|
|
Article: Pittsburgh Biotech Industry Waits to Fulfill Potential.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 16, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
By Pamela Gaynor, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Feb. 16--Long the home of a steel mill that dominated the riverbank just east of Downtown, a flat piece of land along Second Avenue became the pick for a new home for Cellomics, one of Pittsburgh's best prospects for an industry of the future: biotechnology.
But no sooner had Cellomics moved in last year than it began laying off more than half its 192 employees, victims of an initial public offering that was aborted in the wake of a dot.com collapse that saw investors shy away from almost any tech-oriented IPOs. Venture capitalists also pulled in their reins, cutting off ...