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UNIVERSITY CITY SCIENCE CENTER

Annual Review

2012


2012 Annual Review

University City Science Center | 3711 Market Street, Suite 800, Philadelphia, PA 19104 | 215-966-6000 | www.sciencecenter.org

Port, Quorum, QED, and their respective logos, and the Breadboard logo, are trademarks of the University City Science Center. Breadboard and Global Soft Landing are registered trademarks of the University City Science Center. Š University City Science Center, June 2012 Photos by Conrad Erb - www.InformativeImage.com


UNIVERSITY CITY SCIENCE CENTER

By the Numbers 6 countries

21 academic

30 partners

are represented in the

and research institutions

form the Quorum Strategic

Port business incubator’s

participate in the QED Program.

Partner Alliance.

29 sponsors –

31 shareholders

12 QED awards

individuals, companies,

located throughout Pennsylvania,

of $200,000 each

universities and foundations –

New Jersey and Delaware hold

have been made by the

support Quorum.

interests in the Science Center.

29 startups

170 programs,

have office and/or lab space in

events and meetings drew 8,000

the Port business incubator.

people to Quorum in its first year

Global Soft Landing Program.

proof-of-concept program.

of operation.

350+ organizations have graduated from the Science Center since its inception in 1963.

Sources include Science Center records and the 2009 report, “The University City Science Center: An Engine of Economic Growth for Greater Philadelphia.” 2

University City Science Center


8,000 people work on our campus every day.

15,000 people are employed by the 93 Science Center graduate companies in the Greater

$12 million

Philadelphia region.

in government funding that directly supported product

40,000 regional jobs

development was raised by

$80 million

are generated overall by Science

Port residents from 2006-2010.

in private capital was raised by

Center graduate companies and Port residents.

Port residents from 2006-2010.

$64.5 million in tax revenue is contributed

$9.4 billion

$89,000

to the City of Philadelphia

in annual regional economic

is the average salary of

and Commonwealth of

output is generated by graduate

employees of Science Center

Pennsylvania annually by

organizations and Port residents.

graduate companies.

graduate organizations and Port residents.

2012 Annual Review

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MESSAGE FROM THE CHAIRMAN

As I reflect

on the past year – my first as Chairman of the Science Center’s Board of Directors – I take great pride in the continued positive momentum of the organization. As illustrated within the Annual Review, this year has witnessed growth for key programs and initiatives, such as QED, Quorum, Breadboard and the Port business incubator. The partnership between the Science Center and the University City District in evaluating the elements for University City to evolve further into an innovation hub serves as a foundation for the future development of the Science Center campus. Based on the strategic plan developed by its leadership team, the Science Center plays a critical role in commercializing technology and supporting entrepreneurship in the region. Serving as Chairman, however, has also afforded me the opportunity to gain a broader understanding of the Greater Philadelphia region’s life sciences and start-up sectors. In the past few months, Science Center CEO Steve Tang and I have met with leaders of comparable innovationoriented groups such as Pennsylvania Bio, Ben Franklin Technology Partners of Southeastern Pennsylvania and BioAdvance. The web of support for life science and technology entrepreneurs that spans the region is impressive. The Science Center contributes by identifying technologies with commercialization potential, providing incubator space, and developing programs to help them gain access to capital and other support as they grow. I serve as one of four Science Center Board members from the University of Pennsylvania, one of the original shareholders of the Science Center since its formation in 1963. Following the strategic plan, the Board has focused on reconnecting the Science Center to its shareholders – the collection of 31 colleges, universities and research institutions across the region. The Science Center offers a solid platform for working with industry and maintaining a vibrant connection to its academic and research roots. This intersection between academia and industry is where the Science Center excels. We are fortunate to have the support of two strong Vice Chairmen of the Board who represent the academic and industry sectors: Ken Blank, Ph.D., Senior Vice Provost for Research and Graduate Education at Temple University, and Jim Datin, Executive Vice President and Managing Director at Safeguard Scientifics. As we move through 2012 and into our 50th anniversary in 2013, Ken, Jim and I – and indeed the entire Board – will be focused on working with Steve Tang and his management team to strengthen the relationship with our academic shareholders and ensure that we work together to support the Science Center and the broader entrepreneurship community in our region. Craig Carnaroli Chairman of the Board University City Science Center

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University City Science Center


MESSAGE FROM THE PRESIDENT & CEO

I often say

that the Science Center exists at the intersection of innovation and economic development. That’s true; but it doesn’t tell the whole story. I’d like to take it one step further and declare that innovation is economic development. Think about it. It’s the discoveries in the world’s labs and the efforts to bring them to the marketplace that is fueling company formation and job creation. That’s what the Science Center is all about. As you’ll see in this Annual Review, we provide a network of support for entrepreneurs as they strive to turn a flash of inspiration into a thriving business. I enjoyed an invaluable opportunity to focus on innovation and the role it plays in economic competitiveness this past year when I was named to the national Innovation Advisory Board, which was tasked with guiding the U.S. Department of Commerce as it developed a report on America’s competitiveness and innovative capacity. Throughout the effort, one theme quickly became clear. Innovation and entrepreneurship alone will not lead us out of our current economic downturn, nor sustain our bright future. As Intel Co-founder Andy Grove has noted, “scaling,” or transitioning from the start-up to the manufacturing phase in a company’s early life, is the key to capitalizing on innovation and creating good jobs. Greater Philadelphia’s ecosystem of innovators and entrepreneurs is well positioned to support mechanisms for innovation that can be conceived and then further developed and scaled to benefit our entire nation. Just as Silicon Valley nurtures great tech companies, Greater Philadelphia is the cradle of the life sciences industry. And that’s important, because a thriving ecosystem must consist of more than just our great academic and medical institutions. Industry must be part of the equation as well. Research parks and business incubators like the Science Center, as well as other economic development organizations, can serve as innovation intermediaries or linchpins to connect the creators of emerging technologies with investors, suppliers and users of those technologies. Through those connections, we can maximize the value of early-stage research and, in turn, accelerate technology commercialization to create new, high-paying jobs. The future of our nation’s economic competitiveness relies on the collective strength of our nation’s regions where high innovative capacity is translated into industries that can generate job growth. However, it will take a combination of strong leadership, collaborative public-private partnerships, and dedicated innovation intermediaries to get us there. Please join us on the journey. Stephen S. Tang, Ph.D., MBA, President and CEO University City Science Center Photo by Richard Dubroff/Final Focus

2012 Annual Review

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REAL ESTATE REPORT

A Location of Choice It’s great

to be a location of choice for the region’s innovative startups. But leaders at the Science Center have set a higher goal: to realize the potential of its campus and the surrounding University City neighborhood as a worldclass center of innovation. “We closed out 2011 with our newest development project, 3711 Market Street, 86 percent leased,” says Curt Hess, the Science Center’s Senior Vice President of Real Estate. “To go from zero to 86 percent in three and a half years is phenomenal. Given the economy and business climate over the past two years, that increase speaks volumes about the value that companies see in locating on our campus.” 3711 Market Street is one of 15 buildings across the Science Center’s campus, which collectively boast a 92 percent occupancy rate. ➤ 6

University City Science Center


2012 Annual Review

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REAL ESTATE REPORT

The Science Center’s master plan envisions reconfiguring some of the 2 million square feet already developed and identifies possible uses for up to 1.5 million square feet (noted in blue) on the five remaining parcels available for development.

University City has the potential to join other top research clusters in the country, such as Cambridge, Mass., and San Francisco, as a powerful example of place-based innovation and economic growth.” The growing companies at the Science Center serve as examples to new and relocating companies whose business goals mesh with the Science Center’s mission of supporting technology-based economic development in the Greater Philadelphia region. Today, as always, location matters. Avid Radiopharmaceuticals, which graduated from the Science Center’s Port business incubator and moved into dedicated office and lab space at 3711 Market Street in 2009, before being acquired by Eli Lilly in 2010, continues to expand its footprint 8

and activities. The company, which has received FDA approval for a diagnostic for patients being evaluated for Alzheimer’s disease, has fitted out another 8,500 square feet to add to its 16,000-square-foot headquarters, and has hired additional research staff strengthening its presence in Philadelphia. New residents reinforce the Science Center’s connection to academic research institutions and technology transfer. Drexel University’s Office of Technology Commercialization has moved into 3711 Market Street, and Temple University has established a small University City Science Center


SPOTLIGHT

ONE AWESOME WEEK Philadelphia celebrated its inner science and tech geek during April 2012, as the Philadelphia Science Festival and Philly Tech Week took over the city. The Science Center was proud to co-sponsor both initiatives, and offered a Smart Talk panel discussion devoted to Women in Science and a session on dangerous foods featuring Science Center residents Benjamin Pascal of Invisible Sentinel and Marcia Pelchat of the Monell Chemical Senses Center.

business incubator in the Port for companies spun out by Temple. “Although they have relatively small real estate footprints, these organizations are important members of our campus community because they have a significant function that aligns with our mission of technology commercialization and economic development,” explains Christopher J. Laing, the Science Center’s Vice President for Science and Technology. “They shepherd the intellectual property assets of their universities into the private sector, driving new product development through licenses to existing and start-up companies.” While the addition of new residents and the continued growth 2012 Annual Review

of existing residents offer proof of the Science Center’s vitality, “we are looking ahead with an eye firmly fixed on the future of our great neighborhood, city and region,” Science Center President and CEO Stephen S. Tang says. “Although University City is an engine of growth and innovation, opportunities remain to super-charge our levels of technology commercialization,” Tang explains. “University City has the potential to join other top research clusters in the country, such as Cambridge, Mass., and San Francisco, as a powerful example of place-based innovation and economic growth.” ➤ 9


REAL ESTATE REPORT

A recent collaboration is pointing the Science Center in the right direction. The University City Innovation Collaborative, a joint effort between the Science Center, University City District (UCD), and Wexford Science + Technology, has established new, clearly defined priorities and strategies to help make University City recognized as a world-class innovation center. Inspired by the 2012 report “Making University City a WorldClass Innovation Center,” the Science Center, UCD and Wexford, along with stakeholders of other major University City institutions, have turned their focus to the Science Center and commissioned a study to update the master plan for future development of the Science Center campus. The plan envisions reconfiguring some of the 2 million square feet already developed and identifies possible uses for up to 1.5 million square feet on the five remaining parcels available for development. The plan sets out three critical principles to guide campus development for the next 10 years: • Become the location of choice for innovation, startups and research, by demonstrating the value of co-locating

with the region’s top academic institutions, investors, and companies. • Create a dynamic 24/7 urban environment with mixeduse development, including office, laboratories, retail and residential. • Generate a buzz, develop a critical mass of technologyoriented activity and establish the Science Center as a cool place to be. Efforts to apply some of these principles are already underway. Examples include Quorum, the entrepreneurs’ “clubhouse” that opened at the Science Center in May 2011; pitch events; business development support through the QED Proof-of-Concept Program; and Breadboard, the Science Center’s community development program that explores the intersection of science, technology, art and design. The popularity of these initiatives, Hess says, indicates that “we are absolutely a location of choice for innovation startups. Now we want our campus – and the region – to become the location of choice.”

SPOTLIGHT

LIFE SCIENCES JOBS AND INVESTMENT ACT The Science Center welcomed U.S. Sen. Robert Casey (D-PA) and U.S. Reps. Chaka Fattah (D-PA), Allyson Schwartz (D-PA) and Pat Meehan (R-PA) in July 2011 to announce the introduction of the Life Sciences Jobs and Investment Act of 2011. The legislation provides tax incentives for small and mid-sized businesses to invest in life sciences R&D to enhance medical innovation, life sciences education and job creation.

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University City Science Center


RESIDENT PROFILE

INFRASCAN LIFE-SAVING DIAGNOSIS OF BRAIN INJURIES

InfraScan CEO Baruch Ben Dor, Ph.D. 2012 Annual Review

“Time lost is brain lost.” This essential truth is what drives Baruch Ben Dor, Ph.D. and his team at InfraScan, Inc., which started at the Science Center in 2004 with two employees and a benchtop prototype that was proven in a clinical study, but was far from the functionality of a commercial product. In December 2011, the company, which now has six employees, received clearance from the FDA to begin marketing its lead product – the Infrascanner Model 1000. This new device will meet a vastly unmet need to quickly and effectively determine the best treatment option for each of the estimated 2 million individuals who seek medical treatment for head trauma in the U.S. each year. ➤ 11


RESIDENT PROFILE:

INFRASCAN

Beyond its significant potential for civilian healthcare, this technology also has great promise for the military. InfraScan recently completed lab testing with the Office of Naval Research based on a $2 million contract that it received in July 2010. The contract enabled InfraScan to work with the Navy and Marines to develop and conduct safety and field-testing activities for a next-generation “ruggedized” version of the product that could be deployed on the battlefield, potentially saving the lives of American soldiers.

THE GOLDEN HOUR The critical question is: When is a head injury just a headache, and when does it involve the life-threatening condition of brain hematoma (the rupture of a blood vessel in the brain)? The current diagnostic standard for head trauma, when brain hematoma is suspected, is a computed tomography (CT) scan, which in many cases, especially in rural clinical settings or on the battlefield, is not readily available. For a patient with a brain hematoma, any delay in proper diagnosis can mean the denial of treatment which can preserve life and brain function. The best patient outcomes are within the first “golden hour” – during which hematoma needs to be identified, and proper therapy instituted, to avoid critical clinical consequences. The Infrascanner is a hand-held, non-invasive device that relies on the different abilities of traumatized and normal brain tissues to absorb and reflect near-infrared light. It helps healthcare first responders identify head trauma patients with hematoma so that they can be triaged for quicker and more intensive management at a hospital with brain-imaging capabilities and, if necessary, access to neurosurgeons. And it is much more affordable than a CT scan.

LOCATION, LOCATION, LOCATION InfraScan has roots in both the University of Pennsylvania and Drexel University. The inventor of the core near-infrared technology, Penn’s Britton Chance, M.D., Ph.D., also served as the Scientific Director to the President of the University City Science Center in the 1990s. InfraScan’s engineering team, which applied Dr. Chance’s technology to the specific problem of diagnosing brain hematoma, originated at Drexel. “The Science Center provided easy access to both universities,” explains Dr. Ben Dor. “For a high-tech company coming from local universities, it is a perfect location.” The Science Center has played an important role in the success of InfraScan, and continues to provide the company with proximity to its extended team at Penn and Drexel and the support and services it needs to grow its business. The Science Center also provides InfraScan with the core infra12

David L. Solt, InfraScan’s Vice President for Research and Development, at work in the lab. Recent awards validate the InfraScan team’s dedication to improving patients’ lives.

structure that a company needs, explains Dr. Ben Dor. “We can focus on running our business and building the company without being distracted.” This support and infrastructure is even more important now that the Infrascanner has received FDA approval, and the company starts to focus on building its sales distribution network throughout the U.S. Its initial targets are hospitals, where it hopes to screen patients with the Infrascanner in the emergency room. It also hopes to work with intensive care units to monitor patients where there is a concern that bleeding may re-start following treatment, and with pediatric departments, as children are at the highest risk for serious brain injury following head trauma. With U.S. approval under its belt, and the impending launch of the ruggedized version for military use, the company is looking to the future. Dr. Ben Dor wants to aggressively expand InfraScan into key international markets, such as China and India, where there are significant gaps in the triage capabilities for head trauma patients. InfraScan’s impact on patient care has not gone unnoticed. It recently received the Patient Impact Award from Pennsylvania Bio and the MedTech Award for product innovation from PACT, the Greater Philadelphia Alliance for Capital and Technologies. As Dr. Ben Dor says, “For many years we have worked to reduce the unnecessary death and long-term disability associated with head injury, both for the civilian population and especially for our military servicemen. This recognition validates the InfraScan team’s hard dedication to improving the lives of patients.” University City Science Center


QUORUM

If You Build It, They Will Come Quorum is

proving the adage “If you build it, they will come.” Since the doors opened in May 2011, more than 8,000 people have attended over 170 programs, events and meetings. But Quorum is more than the sum of its numbers. It’s the programming that is attracting people to the space, the connections that are being made, the ideas that are being sparked and the community that is forming. 2012 Annual Review

“Quorum has been a great program for our startup,” says Brian Sowards, Founder and CEO of USEED, a Delaware-based company that connects alumni and community members with university students who are working on real-world projects. “We’ve met other startups there who’ve helped us network, a number of key advisors, a strategic partner and even a potential client! The lessons I’ve learned there have already proven invaluable a number of times. If you’re looking to do more, faster, then Quorum is a great place to start!” ➤ 13


QUORUM

Quorum has meant so much more than putting ParenteBeard’s name and logo up on the wall. It has meant the chance to be part of something very special in the emerging growth business arena… a chance to interact with the brilliant minds that come through the doors every day… a chance to guide the success of companies that will provide so many great things in the future to all of us and our children.” – Mark Nicastro, ParenteBeard Quorum Founding Sponsor

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Quorum has introduced three new programs that directly support its mission of connecting entrepreneurs with investors and business-building advice. Each month a group of approximately 20 entrepreneurs sits down with an investor over coffee for Coffee & Capital, which is sponsored by the Dolfinger-McMahon Foundation. The only rule of the freewheeling program? There is no such thing as a stupid question! Participating investors to date include David King of Quaker Partners, Ellen Weber of Robin Hood Ventures and Jim Datin of Safeguard Scientifics. Angel Education, which is sponsored by the Citizens Bank Foundation, is by necessity more structured. Its goal is to introduce angel investors to emerging industry sectors and educate them about investment opportunities. Past Angel Education sessions on video gaming and mobile technologies featured panel discussions on different business models and presentations by investors in the sector. “The event was interesting and informative. Great panel of experts in the mobile tech space,” said an attendee of the mobile technologies program who responded to a post-event survey. Finally, Office Hours brings a business advisor to Quorum each month to meet with three entrepreneurs individually. “Even a 30-minute dialogue in that environment can be very helpful,” says Kenneth J. Davis of Morgan Lewis, who held the inaugural Office Hours in October 2011. “I was impressed with the sophistication of questions asked by the entrepreneurs. It was nice to have discussions with folks who had clearly thought about their issues ahead of time. It makes the time all the more productive.” In addition to programming developed by the Science Center, Quorum has also hosted events by the members of its Strategic Partner Alliance, sponsors and other organizations in the region that share the Science Center’s mission of supporting entrepreneurship and tech-based economic development. Add in the Quorum Lounge, which is open daily for networking, impromptu meetings and the like, and there’s rarely a day when Quorum is empty.

University City Science Center


QUORUM OPEN THE DOORS CAMPAIGN SPONSORS Quorum’s success and impact would not be possible without the support of the Open the Doors Campaign sponsors who believed in the vision of the initiative.

Leadership Sponsors Temple University University of Pennsylvania Wexford Science + Technology Innovation Zone Sponsors

Founding Sponsors

Drexel University

The Children’s Hospital of Philadelphia

Thomas Jefferson University

EisnerAmper

University of Pennsylvania

Endo Health Solutions

University of the Sciences

ParenteBeard

The Wistar Institute

Pepper Hamilton

Sustaining Sponsors

Friends

Citizens Bank Foundation

Kenneth J. Blank, Ph.D.

Deloitte LLP

Mr. & Mrs. Christopher Cashman

Dolfinger-McMahon Foundation

The Connelly Foundation on behalf of Craig R. Carnaroli

Energy Plus

David R. King and Eunice S. King

Fujirebio Diagnostics Inc.

New Jersey Technology Council

Numoda Corporation

Stephen S. Tang, Ph.D., MBA

Odell Studner Scientific Search

Media Sponsor

TD Bank

WHYY

As of May 15, 2012

2012 Annual Review

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QUORUM

Quorum Strategic Partner Alliance Members The Quorum Strategic Partner Alliance builds awareness of the Greater Philadelphia region’s innovation community. Alliance for Women Entrepreneurs (AWE) America-Israel Chamber of Commerce (AICC) Baiada Institute for Entrepreneurship at Drexel University Ben Franklin Technology Partners of Southeastern Pennsylvania BioAdvance (Biotechnology Greenhouse of Southeastern Pennsylvania) BioStrategy Partners Campus Philly Center for Entrepreneurial Studies at Montgomery County Community College Delaware BioScience Association Economy League of Greater Philadelphia Entrepreneurial Law Clinic at the Earle Mack School of Law at Drexel University Greater Philadelphia Alliance for Capital and Technologies (PACT) Greater Philadelphia Chamber of Commerce Greater Philadelphia Senior Executive Group (GPSEG) Health Innovation Partnership Innovation America Mid-Atlantic - Russia Business Council Network for Teaching Entrepreneurship (NFTE) New Jersey Technology Council

SPOTLIGHT

Penn Biotech Group

ADVAMED

Pennsylvania Bio

U.S. Sen. Pat Toomey (R-PA) and U.S. Reps. Charlie

Philly BioBreak

Dent (R-PA), Jim Gerlach (R-PA), Pat Meehan (R-PA) and

Philly Startup Leaders

Erik Paulsen (R-MN) were on hand in March 2012 as the

Select Greater Philadelphia

Advanced Medical Technology Association (AdvaMed)

Technology Forum of Delaware

released its economic impact study at the Science

Temple University Innovation & Entrepreneurship Institute

Philadelphia Institute for Neurodegenerative Disorders (PhIND)

Center. The report makes the case that recent regulatory

Villanova University Center for Innovation, Creativity & Entrepreneurship (ICE)

and tax policy changes are creating significant burdens

Wharton Entrepreneurial Programs

that could cost tens of thousands of jobs, lower personal

World Trade Center of Greater Philadelphia

incomes and reduce business opportunities worldwide.

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As of May 15, 2012

University City Science Center


PORT BUSINESS INCUBATOR

One Size Doesn’t Fit All

Hugues Van Espen of Biologistics Consulting, left, chats with a fellow resident of the Port’s new co-working space, dubbed the Bullpen.

When it was

time for Biologistics Consulting to reinforce its presence in the U.S. market, the Port business incubator’s new co-working space was the logical place to start. As the first resident of the Bullpen, Biologistics, a Belgium-based consulting firm which specializes in the medical device, biotech and pharmaceutical industries, wasn’t alone for long. Within a few months of the Bullpen’s opening in late 2011, the nine desks in the co-working space were all occupied by 2012 Annual Review

early-stage companies and a waiting list had formed. Overlooking West Philadelphia and Fairmount Park, the Bullpen boasts some of the best views from 3711 Market Street. The space is outfitted with desks, phones and high-speed internet connections. Residents of the Bullpen also have access to all the shared meeting facilities, business services, and business-building programs the Science Center offers, including Lunch for Hungry Minds’ scientific presentations, Smart 17


PORT BUSINESS INCUBATOR

Talk’s business-building advice, and Quorum and its programs that connect entrepreneurs to investors and advice. For Mathias Hollander, Business Development-US for Biologistics, the Bullpen offered an ideal solution. “Being surrounded by other young companies was inspiring and kept me motivated,” explains Hollander, who has since handed over the company’s U.S. operations to Hugues Van Espen. “These other ambitious entrepreneurs motivated me and reminded me why we’re doing this in the first place.”

GROWTH SPURT Like the successful startups it supports, the Port experienced its own growth spurt in 2011. In addition to the Bullpen’s 350 square feet, the Port added another 3,200 square feet that includes three more double-occupancy offices, four more labs and a sixth conference room for Port companies. Funded in part by grants from the Commonwealth of Pennsylvania’s Redevelopment Assistance Capital Program and Wexford Science + Technology, this expansion gives start-up companies more options than ever for space to meet the needs of their growing businesses. “One size doesn’t fit all,” explains Christopher J. Laing, the Science Center’s Vice President of Science and Technology. “Every startup has its own unique needs. With the expansion of the Port, we can better serve those needs as the companies grow and evolve.” The Port’s Global Soft Landing Program is also growing. The number of international companies residing at the Port has increased to 16, and includes companies from Belgium, China, France, India, Singapore and the United Kingdom. The number of international trade delegations and investors touring the Port is up as well. Further cementing the Science Center’s reputation as a magnet for international firms, the National Business Incubation Association (NBIA) awarded the Port the NBIA Soft Landings International Incubator designation in February 2012. The Port is one of only 23 business incubation programs around the world to have earned the designation since NBIA began the program in 2005. “Since we launched the Global Soft Landing program in 2006, more than 20 companies from 10 countries have recognized the value and convenience of launching their U.S. operations in Philadelphia, within easy reach of the financial and regulatory centers in New York and Washington. But more importantly, these companies have all reaped the benefits of our networks, resources, and programs, which have collectively set them on a firm path to market,” says Science Center President & CEO Stephen S. Tang. “Receiving the Soft Landings International Incubator designation from NBIA is a great validation of all that we do to support international companies and help attract them to the Greater Philadelphia region.” 18

The Science Center’s Global Soft Landing Program operates in partnership with the Commonmore than just a space for his wealth of Pennsylvania’s Departbiotech startup. ment of Community and Economic Development, the Philadelphia Industrial Development Corporation, the World Trade Center of Greater Philadelphia, the International Visitors Council of Philadelphia, and the U.S. Department of Commerce’s Economic Development Administration. Today the Port is home to 29 domestic and international companies employing about 100 people and deploying almost $20 million in early stage venture capital. It is one of the largest and most successful technology business incubation programs in the country. For Bernardo Cordovez, Ph.D., Co-founder and Chief Technical Officer at Optofluidics, a medical device company developing microfluidic and biophotonic technologies for single molecule analysis and point-of-care medical diagnostics, the Port is much more than just a space for his biotech startup. “The program’s resources and the camaraderie with fellow residents are just as essential to growing our company as our R&D activities,” Cordovez explains. “Almost every important connection we have made was facilitated either directly through the Science Center or through other Port companies. It is these connections and opportunities that will differentiate us from the thousands of other biotech startups across the country, and position us for success.” For Bernardo Cordovez of

Optofluidics, the Port is much

University City Science Center


Port Business Incubator Residents No matter what their focus, all residents of the Port business incubator are part of the Science Center’s community of innovation. Below each company’s name is its technology or activity focus.

Residents Adaptimmune LLC Life Sciences Products Arlenda Inc. Life Sciences B2B Services BeiGene Bio Life Sciences Products Biologistics Consulting Life Sciences B2B Services BioNano Genomics Life Sciences Products The Charlesworth Group Education B2B Services CropLord LLC Chemicals B2B Services DMX Bio, Inc. Life Sciences Products Enzybel International Materials Science Products

Epitek Inc. Life Sciences Products

Optofluidics, Inc. Life Sciences Products

ERAI Multi-sector B2B Services

Oxo Pharma Inc. Life Sciences B2B Services

Follica, Inc. Life Sciences Products

Parsortix, Inc. Life Sciences Products

Immunocore LLC Life Sciences Products

Pharmaceutical Press Education

Invisible Sentinel Life Sciences Products

PrimBio Research Institute Life Sciences Products

iPraxis Education

REGENX BioSciences Life Sciences Products

Kayentis Life Sciences B2B Services

RSC Worldwide Education

Mitergy Inc. Life Sciences Products

Triana Group Life Sciences B2B Services

Nelum Sciences Materials Science Products

Vector Biolabs Life Sciences B2B Services

Nuvon, Inc. IT B2B Services

Vipix Systems Multi-sector B2B Services

Port Affiliates Karlin Asset Management Multi-Sector Funding Robin Hood Ventures Multi-Sector Funding BioAdvance Life Sciences Funding MedCity Media Life Sciences Media Temple University Education Products NUS America Education

As of May 1, 2012

SPOTLIGHT

COACHING FOR INVESTMENT For four University City Keystone Innovation Zone (UC KIZ) companies, coaching and pitching had nothing to do with baseball – and everything to do with funding. As part of a partnership between the UC KIZ’s Access2Capital program and MidAtlantic Diamond Ventures (MADV), Stabilize Orthopaedics and Science Center residents BeneLein Technologies, Invisible Sentinel and Optofluidics worked with seasoned advisors to refine their pitches in hopes of attracting interest from area investors. In March 2012, each company presented to about 70 investors, entrepreneurs and business leaders during the MADV/UC KIZ Life Science Venture Forum held at Quorum. Offering tax credits to eligible startups, the UC KIZ is administered by the Science Center and operates under the Quorum umbrella.

2012 Annual Review

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QED PROGRAM

A Product of People, Leadership & Funding “Innovation has

nothing to do with how many R&D dollars you have… It’s not about the money. It’s about the people you have, how you’re led, and how much you get it.” When Steve Jobs made this statement to Fortune magazine in 1998, the competition was outspending Apple on R&D by at least 100-to-1. Apple has since launched a host of ground-breaking products that have transformed the personal computing, music and telecommunications industries. Jobs’ philosophy encapsulates the spirit of the Science Center’s QED Proof-of-Concept Program, the nation’s first multi-institutional proof-of-concept program for the life sciences. QED launched as a pilot in 2009 and continues to operate as a resource for academic researchers in the Greater Philadelphia region as they develop promising medical technologies. While QED provides focused funding awards of $200,000 for selected projects (with half of the funding contributed by the Science Center and half contributed by the recipient research organization), it’s not just about the money. The true value of the program lies in the business guidance and insight given to researchers and how they use this knowledge to their advantage as they plan commercially relevant studies and attract support from the private sector. 20

THE PEOPLE YOU HAVE The Greater Philadelphia region is home to a wealth of academic medical research. Investigators at regional academic institutions expend more than $1.6 billion on life science research and development annually. Based on the premise that high-potential research is already taking place across the region, the QED Program engages 21 of the region’s major universities and research institutions. The regional approach has proven effective. Since launching in April 2009, 178 investigators at participating organizations in Pennsylvania, New Jersey and Delaware have submitted applications, and 40 have received further program support in developing their projects. Even more compelling is the fact that the 12 finalist projects selected for funding by an independent QED Selection Team represent eight different research organizations. This serves as reinforcement from the private sector that high-potential opportunities don’t just exist at one or two high-profile institutions, and demonstrates the depth and breadth of the region’s capabilities in life sciences product development. ➤ University City Science Center


“The QED experience and the business advisors have contributed greatly to changing the way I think about research,” says Hwyda Arafat, MD, Ph.D., left, Professor of Surgery and Co-Director of the Jefferson Pancreatic Center at Thomas Jefferson University. Dr. Arafat and Mon-Li Chu, Ph.D., Professor and Vice-Chair of Research in Dermatology & Cutaneous Biology, developed a strong candidate for the first clinically reliable test for pancreatic ductal adenocarcinoma. Photo courtesy of Thomas Jefferson University

The Science Center thanks the United States Department of Commerce’s Economic Development Administration, the Commonwealth of Pennsylvania’s Ben Franklin Technology Development Authority, the William Penn Foundation, and Wexford Science + Technology for their financial support of the QED Program. 2012 Annual Review

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QED PROGRAM

“Multi-institutional programs like QED are key to our region’s competitiveness as a source of new medical technologies and products,” says Christopher J. Laing, Vice President of Science and Technology at the Science Center. “If you look at successful technology clusters, they are built on a critical mass of research infrastructure. The Greater Philadelphia region represents almost four percent of the nation’s academic medical research output, and QED creates a mechanism for new product development that mobilizes and showcases that entire powerhouse.”

FUNDED PROJECTS Round One • Sol-gel drug delivery platform, University of Pennsylvania • Breast cancer detector, Drexel University • Hand-held wound monitor, Drexel University

Round Two • New gene silencing platform, Rutgers University • Minimally-invasive heart valve replacement, University of Pennsylvania • Magnetic nanoparticle drug-delivery system, The Children’s Hospital of Philadelphia

HOW YOU’RE LED Each QED applicant receives business guidance, ranging from one-on-one meetings with QED staff, to pairing with business advisors and individual project feedback from market insiders. QED business advisors are eager to roll up their sleeves and map out a plan of action based on the commercial pathway and corresponding research strategy that makes the most sense for a given technology. (A complete list of QED Business Advisors is available at www.sciencecenter.org/programs/qed.) Once a project proposal is funded by QED, business advisors continue on for the 12-month duration of the project – with some even developing formal relationships with the investigator and research institution beyond the scope of QED. Dr. Hwyda Arafat, a Round 4 awardee from Thomas Jefferson University, speaks to the value of the relationship, saying, “The QED experience and the business advisors have contributed greatly to changing the way I think about research. As a physician I always think about the patient first, and as a researcher I think about the experiments and the data. Having the business advisors has made me think about other issues between the lab and the patient. More questions have been raised, like ‘What is the market status and the potential competition?’ and ‘How much and how long will it take to get the technology into the market?’ This business-oriented way of thinking about research is something that we really appreciate about the QED Program.” Another key source of business guidance is the QED Selection Team, which brings together leaders and investors from the biomedical industry. Based on their experience assessing medical technologies, this group offers useful feedback to all of the project teams and makes final recommendations for QED funding awards.

Round Three • Differentiation therapy for leukemia, Temple University • Use of microRNAs to treat hepatitis C virus, The Children’s Hospital of Philadelphia • Rapid detection of microRNAs using nanopores, University of Pennsylvania

Round Four • Fabrics that are resistant to bacterial contamination, Philadelphia University • Miniaturized medical oxygen concentrator, Lehigh University • Diagnostic and screening test for pancreatic cancer, Thomas Jefferson University

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HOW MUCH YOU GET IT Throughout the three-year QED pilot, the Science Center has been assessing whether, and how, program resources bring academic research closer to successful technology commercialization. Early indications are promising. Five projects have already transitioned from their academic organizations to the private sector – including four which have been the focus of newly formed companies. To date the portfolio has attracted almost $9 million in follow-on investment. The QED Program has received national attention as well. It was included in the U.S. Department of Commerce’s report, “The Competiveness and Innovative Capacity of the United States,” as an example of how public-private partnerships can help translate innovative capacity into job growth. Realizing such positive outcomes after only three years has prompted the Science Center to continue the QED Program beyond the pilot phase. To sustain the program in the future, the

University City Science Center


Science Center is launching a major fundraising campaign, confident that it has shown that a regional approach to technology commercialization has substantial promise. The portfolio of QED projects represents a significant pipeline of therapeutic, device, diagnostic, and other healthcare technologies that are available for new product development. But even more important is the potential impact on patient care. Alan J. Snyder, Ph.D., Vice President for Research at Lehigh University, which won a fourthround award for a portable medical oxygen concentrator for patients with lung disease, notes the QED Program’s assistance in bringing laboratory research into real-world practice. “When a patient wakes up to a better reality,” he says, “we’ve realized our goal of fostering innovation. The QED award, and the business assistance that comes with it, brings us one step closer.”

Mayuresh Kothare, Ph.D., right, and Shivaji Sircar, Ph.D. of Lehigh University won a fourth-round QED award for their discovery of a way to miniaturize the mechanism that delivers oxygen-rich gas from ambient air, allowing greater energy efficiency and lower costs. Photo by Ryan Hulvat/ ryanhulvat.com, courtesy of Lehigh University

QED Participating Institutions The QED Program is open to researchers at the following institutions:

SPOTLIGHT

RAIN

The Children’s Hospital of Philadelphia

Philadelphia College of Osteopathic Medicine

Delaware State University

Philadelphia University

Drexel University

Rutgers University

Fox Chase Cancer Center

Temple University

Harrisburg University of Science and Technology

Thomas Jefferson University

parks and business incubators, giving them

University of Delaware

the opportunity to speak with a unified voice. Since then,

Lankenau Institute for Medical Research

University of Medicine and Dentistry of New Jersey

RAIN has expanded to include the growing number of

Lehigh University

University of Pennsylvania

Monell Chemical Senses Center

University of the Sciences

gion. The 2012 Annual RAIN Conference will explore the

Widener University

region’s diverse incubation and co-working models and

New Jersey Institute of Technology

The Wistar Institute

how they can support regional efforts spearheaded by

The Science Center convened the Regional Affinity Incubation Network (RAIN) in 2009 as a vehicle to connect regional research

diverse incubators and co-working spaces in the re-

the Economy League of Greater Philadelphia to ensure a

Penn State College of Medicine, Hershey

world-class future for Greater Philadelphia. As of May 15, 2012

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BREADBOARD

Where Art, Science & Technology Meet Breadboard,

the Science Center program that introduces communities to creative applications of technology, has embraced the power of partnerships as it has grown beyond its beginnings as the Esther Klein Gallery to encompass artist residencies, community outreach and exhibits. Breadboard has leveraged partnerships with NextFab Studio (a rapid prototyping facility located on the Science Center campus), PECO, the City of Philadelphia’s Mural Arts Program and others to meet its mission of exploring the intersection of art, design, science and technology. Shelley Spector personifies the range of Breadboard programming. The Philadelphia-based artist leveraged a six-month Breadboard Artist Residency at NextFab Studio to create work for an exhibit at EKG (formerly known as the Esther Klein Gallery), as well as community programming. What struck Spector most about her experience with Breadboard and NextFab is the similarity between art and science. “When I go into the studio, I experiment with materials, processes, technology and ideas. I focus on one objective and push its boundaries and try varied approaches to meet that goal – just like science. This is a new awareness for me – the connection between the studio and the lab.” ➤ 24

University City Science Center


Artist Shelley Spector’s exhibit at EKG was the culmination of her Breadboard Artist Residency at NextFab Studio.

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BREADBOARD

Breadboard and its partner NextFab Studio were recognized as a Business & Arts Partnership of the year by the Arts & Business Council of Greater Philadelphia. MURALAB

As part of her Breadboard Artist Residency, Spector took advantage of the resources available at NextFab, including the ideas and expertise of the staff and other patrons of the rapid prototyping studio. “NextFab is about as good as it gets for someone like me who loves tools, process and experimentation,” says Spector, whose residency culminated with “Dreck Groove,” a solo exhibit at EKG featuring the work she created at NextFab. Complementing her residency, Spector held two community workshops at NextFab designed to teach attendees about digital embroidery and the other tools she used to develop pieces for her show. “Shelley’s workshops were a great opportunity to introduce 21st century tools and technologies to individuals who may not have a technology background,” comments Dan Schimmel, Director of Breadboard.

Just as Breadboard can be considered the think tank of the Science Center, muraLAB takes the City of Philadelphia’s Mural Arts Program one step further as it explores how murals in the 21st century take on and adopt technologies used in our everyday lives. A partnership between the two cutting-edge programs was a natural fit. Over a five-month period, four Philadelphia-based artists and artist teams became Breadboard Artists-in-Residence at NextFab Studio. With a $2,000 stipend from Mural Arts and access to NextFab’s fabrication equipment, the artists developed public art project concepts and prototypes for the 21st century. The work created through the residency was displayed at EKG from April to June 2012 and will be considered for development as a full-scale Philadelphia public art project in 2013.

ART THE AIR

TURNING STEM INTO STEAM

Breadboard’s impact extends beyond the Science Center campus. The Art in the Air program, for example, transforms PECO’s Crown Lights display atop its headquarters in Philadelphia’s Center City into an outdoor digital gallery. Art in the Air, which is a collaboration between Breadboard and PECO, displayed the work of 12 digital artists from Pennsylvania and Delaware on Friday evenings from September – December 2011. “The Crown Lights provide a unique and inspiring canvas for a diverse group of artists,” says Schimmel. “From students at Drexel and the University of the Arts to a scientist at the University of Delaware, these artists and their work exemplify the range of creativity found in the Greater Philadelphia region.” Art in the Air will continue in 2012 and expand to include artists from around the country.

Breadboard Support

A large-scale geometric sculpture rising more than two stories at EKG commanded the attention of anyone entering the gallery during the summer of 2011. This piece was the end product of an exercise performed by seventh graders at Grover Washington Jr. Middle School in North Philadelphia. Each student placed a dot on a map of Philadelphia representing where they lived or played. After connecting the dots, the unique geometric forms were built into cardboard 3D sculptures at NextFab Studio. Across the gallery hung a slew of globes varying in size, decorated by students after traveling to Washington, DC to listen to climatologist Warren M. Washington speak about the earth’s future. These sculptures were among a number of pieces displayed at Breadboard’s EKG in fall 2011 as part of a STEAM exhibit. By using art to introduce students to the STEM subjects of science, technology, engineering and math, Breadboard is helping to turn STEM into STEAM. At the same time, it is helping to ensure that the pipeline of future STEM workers is full.

Support from those listed here allows Breadboard to deliver its innovative programming.

OPERATION EVE

Best Buy Children’s Foundation The Connelly Foundation PECO Pennsylvania Council on the Arts Philadelphia Cultural Fund Samuel Fels Foundation As of May 15, 2012

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Looking ahead, Breadboard’s newest program, Operation Eve, introduces tween and teenage girls in the Philadelphia area to STEM subjects through creative and collaborative arts-based workshops that encourage hands-on exploration, design and learning. Operation Eve offers girls an opportunity to explore, learn, play and realize their inherent potential in technology, engineering and math, thereby building self-confidence and long-term interest in STEM subjects. Supported by a grant from the Best Buy Children’s Foundation, Breadboard will launch Operation Eve in the second half of 2012. University City Science Center


MANAGEMENT TEAM

Science Center Management Team Stephen S. Tang, Ph.D., MBA President & CEO Steve Tang became President & CEO of the Science Center in February 2008 following an extensive nationwide search. Dr. Tang is the first president in the Science Center’s history to have not only led a company through venture funding and an initial public offering, but also to have served as a senior executive with a large life sciences company as it acquired and integrated smaller start-ups. A seasoned life science, energy technology, and management consulting executive, Steve previously served as Group Vice President and General Manager with Olympus America Inc., where he led U.S. operations for the company’s global Life Science businesses. Before joining Olympus in 2005, he was President and CEO of Millennium Cell Inc., an energy technology firm he led through its initial public offering in 2000. Previously, he served as Vice President and Managing Director of the global pharmaceutical and healthcare practice of A.T. Kearney Inc., and was Vice President and Co-managing Director of the global chemical and environmental practice for Gemini Consulting Inc., now known as Cap Gemini. Prior to that, he was the Assistant Director and Senior Research Engineer at the Lehigh University Center for Molecular Bioscience and Biotechnology. Dr. Tang earned a doctorate in Chemical Engineering from Le-

high University, an M.B.A. from the Wharton School of Business at the University of Pennsylvania, and a B.S. in Chemistry from the College of William and Mary. A graduate of the public school system in Delaware, he has resided in the area for most of his life.

Curt Hess Senior Vice President of Real Estate Operations Curt Hess is responsible for the management and leasing of more than 1.0 million square feet of Science Center office and lab space in Philadelphia and Delaware. He has more than 20 years of diversified real estate experience. Before joining the Science Center, Curt served as the Director of Operations for Brandywine Realty Trust, where he was responsible for the management and leasing of 40 properties totaling more than 3.0 million square feet. Prior to that, he was Vice President of Asset Management at Lubert-Adler Management, overseeing a portfolio of 24 investments including office, residential, hotel, and retail properties. Before joining Lubert-Adler, Curt spent 14 years at Equitable Real Estate in several different capacities, including Vice President of Portfolio Management. Curt received his B.A. from West Chester University in Business Administration, is a Certified Public Accountant, and has his Real Property Administrator designation with BOMA. ➤

SPOTLIGHT

DRIVING COMPETITIVENESS AND INNOVATION Science Center President & CEO Stephen S. Tang joined fellow members of the US Commerce Department’s Innovation Advisory Board in January 2012, as U.S. Commerce Secretary John Bryson unveiled a major new report on the economic competitiveness and innovative capacity of the U.S. Dr. Tang solicited feedback for the study, which is designed to inform national policies at the heart of U.S. job creation and global competitiveness, during an Innovation Town Hall at the Science Center in October 2011.

2012 Annual Review

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MANAGEMENT TEAM

Saul A. Behar Vice President and General Counsel Saul Behar joined the University City Science Center as Vice President and General Counsel in 2010, after serving as a consultant. In addition to his role as General Counsel, Saul also has responsibility for government relations at the federal, state and city levels. Saul brings to his position a wealth of experience as an attorney, senior executive and strategic advisor, managing sophisticated corporate, real estate and securities transactions for both early-stage and established companies. Most recently, Saul was a Partner at Wolf Block LLP in Philadelphia. Prior to that, he served as Senior Vice President, General Counsel and Secretary at Provident Senior Living Trust, a privately owned real estate investment trust based in Princeton, New Jersey. Before joining Provident, Saul served as Senior Vice President, General Counsel and Secretary at Keystone Property Trust, an NYSE-listed real estate investment trust that focused on industrial real estate. Earlier in his career, Saul served as a senior in-house counsel at Pep Boys. He began his career at Dechert Price & Rhoads (now Dechert LLP). A Philadelphia native, Saul received an A.B., cum laude

and with distinction, from Cornell University and a J.D. from The University of Chicago Law School. He is a member of the Pennsylvania bar.

Thomas Greenwood Vice President, Accounting Tom Greenwood joined the Science Center in 2006 after spending over 20 years with Telerx Marketing, Inc. In 2008 Tom was promoted to Vice President and assumed responsibility for the overall financial and fiscal management of the company, providing financial oversight of the corporate real estate, treasury, grant planning and budget activities of the Science Center and its subsidiaries. While at Telerx, a leading supplier of outsourced consumer affairs services in the packaged goods, food, healthcare and pharmaceutical industries, Tom oversaw the company’s growth as Vice President of Finance and Administration, and later as Vice President of Strategic Planning and Development. In this role, he was responsible for defining and managing corporate strategic initiatives, integrating financial, operations and sales channels to improve process and profitability, and expanding business operations internationally. Tom received his B.S. in Accounting from Villanova University.

SPOTLIGHT

NIGHT MARKET A corner of the Science Center campus was transformed into a street food festival one rainy night in June 2011, as we hosted the Philadelphia Night Market. Duff Goldman of Charm City Cakes and Food Network fame, Iron Chef Jose Garces’ gourmet Guapos Tacos, and lesser known (but equally delicious) vendors helped demonstrate that Philly is indeed a great food town – no matter what your budget.

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University City Science Center


SPOTLIGHT Christopher J. Laing, MRCVS, Ph.D. Vice President, Science and Technology Chris Laing oversees the Science Center’s Science and Technology Programs, including the Port business incubator and the QED Proof-of-Concept Program. He also provides direct R&D strategy support to Science Center Port business incubator companies and facilitates their access to Greater Philadelphia’s academic and clinical communities through the Science Center’s Scientific Advisory Committee. Chris began working with the Science Center as a consultant in 2004 and joined the staff as Director of Science & Technology in 2006. He was promoted to Vice President, Science and Technology in 2010. Chris provides guidance in early business and product development planning, in securing the resources required to retire early technology risks, and in providing a technical communication stream that includes publications, marketing, and applications to federal agencies including NIH, NSF, and FDA. Chris has helped raise more than $20 million in equity-sparing federal funding to directly support product development by small technology companies. Chris has a Ph.D. in molecular endocrinology and completed his post-doctoral training at the University of Pennsylvania’s School of Medicine. He is a Member of the Royal College of Veterinary Surgeons in the United Kingdom.

Jeanne Mell Vice President, Marketing Communications Jeanne Mell joined the University City Science Center in 2009 as Vice President Marketing Communications. She is responsible for all aspects of corporate marketing, communications, public and media relations, community development and non-governmental fundraising. Jeanne also oversees the Science Center’s Breadboard program, which explores the intersection between art, science and technology; and Quorum, the entrepreneurs’ clubhouse. Jeanne was formerly Senior Vice President, Communications for the Delaware State Chamber of Commerce. Prior to joining the Chamber, Jeanne had a career in journalism. Most recently she 2012 Annual Review

SUMMER OF SCIENCE Philly’s pharmaceutical and health-sciences industry is expected to grow, yet the region’s high concentration of well-paying science-related jobs is disproportionate to the number of high school students – the future workforce – who have expressed an interest in science. The Science Center and Philadelphia Academies Inc. have partnered to find a solution — summer internships exposing students to potential science careers. The Science Center and its resident companies look forward to welcoming their third “class” of high school interns during summer 2012.

served as Director of Photography and Design at The News Journal in Wilmington, Delaware. She also worked at the Associated Press in New York and Philadelphia, ABC News, Good Morning America and Popular Photography Magazine. She started her career at Inc. Magazine – back when it was a startup. A native of Providence, Rhode Island, Jeanne has a B.A. in Art History from the University of California, Santa Cruz.

Kindra Sloan, PHR, CPP Senior Manager, Human Resources Kindra Sloan joined the University City Science Center’s senior management team as Senior Manager, Human Resources in 2010. She is responsible for the development and execution of the Science Center’s strategic Human Resources program, as well as the delivery of human resources services including employee relations, benefits, compensation, recruitment and selection, training, and policy development. Kindra joined the Science Center in 2006 as the Payroll Accountant/Accounts Payables Manager and subsequently expanded her role to include Human Resources. Kindra earned the designation of Professional in Human Resources (PHR) in 2009. Prior to joining the Science Center, Kindra served as Senior Accountant/Payroll Manager for American Baptist Churches, USA in King of Prussia for over seven years. She received her B.S. degree in Psychology from Marymount College in Tarrytown, New York. 29


CORPORATE GOVERNANCE

Science Center Shareholder Institutions An independent 501(c)(3) corporation, the Science Center began as a collaboration among several local academic institutions and now includes 31 colleges, universities, hospitals and research institutions among its shareholders. The American College

Lehigh University

Bryn Mawr College

Lincoln University

Burlington County College

Mercy Health System

The Presbyterian Foundation for Philadelphia Rowan University Rutgers University

The Children’s Hospital of Philadelphia

NUS America (National University of Singapore)

Delaware State University

The Penjerdel Council

Swarthmore College

Drexel University

Pennsylvania Hospital

Temple University

East Stroudsburg University

Philadelphia College of Osteopathic Medicine

Temple University School of Podiatric Medicine

Philadelphia University

Thomas Jefferson University

Haverford College Lafayette College

Salus University

University of the Arts University of the Sciences University of Delaware University of Pennsylvania Villanova University Widener University

Science Center Board of Directors Maxine Ballen New Jersey Technology Council Chairwoman, Community Development Committee Richard A. Bendis Innovation America Kenneth J. Blank, Ph.D. Temple University Board Vice Chairman Craig R. Carnaroli University of Pennsylvania Board Chairman Christopher Cashman N-versx Pharmaceuticals Deborah L. Crawford, Ph.D. Drexel University Katherine Crothall, Ph.D. Aspire Bariatrics, LLC

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James A. Datin Safeguard Scientifics Board Vice Chairman Ernest Dianastasis Computer Aid, Inc. Michael A. DiPiano NewSpring Ventures Chairman, Audit Committee Steven J. Fluharty, Ph.D. University of Pennsylvania Glen N. Gaulton, Ph.D. Perelman School of Medicine, University of Pennsylvania Chairman, Scientific Advisory Committee Philip P. Gerbino, Pharm.D. University of the Sciences (President Emeritus)

Jane H. Hollingsworth NuPathe

David R. King Quaker Partners

David P. Holveck Endo Health Solutions

Carl Kopfinger TD Bank Chairman, Asset Management Committee

Osagie O. Imasogie Phoenix IP Ventures Richard P. Jaffe, Esquire Duane Morris LLP J. Larry Jameson, M.D., Ph.D. Perelman School of Medicine, University of Pennsylvania University of Pennsylvania Health System Philip R. Johnson, M.D. The Children’s Hospital of Philadelphia

Kenneth L. Kring Korn/Ferry International Chairman, Corporate Governance and Nominating Committee Paul Touhey Fujirebio Diagnostics, Inc. Tara L. Weiner Deloitte LLP Stephen S. Tang, Ph.D., MBA University City Science Center

Russel E. Kaufman, M.D. The Wistar Institute

University City Science Center


2011 Financial Highlights Other revenues 1%

Incubator operations 5%

2011 Sources of Revenue

Government, corporate & individual grants 11%

Research park operations 83% Other programs 1%

Quorum 10%

2011 Program Costs

QED 27%

Keystone Innovation Zone 5%

Port business incubator 53%

Breadboard 4%

Consolidated Statement of Activities (from core businesses) Year Ended December 31, 2011 Revenues Research park operations Government, corporate & individual grants Incubator operations Other revenues Total Revenues

$17,865,351 2,318,427 1,124,203 303,591 $21,611,572

Expenses Research park operations Program costs Supporting services Total expenses Increase in net assets from operations before non-cash charges

$13,061,350 3,615,528 2,859,139 $19,536,017 $2,075,555

The information above was extracted from the University City Science Center’s December 31, 2011 audited financial statements prepared by EisnerAmper LLP, which are available upon request.

2012 Annual Review

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REGIONAL PARTNERS

The Science Center is proud to be part of an informal network of partners throughout the region that share our mission of technology-based economic development.

City of

Philadelphia LIFE

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LIBERTY

A N D Y O U TM

University City Science Center


University City Science Center 3711 Market Street, Suite 800 Philadelphia, PA 19104 215-966-6000 www.sciencecenter.org


University City Science Center 2012 Annual Review