PA Early Stage venture group takes new name

PA Early Stage Partners, a venture capital firm that invests in early-stage technology and life sciences companies, said today it is changing its name to Novitas Capital.

The Wayne company founded in 1997, said the name change better reflects "the firm's focus and reach." Novitas means "new, original and novel" in Latin, the venture firm said.

Steve Barnes, Novitas Capital managing director, said the "name 'Novitas' reflects our mission to recognize emerging technologies and world-class entrepeneurs at the earliest of stages, and provide both capital and support to help these ventures become successful companies." The new Website is www.novitascapital.com.

The firm said is has a new name but the same strategy.

In the last decade, companies receiving PA Early Stage funding have included: Traffic.com, which went public in January 2006 and was acquired in March by Navteq for about $177 million; AANetcom, a fabless semiconductor company acquired by PMC-Sierra for about $900 million; OrasureTechnologies, which merged with a publicly traded company in a stock deal worth $255 million, and Half.com, acquired by eBay in a deal valued at about $300 million, the venture firm said.

PA Early Stage - now Novitas Capital - is based in Wayne with offices in Pittsburgh, Allendale, N.J., and Morgantown, W.V. It has about 30 portfolio companies and $237.5 million under management in three venture capital funds.