PITTSBURGH – September 30, 2020 – Buchanan Ingersoll & Rooney healthcare and corporate attorneys represented Innovation Works, a Pittsburgh-based seed stage investor, in a transaction with Allegheny Health Network to create healthcare and life sciences accelerator which will be headquartered at the Allegheny General Hospital Suburban campus in Bellevue, Pennsylvania.
The accelerator, AlphaLab Health, will serve as an innovation hub for the region’s life sciences sector, cultivating promising medical technologies and making early-stage investments in participating companies. The collaboration between AHN and Innovation Works is also supported by Pittsburgh-area universities, corporations, and foundations.
“AlphaLab accelerators specialize in helping great entrepreneurs build great companies,” said Innovation Works President and CEO Rich Lunak. “Marrying our capabilities to AHN’s health care expertise will benefit founders, who can test their concepts with clinicians, researchers, and operational experts on an accelerated timeline. This will result in better health care products and greater capital efficiency as they scale their businesses and find the right product-market fit."
Stephanie Winer Schreiber, shareholder in the firm’s Healthcare section and Daniel R. Richey, associate in the Corporate section represented Innovation Works.