UPMC Enterprises' portfolio companies have made big moves so far in 2024.
As part of its second quarter financial report, UPMC outlined several successes for its venture capital arm this year. June was a particularly big month; the health system struck a deal for telehealth company eVisit to acquire its inpatient teleconsult technology for clinician-to-clinician virtual consults at ICU patient bedsides. UPMC expanded the technology to other specialties and used it for more than 40,000 teleconsults before the deal, and reducing wait times by 92%.
Realyze Intelligence, a UPMC Enterprises portfolio company, also hit big in the last two months. The technology supported two UPMC hospital studies published in the Journal of Clinical Oncology and JAMA Surgery about breast cancer care research and further validating the company's AI platform as a tool to match cancer patients with clinical trials.
In the second quarter, UPMC also published an article showing Pip Care's platform could cut post-surgical hospital stays by almost one day and reduce the risk of readmission the first week after surgery by 50%, according to the report. Pip Care, a UPMC Enterprises portfolio company, attracted multiple offers after the data was published.
Finally, UPMC Enterprises' translational sciences biotech startup BlueSphere Bio received its first investigational new drug clearance from the FDA for its novel T cell receptor therapy designed to treat patients with high-risk leukemia. The company also inked a collaboration with the National Cancer Institute to tackle advanced treatments for a rare lung disease.