Pittsburgh-based Allegheny Health Network innovation hub AlphaLab Health has welcomed seven companies to its first class at its business accelerator, according to an April 5 Pittsburgh Post-Gazette report.
Four things to know:
1. AHN in September teamed up with Innovation Works, a nonprofit business incubator, to launch the innovation hub at its former Bellevue, Pa.-based hospital campus.
2. AHN is also working with its parent company Highmark to transform the former hospital into the life sciences startup business accelerator, according to the report.
3. The collaborators are transforming patient rooms and surgical suites into offices and wet labs for startup health software, pharmaceutical and medical device businesses.
4. AlphaLab Health has a portfolio of seven companies in its first class; under the agreement, participants get an investment of up to $100,000 from Innovation Works and AHN in exchange for a convertible note granting up to 2 percent equity in the company.