University City Science Center 2011 Annual Review

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UNIVERSITY CITY SCIENCE CENTER

2011 ANNUAL REVIEW University City Science Center | 3711 Market Street, Suite 800, Philadelphia, PA 19104 | 215-966-6000 | www.sciencecenter.org

Port, Quorum, QED and Breadboard are trademarks of the University City Science Center. Powering Commercialization and Global Soft Landing are registered trademarks of the University City Science Center. Š <UP]LYZP[` *P[` :JPLUJL *LU[LY 1\UL 7OV[VZ I` *VUYHK ,YI ^^^ 0UMVYTH[P]L0THNL JVT

UNIVERSITY CITY SCIENCE CENTER

A COMMUNIT Y OF INNOVATION ;OL :JPLUJL *LU[LY»Z MHJPSP[PLZ SVJH[PVU HUK HIPSP[` [V IYPKNL J\S[\YHS HUK JVTTLYJPHS NHWZ JYLH[L H JVTT\UP[` VM RUV^SLKNL [OH[ IYPUNZ [VNL[OLY [OL PU[LYLZ[Z VM THU` KP]LYZL WHY[ULYZ! • Researchers gain a ready outlet for their innovations and an environment of intellectual growth. • Stakeholder institutions take advantage of a reliable process for transferring technology and increasing their technology output. • Entrepreneurs find contacts, funding, and turnkey facilities in an environment designed to address the dreams and demands that drive commercialization. • Early-stage companies acquire the means to launch quickly, tap into business and scientific expertise, and efficiently clear development hurdles. • Resident companies, having “graduated” from our business incubator, seamlessly transition to facilities and services that accommodate their long-term growth. • International companies confidently establish a U.S. presence in one of the most vibrant technology regions in the country. • Venture capitalists and other investors find a wealth of opportunities among the Science Center’s incubator and resident companies. • Funders and benefactors of the Science Center see the impact of their investments multiplied through our own funding resources and our proven record of accelerating commercialization. • Government and non-government organizations collaborate with the Science Center on technology-based economic development projects, making efficient use of their budgeted funds. • The West Philadelphia community and surrounding region benefit from a neighbor that sees its mission in the broadest context of community building, including responsible development, cultural and educational outreach, and local philanthropy. From this meeting of minds and means, the benefits of technology commercialization radiate outward to the community, the region and the larger society.

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University City Science Center

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2011 Annual Review

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MESSAGE FROM THE PRESIDENT & CEO

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We are such a multifaceted organization, that it’s hard to categorize us. After all, the Science Center has existed at the intersection of innovation and economic development for close to 50 years. Since 1963 we’ve been a property developer, a landlord, a business incubator, a program developer, and a catalyst for commercializing technology – all of which continues today. As you peruse the pages of this Annual Review, I encourage you to view the Science Center through the prism of community. Not only are we a proud member of a community of partners committed to technology-based economic development in the Greater Philadelphia region, but we’re also working to develop and convene communities of those who share our passion for entrepreneurship, innovation and discovery. This thread of community extends across our campus and ties together the diverse programs we offer. Visit our Port business incubator, for example, and you’ll ďŹ nd a fellowship among the startup companies located here. A community has also formed among the QED Program business advisors, many of whom are highlighting their involvement with the program on their own resumes, indicating that their participation in QED is regarded as an imprimatur of experience and success. Our Breadboard program convenes communities of students, artists, hackers and fabbers around creative applications of technology. Finally, our new Quorum initiative unites the region’s entrepreneurship and innovation communities through a central, neutral gathering space on our campus and through related programs, with the ultimate goal of innovation, company formation and job creation. Quorum may be a Science Center initiative, but it belongs to the entire region. This, then, is our vision of technology-based economic development in Greater Philadelphia: a community of partners dedicated to building on the region’s strengths as it nurtures its innovators and entrepreneurs. I invite you to join us.

The thread of community extends across our campus and ties together the diverse programs we offer. 4

University City Science Center

MESSAGE FROM THE CHAIRMAN

This is my last letter as Chairman of the Science Center. During my time on the Board of Directors and as Chairman, I have witnessed and participated in the dramatic transformation of the organization from a relatively quiet real estate holding company in University City to a vibrant, regionally focused organization which supports and nurtures the innovative spirit. This remarkable transformation has been accomplished through a truly collaborative effort in which the shareholders, the Board, management and members of the community have each played a role. The transformation began more than eight years ago when a small group of Board members met to consider the future direction of the Science Center. Should the Science Center maintain a focus on real estate, or should it embrace a broader mission and seek to play a prominent role in the life sciences and technology community? The group (with the support of the Science Center’s shareholder institutions) chose to accept the challenge to seek to transform the Science Center and position it for growth.

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As the strategy evolved, the Board concluded that a closer and stronger relationship with the academic institutions which comprised the Science Center’s shareholders was not only merited, but critical to the execution of any viable strategy. As chronicled throughout this Annual Review, their vision and involvement continue to play a key role in the Science Center’s success. The Board was also fortunate to have been able to attract Steve Tang, who was appointed President and CEO in 2008. Under Steve’s leadership, and consistent with the vision to position the Science Center as a regional leader, the Board, management and a broad group of regional stakeholders were invited to participate in the strategic planning process which created programs (QED) and a place (Quorum) designed to collaboratively nurture innovation and entrepreneurship. It was an inclusive and collaborative process which reects an important facet of the Science Center’s relationship with its shareholders and the community. As a Board, we also reviewed and revamped our corporate governance procedures and signiďŹ cantly broadened and strengthened the Board. Management also opened new relationships with private and public funding sources, the latest example of which is the $1 million grant the QED program received from the U.S. Economic Development Administration in April 2011.

;YHUZMVYTPUN HU 0UZ[P[\[PVU Âś HUK H 9LNPVU I am pleased to have been part of the dedicated group that was determined to remake the Science Center into a technology-based economic development organization that is participating in, and in many ways leading, the transformation of the commercialization activities in the region. As Chairman during this period, I have been impressed with the vision and sense of obligation, determination and commitment to transforming an institution that was shown by the members of the Board, management and the shareholders. The Science Center has all the ingredients for success and is beginning to realize its potential. It has a strong, diverse and committed Board with Craig Carnaroli as its new Chairman; a smart, collaborative leader in Steve Tang, who has assembled a talented management team; and it has shareholders and stakeholders who share the vision and determination to make the Science Center and this region a recognized leader in innovation.

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2011 Annual Review

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MESSAGE FROM THE PRESIDENT & CEO

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University City Science Center

CAMPUS COMMUNITY

RESEARCH PARK REPORT

Maintaining a Complex Balance In a sluggish economy, having a major commercial and research complex almost fully leased would seem to be cause for celebration. But the University City Science Center isn’t resting on its laurels. “We’re very pleased with our situation,â€? acknowledges Curt Hess, Senior Vice President of Real Estate at the Science Center. But, he notes, maintaining that position isn’t simply a matter of ďŹ nding a new tenant when an old one moves out. Instead, Hess navigates a complex balance, ensuring that new tenants ďŹ t within the Science Center’s mission of technology-based economic development. His team’s focus on managing and maintaining the Science Center’s physical infrastructure allows the community of startups and established companies that call the Science Center home to thrive. Leasing activity in 2010-2011 for the Science Center blended stability with the enthusiasm that comes with the arrival of promising new ventures. With the exception of the Science Center’s newest building at 3711 Market Street, the nearly 1.0 million square feet of commercial and lab space that the Science Center owns and manages was 95 percent occupied, down only slightly from the 97 percent occupancy

2011 Annual Review

rate that had held steady since the end of 2008. At 3711 Market, occupancy continued to increase, from 60 percent at the close of 2009 to 74 percent for much of 2010 and 80 percent by the end of the year. “We have solid prospects for the remaining space and I’m optimistic,� Hess notes.

,_WHUZPVU Hess’s enthusiasm stems in part from the growth of Energy Plus, an electricity and natural gas supplier which has expanded its space from 5,000 square feet in December 2008 to all 33,000 square feet on the 10th oor of 3711 Market. (Turn to page 9 for a proďŹ le of Energy Plus.) In another expansion, Integral Molecular, a biotech company that provides membrane protein-related products and services, moved into 10,000 square

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CAMPUS COMMUNITY

feet of custom-built wet lab space at 3711 Market. Integral Molecular, which now has more than 30 employees, had been a resident of the Port incubator for approximately 10 years. Another win for the Science Center was keeping Avid Radiopharmaceuticals on campus. Avid graduated from the Port in July 2009 and moved into 17,000 square feet of wet lab space at 3711 Market. The company, which has developed a radioactive tracer used in scans to detect Alzheimer’s disease, was acquired in late 2010 by Eli Lilly and Company. “In situations like this, the acquired business often moves. They’ve told us they’re staying put for now, and that’s great,â€? Hess says. Two special areas of 3711 Market demonstrate the Science Center’s commitment to innovation and entrepreneurship. Space for the Global Soft Landing Program, started in 2006 and now serving companies whose roots are in France, the United Kingdom, Belgium, Germany, Singapore and China, has been expanded from 15,000 to about 20,000 square feet. The new Quorum space, which is approximately 4,000 square feet, will provide an area for startups and pre-launch companies to hold meetings, conferences and networking events. “We think of it as an entrepreneurs’ clubhouse,â€? Hess explains. $800,000 of construction costs for both projects was funded by the Commonwealth of Pennsylvania’s Redevelopment Assistance Capital Program. After hours, those entrepreneurs and others can gather at MidAtlantic Restaurant + Tap Room. Chef Daniel Stern opened MidAtlantic, the ďŹ rst full-service restaurant on the Science Center campus, in the fall of 2009. MidAtlantic, which reinterprets the roots of traditional Philadelphia foods and the Mid-Atlantic region, has become a gathering place for the community, offering a welcoming environment to campus residents and visitors.

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“Not only has the look, feel and safety of Market Street from 34th to 41st Streets been improved, but we’re also boosting the image of Philadelphia,� Science Center President & CEO Stephen S. Tang, Ph.D., M.B.A. said at a celebration marking the completion of the project. “We’re creating a community of innovation and entrepreneurship on our campus. The new streetscape provides a more conducive environment to attract high-quality research institutes and private companies to locate here.�

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In September 2010, the Science Center celebrated the completion of a 10-month project to transform the streetscape on Market Street between 34th and 41st Streets. The Market Street Revitalization Project, overseen by the Science Center in partnership with the City of Philadelphia, neighboring businesses and local nonproďŹ ts, uniďŹ ed a seven-block area with a vibrant and recognizable community theme. About 70 trees were planted, and the six-foot-wide amenity strips between curbs and sidewalks were landscaped. To improve safety, bicycle lanes were extended from 34th to 38th Streets, pedestrian lighting was installed, and ADA-compliant ramps were installed at every intersection. The $4 million project was ďŹ nanced by a $2 million grant from the City’s ReStore Philadelphia Corridors program, $80,000 from the Delaware Valley Regional Planning Commission, and the balance from the Science Center and its neighbors.

The Science Center and the Philadelphia Redevelopment Authority (RDA) have agreed to amend the longstanding redevelopment agreement between the two organizations, to extend the time for the Science Center to complete the development of its 17-acre campus along the section of Market Street that is known as the Avenue of Technology. The RDA Board of Directors voted unanimously in April 2011 to approve the amendment. In connection with the amendment, all outstanding claims and disputes between the Science Center and the RDA have been terminated and dismissed. “This amendment gives us the time we need in this recovering economy to develop the remaining parcels on our campus in a manner consistent with our mission,� says Tang. “I am pleased that we were able to resolve our differences, and offer my thanks to the RDA and Executive Director Ed Covington for working with us and supporting our commitment to technology-based economic development.�

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University City Science Center

RESIDENT PROFILE: Energy

Plus

With a commitment to science and research uniting almost all the enterprises housed at the Science Center, a company that sells electricity and natural gas to business and residential customers and offers hotel discounts and frequent-yer miles as incentives might seem a little out of place. Not so, insists Kevin Kleinschmidt, CEO of Energy Plus, who couldn’t be happier with his location on the 10th oor of 3711 Market Street. “Our perception,â€? he says, “is that there is a wide variety of businesses at the Science Center. What we have in common with them may be less in science but much more in innovation.â€? Indeed, in its niche market, Energy Plus is every bit as much an innovator as the research-oriented startups that occupy much of the lab space at the Science Center. Seeing the opportunities presented as more and more states deregulate utility businesses, Kleinschmidt and Energy Plus chairman Richard Vague launched their venture in late 2007 by borrowing heavily from the credit-card marketing model on which they had built their reputations. Now operating in Pennsylvania, New Jersey, Maryland, New York, Connecticut, Illinois and Texas, Energy Plus is persuading customers to pull the plug on their legacy utility suppliers in return for a promise of competitive rates and options that include cash back after a year of service, discounts at retailers like Best Buy, frequent yer miles on major airlines and participation in rewards programs with Amtrak and several hotel chains. “It varies by month and by market, but our price is better than the legacy provider in probably 80 percent of our footprint,â€? Kleinschmidt says. “It varies because we’re buying energy continually and we’re offering increased savings when commodity costs decline.â€? For all the incentives offered, Energy Plus remains risk-free to the customer. There are no start-up or cancellation fees, and no requirement to sign a contract.

>OH[ KYL^ ,ULYN` 7S\Z [V [OL :JPLUJL *LU[LY& “First, we think Philadelphia is a wonderful place to live and work. The city is moving in a very positive trajectory,â€? Kleinschmidt says, “and the Science Center has done a great job building a community of businesses.â€? Proximity to the University of Pennsylvania and Drexel University campuses give the location special appeal. “We have access to very talented interns and employees. We recruit heavily at both schools,â€? Kleinschmidt says. Also, the amenities in the neighborhood — restaurants, gyms, entertainment — are as good as any in the city, he explains. Energy Plus is growing rapidly. The company started with about 10 employees in late 2007 and had doubled that number when they moved into 5,000 square feet at the Science Center in December 2008. By the end of 2010, the payroll reached 150 people and the company was occupying all 33,000 square feet on the 10th oor. Before 2011 ends, Energy Plus should have 175 to 180 employees, Kleinschmidt says.

2011 Annual Review

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Fueling Energy Plus’ growth is a strong commitment to the future. At the start of 2011, the company had about 200,000 customers, which Kleinschmidt acknowledges is “a drop in the bucket.â€? But he expects that number to grow substantially as the business enters new markets and penetrates existing ones more deeply. “With deregulation, we have the potential to be the primary supplier wherever we go,â€? he says. Energy Plus has also become a place where people want to work. In March 2011, ;OL 7OPSHKLSWOPH 0UX\PYLY and +HPS` 5L^Z named it the top small business workplace in the Philadelphia region. The reasons: an egalitarian, informal and positive work environment; collaborative decision-making; time off from work to mentor at the nearby Charles R. Drew Elementary School; and a culture that emphasizes fun and team-building. Kleinschmidt, however, sees the recognition a little differently. To him, the reason people want to work at Energy Plus is the people who are already there. “We ďŹ nd employees who are team-oriented, who like to get things done, who have a lot of common sense,â€? he says. “We’ve been fortunate in hiring great people. That’s what makes this a great place to work, and what makes our business successful as well.â€?

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Innovation Has its Place Han Cao wishes Quorum had been around when he launched his startup company, BioNanomatrix. Not only would he have had a place to take business calls without his newborn wailing in the background, but he would have had access to a network of resources and the fellowship of entrepreneurs who were experiencing the same challenges he faced as he worked to get his gene mapping company off the ground. Cao’s solution was to become a nomadic entrepreneur, hopping from one coffee shop to another, laptop in hand. When he was finally ready to take office and lab space in 2006, BioNanomatrix became an official Science Center Port resident. Entrepreneurs like Cao now have a place to go during their pre-launch phase – it’s called Quorum. Quorum is designed to strengthen the region’s culture of technology innovation by facilitating connections and idea-sharing among entrepreneurs, innovators, scientists, investors, business developers, and resource and other community development organizations. Quorum addresses a need highlighted in the CEO Council for Growth’s 2007 Accel-

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erating Technology Transfer study, which recommended the creation of a venue “to serve as the ‘clubhouse’ for innovation in the region and provide programming to attract researchers, entrepreneurs and investors.”

( 7SHJL MVY 7YVNYHTTPUN Quorum offers both a physical space on the Science Center campus and regional programming that directly supports entrepreneurs, providing them with access, guidance and networking opportunities. Quorum programming includes scientific presentations, businessbuilding advice, grant-writing workshops, medical device seminars and workshops to engage investors with entrepreneurs. In addition, University City Keystone Innovation Zone (UC KIZ) programming has been aligned under the Quorum umbrella, thanks to a grant from the Commonwealth of Pennsylvania’s Department of Community and Economic Development. (A complete list of Quorum programs can be found on the Science Center’s website at www.sciencecenter.org and on the Quorum Facebook page.)

University City Science Center

No matter what its size, a community needs a gathering place. For Greater Philadelphia’s entrepreneurial ecosystem, that place is Quorum.

“Quorum may be a Science Center initiative, but it belongs to the entire region,� notes Science Center President & CEO Stephen S. Tang, Ph.D., M.B.A. “With that in mind, we’re encouraging our regional and Quorum Strategic Partners to present their own programs at Quorum.� Satellite Quorum will continue to support programs and events throughout the region. Social networking accounts on Twitter, Facebook and LinkedIn will help Quorum users to form an online community and get updates on events and programs. Quorum will also be available for events such as Deloitte’s Greater Philadelphia Fast 50 and the Wharton School’s Venture Initiation Program receptions. “It’s rewarding to see the CEO Council for Growth’s vision for an entrepreneurs’ clubhouse come to life,� says Tom Morr, President and CEO of Select Greater Philadelphia, the economic development operating arm of the CEO Council for Growth. “Entrepreneurship and innovation are front and center in the national debate. Not only is Quorum a neutral entity that can unify the region and elevate Philadelphia as an innovation hot spot, but it will be a catalyst for Philadelphia’s economic development.�

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2011 Annual Review

BioAdvance BioStrategy Partners Center for Entrepreneurial Studies at Montgomery County Community College Delaware BioScience Association Economy League of Greater Philadelphia Greater Philadelphia Chamber of Commerce Greater Philadelphia Senior Executive Group (GPSEG)

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CAMPUS COMMUNITY

Accelerating Growth and Innovation Finding exible and affordable space can be an important step in the formation and growth of a successful company. Equally important is being located in an environment with a “critical massâ€? of entrepreneurs, innovators, and sources of capital. Just ask Doug Leinen, CEO of Port resident BeneLein Technologies, a startup that develops novel bioprocesses that signiďŹ cantly lower the manufacturing cost of active pharmaceutical ingredients. “It was critical for us to be located in a vibrant research and innovation community like University City, where an entrepreneurial infrastructure exists and where we can establish the networks we will need to grow our company,â€? Leinen explains. BeneLein Technologies was one of 15 companies to move into the Port in 2010-2011. Like Benelein, all Port companies have access to plug-and-play ofďŹ ce and lab space, shared equipment, meeting space and receptionist and IT services, as well as the new Quorum space. Programming such as Lunch for Hungry Minds’ scientiďŹ c presentations, Smart Talk’s businessbuilding advice and networking events gives resident entrepreneurs the opportunity to learn and make connections. Resident resource organizations like BioAdvance, Karlin Asset Management and Robin Hood Ventures help connect startups to the capital they need to grow.

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By deďŹ nition a business incubator community is a uid one. Companies are expected to grow and graduate – or fail fast and fold. This past year two residents outgrew their incubator space, and “graduatedâ€? from the Port program. Even more signiďŹ cant, both chose to remain on the Science Center’s campus once they left the incubator. Integral Molecular, Inc. doubled its space when it moved into 10,000 square feet of custom-designed, state-of-the-art lab and ofďŹ ce space at 3711 Market Street. Launched at the Port in 2001, Integral Molecular is a platform-based biotechnology company, spun out of the University of Pennsylvania, that provides membrane protein research tools to biotech and pharmaceutical companies. According to CEO Ben Doranz, a combination of factors led to Integral’s decision to launch, grow, and ultimately to remain at the Science Center: proximity to key resources and collaborators at nearby universities, a convenient central location with easy access for employees, and available tax incentives. Less than three years after moving into the Port business incubator, Pulsar Informatics tripled its space as it left the incubator and moved into larger quarters at 3401 Market Street. When it moved into the Port in 2008, Pulsar Informatics had just one employee. Three years later, the company now employs 20 people. Pulsar is developing technology for assessing and mitigating the risk of fatigue-related performance deďŹ cits. Pulsar’s tools are being used in operational, research, and clinical trial settings by NASA, the U.S. Department of Transportation, the Federal Aviation Administration and the Department of Defense, as well as Fortune 500 companies and universities. “The resources and support of the Science Center, along with the other fellow technology companies located on its campus and the proximity to world-class research institutions, has contributed to the acceleration of Pulsar Informatics’ business development,â€? says Pulsar’s CEO Daniel Mollicone. Port residents now have increased options to accommodate their growth with the addition of 5,000 square feet of incubator space at 3711 Market Street. New ofďŹ ces, labs, and a “bullpenâ€? give companies even more exibility as their needs change. The expansion opened in April 2011. “Our goal in incubating companies is to provide them with the support they need so they can focus on growing their businesses,â€? says Science Center President & CEO Stephen S. Tang, Ph.D., M.B.A. “We look forward to helping all of our Port residents advance science and technology and invent new products that will change the world – while creating new jobs and economic growth along the way.â€?

University City Science Center

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Port companies beneďŹ t from their location within the University City Keystone Innovation Zone (UC KIZ). UC KIZ companies are eligible to earn up to $100,000 in tradable tax credits per year through the Commonwealth’s KIZ Tax Credit Program. Port resident companies have collectively accessed over $2 million since the program began in University City in 2004. 2011 Annual Review

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MILESTONES: (]PK 9HKPVWOHYTHJL\[PJHSZ (JX\PYLK I` ,SP 3PSS` The acquisition by Eli Lilly and Company of Science Center Port alumnus and current campus resident Avid Radiopharmaceuticals in December 2010 for up to $800 million is a key example of the Science Center’s impact on the economy of the City of Philadelphia and the Greater Philadelphia region. “Not only does the acquisition speak to the enormous potential of Avid’s technology, but it also cements both the Science Center’s role as a launching pad for new game-changing technologies and the Greater Philadelphia region’s strength as a life sciences cluster,” says Science Center President & CEO Stephen S. Tang, Ph.D., M.B.A. Avid joins a group of other notable Science Center resident companies that have achieved lucrative M&A exits. Centocor, which got its start at the Science Center in 1979, was acquired by Johnson & Johnson in 1999. Morphotek, which started at the Science Center in 2000, was acquired by Eisai in 2007. And BioRexis, which

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launched at the Science Center in 2002, was acquired by Pfizer five years later. Since its inception in 1963, more than 350 companies have “graduated” from the Science Center. The 93 that remain in Greater Philadelphia today have created more than 15,000 current jobs in the region. These successes exemplify the Science Center’s role as fertile ground for large companies seeking to develop or acquire new business units, a model that is particularly relevant in today’s economic environment. Avid got its start at the Science Center’s Port business incubator in mid-2005. In 2009 the company outgrew its space at the Port and moved its 37 employees into custom-fitted office and lab space in the Science Center’s newest building at 3711 Market Street. Since then the company has grown to more than 50 employees. Avid develops molecular imaging agents that allow for the detection and monitoring of chronic human diseases such as Alzheimer’s disease.

University City Science Center

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Global Soft Landing Since introducing the Global Soft Landing Program in 2006, the Science Center has welcomed companies from Europe and Asia to the campus. Countries currently represented include Belgium, China, France, Germany, Singapore and the United Kingdom. Global Soft Landing helps international companies establish a foothold in local life sciences and IT markets. Philadelphia offers a strategic location within easy reach of the nation’s regulatory/legislative hub in Washington and its financial center in New York. One of the newest Global Soft Landing residents is Enzybel International, a Belgian company that produces and commercializes compounds derived from nature, particularly papain and bromelain. “The Science Center helped us to rapidly and inexpensively enter the U.S. marketplace,” says Enzybel Business Developer Nicolas Chatelain. “They provided all the facilities and services we need to stay focused on our customers and partners.” ;OL .SVIHS :VM[ 3HUKPUN 7YVNYHT PZ M\UKLK PU WHY[ I` H NYHU[ MYVT [OL < : +LWHY[TLU[ VM *VTTLYJL»Z ,JVUVTPJ +L]LSVWTLU[ (KTPUPZ[YH[PVU

2011 Annual Review

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SCIENTIFIC COMMUNITY

Facilitating Tech Transfer The Children’s Hospital of Philadelphia has treated millions of sick children, but it had never spun a company out of its research labs until 2011, when it entered into an option agreement with newly formed Vascular Magnetics, Inc. Vascular Magnetics is developing a novel treatment for peripheral artery disease, using a combination of nanotechnology and magnetic properties to deliver circulation-preserving drugs to implanted stents. The technology, originally developed by Robert J. Levy, M.D., Director,

Pediatric Cardiology Research Laboratory at The Children’s Hospital of Philadelphia (CHOP), was one of three research projects to receive an award from the University City Science Center’s QED Proof-of-Concept Program in May 2010. QED is the nation’s first multi-institutional proof-of-concept program. It accelerates the movement of research out of academic labs and into the marketplace as useful products. Three aspects of the QED program facilitate this technology transfer: the early pairing of scientific researchers with experienced business advisors, the engagement of market representatives in project selection and feedback, and the provision of proof-of-concept funding to de-risk the technologies. Projects are awarded $200,000 each – $100,000 from the Science Center and $100,000 from the recipient researcher’s supporting institution. But just as significant to the QED program and project commercialization has been the involvement of business advisors who help steer the projects toward the marketplace. Richard Woodward, Ph.D., CEO of Vascular Magnetics, was the QED business advisor for Dr. Levy, with whom he co-founded the company. “Participation in QED is building a real appreciation of entrepreneurial culture among both our research faculty and CHOP’s administration,” says Philip R. Johnson, M.D., Chief Scientific Officer and Executive Vice President at CHOP. “The QED Program is helping to bring within reach elements that are critical to transitioning innovations from our research labs to potential new products. Business advisors with commercialization experience, and exposure to industry and investor perspectives, are key components.” Two other QED-funded projects also achieved technology transfer milestones in 2010-2011. Patients with diabetes-associated wounds could receive faster and more effective treatment thanks to a non-invasive, near-infrared device that measures wound-healing progress. Emunamedica LLC, a Floridabased healthcare startup, licensed the technology from Drexel University, where it was developed by the teams of Dr. Elisabeth Papazoglou and Dr. Leonid Zubkov (School of Biomedical Engineering, Science and Health Systems), in collaboration with Michael Weingarten, M.D. (College of Medicine). The project also received support from the Wallace H. Coulter Translational Research Program at Drexel University. It was the first technology supported by QED Program funding to be licensed.

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University City Science Center

The QED Proof-of-Concept Program was awarded a $1 million grant by the U.S. Economic Development Administration in April 2011

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Drs. Wan Shih and Wei-Heng Shih at Drexel University have developed a non-invasive, radiation-free, portable device for breast cancer detection that was licensed by UE LifeSciences, a Philadelphia-based medical device company focused on effective and sustainable breast cancer solutions. The device may enable breast cancer screening and cancer detection in populations where mammography is not widely available or successful. Dr. Shih, a breast cancer survivor herself, hopes that commercialization of the technology will help detect breast cancers early in young women and women in Asia whose breast cancers are typically found in late stages with low rates of survival. The QED Program grew out of a recommendation of a 2007 CEO Council for Growth study on accelerating technology transfer in the

2011 Annual Review

The Children’s Hospital of Philadelphia

Philadelphia University

Delaware State University

Rutgers, The State University of New Jersey

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Temple University

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Harrisburg University of Science and Technology

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University of Medicine and Dentistry of New Jersey University of Pennsylvania University of the Sciences in Philadelphia Widener University The Wistar Institute

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SCIENTIFIC COMMUNITY

Greater Philadelphia region, which cited the funding gap between research grants and seed funding. The program achieved a funding milestone of its own in April 2011 when it received a $1 million grant from the U.S. Economic Development Administration. “QED is doing exactly what it was intended to do,� says The Wistar Institute President and CEO Russel E. Kaufman, M.D., who chaired the CEO Council committee that commissioned the report. “Technology is moving out of the labs and into the marketplace. As scientists, we know how important tech transfer is to the economy. It’s especially rewarding to see our vision validated by the $1 million grant from the EDA.�

QED By the Numbers The goals of the QED Program (from the Latin “Quod Erat Demonstrandum� – “proven as demonstrated�) are to screen and develop academic technologies with high potential for new healthcare products, to grow the region’s entrepreneurial culture and resources, and to create follow-on commercialization opportunities. The QED Program has run three application cycles since its launch in April 2009. A fourth was announced in April 2011.

179 30 Proof-of-concept plans developed Projects at various stages of funding 9 Technologies licensed or optioned 4 Projects screened

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SCIENTIFIC COMMUNITY University City Science Center ScientiďŹ c Advisory Committee 2011 ;VKK (IYHTZ 7O + +PYLJ[VY VM 7OPSHU[OYVW` HUK )\ZPULZZ +L]LSVWTLU[ Lankenau Institute for Medical Research +HYPV * (S[PLYP 4 + ,_LJ\[P]L =PJL 7YLZPKLU[ HUK *OPLM :JPLU[PĂ„ J 6MĂ„ JLY The Wistar Institute

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New Ventures Program The Science Center’s New Ventures Program helps academic organizations and faculty navigate the process of competitive startup business creation. While startup companies created around academic technologies often have excellent scientiďŹ c capabilities that are wellsupported through collaboration with the inventors’ research institutions, key constraints include lack of early-stage commercialization funding, business development guidance, and resources. The New Ventures Program, which is overseen by the Science Center’s ScientiďŹ c Advisory Committee (see box at right), seeks to gather and apply the diverse resources needed to successfully launch a new company. The process leverages NIH and NSF SBIR/STTR funding opportunities to provide seed ďŹ nancing, and utilizes the Science Center’s entrepreneurial, industry, investor, and academic networks to identify key technical or clinical collaborators, independent management, and potential advisory board members. The timely development of these resources is critical to drive growth without overburdening young companies. “The New Ventures Program helped Y-Carbon to win funding from the National Science Foundation, and was an important mechanism through which we identiďŹ ed the right people and resources to get us started,â€? says Ranjan Dash, Ph.D., Chief Technology OfďŹ cer and Vice President of the suburban Philadelphia company, which was founded by a team of scientists to develop a technology they originally created at Drexel University.

ITMAT At the Interface of Basic and Clinical Research The Science Center is a core member of the Institute for Translational Medicine and Therapeutics (ITMAT). ITMAT’s goals are to support and expand faculty engagement in translational research. Facilitating training and research from proof-of-concept in cellular and animal model systems to ďŹ rst-in-man and dose selection in

2011 Annual Review

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humans, ITMAT focuses on developing new and safer therapeutics. ITMAT includes basic research space and a Clinical Translational Research Center, collectively housing more than 800 investigators from all schools at University of Pennsylvania, The Children’s Hospital of Philadelphia, The Wistar Institute, the Monell Chemical Senses Center, and the University of the Sciences in Philadelphia. Core facilities, educational programs, and research centers are also integrated. Funding for ITMAT comes from the partner institutions and a Clinical and Translational Science Award funded under the NIH Roadmap, and other sources of extramural support. For more information about ITMAT, please visit their website at www.itmat.upenn.edu.

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Beyond Our Campus ARTS, EDUCATION AND ECONOMIC DEVELOPMENT It takes a community to transform a region, and the Science Center is working with our partners to make a positive impact on Greater Philadelphia. In addition to the programs we offer entrepreneurs, we are committed to supporting the arts, enhancing STEM education opportunities, minimizing our environmental impact and supporting tech-based economic development.

Arts Imagine running up the “Rocky Steps” of the Philadelphia Museum of Art and being greeted by an alien creature that could have been designed by Joan Miró – but is visible only through your smart phone. It happened in April 2011 as Breadboard partnered with the Virtual Public Art Project to curate the VPAP@ PIFA exhibit for the Philadelphia International Festival of the Arts (PIFA). Launched in January 2010, Breadboard, a hybrid program of the Science Center, is changing the cultural landscape of Philadelphia by shining a spotlight on the intersection of art, design, science and technology. Not only does Breadboard curate exhibits at the Esther Klein Gallery (EKG) at 3600 Market Street and throughout the city, but through a unique partnership with Science Center resident NextFab Studio, Breadboard offers programming for students of all ages that combines 3D printing technology and CAD-operated equipment such as laser cutters and milling machines with a collaborative workshop environment. Throughout the summer of 2010, Breadboard’s Art in the Air program lit up the PECO tower’s Crown Lights with a digital exhibit each month. An Artist Residency program has given six artists access to NextFab Studio to create art with a 21st-century twist. And art and technology workshops at NextFab reinforce STEM principles as students learn to use the tools and technologies of tomorrow. Breadboard exhibits at EKG included David Bowen’s Data Sweep, which featured a wave machine activated by live data feeds from a NOAA weather buoy in the Bering Sea. The installation reacted, in real time, to the tsunami created by the devastating earthquake in Japan in March 2011. It was an eerie and impressive sight and added yet more depth to Bowen’s hybrid approach to art. Another exhibit, Machinato Causa, was the result of an artist-in-residency project Breadboard organized with the Center for Emerging Visual Artists (CFEVA) and NextFab Studio. Three CFEVA-affiliated artists were given access to NextFab Studio’s digital fabrication equipment

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to produce new works for an exhibit at EKG. Breadboard’s inclusion in the Creative Vitality Index commissioned by Philadelphia’s Office of Arts, Culture and the Creative Economy validates the community impact of its hybrid approach to art, science and technology.

STEM Education When the summer of 2010 started, Jay Patel, then a rising senior at George Washington High School, wasn’t sure of his career plans – or even his college major. Six weeks later, after completing a summer internship at Science Center resident Invisible Sentinel, Patel now wants to major in biotechnology at Drexel or Penn State. Breha Diggs, then a rising senior at Benjamin Franklin High School, didn’t know anything about scientific publishing or sales before she started her internship at the Royal Society of Chemistry in the Science Center’s Port incubator. Her internship “opened my mind, and I learned that I can have many options for a career in the sciences,” Diggs says. Both Diggs and Patel, along with four other students from Benjamin Franklin High School, got an introduction to the real world of

University City Science Center

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science through an internship program offered by Philadelphia Academies’ Biotechnology Academy, in partnership with the University City Science Center, the University City Keystone Innovation Zone and iPraxis, a nonproďŹ t organization focusing on science education. Philadelphia Academies is a nonproďŹ t that seeks to expand life and economic options for Philadelphia public school students through career-focused programming that prepares young people for employment and post-secondary education. The interns worked in the Science Center corporate ofďŹ ces and at ďŹ ve startup companies located within the Science Center: Integromics, Invisible Sentinel, NextFab Studio, Pulsar Informatics and the Royal Society of Chemistry. “It is crucial to the success of our industry and our region that high school students develop an interest in the life sciences and have the opportunity to interact with industry professionals,â€? says Stephen S. Tang, Ph.D., M.B.A., Science Center President and CEO. “This internship program accomplished that and much more.â€? “Nothing replaces the real world learning that internships provide,â€? explains Lisa J. Nutter, President of Philadelphia Academies, calling

2011 Annual Review

the Science Center “the most logical choice� for internships for biotechnology students. The Science Center will host interns from PAI’s Biotechnology Academy again in 2011.

RAIN Representatives of research parks and business incubators in Pennsylvania, New Jersey and Delaware gathered at the Science Center in July 2010 for the second annual Regional AfďŹ nity Incubation Network (RAIN) meeting. Speakers, including then-Acting Pennsylvania Department of Community and Economic Development Secretary Austin Burke, New Jersey Economic Development Authority Executive Director Caren Franzini, New Castle County Delaware Director of Economic Redevelopment Karl Kalbacher, and National Venture Capital Association President Mark Heesen, addressed innovation on the federal and regional levels as well as venture funding. During a roundtable discussion that

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COMMUNITY IMPACT

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wrapped up the meeting, the group committed to signing a letter in support of the “America COMPETES” legislation that was sent to U.S. Senators from Delaware, New Jersey and Pennsylvania. Established in 2009, RAIN brings together 45 research parks, incubators, and other supporting organizations involved in technologyled economic development initiatives in the region to share information, capabilities, and opportunities, and to support a collective effort to seek Federal funding opportunities for regional economic development. The third annual RAIN meeting is planned for July 2011.

University City Innovation Collaborative Philadelphia’s University City neighborhood is an engine of growth, an engine of opportunity and an engine of potential. Yet, despite the considerable advantages we enjoy, University City has yet to achieve the same world-class status as other urban innovation economy centers such as Cambridge, Massachusetts, or Mission Bay in San Francisco. That’s what prompted the Science Center, University City District and Wexford Science + Technology to form the University City Innovation Collaborative (UCIC). Working with the Economy League of Greater Philadelphia, the UCIC assembled a Project Advisory Committee and a larger Stakeholder Committee comprised of people throughout the area who represent the different assets of University City. City government

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Workers maintain the green roof at 3711 Market Street. The Science Center’s commitment to sustainability and the environment remains strong as we continue green initiatives on our campus, including paper conservation, mandatory recycling and energy conservation. Monthly green tips are distributed to all Science Center residents and a green tip article is included in our quarterly enewsletters. These initiatives build upon our membership in the Greater Philadelphia Green Business Program and the environmentally-friendly design of our LEED Silver certified building at 3711 Market Street. 7OV[V I` *VUYHK ,YI

is represented through Philadelphia City Councilwoman Jannie L. Blackwell, the Philadelphia City Planning Commission and the Philadelphia Redevelopment Authority. The “Eds and Meds” community is represented by officers of CHOP, Drexel, Penn, University of the Sciences in Philadelphia, the Monell Center and The Wistar Institute. Restaurateurs, real estate owners, community group leaders and entrepreneurs round out the list. Based on in-depth research on successful urban innovation centers and a detailed assessment of University City, the UCIC is exploring a set of priorities and strategies to help University City realize its potential. At press time, final project recommendations were scheduled to be made in the late spring of 2011. Regardless of the strategy the UCIC ultimately decides upon, the goal is the same: to help University City achieve world-class status as a thriving innovation center.

University City Science Center

MANAGEMENT

Science Center Management Team :[LWOLU : ;HUN 7O + 4 ) ( 7YLZPKLU[ *,6 Steve Tang became President & CEO of the Science Center in February 2008 following an extensive nationwide search. He brings to the position a wealth of professional experience in academia, professional services, and private industry. Most notably, 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 to also serve 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 $1 billion global Life Science businesses. Before joining Olympus in 2005, he was President and CEO of Millennium Cell Inc. (NASDAQ: MCEL), 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 in Bethlehem, Pennsylvania. Dr. Tang serves on numerous boards and advisory committees, including the U.S. Department of Commerce’s Innovation Advisory Board. Dr. Tang earned a doctorate in Chemical Engineering from Lehigh 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.

*\Y[ /LZZ :LUPVY =PJL 7YLZPKLU[ VM 9LHS ,Z[H[L 6WLYH[PVUZ Curt Hess is responsible for the management and leasing of more than 1.0 million square feet of office and lab space in Philadelphia and Delaware. He has

2011 Annual Review

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 in the Southern Suburban Region. 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 responsible for a $1.2 billion equity portfolio of major joint ventures with Japanese partners. 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.

:H\S ( )LOHY =PJL 7YLZPKLU[ HUK .LULYHS *V\UZLS Saul Behar joined the University City Science Center as Vice President and General Counsel in 2010, after serving as a consultant during 2009. In addition to his role as General Counsel, Saul has responsibility for government relations at the federal, state and city levels. Saul brings to his position more than 25 years 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 in diverse fields. 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 that owned 68 senior housing facilities in 19 states. Before joining Provident, Saul served as Senior Vice President, General Counsel and Secretary at Keystone Property Trust, an NYSE-listed real estate investment trust headquartered in West Conshohocken, Pennsylvania that focused on industrial real estate. Both Provident and Keystone were highly successful real estate companies that were acquired by the leaders in their industry sectors. Earlier, Saul served as a senior in-house counsel at Pep Boys in Philadelphia. He began his career at Dechert Price & Rhoads (now Dechert LLP) in Philadelphia, working on corporate and real estate matters. Saul holds an A.B., cum laude in government and with distinction in all subjects, from Cornell University and a J.D. from The University of Chicago Law School. He is a member of the Pennsylvania bar.

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MANAGEMENT

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;OVTHZ .YLLU^VVK =PJL 7YLZPKLU[ (JJV\U[PUN Tom Greenwood joined the Science Center in 2006 after spending over 20 years with Telerx Marketing, Inc., a leading supplier of outsourced consumer affairs services in the packaged good, food, healthcare and pharmaceutical industries. In 2008 Tom was promoted to Vice President, and is responsible 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. Tom began his career at Telerx as an Accounting Manager, and continually moved into roles of increasing responsibility including Director of Finance and Vice President of Finance and Administration. Most recently, Tom served as Vice President of Strategic Planning and Development and 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. He received his B.S. in Accounting from Villanova University.

Chris Laing oversees the Science Center’s Science and Technology Programs, including the Port business incubators 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 for the Board of Directors. Chris began working with the Science Center as a consultant in 2004 and joined the staff as Director of Science and Technology in 2006. He was promoted to Vice President, Science and Technology in 2010. He has helped numerous Science Center business clients turn their academic research into thriving businesses. 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

MILESTONES +YLHT0[ =LU[\YLZ 9L[\YUZ Fresh from their New York debut, DreamIt Ventures’ “boot camp” for entrepreneurs is scheduled to be back at the Science Center in the fall of 2011. This is the fourth year that DreamIt has been located at the Science Center. Approximately 40 young entrepreneurs will spend three months working with a support team of mentors, accountants and lawyers as they work to bring their ideas to the marketplace. DreamIt was founded in 2007 by three local entrepreneurs who know from first-hand experience that new startups need more than funding. So, they designed a business accelerator that, in addition to seed funding, offers its teams a collaborative work space at the Science Center; mentors and advisors; legal, accounting and administrative help; and introductions to funding sources including angel investors, venture capitalists, private investors and public sources of funding. Successful DreamIt graduates include SCVNGR, a mobile gaming company that is backed by Google Ventures, Balderton Capital and Highland Capital Partners; and SeatGeek, a sports and entertainment ticket site which received funding from Ashton Kutcher and Guy Oseary’s A Grade Investments. 7OV[V I` *VUYHK ,YI

24

University City Science Center

funding to directly support product development by small technology companies; he has also served on review panels for National Institutes of Health and National Science Foundation. His expertise includes experience in the commercial development of a wide range of technologies, including drugs and biologics, medical devices, diagnostics, and research tools. 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.

1LHUUL 4LSS =PJL 7YLZPKLU[ 4HYRL[PUN *VTT\UPJH[PVUZ 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 following Science Center programs: Breadboard, 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. Under Jeanne’s leadership, the Chamber’s communications department won more than 20 awards including Awards for Excellence from the American Chamber of Commerce Executives. In 2007, Jeanne was named to +LSH^HYL ;VKH` magazine’s list of the top women in business in Delaware. Prior to joining the Chamber, Jeanne had a career in journalism. Most recently she served as Director of Photography and Design at ;OL 5L^Z 1V\YUHS in Wilmington, Delaware. She also worked at the Associated Press in New York and Philadelphia, ()* 5L^Z, .VVK 4VYUPUN (TLYPJH and 7VW\SHY 7OV[VNYHWO` 4HNHaPUL. She started her career at 0UJ 4HNH aPUL – back when it was a startup. A native of Providence, Rhode Island, Jeanne has a Bachelor of Arts degree in Art History from the University of California, Santa Cruz. She lives in Wilmington, Delaware.

2PUKYH :SVHU 7/9 *77 :LUPVY 4HUHNLY /\THU 9LZV\YJLZ Kindra Sloan joined the University City Science Center’s senior management team as Senior Manager, Human Resources in 2010. In this role she is responsible for the development and execution of the Science Center’s strategic Human Resources

2011 Annual Review

MILESTONES ,_LJ\[P]L 3LHKLYZ 9HKPV Every Friday morning the Science Center’s conference rooms are turned into a recording studio, as Executive Leaders Radio broadcasts its CEO Show. Executive Leaders Radio interviews prominent C-level executives in the region to find out “what makes people tick” and help its audience learn what it takes to succeed. The 10-25 minute on-air interviews are informal conversations that typically cover guests’ backgrounds, influences, mentors and career experiences. Questions about interests outside of work, personal turning points and family sacrifices capture the unique human aspect behind these prominent leaders. Guests have included: Mark Baiada, Bayada Nurses Founder and President; George Prendergast, M.D., President & CEO, Lankenau Institute for Medical Research; Wawa President & CEO Howard Stoeckel; and Good Company Ventures’ Founder Sid Amster and CEO Garrett Melby. The show airs on WIFI/1460AM: Fridays 2:00-3:00 p.m., WCHE/1520AM: Sundays 3:00-4:00 p.m., WSNJ/1240AM: Mondays 1:00-2:00 p.m. and is also simulcast on Quinn Broadcasting TV2 in Cumberland County, New Jersey. 7OV[V I` *VUYHK ,YI

program as well as the delivery of human resources services throughout the Science Center 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.

25

CORPORATE GOVERNANCE

University City 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 The Children’s Hospital of Philadelphia

Mercy Health System NUS America (National University of Singapore)

The Presbyterian Foundation for Philadelphia

Thomas Jefferson University

Rowan University

University of the Sciences in Philadelphia

Rutgers, The State University of New Jersey

Delaware State University

The Penjerdel Council

Salus University (former Pennsylvania College of Optometry)

Drexel University

Pennsylvania Hospital

Swarthmore College

East Stroudsburg University

Temple University

Haverford College

Philadelphia College of Osteopathic Medicine

Lafayette College

Philadelphia University

University of the Arts

University of Delaware University of Pennsylvania Villanova University Widener University

Temple University School of Podiatric Medicine

UNIVERSITY CITY SCIENCE CENTER BOARD OF DIRECTORS 4H_PUL )HSSLU New Jersey Technology Council *OHPY^VTHU *VTT\UP[` +L]LSVWTLU[ *VTTP[[LL 9PJOHYK ( )LUKPZ Innovation America 2LUUL[O 1 )SHUR 7O + Temple University *YHPN 9 *HYUHYVSP University of Pennsylvania 0UJVTPUN *OHPYTHU VM [OL )VHYK *OHPYTHU ,_LJ\[P]L *VTTP[[LL

,YULZ[ +PHUHZ[HZPZ Computer Aid, Inc.

6ZHNPL 6 0THZVNPL Phoenix IP Ventures

4PJOHLS ( +P7PHUV NewSpring Ventures *OHPYTHU (\KP[ *VTTP[[LL

9PJOHYK 7 1HMML ,ZX Duane Morris LLP 6\[NVPUN *OHPYTHU VM [OL )VHYK

:[L]LU 1 -S\OHY[` 7O + University of Pennsylvania .SLU 5 .H\S[VU 7O + University of Pennsylvania School of Medicine *OHPYTHU :JPLU[PÄ J (K]PZVY` *VTTP[[LL

*OYPZ[VWOLY *HZOTHU n-versx Pharmaceuticals

7OPSPW 7 .LYIPUV 7OHYT + University of the Sciences in Philadelphia

2H[OLYPUL *YV[OHSS 7O + Aspire Bariatrics, LLC

1HUL /VSSPUNZ^VY[O NuPathe

1HTLZ ( +H[PU Safeguard Scientifics

+H]PK 7 /VS]LJR Endo Pharmaceuticals

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7OPSPW 9 1VOUZVU 4 + The Children’s Hospital of Philadelphia 9\ZZLS , 2H\MTHU 4 + The Wistar Institute +H]PK 9 2PUN Quaker BioVentures *HYS 2VWÄ UNLY TD Bank *OHPYTHU (ZZL[ 4HUHNLTLU[ *VTTP[[LL

2LUUL[O 3 2YPUN Korn/Ferry International *OHPYTHU *VYWVYH[L .V]LYUHUJL HUK 5VTPUH[PUN *VTTP[[LL * 9 ¸*O\JR¹ 7LUUVUP Pennoni Associates (Y[O\Y / 9\ILUZ[LPU 4))*O University of Pennsylvania School of Medicine :[LWOLU : ;HUN 7O + 4 ) ( University City Science Center 7H\S ;V\OL` Fujirebio Diaignostics ;HYH 3 >LPULY Deloitte LLP

University City Science Center

2010 Financial Highlights Incubator operations 7%

2010 Sources of Revenue

Other revenues 2%

Government, Corporate & Individual grants 15%

Research Park operations 76% Other programs 1%

Market Street Revitalization 25%

2010 Program Costs

Quorum 4% QED 19%

Keystone Innovation Zone 3%

Port Business Incubators 45%

Breadboard 3%

Consolidated Statement of Activities (from core businesses) <HDU (QGHG 'HFHPEHU

9L]LU\LZ Research Park operations Government, Corporate & Individual grants Incubator operations Other revenues ;V[HS 9L]LU\LZ

$17,290,929 3,473,363 1,608,239 308,909 $22,681,440

,_WLUZLZ Research Park operations Program costs Supporting services ;V[HS L_WLUZLZ 0UJYLHZL PU UL[ HZZL[Z MYVT VWLYH[PVUZ ILMVYL UVU JHZO JOHYNLZ

$12,213,533 5,102,584 3,368,255 $20,684,372 $1,997,068

;OL PUMVYTH[PVU HIV]L ^HZ L_[YHJ[LK MYVT [OL <UP]LYZP[` *P[` :JPLUJL *LU[LYÂťZ +LJLTILY H\KP[LK Ă„ UHUJPHS Z[H[LTLU[Z WYLWHYLK I` ,PZULY(TWLY 337 ^OPJO HYL H]HPSHISL \WVU YLX\LZ[

2011 Annual Review

27

REGIONAL COMMUNITY

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.

DreamiT VENTURES

28

University City Science Center

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

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