ALung Technologies Named Tech 50 Life Science Company of the Year
Pittsburgh Technology Council Awards ALung Technologies based on Strong Growth, Financial Stability, and Product Advancements
Pittsburgh, PA (October 11, 2013) – ALung Technologies, Inc., a leading developer of innovative respiratory assist devices, announced today that it has been named “Life Science Company of the Year” by the Pittsburgh Technology Council’s Tech 50 Awards Program. Tech 50 winners were announced on October 10, 2013 at the Wyndham Grand Pittsburgh.
The Pittsburgh Technology Council’s annual Tech 50 Awards recognize southwestern Pennsylvania’s most successful, innovative, and thought-leading technology companies, the backbone of Pittsburgh’s new economy. ALung was named the “Life Science Company of the Year” for developing and commercializing the Hemolung Respiratory Assist System (RAS), a less-invasive approach to treating patients with acute respiratory failure. ALung’s fully-integrated approach to doing business is unique among the region’s life-science companies, as their advanced manufacturing processes, clinical and regulatory affairs, and business operations are all located on the South Side of Pittsburgh.
“We are honored to be recognized by the Pittsburgh Tech Council with this prestigious award,” said Peter DeComo, Chairman and CEO of ALung. “We have always placed particular value on our role in advancing the local economy and local innovation, and on our close collaboration with the University of Pittsburgh. In the years ahead, ALung will continue to make inroads in the
medical device market, leveraging our region’s talent and intellect to its fullest potential.”
Over the past three years, ALung has transitioned from a research & development company to a commercial provider of advanced medical devices. With this has come a significant expansion of headcount, as well as direct spending in the region for products and services from numerous suppliers and subcontractors. ALung also continues to support advanced research in the field of extracorporeal lung support via a strong relationship with the University of Pittsburgh’s McGowan Institute for Regenerative Medicine (MIRM).
“Each year, the Council canvasses the region for the most distinguished public and private technology-oriented companies, and the Tech 50 awards honor those companies that demonstrated the strongest growth and advancement in product or sales success, financial strength, corporate citizenship, job growth and retention and innovative product or technology,” said Audrey Russo, President and CEO, Pittsburgh Technology Council. “We applaud ALung’s commitment to the field of life science and its contribution to growing and sustaining Pittsburgh’s technology industry.”
About the Hemolung RAS
The Hemolung RAS is a dialysis-like alternative or supplement to mechanical ventilation. The system provides Respiratory Dialysis®, a simple, minimally-invasive form of extracorporeal carbon dioxide removal (ECCO₂R) and has indications for use in patients with acute respiratory distress syndrome (ARDS) and acute exacerbation of chronic obstructive pulmonary disease (COPD).
The device is approved for sale in Europe and Canada.
About ALung Technologies
ALung Technologies, Inc. is a Pittsburgh-based developer and manufacturer of innovative lung assist devices. Founded in 1997 as a spin-out of the University of Pittsburgh, ALung has developed the Hemolung RAS as a dialysis-like alternative or supplement to mechanical ventilation.
For more information, please visit http://www.alung.com.
This press release may contain forward-looking statements, which, if not based on historical facts, involve current assumptions and forecasts as well risks and uncertainties. Our actual results may differ materially from the results or events stated in the forward-looking statements, including, but not limited to, certain events not within the Company’s control. Events that could cause results to differ include failure to meet ongoing developmental and manufacturing timelines, changing GMP requirements, the need for additional capital requirements, risks associated with regulatory approval processes, adverse changes to reimbursement for the Company’s products/services, and delays with respect to market acceptance of new products/services and technologies. Other risks may be detailed from time to time, but the Company does not attempt to revise or update its forward-looking statements even if future experience or changes make it evident that any projected events or results expressed or implied therein will not be realized.
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