Precision Therapeutics' cautious course around turbulent equity markets has led the Pittsburgh-based startup to a new venture capital partner, reports the Pittsburgh Business Times.

Longitude Venture Capital Partners LP, a Menlo Park, CA-based fund dedicated to life sciences investments, has taken the lead in a capitalization effort that exceeds the company's original goal and allows it to remain privately owned. Joining a cluster of three Pittsburgh-based venture capital firms and two others--from Philadelphia and Boston--the undisclosed stake of the West Coast partner raises the total round to some 43 percent more than initially planned, and eclipses the total for venture capital raised by seven other Pittsburgh firms this year.

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