetti confirmed that the organization will cut four positions and sublease up to half of its 10,500 square foot offices on Sidney Street. He also said additional staff members could take pay cuts.
Mr. Manzetti declined to reveal how much the organization hoped to save, but said the moves were made in an effort to maintain support for its portfolio companies and accelerator fund and to keep core team members on staff.
The Pittsburgh Life Sciences Greenhouse was founded in 2001 as a joint partnership among the state of Pennsylvania, the University of Pittsburgh, Carnegie Mellon University, UPMC and Pittsburgh's regional foundation community.
Since 2002, it has put $18.7 million into an investment portfolio of 76 life sciences companies.
Deborah M. Todd: firstname.lastname@example.org or 412-263-1652.