University City Science Center
2010 ANNUAL REVIEW
2010 Annual Review
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University City Science Center
Photo by Conrad Erb
2010 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. Cover Photo by Conrad Erb Š University City Science Center, June 2010
The University City Science Center
Powering Commercialization Who We Are Established in 1963, the University City Science Center is the oldest and largest urban research park in the United States. Our mission is to support technology commercialization and technology-based economic development. Our 32 shareholders include many of the distinguished colleges, universities and research institutions located throughout Pennsylvania, New Jersey and Delaware.
What We Do The Science Center accelerates technology commercialization and the market availability of life-enhancing scientific breakthroughs by bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities and business services. The Science Center provides an unparalleled regional resource center designed to inspire a community of knowledge, spark the spirit of enterprise, and help expand and strengthen the region’s technology sector.
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Providing PathBreaking Programs The Science Center offers a steady stream of networking, professional and product development, and entrepreneurial support programs designed to leverage the rich resources available on our campus and in the region.
Delivering Scientific and Economic Benefits The more than 350 companies that have originated at the Science Center today employ more than 15,000 people in the Greater Philadelphia region. The work of the approximately 100 incubator and campus companies that currently call the Science Center home ranges from information technology, nanotechnology and green technology to cognitive science, biotechnology, bioinformatics, diagnostics, healthcare and medical devices.
Partners in Progress Partnering with research institutions, entrepreneurs, funders, industry leaders, governmental agencies at all levels, and economic development organizations across the tri-state region, we continue to help move technology out of the lab and into the marketplace, where it can benefit the region and the world.
University City Science Center
Photos by Conrad Erb
2010 Annual Review
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MESSAGE FROM THE CHAIRMAN
The Science Center is a welcoming home to innovative start-up and mature companies Is the word “innovation” overused? Perhaps. Yet it is an apt description when talking about the University City Science Center. It has now become widely accepted that the Science Center is a welcoming home to innovative start-up and mature companies. One reason is the innovative approach that its staff, led by President & CEO Stephen S. Tang, consistently takes to nurturing those companies, supporting technology-based economic development in the Greater Philadelphia region and being receptive to innovative ideas for the region. Strategic Plan Implementation As you will see in the pages of this 2010 Annual Review, the Science Center continues to make great progress as it develops and implements the key programs as outlined in its strategic plan. • The Port business incubators are thriving with a diverse mix of emerging companies. • A campus-wide occupancy rate of 97 percent (excluding 3711 Market Street) enables research park operations to provide funding to programs. • The QED Proof-of-Concept Program conferred its first awards and continues to bridge the gap between research grants and early-stage investment. • Quorum is poised to take its place as a regional hub for entrepreneurs and innovators. • The Esther Klein Gallery and the new Breadboard program are exploring the intersection between art, science and technology. • The Science Center’s commitment to sustainability was recognized when 3711 Market Street was awarded LEED® Silver certification. • Community impact is expanding as the Science Center supports STEM education through partnerships with iPraxis, Philadelphia Academies and NextFab Studio.
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Richard P. Jaffe, Esquire, Chairman of the Board, University City Science Center
Corporate Governance As reported in the 2009 Annual Review, the Science Center Board of Directors completed an extensive review and revision of its corporate governance practices. Over the past year, the Science Center’s Board of Directors has grown and diversified its membership. We now have 26 members from throughout Pennsylvania, New Jersey and Delaware, representing a cross-section of the region’s leading academic and healthcare research institutions, businesses and non-profit organizations. The number of Board-level committees has also expanded to include the Executive Committee, the Corporate Governance and Nominating Committee, the Audit Committee, the Asset Management Committee, the Scientific Advisory Committee and the Community Development Committee. Each committee, chaired by an experienced Board member, makes a unique contribution to the Science Center and to the community at large. This committee structure also enables our Board members to become more engaged in the ongoing development of the Science Center’s strategy and direction. Like the Science Center’s staff, members of the Board are committed to contributing to the collective effort to build entrepreneurship and improve technology commercialization throughout Greater Philadelphia. With such a strong team in place, it’s no wonder that we are having a dramatic impact on the region’s culture of innovation.
University City Science Center
Message from the President & CEO
Over the past year, I’ve spent a great deal of time telling the Science Center story, here in the region, in Harrisburg and in Washington, DC. My conversations with legislators, entrepreneurs and industry peers have confirmed my belief that we’ve got a powerful – and unique – story to tell during an economic recovery period premised upon reform. As a private, non-profit, technology-based economic development organization, the Science Center is able to transcend government and geographic boundaries in our efforts to strengthen the region’s standing in the life sciences and tech sectors. We are in a strong position to leverage public-private partnerships to support our entrepreneurship and business incubation programs. And that’s important. As more and more focus is placed on entrepreneurs’ roles in rebuilding our economy, I can’t help but think of the 350-plus companies that got their start at the Science Center since we opened our doors in 1963. We humbly celebrate our role in large success stories such as Centocor, BioRexis and Bentley Systems. But we can’t lose sight of the smaller companies. Regardless of size, they all have had a positive impact on job creation and innovation. And innovation continues to thrive at the Science Center. Our resident companies are exploring new ways to detect food contamination, decode the human genome and diagnose Alzheimer’s disease. People tend to associate the Science Center with the life sciences, and for good reason: the majority of our incubator residents are focused on life sciences. Yet we have been expanding our scope and now count energy, clean tech, green tech, economic development, and IT companies among our residents. We’re working hard to develop and refine programs that support them. From our QED Proof-of-Concept Program, which provides both funding and business advice to researchers with commercially promising technologies, to Quorum, our entrepreneurs’ network, to Breadboard, which convenes communities around creative applications of technology, we’re focused on supporting job creation, technology commercialization and entrepreneurship. Our resident companies are exploring the frontiers of scientific, technological and economic possibility. Our role is to serve as their ambassador for what’s possible.
2010 Annual Review
Stephen S. Tang, Ph.D., President & CEO, University City Science Center Photo by Conrad Erb
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On Our Campus
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University City Science Center
Research Park Report:
Balancing Flexibility and Value
Throughout its 47-year history, the University City Science Center has focused on providing both physical space and the key resources needed to commercialize new technologies and nurture new companies. This dual mission has set the Science Center apart from its competition and has been critical to its success, says Stephen S. Tang, Ph.D., President and CEO. “The facilities at the Science Center serve as a physical hub, bringing together entrepreneurs, scientists, emerging life science companies and established businesses with the resources they need to be successful,” he explains. The Science Center has spent the past year successfully attracting tenants to 3711 Market Street, its newest life science and technology building; completing modest renovations to most of its existing properties; physically transforming Market Street from 34th Street to 41st Street; and beginning to implement its visionary $600 million expansion plan. Excluding its newest building at 3711 Market Street, the Science Center’s almost 1.0 million square feet of commercial and lab space boasts a 97 percent occupancy rate. “We’ve been very fortunate given the downturn in the economy, the tight credit markets and the real estate slump,” explains Curt Hess, senior vice president of real estate. “We’ve been able to maintain our long-term focus and renew most of the expiring leases. “What sets us apart is our ability to offer flexible, non-traditional leases,” explains Hess. “We can offer one-year leases to start-ups. And our incubator facilities can accommodate companies ranging from one to 25 employees. The floor plans incorporate the latest research and technology equipment and are designed to accommodate the changing needs of emerging, fast-growth companies.”
Photo by Conrad Erb
Trading Spaces 3711 Market Street is leasing up slowly but steadily, with a 60 percent occupancy rate, Hess notes. Developed as a joint venture with Wexford Science +Technology, the LEED® Silver certified building is attracting established companies as well as emerging life science and other tech companies. Avid Radiopharmaceuticals, AlumiFuel Power, Inc. and National Disease Research Interchange moved out of the Science Center’s Port business incubator and into custom-fitted space in 3711 Market during
2010 Annual Review
the summer of 2009. Energy Plus, one of the first tenants in the building, expanded its offices from 5,000 square feet to 17,000 square feet when it moved from the 9th floor to the 10th floor. The independent energy company currently has 50 employees and plans to double that number by year end 2010. Rosetta Genomics and the Science Center’s newest business incubator, along with the Science Center’s corporate offices, also occupy the upper floors. On the street level, two new companies are bringing activity and energy to the neighborhood. Chef Daniel Stern, who has received accolades from Food & Wine, Bon Appétit, the Wall Street Journal, and Philadelphia magazine, opened MidAtlantic Restaurant & Tap Room in October 2009 with a menu that reinterprets Pennsylvania Dutch and Mid-Atlantic cuisine. NextFab Studio, which opened in January 2010, is a membershipbased technology workshop and rapid prototyping center – or as its founder Evan Malone calls it, a “gym for innovators.” NextFab offers 3-D printers, laser cutters, digital embroiderers and other cutting-edge tools. Expert instructors and a diverse community of collaborators are
Chef Daniel Stern MidAtlantic Restaurant The MidAtlantic family has truly enjoyed being a part of the Science Center, and to be surrounded by the many spirited individuals here only adds to our enthusiasm every day. From the beginning we were welcomed with open arms, and we hope to provide everyone with great meals — and great times — for years to come.
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On Our Campus
on hand to help inventors, artists and innovators problem-solve and achieve their vision. (To read more about NextFab and its partnership with the Science Center’s Breadboard program, go to page 16.)
In the fall of 2009, the Science Center embarked on a $4 million facelift of its campus along the section of Market Street known as the Avenue of Technology – and beyond. “The goals of the Market Street Revitalization Project are three-fold and focus on sustainability, streetscape and safety,” notes Hess. “When the project is complete, Market Street from 34th to 41st Streets will be transformed with new trees and landscaping, sidewalks, benches, trash receptacles, bicycle lanes, pedestrian lighting and improved crosswalks.” The project was funded by the Science Center and other property owners along the targeted area of Market Street, along with a $2 million grant from the City of Philadelphia’s ReStore Philadelphia Corridors program. Project partners include the Departments of Commerce and Streets and the Planning Commission of the City of Philadelphia; Delaware Valley Regional Planning Commission; Philadelphia City Councilwoman Jannie L. Blackwell; the University City Science Center; Philadelphia Industrial Development Corporation; The Partnership CDC; University City District; KS Engineers; Maven Inc.; Wells Appel; and property owners along the targeted area. Including the Market Street Revitalization Project, a new traffic light at 37th and Market and street lights, over the past five years,
Kevin Kleinschmidt President Energy Plus We love the location – comingled with world-class universities, and wonderful restaurants and cultural attractions. 3711 Market Street is the most handsome office building in University City, and convenient for commuters and to public transportation. Building management is incredibly attentive, and has worked with us to make this a great place to work for our employees.
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Photo by Conrad Erb
Market Street Facelift
the Science Center’s investments in the community’s safety and physical infrastructure exceed $1 million. The improved streetscape will be one more selling point in a growing list of Science Center amenities, emphasizes Paul Garvey, senior director at Cushman & Wakefield, a commercial real estate broker. “There are a host of reasons for the Science Center’s success,” says Garvey, who has been marketing its facilities since 1997. “At the top of the list are the amenities and community that surround world-class global institutions such as the University of Pennsylvania and Children’s Hospital of Philadelphia.” “Our unique location at the nexus of several major research institutions offers our tenants the opportunity to draw from an immensely rich pool of trained workers, all within blocks of their offices and labs,” agrees Hess. “It also allows our tenants to easily participate in academic enrichment and other special programs at these institutions, and to be a part of the region’s largest community of researchers.”
Next Up: 3737 Market Street The next step in the implementation of the Science Center’s ambitious multi-year master plan, which will ultimately add another 1.5 million square feet of office and lab space, is 3737 Market Street. The planned, 12-story, 300,000-square-foot building will be contiguous to 3711 Market and carry over many of its design elements. Construction will begin once the building is at least 50 percent leased. In the meantime, Hess and his real estate team will focus on delivering superior returns to the Science Center by continuing to offer flexibility and value to the current and future tenants of its existing buildings.
University City Science Center
Resident Profile: National
Board of Medical Examiners
Outside the world of medicine it might not be a household name, but there’s not a doctor in the nation who isn’t likely to be familiar with the National Board of Medical Examiners (NBME). Whether they’re taking crucial exams in medical school, the national medical licensing exam (called the USMLE), or exams required for some specialties, medical students and doctors must answer questions prepared by the testing experts at the NBME, which has been a resident of the University City Science Center since 1994. NBME has a staff of 422 working in its headquarters at 3750 Market Street, and relies heavily on approximately 350 volunteer medical professionals from across the country who assist the organization in developing exams, deciding what content must be covered and determining what constitutes a passing grade, explains Dr. Donald E. Melnick, the organization’s president. In partnership with the Federation of State Medical Boards, the NBME sponsors the U.S. Medical Licensing Exam (USMLE). Although the actual licensing of physicians is controlled by the states and some of their licensing requirements may vary, there is one consistent standard across the nation: all jurisdictions require MD candidates to pass the USMLE, Melnick says. Graduates of medical schools in other countries who want to practice medicine in the U.S. must take the USMLE too. The USMLE accounts for about three-quarters of the organization’s business volume, he says. Prospective physicians become familiar with NBME-developed exams long before taking the USMLE. That’s because 171 medical schools in the United States and around the world use NBME products for testing in specific subjects and at the end of each phase of instruction. At some schools, faculty members craft their own customized exams by drawing on a data bank of questions developed by NBME. The broad use of exams developed by NBME ensures consistent standards in medical education, by having students taking the same exams, regardless of which school they attend, and by providing participating schools with national norming data, enabling them to see how their students perform on the exams in comparison with other schools, Melnick says. NBME also provides exam services for 26 organizations that certify or license physicians or other health-care practitioners but don’t have the staff resources to create their own exams. To earn “boardcertified” and similar designations, anesthesiologists, dermatologists, rheumatologists, plastic surgeons, neurological surgeons, orthopedic surgeons, physical therapists, medical assistants and veterinarians, among others, must pass exams created by these organizations, some of which work with the NBME team to develop them. NBME’s collaborations extend well beyond the United States. In conjunction with the Foundation for the Advancement of International Medical Education and Research, it is developing the International
2010 Annual Review
Foundations of Medicine program, which is designed to serve as a benchmark of fundamental knowledge for students entering their final year of undergraduate medical school. Closer to home, working with the Educational Commission for Foreign Medical Graduates (ECFMG), also based at the Science Center, NBME has developed a clinical skills exam, a component of the USMLE. The clinical skills exam is administered at five locations nationwide. In this exam, students go to a clinic, where over the course of approximately eight hours, they see a dozen patients, each with symptoms, diagnose their conditions and recommend treatment. The patients, however, are trained actors who are also evaluating how the student handles each situation. In the 1990s, NBME began producing computer-based versions of its exams. About two-thirds of its exams are now administered via computer; paper and pencil exams will be virtually eliminated in about five years. “They’re more secure, more cost-effective and more convenient,” Melnick says. The only downside is that a few institutions don’t have enough computer terminals to administer an exam to an entire class at the same time. But computers enable questions that aren’t possible on paper-based exams, he says, such as listening to recordings of the human heartbeat and interpreting the significance of the sounds. NBME was founded in Philadelphia in 1915 and had offices in several downtown locations until 1952, when it moved to South 36th Street, adjacent to the University of Pennsylvania campus. It moved to its own building at 3930 Chestnut Street in 1966, and to its current headquarters on the Science Center campus in 1994.“The fact that we’re here is not accidental. We were attracted to this part of the city before the Science Center was established,” Melnick says. “We’re very happy to be members of the Science Center community. We’ve expanded twice in 18 years. We’re very pleased to be surrounded by organizations of like mind.”
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On Our Campus
A Magnet for Entrepreneurs Visitors to the Science Center’s offices at 3711 Market Street in the summer of 2009 encountered an arresting sight when they stepped off the elevators and looked north. A group of approximately 30 entrepreneurs – most in their early 20s – were clustered around conference tables, pounding away on keyboards and filling the white boards that covered the walls. No, it wasn’t a boot camp for entrepreneurs, although at times it seemed close to one. The space dedicated to the Quorum program housed DreamIt Ventures and the 10 emerging companies it supported in 2009.
Blandine Chantepie Philadelphia Branch Manager ERAI ERAI had the privilege to be the first tenant in the Global Soft Landing incubator space at 3711 Market Street. All year long, it has been such a pleasure to collaborate with the Science Center’s team every day and be part of an incubator which has now become a teeming place of various companies with dynamic people. The Science Center is such a welcoming and stimulating place for our arriving French companies.
Arjun Srinivas Chief Operating Officer Innova Materials The Science Center has been a great resource for us over the past few years. The facilities have allowed us to expand as the company has grown, while the location, situated between Penn and Drexel, has given us access to some of the brightest minds in the region.
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Quorum is an entrepreneurs’ community network. Based on the idea of “the number of people required to conduct business,” Quorum will strengthen the region’s culture of technology commercialization by creating a magnet for entrepreneurs and innovators to convene, interact, network and exchange ideas. Quorum addresses a need highlighted in the CEO Council for Growth’s “Accelerating Technology Transfer in Greater Philadelphia: Identifying Opportunities to Connect Universities with Industry for Regional Economic Development” study, released in October 2007, 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 to the venue.” When it’s fully equipped, Quorum will operate as a neutral meeting ground for researchers, scientists, entrepreneurs, funders and resource organizations. It will also continue to serve as the home for events as diverse as Deloitte’s Fast 50 and the Nanotoxicology Workshop (see facing page for a more comprehensive list of events hosted at the Science Center.) The Science Center took significant steps towards making Quorum a reality in 2009-2010, developing a business plan, fundraising strategy and branding program. Satellite Quorum has begun to take shape with the support of regional programming such as the New Jersey Technology Council’s Regional Commercialization Conference, the 2009 MidAtlantic Capital Alliance Conference, the Eastern Technology Council’s Enterprise Awards, the 2010 Wharton Entrepreneurship Conference and the Entrepreneurs Network Breakfast Series. iQuorum is organizing around existing social networking tools with a Science Center presence on LinkedIn, Facebook and Twitter. Plans call for the build out of the physical Quorum space at 3711 Market to begin in the fall of 2010. In the meantime, DreamIt will be back for the summer of 2010 with even more companies. We can’t think of a better use for the space. The energy and enthusiasm of these young entrepreneurs exemplifies the intent of Quorum.
University City Science Center
Photo by Conrad Erb
Quorum and the Science Center were host to close to 40 community groups and events in 2009-2010 including: American Israel Chamber of Commerce Reception
Health Innovations Partnership Kick-Off Meeting
American Society of Inventors
Innovation Spotlight Health Care Reform Panel
AURP Regional Meeting bench2BUSINESS
Meeting of Delegation from National Senate of France with Pennsylvania Departments of Agriculture and Environmental Protection
BusinessWire Media Bootcamp
New Jersey Technology Council Techworking
Deloitte 2009 Greater Philadelphia Fast 50
Nanotoxicology Workshop
ERAI Inauguration, Green Conference, Lunch & Wine Tasting
NCI/NIH Funding Workshop
GPSEG Life Sciences Group Meeting
Philadelphia Area New Media Association
Grant Writing USA Workshop
Philly Startup Leaders
Greater Philadelphia Chamber of Commerce Town Hall Meeting with City Councilwoman Jannie Blackwell
University City District Welcome Reception for Matt Bergheiser
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Wharton Venture Initiation Program Receptions
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Photo by Conrad Erb
Port Report Like a maritime port with a continuous flow of arriving and departing ships, the Science Center’s Port business incubator is designed to accommodate the arrival and departure of emerging companies. Over the past decade, more than 60 nascent companies have passed through the facility, most starting with only two or three employees. On average, companies arrive at the Science Center with three employees and leave two years later with six. Over the last year, seven new companies with industry focuses ranging from biotechnology and green tech/clean tech, to investment and economic development joined the Port. Nine of the current 31 residents have significant affiliations with universities, including the University of Pennsylvania, Thomas Jefferson University and Princeton University. Seven international companies from Belgium, France, Germany, Singapore, Spain and the United Kingdom call the Port home. Many of these companies are part of the Global Soft Landing program, which helps international companies establish a presence in the U.S market. (For a complete list of Port residents, turn to page 15.) One Port resident, Invisible Sentinel, is developing new detection methods for food-borne contamination.
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“We chose the Science Center for its track record in nurturing young life science companies by providing them with the resources required for successful development both inside and outside of the lab,” says Invisible Sentinel CEO Benjamin Pascal. “The Science Center provides a wealth of financial, advisory, and networking resources in addition to the wet laboratory space and shared equipment we use for R&D. Consequently, the Science Center has helped facilitate the growth of our company and we are proud to be a resident of this dynamic and ever-expanding scientific community.” Fully equipped wet and dry labs, shared laboratory equipment, furnished offices and workstations, and IT support allow Port companies to focus on what’s most important – R&D, business development, and growing their companies. Yet, as Pascal says, it’s not just the facilities that attract start-up companies to the Science Center. Access to programming and grant-writing support, plus proximity to the area’s academic institutions and research hospitals give young companies the best chance of successfully navigating their start-up stage.
Lunch for Hungry Minds This monthly series focuses on highlighting excellence in regional academic research. Topics range from life science and energy to materials science and IT. Programs in 2009-2010 ranged from a visit to the Mutter Museum (College of Physicians of Philadelphia) to presentations by members of the Science Center’s Scientific Advisory Committee and other regional scientists. Program topics included A Novel Model for
University City Science Center
in the labs
In Vivo SIV Neutralization and Carbide-derived Carbons for Energyrelated and Biomedical Applications.
Smart Talk Smart Talk is a quarterly program which gives start-up and growing companies a look at best practices and business strategies from industry leaders in the region. Programming in 2009 focused on media relations and marketing. In April 2010, Greg Bentley, CEO of Science Center alumnus Bentley Systems, kicked off the new Smart Talk Adventures in Entrepreneurialism format that pairs remarks by area entrepreneurs with panel discussions about the topics they cover. We were pleased to welcome Deloitte as a Smart Talk sponsor in 2010.
Exponent Medical Devices Seminar Series The Science Center, University City Keystone Innovation Zone and Exponent partnered to develop a series of panel discussions addressing relevant legal and regulatory issues concerning medical devices.
NCI/NIH Funding Workshop The Science Center partnered with BioAdvance to offer this workshop in September 2009. Professionals from NCI’s SBIR Development Center and the NIH’s Human Genome Research Institute’s Technology Transfer Office presented research, preclinical, and clinical resources and new funding opportunities to an audience of biotechnology startups and academic researchers. The daylong workshop concluded with one-on-one sessions between NCI and NIH representatives and selected attendees.
Innovation Partnership The Science Center is a core member of the Innovation Partnership, a consortium of economic development and business assistance organizations located throughout Pennsylvania. The Partnership helps earlystage companies secure federal funding for product development. Since it became a member in 2007, the Science Center has helped more than 25 companies obtain assistance through the Partnership’s programs. Our region has the highest success rate in converting this assistance into federal investment.
University City Keystone Innovation Zone Established in 2005, the University City Keystone Innovation Zone is a partnership designed to support the formation and growth of start-up life sciences companies and the commercialization of these companies’ technologies. Through the KIZ Tax Credit Program, eligible companies can access up to $100,000 in tradable tax credits per year.
Happy Hours and Networking Events Quarterly happy hours and networking events strengthen the interaction among the Science Center’s resident companies, allowing them to leverage each others’ experiences in growing their companies.
2010 Annual Review
Measuring Economic Impact In September 2009, the Science Center released a study measuring the economic impact of its Port graduates since 1963. “The University City Science Center: An Engine of Economic Growth for Greater Philadelphia,” was a collaboration between the Science Center, the Economy League of Greater Philadelphia and Select Greater Philadelphia. The results of the study were as follows: • More than 350 organizations have “graduated” from the Science Center since its inception in 1963. • 93 remain in the 11-county Greater Philadelphia region today, and employ more than 15,000 workers at an average salary of $89,000. 37 incubator residents employ another 174. • Each employee also generates an additional 1.68 jobs throughout the region due to indirect and induced economic demand. • Overall graduate and resident incubator organizations generate more than 40,000 regional jobs. • These organizations contribute $22.0 million to the City of Philadelphia in wage taxes and $42.5 million to the Commonwealth of Pennsylvania in income taxes annually. • Annual economic output for graduate and resident incubator organizations present in the region is $9.4 billion; the value added output (due to increased regional GDP) is $5.0 billion.
Ed Erickson President & CEO BioNanomatrix The Science Center offers a number of advantages to entrepreneurial, technology-based companies, including the availability of excellent laboratory space and basic lab equipment on flexible terms and proximity to top academic organizations. The excellent location near Center City Philadelphia and many public transportation options such as SEPTA and local bus and shuttle services make the location particularly attractive to younger employees on tight budgets.
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in the labs
Proving the Concept “The QED program has been invaluable in helping us understand and move forward on the commercialization path for the Near Infrared Wound Monitor,” says Dr. Elisabeth Papazoglou of Drexel University, who was awarded QED funding in October 2009. “Preparing our proposals and presentations focused our team on addressing probing questions not typical of an academic research program, and forced us to decide on the specific steps needed to move closer to commercialization.” Dr. Papazoglou was one of three researchers who received a $200,000 award from the Science Center’s QED Proof-of-Concept Program in the fall of 2009 to pursue commercially relevant R&D related to life science technologies. The “winning” researchers each received $100,000 from the Science Center and a $100,000 match from the host institution, plus business advice for one year. Launched in April 2009, the QED Program is the first multi-institutional proof-of-concept program for life science technologies. It bridges the “valley of death” – the gap between research grants and commercial seed investment – by awarding grants to life science technologies with high potential in the healthcare industry. The three awards made in October were the first of up to nine awards to be made during the three-year pilot phase of the program. Dr. Papazoglou and her team at Drexel University have developed a
QED Participating Organizations Seventeen organizations in Pennsylvania, New Jersey and Delaware have signed on to the QED Program’s common agreement Children’s Hospital of Philadelphia
Philadelphia College of Osteopathic Medicine
Delaware State University Drexel University
Rutgers, The State University of New Jersey
Fox Chase Cancer Center
Temple University
Harrisburg University of Science and Technology
Thomas Jefferson University
Lankenau Institute for Medical Research
University of Pennsylvania
Lehigh University Monell Chemical Senses Center
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University of Delaware University of the Sciences in Philadelphia Widener University The Wistar Institute
handheld device that uses near infrared to ac- Dr. Elisabeth Pacurately and non-invasively monitor the healing pazoglou, pictured progress of a chronic wound such as a diabetic with team members Michael Neidrauer, foot ulcer. The other two technologies funded in the Ph.D., left, and Dr. Leonid Zubkov, first round are: • A portable, low-cost, radiation-free breast received QED fundcancer screening device for use in women with ing in the fall of dense breasts, being developed by a team led 2009 for an infrared by Dr. Wan Shih of Drexel University. The pro- wound monitor she posed device could be used as an adjunct to developed. Photo mammography (particularly for women under provided by Dr. 40), or for use in areas in the US and through- Papazoglou/Drexel out the world where mammography is not University readily available. • Nanostructured thin films for reducing bacterial infection via external bone fixator pins, being developed by Dr. Paul Ducheyne’s team at the University of Pennsylvania. If successful, these films will reduce the currently high complication rates that are observed when compound fractures are repaired using external fixation. What sets QED apart from other proof-of-concept programs is the business advice the researchers receive. More than 130 proposals have been received through Round 2. After a selection committee identifies 10 investigators from each round to submit full applications, the Science Center creates a team for each project which includes a business advisor with proven industry expertise and an MBA student. Through regular meetings with the investigators and technology transfer officers, the teams work to clearly define the market opportunity, value proposition, commercialization strategy, and research objectives for each project. “For many of the applicants it may be the first time that they have been expected to integrate scientific and business considerations early on,” says Business Advisor Matt Kremer, who worked with Dr. Shih at Drexel University. “For their part, the Business Advisors are all excited
University City Science Center
Port Business Incubator Residents Whether they are physically located on the Science Center campus or have a virtual address, residents of the Port Business Incubators represent a wide variety of sectors under the science and technology umbrella.
Residents
Invisible Sentinel Biotechnology/Life Science
Virtual Companies
Biologistics Consulting Biotechnology/Life Science, Service
Kayentis Biotechnology/Life Science, IT
BioNanomatrix Biotechnology/Life Science
MCA Global Biotechnology/Life Science
BREF Biomedical Education
NUS America Education
The Center for Patient Interactive Research Patient Interactive IT, Clinical Research
OxiCool Green Tech/Clean Tech Perfect Expressions Biotechnology/Life Science
International Industrial & Marine Outfitting LLC Green Tech/Clean Tech
The Charlesworth Group Economic Development, IT
Pulsar Informatics Biotechnology/Life Science, IT
Meidlinger Partners Clean Tech/Green Tech
Daedalus Innovations Biotechnology/Life Science
R&D Green Materials Green Tech/Clean Tech
ERAI Service, Economic Development
RSC Worldwide Education, Biotechnology/Life Science
Montage Healthcare Solutions, Inc. IT
GADORE GreenTech/Clean Tech Innova Materials GreenTech/Clean Tech Integral Molecular Biotechnology/Life Science Integromics Biotechnology/Life Science, IT
Sunstone Biotechnology/Life Science, Materials Science
DoseCue Biotechnology/Life Science EryTech Biotechnology/Life Science
BioAdvance Regional Life Science Start-up Funding Robin Hood Ventures Angel Investing
H&T Biotechnology/Life Science, IT
Opulus Biotechnology/Life Science PKPD Biotechnology/Life Science, IT
Vector Biolabs Biotechnology/Life Science, Service
to be involved in the competition. I think that the projects benefit overall from the rigor of the business thinking that goes into commercializing a technology.” Arthur H. Rubenstein, Dean of the University of Pennsylvania School of Medicine and Executive Vice President of the University of Pennsylvania for the Health System, agrees. “We have also seen the value of the business advisor component of the QED Program here at the University of Pennsylvania,” he notes. “Even though some of our submissions did not receive QED funding, the researcher teams still ben-
2010 Annual Review
Calder Systems Publishing, Service
Resident Resource Organizations
As of 5/1/10
efited from participation – primarily because of the business advice they received.” Round 2 commenced in October, with awards made in the spring of 2010. Round 3 will begin in the spring of 2010. QED has received funding from the Ben Franklin Technology Development Authority and the William Penn Foundation. For more information about the QED program, including the complete list of participating Business Advisors, go to www. sciencecenter.org and click on QED.
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In the Community
Community Impact The Science Center is committed to being an active and involved member of the different communities to which we belong: West Philadelphia, the Greater Philadelphia region, our core industry sectors and the entrepreneurial and cultural ecosystems.
ARTS The Esther Klein Gallery (EKG) has been exploring the intersection between art, science and technology for more than 30 years. To date, EKG has worked with close to 1,500 local, national and international artists and facilitated programs in partnership with over 350 schools, community organizations and institutions in the Philadelphia area and beyond. EKG exhibits in 2009-2010 included The Vitreous: Of Eyes and Optics, a national juried exhibition featuring 22 artists whose work explores themes of eyesight, visual perception and optical phenomena, and the READY>RUN exhibition which featured artwork by ‘Chip’ musicians and pixel artists who hack or reprogram early video game consoles like Nintendo and Atari to create complex visual imagery and music. EKG has expanded under a new program called Breadboard, a hybrid program that facilitates cross-disciplinary art exhibits, community outreach initiatives and special programs offering public access to a new generation of fabrication technology and workspace. The goal? To convene communities around creative applications of technology. Through a unique partnership with NextFab Studio, a new membership-based rapid prototyping workshop located on the Science Center’s campus, Breadboard community outreach programs promote opportunities for laypersons, students and others in the Philadelphia community to explore and engage cutting-edge technology and rapid prototyping resources such as 3-D printers, CAD-operated laser cut-
“Science Center management and the Breadboard program have truly embraced our mission of fostering innovation and manufacturing competence in the region by brokering numerous business and outreach opportunities for us among the Port business incubator companies, regional research institutions, and essentially every economic and creative industry organization in the city,” says Evan Malone, left, President of NextFab Studio, LLC. Photo by Conrad Erb
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University City Science Center
ters and digital embroiderers. Working in NextFab’s collaborative environment, the Breadboard community of students, artists, DIY enthusiasts, fabbers and hackers can share a computer station or a circuit board with entrepreneurs, engineers, and industrial designers. Breadboard staff is currently developing community programs with partner organizations such as The Enterprise Center, University of the Arts and Drexel University. Breadboard and EKG programs support STEM (Science, Technology, Engineering, Math) initiatives and arts-based learning activities. Breadboard manages two venues on the Science Center campus: EKG at 3600 Market Street and the Breadboard Community Space at 3711 Market Street. EKG is open daily Monday through Saturday. For more information, blog posts and exhibit updates, visit breadboardphilly.org.
STEM EDUCATION PARTNERSHIPS In addition to the STEM education opportunities supported by Breadboard, the Science Center also works closely with local nonprofits to improve science education in city schools and classrooms. One significant partner is iPraxis, which focuses on attracting and involving people of color in science exploration at early ages and increasing the participation of minorities in the business of science. The Science Center hosted iPraxis’ bench2BUSINESS program in December 2009. The seminar was designed for aspiring and established scientists and entrepreneurs of color who want to learn the essentials of starting a bioscience venture. The Science Center is also partnering with Philadelphia Academies, Inc. to place six summer interns from the Biotechnology Academy in Port companies.
iPRAXIS eighth grade students at Alain Locke Elementary School in West Philadelphia work with their Scienteer on their science fair project about ‘Going Green.’ Photo courtesy of iPraxis
The spirit of Career GPS continues with Entrepreneur OnRamp, which is designed to help entrepreneurs get new life sciences companies off the ground. The May 2010 program offered a full day of panel discussions, coaching and networking to very early stage human-health focused start-up companies from the Greater Philadelphia region.
ECONOMIC DEVELOPMENT WORKFORCE DEVELOPMENT In response to the consolidation of the pharmaceutical industry, the Science Center has partnered with BioAdvance, Wharton Small Business Development Center and We Work for Health to help displaced life sciences professionals explore career options in entrepreneurship. Career GPS is designed to help a broad group of displaced and potentially displaced life sciences professionals from across the Greater Philadelphia region find their new place in the global biopharmaceutical sector. The November 2009 program, which received funding support from the Delaware Valley Innovation Network, provided attendees with information, expert presentations and resources related to career options, transition strategies and emerging needs within life sciences.
2010 Annual Review
The Science Center launched a network of business parks in the region in July 2009. Now known as the Regional Affinity Incubation Network, RAIN brings together numerous research parks, technology-based incubators, and other supporting organizations involved in technology-led economic development initiatives. The network is comprised of approximately 45 research parks, business incubators and support organizations in the 11-county Greater Philadelphia region. RAIN’s goals are to share information, capabilities, and opportunities, and to build political strength in support of a collective effort to seek unique Federal funding opportunities for regional economic development.
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Environmental Impact
Making the Spaceship Work “We are on a spaceship, a beautiful one. It took billions of years to develop. We’re not going to get another. Now, how do we make this spaceship work?” — R. Buckminster Fuller, Science Center World Fellow in Residence, 1972-1983 The Science Center’s green roof is one of the largest in Philadelphia.
The Science Center’s heritage of environmental awareness, as exemplified by Buckminster Fuller’s concern for “spaceship earth,” is reflected in the many green initiatives it is pursuing today. Over the past few years, being green has become a part of the Science Center’s culture. From strategies as simple as eliminating disposable water bottles on campus to the complex automated lighting systems in 3711 Market Street, the Science Center is approaching environmental sustainability from all angles. Making a commitment to environmental sustainability from both the facilities and policy perspectives was a key Science Center initiative in 2009-2010. On the facilities side, our newest building at 3711 Market Street was awarded LEED® Silver Level certification in September 2009. LEED is the nation’s preeminent program for the design, construction and operation of high-performance green buildings; certification is established by the U.S. Green Building Council and verified by the Green Building Certification Institute.
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“3711 Market Street was designed with the intent of achieving LEED certification,” says Science Center President & CEO Stephen S. Tang, Ph.D. “This is one important indication of our commitment to sustainable business values and the environment that has become a part of our corporate culture. LEED certification validates the ‘green’ state of mind that we take pride in and promote every day.” LEED certification of 3711 Market Street was based on a number of green design and construction features that positively impact the project itself and the broader community. These features include: • A 35,000-square-foot green roof that is among the largest in Philadelphia • Maximum day-lighting opportunities for all tenants • Recycled content in construction materials
University City Science Center
• Low VOC (volatile organic compounds) construction • Water-efficient landscaping • Indoor air-quality improvements • Green maintenance and cleaning • High-performance building envelope including high-performance glazing But LEED certification is only part of the story. The Science Center also made a public promise to change its daily business practices to reduce impacts on the environment when it joined the Greater Philadelphia Green Business Program and achieved their highest ranking - Platinum. Under the leadership of a newly designated Green Office Advocate, the Science Center has adopted green operational practices including:
• Raising awareness of sustainability efforts and environmental issues within the company and business community at large. • Reducing energy use. • Engaging in purchasing practices that minimize environmental impacts within the business and throughout the supply chain. • Reducing the volume of waste generated by businesses, recycling as much waste as possible. “It’s one thing to say you support environmental principles,” Tang says. “It’s a totally different ballgame once you start to enact green policies. From providing all of our employees with reusable water bottles to monitoring our energy usage, we’re proud that we’re translating our environmental principles into action.”
Science Center’s Green Policies The Science Center is adopting the following green policies over the course of 2010: Energy Conservation:
All blinds are to be closed during peak summer periods
Purge contacts lists to eliminate duplication. Write “refused” on all unwanted first class mail and
to reduce the air conditioning load.
Lights are programmed to automatically turn off when an office, conference room, restroom, kitchen or common work area has been vacant for 15 minutes. All office copiers go into standby mode when not in use after 10-30 minutes. At the end of each business day all printers and copiers are turned off. Purchase sustainable office equipment and products, such as Energy Efficient computers, monitors and appliances. Purchase only EPEAT certified computers and LED monitors that consume approximately one third less energy than larger CRT monitors.
return to sender.
Return labels from duplicate mailings and subscriptions requesting all but one be removed.
Recycle:
Donate or exchange unwanted but usable items (furniture, supplies, electronics). Recycle toner cartridges, old cell phones and dry cell batteries. Eliminate disposables (plastic utensils, coffee stirrers, paper towels) by using reusable mugs, dishes, utensils, towels/rags, coffee filters, etc. Encourage caterers to bring reusable dishes or to serve “family-style” in reusable serving dishes.
Paper Conservation:
Environmental Protection:
All printing and copying (where feasible) to be done
Use non-toxic water-based markers. Buy only low- or no-VOC paints, coatings, adhesives and
using the duplex printing feature. Read, highlight and comment on documents on the computer when possible. All paper used for copying, printing, faxing, letterhead, envelopes and business cards is purchased with at least 35% post consumer recycled content. All printing and copying to be done using the size reduction feature, when feasible.
2010 Annual Review
sealants.
Use unbleached or chlorine-free paper products. Use teleconferencing or webinars when possible instead of business travel.
Achieved as of June 2010
Underway
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Management
Science Center Management Team Stephen S. Tang, Ph.D. President & CEO Dr. 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 47-year 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. Dr. Tang, a seasoned life science, energy technology, and management consulting executive, 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 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 or worked in the Greater Philadelphia region for most of his life.
Curt Hess Senior Vice President of Real Estate Operations Mr. 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 more than 20 years of diversified real estate experience. Before joining the Science Center, Mr. Hess 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, Mr. Hess spent 14 years at Equitable Real Estate in several different capacities including Vice President of Portfolio Management for a $1.2 billion equity portfolio of major joint ventures with Japanese partners. Mr. Hess received his B.A. from West Chester University in Business
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Administration, is a Certified Public Accountant, and has his Real Property Administrator designation with BOMA.
Saul A. Behar Vice President and General Counsel Saul Behar joined the University City Science Center as Vice President and General Counsel in January 2010, after serving as a consultant since January 2009. In addition to his role as General Counsel, Mr. Behar also has responsibility for government relations at the federal, state and city levels. Mr. Behar brings to his new position nearly 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, Behar was a partner at Wolf Block LLP in Philadelphia. Prior to that, he served as General Counsel 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, Mr. Behar served as General Counsel at Keystone Property Trust, an NYSE-listed real estate investment trust headquartered in West Conshohocken, Pennsylvania that focused on industrial real estate. Provident and Keystone were highly successful real estate firms that were acquired by the leading companies in their industry sectors. Earlier, Mr. Behar 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, handling corporate and real estate matters. Mr. Behar received an A.B., cum laude and with distinction, from Cornell University in 1983 and a J.D. from The University of Chicago Law School in 1986. He is a member of the Pennsylvania bar.
Thomas Greenwood Vice President, Accounting Mr. 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 Mr. Greenwood was promoted to Vice President, and is responsible for the overall financial and fiscal management of the company, providing financial oversight to the corporate, real estate, treasury, grant planning and budget activities of the organization and its subsidiaries. He 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, Mr. Greenwood 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.
University City Science Center
The Science Center’s Management Team from left: Tom Greenwood, Kindra Sloan, Saul Behar, Jeanne Mell, Steve Tang, Curt Hess, Chris Laing. Photo by Conrad Erb
Christopher J. Laing, MRCVS, Ph.D. Vice President, Science and Technology Dr. Laing oversees the Science Center’s Science and Technology Programs, including the Port business incubators and the QED Proof-ofConcept 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. Dr. Laing 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 May 2010. He has helped numerous Science Center business clients turn their academic research into thriving businesses. Dr. Laing 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. Dr. Laing has helped raise more than $20 million in equity-sparing federal funding to directly support product development by small technology companies. His expertise includes experience in the commercial development of a wide range of technologies, including drugs and biologicals, medical devices, diagnostics, and research tools. Dr. Laing 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 & Community Development Jeanne Mell joined the University City Science Center in March 2009 as Vice President Marketing Communications. She is responsible for
2010 Annual Review
all aspects of corporate marketing, communications, public and media relations and community development. Ms. Mell was formerly Senior Vice President, Communications for the Delaware State Chamber of Commerce, where she had overall responsibility for print and electronic communications, public relations and media relations. Ms. Mell also oversaw the Chamber’s events department, had a role in program development and represented the Chamber in the community. Under Ms. Mell’s leadership, the Chamber’s communications department won more than 20 awards. In 2007, Ms. Mell was named to Delaware Today magazine’s list of the top women in business in Delaware. Previously, Ms. Mell was Director of Photography and Design at The News Journal in Wilmington, Delaware. She also worked at the Associated Press, ABC News and Inc. Magazine. A native of Providence, Rhode Island, Ms. Mell 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 January 2010. In her new role 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 throughout the Science Center including employee relations, benefits, compensation, recruitment and selection, training, and policy development. Ms. Sloan joined the Science Center in April 2006 as the Payroll Accountant/Accounts Payables Manager and subsequently expanded her role to include Human Resources. Ms. Sloan earned the designation of Professional in Human Resources (PHR) in 2009. Prior to joining the Science Center, Ms. Sloan served as Senior Accountant/Payroll Manager for American Baptist Churches, USA in King of Prussia for over seven years. She received her B.S. in Psychology from Marymount College in Tarrytown, New York.
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Corporate Governance
University City Science Center Shareholder Institutions Photo by Conrad Erb
The Science Center is an independent 501(c)(3) corporation. We are not owned, controlled or managed by any particular organization; instead, we are owned by 32 nonprofit shareholder institutions located throughout Pennsylvania, New Jersey and Delaware. The American College
Lincoln University
Bryn Mawr College
Mercy Health System
Rowan University
University of the Arts
NUS America (National University of Singapore)
Rutgers, The State University of New Jersey
University of the Sciences in Philadelphia
The Penjerdel Council
University of Delaware
Burlington County College The Children’s Hospital of Philadelphia Delaware State University
Pennsylvania Hospital
Salus University (former Pennsylvania College of Optometry)
Drexel University
Villanova University
East Stroudsburg University
Philadelphia College of Osteopathic Medicine
Swarthmore College Temple University
West Philadelphia Partnership
Haverford College
Philadelphia University
Widener University
Lafayette College
The Presbyterian Foundation for Philadelphia
Temple University School of Podiatric Medicine
Lehigh University
University of Pennsylvania
Thomas Jefferson University
UNIVERSITY CITY SCIENCE CENTER Board of Directors Maxine Ballen New Jersey Technology Council Chairwoman, Community Development Committee Richard A. Bendis Innovation America Kenneth J. Blank Temple University Craig R. Carnaroli University of Pennsylvania Chairman, Asset Management Committee Christopher Cashman Protez Pharmaceuticals, Inc. Katherine Crothall Liberty Venture Partners James A. Datin Safeguard Scientific
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Ernest Dianastasis Computer Aid, Inc.
David P. Holveck Endo Pharmaceuticals
Michael A. DiPiano New Spring Ventures Chairman, Audit Committee
Osagie O. Imasogie Phoenix IP Ventures
Steven J. Fluharty University of Pennsylvania Glen N. Gaulton, Ph.D. University of Pennsylvania School of Medicine Chairman, Scientific Advisory Committee Philip P. Gerbino, Pharm.D. University of the Sciences in Philadelphia Jane H. Hollingsworth NuPathe
Richard P. Jaffe, Esquire (Chairman) Ballard, Spahr, Andrews and Ingersoll Chairman, Executive Committee
Kenneth L. Kring Korn/Ferry International Chairman, Corporate Governance and Nominating Committee Carl Kopfinger TD Bank C.R. “Chuck” Pennoni Drexel University
Philip R. Johnson, M.D. The Children’s Hospital of Philadelphia
Arthur H. Rubenstein, MBBCh University of Pennsylvania School of Medicine
Russel E. Kaufman, M.D. The Wistar Institute
Stephen S. Tang, Ph.D. University City Science Center
David R. King Quaker BioVentures
Paul Touhey Fujirebio Diagnostics, Inc. Tara L. Weiner Deloitte
University City Science Center
2010 Financial Highlights 2009 Sources of Revenue
Other revenue 1%
Incubator operations 7%
Government, Corporate & Individual grants 12% Research park operations 80% Other Programs 3%
Market Street Revitalization 37%
2009 Program Expenses
Quorum 3%
QED 5%
Keystone Innovation Zone 3%
Klein Art Gallery 2%
Port Business Incubators 32%
Global Soft Landing 15%
Consolidated Statement of Activities (from core businesses) Year Ended December 31, 2009
Revenues Research park operations Government, Corporate & Individual grants Incubator operations Other revenues Total Revenues
$18,028,502 2,775,045 1,589,869 73,420 $22,466,836
Expenses Research park operations Direct costs of programs and seminars General and administrative Total expenses Increase in equity from operations before non-cash charges
$12,575,005 4,656,685 2,800,236 $20,031,926 $2,434,910
The information above was extracted from the University City Science Center’s December 31, 2009 audited financial statements prepared by Amper, Politziner & Mattia, LLP, which are available upon request.
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Our Partners It takes a regional effort to create and sustain successful entrepreneurs and ventures. Working with the partners listed below and others, we are weaving a community of support that will help emerging life science, clean tech/green tech and IT companies -- and the region -- succeed.
DreamiT VENTURES
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University City Science Center
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