Controversial wrinkle-smoother ArteFillR, designed to plump up smile lines and other age give-aways, received the green light this week from the Federal Drug Administration, paving the way for San Diego-based Artes Medical Inc. to go public.

That's good news for Downtown private equity firm iNetworks Advisors. Principals Charles Schliebs and Anthony Lacenere said iNetworks was Artes' first institutional investor in 2004, and has assisted the young firm with management, business strategy and securing two of the three co-managers of the planned IPO.

ArteFillR was recommended for FDA approval in 2004, but an earlier iteration of the product -- known as ArteColl and composed of tiny beads encased in a collagen gel that, like Botox, is injected into the skin -- caused some adverse reactions. But it has since been fine-tuned and reintroduced, billing itself as the first permanent wrinkle eraser, with effects that last for years.

It's been a tough road for Artes. It filed to go public in May and is still under investigation by the FDA for allegedly marketing ArteFill and using it on patients before it was given the official go-ahead. In addition, Securities and Exchange Commission documents show that the firm lost $14 million in the first six months of this year.

Co-founder Dr. Gottfried Lemperle resigned as chief science officer before Artes filed to go public, and since obtaining FDA approval this week, another co-founder, company chief Dr. Stephan Lemperle, has stepped aside but remains on the board.

Mr. Schliebs wouldn't say how much iNetworks poured into Artes or comment on the allegations against the firm. But he did say iNetworks hopes to close its first round of capital, worth $40 million to $50 million, for its BioOpportunity Fund in the next two to three months and that its involvement with Artes has helped them secure important commitments. The BioOpportunity Fund, Mr. Schliebs said, is exclusively a health care and life science investment fund that will fuel young companies both at home and abroad. INetworks hopes to raise $100 million total for BioOpportunity.

The deadline for applicants seeking to manage the new Pittsburgh Angel Fund has passed, with 11 individuals and/or firms from Pittsburgh and parts elsewhere heeding the call, reports Terri Glueck, spokeswoman at Innovation Works, the local tech startup engine that has been coordinating the effort. She noted that the chosen fund manager must have a local presence but local roots aren't a prerequisite.

A strong financial return for the fund's investors is the top priority, Ms. Glueck said, and the fund manager's strategy should aim to invest a significant portion -- but not all -- of the fund in southwestern Pennsylvania-based companies. That's in line with the intentions of the Angel Fund's founders and regional investors, a group that includes Carnegie Mellon University, the University of Pittsburgh and the state Department of Community and Economic Development, which as a trio, pitched in the fund's first $1 million.

Innovation Works and the Pittsburgh Life Sciences Greenhouse have contributed, too, to the tune of $500,000 each, payable over five years. It's to be used to manage the fund, relieving the pressure on the chosen fund manager to raise enough dollars to funnel a small percentage of the pot toward covering management and overhead costs.

It's likely the Angel Fund's selection committee -- Joel Adams of Adams Capital Management, Jacqueline Morby, of TA Associates, Fred Beste of Mid-Atlantic Ventures, and Edgar Harrell formerly of Murata Business Center in Carlisle -- will make its pick until late December or early next year.

Applied Computational Technologies landed funding from the Ben Franklin Technology Partners and the Pittsburgh Life Sciences Greenhouse. Both organizations invested $100,000 to help the Windber-based firm bring its patent-pending radiation therapy planning tool, known as ProACTive, to the market.

Dave Mansueto, fresh from selling his podcasting firm LibSyn to Wizzard Software last month for an undisclosed amount, will co-host Pittsburgh's PodCamp -- billed as a free meet-up or "un-conference" for people who create, enjoy or are interested in learning more about blogs, vlogs (video blogs), audio podcasts, Web video, content-sharing networks and, tech-speak for making money on the Internet, new media monetization.

Justin Kownacki of Kownacki Productions LLC and the Web series "Something to Be Desired" is behind the weekend gathering, held at Pittsburgh Filmmakers, 477 Melwood Ave. from 9 a.m. to 5 p.m. next Saturday and Sunday.

Everyone's welcome, including podcasters and their fans, bloggers and their readers, and anyone else interested in this new wave medium, Mr. Kownacki said. But they must pre-register at www.PodCampPittsburgh.com. There also will be a Downtown meet-and-greet Friday. Check the Web site for a site and updates.

After announcing this week that he'd chair the board of up-and-coming medical device firm Cohera Medical Inc., Doros Platika, the outgoing chief of the Pittsburgh Life Sciences Greenhouse, hinted that perhaps a pair of local startups might also glean the benefits of his expertise. "My goal in the region is to assist two or three, to join the board as a chairman or significant contributor to the company, to help them grow," Dr. Platika said.