Birchmere to invest $44 million in biotech

"Birchmere Ventures, a North Side-based venture capital firm, has secured more than $44 million to invest in fledgling biotechnology firms, the state said yesterday.

The total includes $10 million from the state Tobacco Settlement Investment Board, which tapped Birchmere to raise private dollars to match the tobacco settlement money it would provide to help finance promising biotech ventures in Western Pennsylvania."

From this Pittsburgh Post-Gazette article.