June 2, 2026 | Vol. 13 • No.11 | $4.00 | DelawareBusinessTimes.com
Small State
Big
Science Six Delaware bioscience companies thriving under the radar 10-11
AFFORDABILITY AGENDA:
A NEW HOPE?:
AT TOP:
Top Democrats talk top bills at end of session
DSU in talks to turn Early School into shelter
Delaware Bioscience Institute names new head
6
8
13
REMEMBERING MIKE:
VIEWPOINT: Bonadio Group
Former Wilmington
Mid-Atlantic
Mayor Purzycki dies at
Managing Director
80
Marie Holliday writes
5
that partnerships make good business
19
AND
Congratulations Honorees Awards
Dr. Mark Brainard President Delaware Technical Community College Milestone Honoree
Chris Buccini Co-Founder Buccini Pollin Group Large For-Profit
Rob Buccini Co-Founder Buccini Pollin Group Large For-Profit
Matt Walz CEO Trialbee Medium For-Profit
Terry Murphy President & CEO Bayhealth Large Nonprofit
Michael Fleming President & CEO Delaware Bioscience Assoc. Medium Nonprofit
Dr. Lauren Footman Executive Director End Community Violence Now Small Nonprofit
Pamela Reuther Chief Operating Officer Easterseals Delaware & Maryland’s Eastern Shore C-Suite
Jennifer Schwartz Executive Vice President & Chief Strategy Officer Incoming President & CEO ChristianaCare C-Suite
Joanna Staib Director, Division of Employment and Training & Statewide Coordinator for the Office of Workforce Development, Delaware Department of Labor C-Suite
E. Thomas Harvey Chairman & CEO Harvey Hanna and Assoc. Small For-Profit
s
s
Stephen Ovadje Chief Marketing Officer Best Egg C-Suite
Maria Stecker Director, Grantmaking Longwood Foundation C-Suite
CELEBRATING THE 2026 CEO & C-SUITE HONOREES Honorees will be featured in the June 16th issue of the Delaware Business Times and celebrated at the CEO & C-Suite celebratory event on June 18, 2026 at Deerfield Golf Club 5:30 - 8:30 p.m. The event will include heavy hors d’oeuvres, cocktails, great networking opportunities, and the awards program.
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Event Information: DelawareBusinessTimes.com/Events/CEO Tickets: Individual Tickets and Tables of 10 available.
22 DELAWARE BUSINESS TIMES / JUNE 2, 2026
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WHO'S INSIDE Founded 2014, printed bimonthly, serving Delaware’s business community Vol. 13, No. 11 dated June 2, 2026 Copyright © 2026 by Today Media, all rights reserved This newspaper or its trademarks may not be reproduced in whole or in part in any form or by any means electronic or mechanical, including photocopying or recording, or by any information storage and retrieval system now known or hereafter invent without written permission from the Publisher. For licensing, reprints, e-prints, plaques, e-mail Advertising@delawarebusinesstimes.com.
GROUP PUBLISHER Robert F. Martinelli rmartinelli@todaymediainc.com EDITOR Katie Tabeling ktabeling@delawarebusinesstimes.com ASSOCIATE EDITOR Jennifer Antonik jantonik@delawarebusinesstimes.com RESEARCH, DIGITAL, AND ENGAGEMENT COORDINATOR Sabrina Wade swade@delawarebusinesstimes.com DIGITAL SALES & MARKETING MANAGER Karen Martinelli kmartinelli@todaymediainc.com LEAD DIGITAL STRATEGIST Mike Rocheleau mrocheleau@todaymediainc.com ADVERTISING DIRECTOR Lisa Minto lminto@delawarebusinesstimes.com MULTIMEDIA ACCOUNT EXECUTIVES Al Woolfolk, Tanya Tecce, Sophia Mitchell MARKETING DIRECTOR Kate Schlegel
Ajay Vishwakarma ....................11
Delaware Secretary of State........6
PharmaTech ............................11
April Kloxin ..............................13
Delaware Small Business Development Center................12
Rep. Dave Sokola .......................6
Cell BioEngies ....................10, 11 Charuni Patibanda-Sanchez ......6 ChristianaCare ...................10, 12
Delaware State Chamber of Commerce..............................6
Rep. Melissa Minor-Brown .........6
Colby Cox ..................................8 Conference USA ........................9
Dennis Mehiel ............................7
Rockford Woodlawn Fund ..........8
Convergence Communities ........8
Eric Kmiec ...............................12
Senator Spiros Mantzavinos .......6
Corrixr Therapeutics ................10
Hartlon ....................................11
Suzen Dubre ............................12
DECODR..................................12
International Paper ....................7
Synnovation Therapeutics ........11
Delaware Biotechnology Institute ...................................13
Ken Payne ...............................11
The Granary ...............................8
Delaware Chamber of Commerce .............................6
Kevin O'Neill ............................11
Todmorden Foundation ..............8
Marins Med .............................12
Tsionas Management .................8
Delaware Department of State....6
Mayor John Carney ....................8
University of Delaware.... 9, 12, 13
Delaware Economic and Financial Advisory Council.........................6
Michael Quaranta ......................6
Uvax Bio ..................................11
Mike Purzycki ............................5
WSFS .........................................8
Richard Przywara ......................8
INDEX
MARKETING MANAGER Andrea Hill
At a Glance..........................................................4 Industry Updates..............................................5-9
ART DIRECTOR Natalie Newhart
Rep. Krista Griffith ......................6
Delmarva Corrugated Packaging ..................................7
SALES & MARKETING COORDINATOR Shannon Ward PRODUCTION DIRECTOR Eric Bolis
Rep. Kerri Evelyn Harris .............6
Business Leads..................................................16 Calendar............................................................17
Special Section: Bioscience......................... 10-13
SENIOR GRAPHIC DESIGNER Rosalinda Rocco
The List..............................................................14
GRAPHIC DESIGNER Kyle Manzolillo
News Briefs.......................................................15
SENIOR AUDIENCE DEVELOPMENT MANAGER Lisa P. Bennett
Publishers View.................................................18 Viewpoints.........................................................19
DIRECTOR OF DIGITAL STRATEGY Greg Mathias
TODAY MEDIA, A MARTINELLI HOLDINGS LLC PRESIDENT Robert F. Martinelli SECRETARY-TREASURER Richard Martinelli
ON THE COVER
IN MEMORIAM Chairman Angelo R. Martinelli (1927 – 2018) Vice President Ralph A. Martinelli (1962 – 2019)
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Dr. Collin Ganser performing DNA Isolation for Corrixr, a biotech company that has been quietly working towards cancer treatment and eventual commercialization. Delaware is home to many biotech companies that are making waves in the life sciences sector. DBT PHOTO BY ERIC CROSSAN
EVENTS The Delaware Business Times hosts a number of events each year. View the schedule and register for events at DelawareBusinessTimes.com/Events
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JUNE 2, 2026 / DELAWARE BUSINESS TIMES 3
Research and development (R&D) is a major component of innovation, competitive advantage, and operational efficiency in any state economy. In 2022, Delaware invested more than $2 billion in industrial R&D expenditures, ranking 27th nationally and doubling since 2019. Companies with less than 1,000 employees have a minimal role in the state’s innovation economy, accounting for 7.4% of industrial R&D activity. Research and development can take many shapes in a state, for Delaware from 2019 to 2024, the state averaged 1,466 patent records, outperforming the national growth rate. On the academic R&D side, University of Delaware represented 93% and Delaware State University represented 7%, with nearly $462 million in combined expenditures in 2023.
Source: Delaware Science & Technology Ecosystem Assessment, 2025.
42 DELAWARE BUSINESS TIMES / JUNE 2, 2026
DELAWARE
AT A GLANCE
E
INNOVATION FUEL Highest U.S. concentration of Ph.D.s working in health, science and engineering
#4
#1
Highest concentration of chemical engineers
$10 million = 1.9 patents in GDP
+100
Colleges and universities within two hours of Delaware
PEOPLE
Former Wilmington Mayor Purzycki dies By Katie Tabeling WILMINGTON — Mike Purzycki, former Mayor of Wilmington and one of the main men behind redeveloping the city’s riverfront, has died at the age of 80. He died on the morning of May 19, surrounded by family after a battle with cancer. Purzycki served as mayor between 2016 and 2024, declining to run for a third term to spend time with his family. That paved the way for John Carney, who was then leaving the governor’s office, to become mayor in an unprecedented move. He is survived by his wife Bette Richitelli, three children and five grandchildren. Born in Newark, N.J., Purzycki first arrived in Delaware when he was offered a football scholarship to attend the University of Delaware. While at UD, he was a successful wide receiver, setting all of the university’s positions at the time. He was signed as a free agent for the New York Giants, but those dreams were short-lived as Purzycki injured his knee during training camp. After that, Purzycki worked for IBM and then as a stockbroker before finding his next career path in real estate. He worked at a small firm, brokering sales and developing residential to commercial properties. He previously described the experience to the Delaware Business Times as formative for shaping his instincts to “make things work.” He would later attend Widener Delaware Law School at night and earned his law degree, later serving as counsel to the State Senate. Purzycki was elected to the New Castle County Council in 1982 and served on the council for nine years. He ultimately stepped down to pursue development opportunities without conflict. “He definitely had the heart of a servant and also the mind and orientation of a businessman,” Wilmington Mayor John Carney told the DBT. “He was charismatic and he was somebody that cared about people. He was somebody that had a vision of what the world should be, and he was able to make a lot of those
things happen.” That vision is best seen at the Wilmington Riverfront. In the early 1990s, there was a series of abandoned warehouses on the banks of the Christina River. But, under then-Gov. Tom Carper, city and state officials started an ambitious plan that brought a Riverwalk, shops and tourist attractions. “The only two people who thought anything could happen there was Mike Purzycki and Tom Carper,” Carney said. “He gave the city a shot in the arm and brought us back to where we are today.” Purzycki became the first executive director of the Riverfront Development Corporation and led the way for that vision. He secured $350 million in public funding to acquire and redevelop properties along the river into the Chase Center on the Riverfront, the Children’s Museum, and restaurants and hotels. Today, the Wilmington Riverfront is estimated to be a $1 billion investment that now brought 1,400 residents and 1,400 residents and 6,000 employees there. “He knew this project would help transform the city and create jobs, and he carried those same principles with him when he eventually became mayor,” Carper said in a prepared statement. “Michael and I had a deep friendship and shared the belief that
“He was charismatic and he was somebody that cared about people. He was somebody that had a vision of what the world should be, and he was able to make a lot of those things happen.” WILMINGTON MAYOR JOHN CARNEY the best thing you can do to help someone is to help them get a job so they can support themselves and their families . . . We have lost a giant.”
Wilmington Mike Purzycki died on May 19. He served between 2016 and 2024 and was well-known for his efforts to revitalize the city. | DBT PHOTO BY KATIE TABELING
In 2016, Purzycki ran for mayor and won in a crowded primary field by 200 votes, mostly by relying on votes from his neighborhood the Highlands. He was the first white mayor elected in Wilmington in decades and was already challenged by scrutiny from national media outlets regarding Wilmington’s high homicide rate, as well as DuPont’s departure from the city. In fact, during the first days of Purzycki’s term, three people were fatally shot. Purzycki later hired Robert Tracy, a former chief crime strategist for the Chicago Police Department, as the Wilmington police chief. Tracy rolled out new policing strategies that did bring the city’s crime rate down before he left the office in 2022. Mike Hare, who worked under Purzycki at the RDC for 12 years and also helped run his mayoral campaign, said that the former mayor had an underrated compassion and took Wilmington’s gun violence crisis personally. “He was one of the first to get those texts at 2 a.m. that something happened. He felt an obligation to try and solve it. It really hurt him and pushed him to make it better, and he recognized the limitations in that as well,” Hare said. “He was my
boss, my mentor, collaborator and dearest friend.” Purzycki’s tenure was marked by the focus of revitalizing Wilmington’s business district and improving quality of life. His playbook was to transform the city one neighborhood at a time, including bike lanes on main roads and welcoming new residential and commercial developments. Using the unprecedented public funding through the American Rescue Plan Act, Purzycki also directed millions to redevelopment of rowhouses into homes and rentals. A home improvement lottery was also created to offer grants for minor projects and millions were also allocated to improve parks and other public spaces. The Purzycki administration issued $2 billion in building permits, including permits for the Imani Village in Riverside, the Flats on Wilmington's west side and several Buccini/Pollin Group apartment complexes throughout the city. But over the years, the mayor also faced criticism for gentrification and displacement of Wilmington’s homeless population. A funeral mass was held for Purzycki on May 28. St. Anthony of Padua Roman Catholic Church in Wilmington. JUNE 2, 2026 / DELAWARE BUSINESS TIMES 5
GOVERNMENT
Lawmakers highlight top issues at conference By Jennifer Antonik DOVER — With fewer than two weeks remaining in Delaware’s legislative session, lawmakers highlighted issues at the helm during the Delaware State Chamber of Commerce policy conference. Rep. Krista Griffith (D-Fairfax) homed in on House Bill 380 which would update Delaware’s 2023 data privacy law by lowering the threshold for businesses subject to compliance requirements from those controlling or processing data on 100,000 consumers to 50,000. Payment transaction data would remain excluded from that threshold. Griffith said the proposal reflects a broader national trend as states continue filling what she described as a federal regulatory vacuum. Delaware Chamber President Michael Quaranta also noted during the conference that dozens of other measures remain in play, along with a bill suggesting an increase to business filing and compliance fees which was highlighted by Rep. Kerri
Evelyn Harris (D-Dover). “With just 11 legislative days remaining after today, there is still a lot on the table that could impact Delaware employers and their employees, our economy, and the state’s long-term competitiveness,” Quaranta said. House Speaker Melissa MinorBrown (D-New Castle) specifically identified workforce shortages, healthcare access, housing affordability, childcare costs and energy reliability as top legislative
Senate President Pro Tempore David Sokola and House Speaker Melissa Minor-Brown speak during a recent Delaware State Chamber of Commerce policy conference. | DBT PHOTO BY JENNIFER ANTONIK
Delaware budget tight with low growth By Katie Tabeling BEAR — Delaware’s corporate franchise and business fees are still bringing in millions of dollars, but the state’s board of independent analysts is projecting a tight budget as legislators start to make decisions on the state’s upcoming spending plan. The Delaware Department of State reported that the state is expecting to see $2.1 billion in revenue from the corporate franchise tax and other fees this fiscal year. That reflects a $50.1 million increase from March’s forecast set by the Delaware Economic and Financial Advisory Council (DEFAC). State officials credited the
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concerns because of their direct effect on Delaware’s economic stability. “Everything that we do has to come back to workforce, has to come back to healthcare access [and] it has to come back to affordability,” Minor-Brown said. The House speaker highlighted efforts to strengthen Delaware’s healthcare workforce pipeline, as well as housing and childcare as critical economic issues. She also emphasized energy affordability, particularly as Delaware weighs future infrastructure demands such as data center development. Senate President Pro Tempore Dave Sokola (D-Newark) focused
increase to increased collections on business fees through May and more new entities registering in Delaware since 2024. The estimate is roughly 2.4% higher than previously presented
BY THE NUMBERS
$2.1B
Projected revenue in business fees FY 2026
$50.1M+ Increase from prior year
during the March meeting. Much of the revenue growth came from collections from limited
partnerships and limited liability corporations. The franchise tax – which is calculated by shares or assets and can go as high as $250,000 per corporation – grew by 1%. The data is also a key economic forecasting figure as Delaware relies heavily on the franchise and business fees. There are 1.9 million legal entities incorporated in the state to take advantage of Delaware’s premiere Court of Chancery and its century of legal precedent. The assorted fees and taxes those entities pay contribute to close to one-third of the state’s budget. The stakes are even higher at a time when Delaware is now competing against Texas and Nevada for that business. Delaware Secretary of State Charuni Patibanda-Sanchez and her team gave DEFAC a presentation on the projections
heavily on long-term workforce competitiveness through education funding reform, calling recently advanced changes to Delaware’s school funding model overdue. Sen. Spiros Mantzavinos (D-Newport) took the opportunity to outline a package of banking modernization bills intended to better position Delaware for fintech growth, stablecoin regulation and digital asset business development, arguing the state must evolve beyond the framework that once made it a credit card industry hub. “This isn’t 1981 anymore,” Mantzavinos said. Still, lawmakers cautioned that despite stronger-than-expected revenue projections from the Delaware Economic and Financial Advisory Council this week which did not include revenue from the proposed fee increases, not every proposal with a price tag will survive the session. Minor-Brown said uncertainty around federal spending cuts and broader economic pressures requires restraint on the part of lawmakers across the aisle. “Just because DEFAC came in higher does not mean that everybody’s bills are going to get done,” she warned.
on May 18. Her report showed that 15% more entities were formed in Delaware last year compared to 2024. Patibanda-Sanchez also came out against critics who speculated that state officials were withholding the data because it showed that Delaware would be losing revenue. She said the state department did not adjust its projections because payments or refunds were not reconciled as of the March DEFAC meeting, which she said was standard practice. “Wild conjecture, misinformation, and exaggeration must never be part of any discussion regarding the franchise. The impact those types of statements have can ripple far beyond this room, and at a time when we have turned a corner and are proven to the world that Delaware is growing,” PatibandaSanchez said.
MANUFACTURING
International Paper buys Delmarva Corrugated By Jennifer Antonik DOVER — Delmarva Corrugated Packaging has been acquired by global packaging giant International Paper.
Financial terms of the acquisition have not been disclosed. International Paper is a publicly traded packaging manufacturer headquartered in Memphis, Tenn., and ranks among the world’s largest
paper and packaging companies. The company operates globally with facilities across North America, Europe, Latin America and other international markets. International Paper reported net sales of $23.63 billion in 2025. A press release from International Paper confirmed the move Monday, highlighting the expansion of its East Coast footprint.
“The Dover facility’s strong customer base and strategic location expand our ability to deliver highquality, sustainable packaging solutions with greater speed and reliability,” International Paper packaging solutions president and executive vice president Tom Hamic said in a release. Delmarva Corrugated’s 500,000-square-foot manufacturing facility along POW MIA Highway in Dover produces custom corrugated packaging products for regional commercial customers. The facility received roughly $3 million in state incentives tied to job creation and investment approved by the Council on Development Finance, along with a City of Dover tax abatement to support operations. Dennis Mehiel, president and CEO of Delmarva Corrugated Packaging, said in the same announcement that International Paper was wellpositioned to grow the business moving forward. Mehiel will not be transitioning with International Paper, according to a Delmarva Corrugated spokesperson. Existing staff may be able to stay on during the transition, but International Paper representatives did not offer specifics. “We are excited to welcome the Delmarva team to International Paper and increase our ability to supply customers with the most innovative, sustainable packaging solutions. We are working with the employee union representatives to ensure a successful employee integration into International Paper,” Amy Simpson, a spokesperson for International Paper, told DBT in an email. The company also recently installed the largest net-metered rooftop solar array in Delaware as a cost savings measure, utilizing loan support from Energize Delaware for the 2.2 megawatt setup.
Delmarva Corrugated has been acquired by International Paper. | DBT PHOTO BY JACOB OWENS JUNE 2, 2026 / DELAWARE BUSINESS TIMES 7
RESIDENTIAL REAL ESTATE
The Flats receives donation for final phase By Katie Tabeling WILMINGTON — The $14 million sixth phase of massive redevelopment on the city’s west side is now taking on a new funding model at a time it’s getting more difficult to secure federal funds for affordable housing projects. Tsionas Management has donated $300,000 to the Todmorden Foundation for the next stage of The Flats, which includes 60 units for seniors and people with disabilities, with apartments between Ferris and Street and Bancroft Parkway. Tsionas Management’s donation breaks down to a contribution of $5,000 per unit. The contribution joins one already made by the Rockford Woodlawn Fund and $150,000 from WSFS. Richard Przywara, president and CEO of both Todmorden and Woodlawn said that the nonprofit also has $6 million in pending requests between the Longwood Foundation, the Federal Home
Loan Bank, the Laffy McHugh Foundation, federal earmarks secured by Delaware’s federal delegation, and other sources. Fundraising has already brought in about half the funds needed, according to Przywara. Przywara said that the Todmortorn Foundation had to shift strategies in light of the deep cuts of federal funding for several programs. The Trump administration’s proposed Fiscal Year 2027 budget cuts $10.7 from the U.S. Housing and Urban Development. Wilmington city
Tsionas Management President and CEO Angela Tsionas made a contribution to the Todmorden Foundation to help it reach its goal of $14 million for 60 affordable housing units in Wilmington. | DBT PHOTO BY KATIE TABELING
The Granary to bring connectivity to Milton By Jennifer Antonik MILTON — A new 451-acre development in Sussex County is bringing more than homes to Delaware’s Smallest Wonder – plans include microbreweries, 60,000 square feet of retail space and an underground walking path connecting the community to the rest of town. Colby Cox, founder and CEO of Convergence Communities, told the Delaware Business Times that he’s excited to bring the innovative and intentional project, The Granary, to the area. To date, phase one of the mixed-use, nature-forward development has begun. The
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officials are considering the creation of a $20 million housing fund through Mayor John Carney’s budget proposal. That led to the foundation to start thinking about private investment from businesses – and every dollar secured means it’s a dollar less that gets passed down to renters and homeowners. Przywara also pointed to several nonprofits developing affordable units like the REACH Riverside and Cornerstone West, among others, that could also benefit from seeing direct donations. “Capital is critical, and it’s getting harder and harder to come by,” he told the Delaware Business Times. “If we don’t find a new way to do this, we’re just going to move at the same pace.”
development blends housing, neighborhood retail and extensive public space, all centered on what Cox calls a simple but often overlooked goal: human connection. “People are bombarded by noise and distraction,” he said. “What they actually want is to feel accepted and to belong. The Granary is designed to answer a simple question: what actually makes people happy?” Located just a mile from downtown Milton, The Granary is planned as a 10-phase project unfolding over roughly 15 years, ultimately bringing 1,350 residences to the area, along with its embedded commercial and natural spaces.
But Cox emphasizes that the project is not simply another housing subdivision. “We’ve been in this project for almost six years,” he said. “And the focus wasn’t just, ‘How do we build homes?’ It was, ‘How do we integrate into a 450-year-old town in a way that actually works for the future?’” One of the most notable features is a planned pedestrian and bike tunnel under Sandhill Road, designed to safely connect residents and visitors to local trails, as well as downtown Milton, the Broadkill River and Wagamon’s and Diamond Ponds. The project also includes roughly 110 acres of preserved open space and 55 acres of parks, along with the addition of 50 acres of public parkland and new waterfront access — a significant expansion for a town with historically limited access to such amenities.
DSU site emerges as potential Hope Center By Jennifer Antonik DOVER — Delaware State University has confirmed that it is in discussions with the state to potentially sell its Living and Learning Commons on North DuPont Highway in Dover. The site is a former Sheraton Hotel in Dover which is currently used to house more than 250 dorms, as well as DSU’s Early College School. As of the writing of this article, neither party has formally divulged plans to the public regarding future site usages. The Delaware Business Times first reported that DSU was considering downsizing some of its real estate assets at its December retreat. At that time, DSU Chief Financial Officer and Vice President of Finance Anas Ben Addi said that DSU officials hoped the site would be considered for the state’s next Hope Center location. According to DSU Spokesman Jonathan Starkey, the university has grown its physical footprint by more than 40% since 2020, leaving officials to ponder the future of each site. “We are taking a hard look at several of our non-contiguous properties and how we should rationalize our footprint to most effectively meet the current and future needs of the university. That includes the Commons — and we have had initial discussions about a potential sale to the state,” he told DBT in an email. “[The Delaware State Housing Authority] is in preliminary negotiations for a site that would allow us to expand the Hope Center model in Delaware,” DSHA Director Matthew Heckles told DBT in an emailed statement. Along with the Commons, DSU has considered the sale of several other properties.
HOSPITALITY & TOURISM
UD major sports events boost local economy By Jon Buzby Contributing Writer At a time of year when Division I NCAA postseason events are happening all over the country, two of them took place in the First State. The events attracted thousands of people who stayed in hotels, ate in restaurants and shopped in stores. The Conference USA (CUSA) Softball Championship involved eight teams with travel party sizes of 40 or more - Delaware, Florida International, Jacksonville State, Liberty, Louisiana Tech, New Mexico State, Sam Houston and Western Kentucky - along with their family, friends and fans staying in Newark from May 4 through May 9. It demonstrated a strong return of investment of $11.5 million- including funding from the state- that UD spent to refurbish its softball facility. “We felt this was a great
opportunity to showcase Newark and the state to all the people within Conference USA by hosting,” Jordan Skolnick, Director of Athletics and Campus Recreation said. Teams arrived in Newark on May 4, the first of 12 games commenced on May 6, and the championship game was played on May 9, with Jacksonville State defeating Liberty, 7-4. The first 11 games were broadcast on ESPN3 - UD promotional videos aired during Blue Hens games - and the championship game aired on the CBS Sports Network, giving the campus and the state “free” national exposure. The tournament attracted 1,552 fans over the 12 games, according to UD assistant athletic director, Ed LeFurge. All-Tournament passes cost $90, while day passes were $30 and Championship Saturday tickets sold for $25. CUSA assistant commissioner, Josh
Yonis, said that UD received 100% of ticket sales and concessions. However, Skolnick emphasized that a profit was not the goal of hosting. “When we put the bid in, it wasn’t about revenue generation, but rather it was about getting people to be able to come to Newark and help economically impact the city and the state in a positive way,” said Skolnick. While final numbers weren’t available yet, he anticipated
UD profits to be minimal. However, hotels and restaurants, many that are existing partners with UD, did profit from the large number of participants and spectators who visited Newark. Jim O’Donahue, co-owner of Grain Exchange on Starr Campus across the street from Delaware Diamond, reported that sales were up nearly 10% compared to the same time period last year.
The Delaware Softball Diamond at UD hosted the 2026 Conference USA Softball Championship, right after investing $11.5 million in site improvements. | DBT PHOTO BY JON BUZBY
JUNE 2, 2026 / DELAWARE BUSINESS TIMES 9
XSPECIAL SECTION: BIOSCIENCE background helped researchers identify new ways to target NRF2 and develop therapies rooted in genetic medicine — a broader field that uses genetic material and related technologies to treat disease. For Corrixr, the goal is not simply to kill cancer cells, but to attack the systems that allow tumors to survive in the first place.
Cell BioEngines
RETHINKING MEDICINE By Kim Hoey Contributing Writer Imagine a vaccine that fights disease without using a virus at all. That idea may sound futuristic, but Delaware biotech company Uvax Bio is already working to make it reality. It's one of many Delaware biotech companies rethinking medicine itself. Delaware is home to several life science and biotech companies, in part due to the state's history with DuPont. But beyind the marquee names, there's also a handful of emerging companies that are quietly building momentum and have the backing or research to show promise. Here's some companies the Delaware Business Times considers the following worth watching.
102 DELAWARE BUSINESS TIMES / JUNE 2, 2026
Corrixr has its sights set on revolutionizing cancer treatment through gene therapies. Its staff includes Dr. Lauren Skelly, seated, Dr. Eric Kmiec, and Dr. Natalia Rivera-Torres. It’s just one of several rising biotech companies poised to hit the market in the coming years. | DBT PHOTO BY ERIC CROSSAN
Corrixr Therapeutics Cancer treatment can sometimes feel worse than the disease itself. Corrixr Therapeutics is trying to change that. The Newark company is developing genetic medicines for some of the world’s most common and difficult to treat cancers, squamous cell cancers of the lung, head, neck and esophagus. Rather than simply attacking cancer broadly, Corrixr’s lead therapy, CXR101, targets NRF2, a protein researchers describe as a kind of survival engine that helps tumors grow and resist treatment. The idea is to shut down what keeps certain cancers alive while potentially
avoiding harsh side effects associated with chemotherapy and radiation. The company remains in the preclinical stage, meaning its therapy has only been tested in laboratory and animal studies so far. But company officials say early animal testing has shown promising tumor shrinkage, and Corrixr is now working toward becoming “IND ready,” the regulatory milestone required before beginning human clinical trials. Corrixr grew out of more than seven years of research at ChristianaCare’s Gene Editing Institute in Wilmington, one of the nation’s leading geneediting research centers. That
The race to find a bone marrow donor begins almost immediately after a patient is diagnosed with blood cancers such as leukemia or lymphoma. Finding the necessary close genetic match can be difficult. Many patients don’t find one in time. Cell BioEngines, based at the DuPont Experimental Station in Wilmington, is trying to eliminate that race entirely. Founded in 2002, the company is developing “off-the-shelf ” cell therapies, treatments that are premade, built from healthy stem cells that can be stored, shipped and given to patients without needing a custom donor match for every case. The broader vision is to move cancer treatment away from highly individualized therapies that can take weeks to manufacture and cost hundreds of thousands of dollars. “We take stem cells from donated umbilical cord blood as material that would otherwise be discarded at birth and use a breakthrough chemical process to multiply them greater than 100 times, creating enough medicine from a single donation to treat multiple patients,” Ajay Vishwakarma, CEO and founder of the company said. Its lead therapy, SAVI-CORD, is designed for blood cancer patients who need bone marrow transplants but cannot find a matching donor. Early clinical trial results involving five patients showed 100% survival, no relapse and minimal graftversus-host disease, a dangerous complication where transplanted donor cells attack the patient’s body. They are looking to begin expanded testing in the near future. Therapies like SAVI-CORD could eventually be manufactured in bulk and distributed more like traditional medicines, potentially lowering costs and expanding access to treatment. The company expects the therapy could reach the commercial market by 2032, Vishwakarma said. Cell BioEngines is also developing NeoDC-ACT, a cell therapy targeting solid tumors such as metastatic colon
SECTION: BIOSCIENCE X XSPECIAL cancer. The treatment is moving toward first-in-human studies. The startup has raised more than $6.25 million to date in private and Delaware state grants and is pursuing an additional $15 million.
Wilmington PharmaTech While many biotech companies focus on discovering new drugs, Wilmington PharmaTech specializes in something equally important: figuring out how to actually make them. Operating quietly in Newark, the company develops active pharmaceutical ingredients (APIs), the chemical compounds that make medicines work. The company partners with pharmaceutical and biotech firms to solve their difficult chemistry problems and help grow promising discoveries from research into commercial production. Founded in 2003, Wilmington PharmaTech operates on a 54-acre FDA-inspected campus with research labs, pilot manufacturing facilities and commercial-scale production suites. It has worked on more than 1,000 drug ingredient candidates and supported more than 200 investigational new drug submissions. “We’ve been able to generate over 161 patents,” Kent Payne, managing director said. “Several of these products are multi-billion-dollar products.” Having space is one of the company’s major advantages. The larger facility allows Wilmington PharmaTech to build specialized dedicated containment systems for handling highly potent and potentially dangerous compounds safely. It permits the company to take on technically complex projects other manufacturers avoid. One growing focus is targeted cancer therapies designed to deliver toxic treatments more precisely to tumors. Payne compared some of the work to a “smart bomb” that delivers treatment directly to cancer cells while limiting damage elsewhere in the body. The company also develops manufacturing processes that lower costs and reduce waste. For example, Payne said, some drug molecules can form in nearly identical “left-handed” and “righthanded” versions even though only one works properly in the body.
Hartlon Hartlon is developing a medical device that could help patients with severe circulation problems avoid repeat surgeries and even amputations. Working out of the of The Innovation Space at the DuPont Experimental Station in Wilmington, the Delaware startup is creating a dissolving stent for peripheral artery disease, or PAD, a condition that narrows arteries in the legs and reduces blood flow. PAD affects more than 200 million people worldwide and can lead to chronic pain, wounds that will not heal and, in severe cases, limb loss. Most stents used today are permanent metal implants. Hartlon’s device is designed to hold an artery open temporarily, release medicine directly into the vessel and then slowly dissolve once healing occurs. “A lot of people don’t realize it, but the metal stent is really only needed for probably about six months,” John “Jack” Scanlon, company president, said. “It’s like a permanent metal cage in your artery.” Earlier dissolving stents often failed because they were too thick and restricted blood flow. Hartlon solved that problem by creating extremely thin layers of PLLA, a biodegradable material also used in dissolving stitches. The thin sheets are rolled into tiny tubes strong
enough to support arteries while also delivering medication over time. Formally founded in 2023, Hartlon was a 2022 recipient of a $100,000 Delaware EDGE grant. The company is now preparing for animal testing, usually the second of four very long steps before the treatment makes it to market.
Uvax Bio While people worry about future pandemics, Uvax Bio works on vaccines to stop them before they happen. The Newark company is developing vaccines designed to create broader and longer-lasting protection against fast-changing viruses, specifically influenza and Middle East Respiratory Syndrome, or MERS. Unlike traditional vaccines, Uvax does not use weakened or inactive viruses. Instead, the company uses proprietary protein nanoparticle technology designed to mimic how viruses look to the immune system causing the immune system to create antibodies to protect the body. “We’re not using a virus at all,” CEO Kevin O’Neill said. “We’re just using a protein structure that looks like the virus.” The company’s lead projects include a MERS vaccine currently in animal studies and a broader
Gene therapy and drug discovery can take years, millions of dollars and significant manpower. At the UD Star Campus, Dr. Natalia Rivera-Torres is one of those scientists at work for Corrixr. | DBT PHOTO BY ERIC CROSSAN
influenza vaccine O’Neill described as a possible “super flu shot” or universal flu vaccine. Human trials could begin within 12 to 18 months. Founded in 2018 as a spinoff from California-based Scripps Research, Uvax chose Delaware for its business incentives and its proximity to research facilities. Funding comes from more than $10 million in National Institutes of Health grants for HIV vaccine research, along with up to $2.6 million from the Coalition for Epidemic Preparedness Innovations to support MERS vaccine development. For now, to maximize funds, Uvax employs only six full-time workers while outsourcing much of its research and development work. They hope to expand operations in Delaware as products move closer to commercialization, said O’Neill.
Synnovation Therapeutics Synnovation Therapies is a biotech company focused on creating new medicines from the ground up. Based at the DuPont Experimental Station in Delaware, Synnovation stands out as a full-service developer of therapeutics: It both discovers new drug compounds through chemistry and then develops them through clinical testing. The company specializes in small molecule drugs, typically pills or capsules designed to interact with specific biological targets inside the body. Instead of focusing on just one type of cancer, Synnovation looks at genetic mutations or pathways that appear across multiple cancers, such as breast, ovarian, or pancreatic, and develops drugs that can treat patients based on those shared traits. The goal is to design “precision medicines,” meaning treatments that target specific problems in the body rather than taking a one-size-fits-all approach. Helping reach that goal is a recently signed deal with Switzerland based, Novartis. Under the terms of the agreement, Novartis will pay $2 billion upfront and up to $1 billion in milestone payments to Synnovation to acquire its subsidiary, Pikavation Therapeutics, Inc. Pikavation develops targeted cancer pills. Their main drug (SNV4818) is designed to attack certain cancerous tumors while leaving healthy cells alone, the goal being to kill cancer more effectively with fewer severe side effects. Watch for more on this deal. JUNE 2, 2026 / DELAWARE BUSINESS TIMES 11
XSPECIAL SECTION: BIOSCIENCE
ChristianaCare spins CRISPR tool into company By Katie Tabeling NEWARK — ChristianaCare’s Gene Editing Institute’s software has quietly set the standard for analyzing gene editing in cells and now the health system is spinning it out in its own company. The company, dubbed DECODR Inc., now sells subscriptions to a software tool that will help scientists understand what happens to DNA after it’s edited. DECODR has five employees and is based out of the Delaware Technology Park's incubator at the University of Delaware’s STAR campus in Newark. The company’s name is an acronym, short for: Deconvolution of Complex DNA Repair. Its origins trace back to the gene-editing method CRISPR, a tool used to precisely locate, edit, disable and modify specific genes in genes. The revolutionary technology behind the work has changed the course of precision medicine and, until recent technological developments, it took time for
scientists to understand how CRISPR affects a genetic sequence. It could have taken up to 45 minutes per sample to analyze in the past, and the results may not be accurate. Now, through the DECODR software, an analysis can be done within seconds, according to company officials. It also can
produce an interactive analysis that shows mutation types, statistics and breakdowns of what percentage of the cell population has a mutation. Eric Kmiec, the co-founder of DECODR and executive director of ChristianaCare’s Gene Editing Institute, describes it like pulling apart wet pages in a book. “The pages are overlapping and you can’t read it. DECODR will pull it apart and you can get the pages dry and then you can read it,” he said. “It’s in the name: it’s a decoder.” The software was first developed
Rohan Kanachana, chief software engineer and director of DECODR, first developed the program as a intern at the ChristianaCare Gene Editing Institute.| PHOTO COURTESY OF CHRISTIANACARE
in 2019 by Rohan Kanchana, then a Newark Charter School junior, who talked his way into an internship at the institute. He was inspired to develop a computer program to help understand how CRISPR works and simplify the analysis process. ChristianaCare’s Gene Editing Institute Associate Director of Technology Development Pawel Bialk coached him in understanding the science behind it to help “translate” results into a useful program. The ChristianaCare’s Gene Editing Institute had the results published in “The CRISPR Journal” and that’s when the scientific world took notice. “We started to see a lot of traffic internationally, actually pretty quickly after that. Since then it's been a matter of enhancing it in small ways over the years, but it's really stood the test of time,” Bialk said. The DECODR program has been validated by three scientific programs and has been used by 5,000 registered users across universities, for-profit companies and nonprofit research organizations. Company officials said that there’s a surprising uptick in agricultural biotech studies, since DECODR has unique capabilities for that sector that other competitors lack.
Marins Med provides new technology for amputees By Jennifer Antonik GEORGETOWN – A Delaware medical technology startup born from one amputee’s decades-long frustration with outdated prosthetic devices is now competing in international markets. Marins Med is a Delaware-based prosthetics company founded in 2021 by Suzen and Darryl DuBre. It has developed the ProHensor, a patented upper-limb prosthetic device designed to improve safety, durability and function for amputees who rely on bodypowered prosthetics. Darryl DuBre lost his arm at just 19 years old and he spent decades using antiquated prosthetic technology designed for upperlimb amputees. According to the Amputee Coalition, more than 5.5 million Americans live with limb loss, though upper-limb amputees represent a smaller, historically
122 DELAWARE BUSINESS TIMES / JUNE 2, 2026
underserved segment of that population. “The devices on the market were basically failing people,” Suzen DuBre told the Delaware Business Times, adding that the frustration eventually became a business. During the pandemic, the couple revisited an idea they had discussed for decades: creating a more functional prosthetic option for upper-limb amputees, turning it into a commercial product protected by patent technology that has since been seen around the globe. Despite that global reach, the DuBres say Delaware played a central role in making the company possible. “Without Delaware, Marins would not exist,” Suzen DuBre said. The company credits Delaware’s startup ecosystem with helping it move from concept to commercialization, including
$100,000 of support through the state’s EDGE grant program, Delaware’s innovation-focused iDEA Lab and other partnerships through the University of Delaware. She said it opened doors to state leadership, business connections and broader startup support resources. In addition to guiding the DuBres to business support, the iDEA Lab and the university also supported collaborations, clinical evaluations, equipment
“The devices on the market were basically failing people. . . Without Delaware, Marins would not exist.” SUZEN DUBRE
Co-Founder, Marins Med
testing and website development, according to founders. The Delaware Small Business Development Center also highlights Marins Med as one of its startup success stories. The company currently operates with its founders, Chief Financial Officer Steve Burke, contract engineering support and interns rather than a large in-house workforce, allowing it to scale carefully while continuing product development with the help of Root3 Labs in Maryland and a Shore Hatchery Grant from Salisbury University. The path ahead is important for the DuBres, not just with a business mindset but for the people they serve through Marins Med with a goal of making its technology the standard of care for body-powered upper-limb prosthetics. “We have our job to do,” she said. “And we’re going to do it.”
XSPECIAL SECTION: BIOSCIENCE
Kloxin aims to take Del. biotech to next level By Katie Tabeling NEWARK — The University of Delaware has named acclaimed biomaterial scientist April Kloxin as the director of the Delaware Biotechnology Institute, a statewide center for life science research and workforce development. She was appointed on Feb. 1. A North Carolina April Kloxin native, Kloxin is a trained chemical engineer who earned her doctorate at the University of Colorado at Boulder under renowned tissue engineering researcher Kristi Anseth. Kloxin’s research focuses on biomaterials, or materials that can mimic the human tissue, to ultimately improve how
pharmaceuticals work on patients. Before being appointed DBI director, Kloxin has published multiple peer-reviewed scientific papers and currently serves as the associate chair of UD’s chemical and biomolecular engineering school. Looking ahead to her first full academic year, Kloxin wants to solidify DBI’s presence as a place where scientific ideas can become reality. “DBI has really helped to create this biotechnology ecosystem that’s now thriving within Delaware, and there’s really an opportunity for continued growth. There’s a lot of growth our partners see right now in small and medium businesses, and the opportunity we have is to support their science,” she told the Delaware Business Times. Founded in 2001 from former
DuPont executive David Weir, the Delaware Biotechnology Institute is a joint institution between the state and UD. It serves as a hub for life science research – namely through providing scientists access to specialized equipment and the highly-trained staff to run the analysis for you. With therapies and pharmaceuticals taking years and thousands of dollars to bring to market, there’s a significant barrier for startup companies that may not have access to the laboratory space to do the work. A recent report from real estate brokerage firm CBRE found there is no available space for life science companies in Delaware in the first quarter of 2026. But it’s not just about having the space, Kloxin said. DBI is also about having the highly-trained staff analyze the sample or data for them. Through a project agreement, the DBI’s lab and doctorate-level staff can handle projects related to DNA sequencing, bio imaging,
single cell analysis, among others. That means the institute can support a project from early discovery all the way through data collection to get a startup to the next level. DBI also administers the Center for Advanced Technology (CAT) program, which offers several different grants for academics or medical research institutions in Delaware as well as life science businesses. Those programs include Technology Access Program (TAP) which can subsidize the cost of research as well as Ideas High-Return, Innovative, Transformative, or iHIT, grants to support research in ideas that need proof of concept for other competitive grants down the line. Kloxin acknowledges that DBI may be an unknown institution for many in the state, while others may not know everything it has to offer. Part of her strategy is to start meeting with others in the bioscience and economic development landscape in Delaware and get the word out.
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THE LIST
PHARMA & BIOSCIENCE COMPANIES
AT THE TOP
Ranked by number of Del. Employees RANK
1 2
COMPANY
CONTACT
AstraZeneca 1800 Concord Pike Wilmington, Del. 19803
(800) 236-9933 astrazeneca.com
Incyte 1801 Augustine Cut-Off Wilmington, Del. 19803
DEL. EMPLOYEES
SENIOR EXECUTIVE(S)
FOUNDED
1,700
Rick Suarez (US President)
1999
RICK SUAREZ US President AstraZeneca Alma Mater: University of North Alabama
(302) 498-6700 incyte.com
1,000
Bill Meury (President & CEO)
2002
Since 2026
6,380
3
Agilent Technologies 2850 Centerville Road Wilmington, Del. 19808
(800) 227-9770 agilent.com
4
QPS 3 Innovation Way Newark, Del. 19711
(302) 369-5601 qps.com
Life, physical and social science 758
Padraig McDonnell (President & CEO)
1999
sector in 2024, per Delaware Department of Labor (DDOL).
359
Ben Chien (CEO)
1995
$90,459 Mean annual salary of life, physical, and social scientists in 2023, per DDOL.
5
Merck Animal Health 29160 Intervet Lane Millsboro, Del. 19966
(302) 934-8051 merck-animal-health.com
300
Richard DeLuca, Jr. (President)
1940
6
Noramco 500 Swedes Landing Road Wilmington, Del. 19801
(302) 761-2938 noramco.com
186
Lee Karras (CEO)
1979
7
Adesis 27 McCullough Drive New Castle, Del. 19720
(302) 332-4880 adesisinc.com
165
Scott Knorr (President & General Manager)
2005
8
Prelude Therapeutics 175 Innovation Blvd. Wilmington, Del. 19805
(302) 467-1280 preludetx.com
131
Kris Vaddi (CEO)
2016
9
Marlex Pharmaceuticals 65 Lukens Drive New Castle, Del. 19720
(302) 328-3355 marlexpharm.com
66
Simir Patel (President & CEO)
1992
10
Enovis 2711 Centerville Road Wilmington, Del. 19808
(302) 252-9160 enovis.com
50
Damien McDonald (CEO)
1995
11
Synnovation Therapeutics 200 Powder Mill Road, E500 Wilmington, Del. 19803
synnovationtx.com
39
Wenqing Yao (CEO)
2021
12
Napigen 200 Powder Mill Road, E400 Wilmington, Del. 19803
(302) 644-5464 napigen.com
Our upcoming lists include: New Castle County Employers (6/16)
15
Dr. Hajime Sakai (President & CEO)
2015
Top Engineers, Architects and Construction firms (7/7) Kent County Employers (7/21) Sussex County Employers (8/4)
Source: Information for Delaware Business Times' lists are either generated through public sources or supplied by individual organizations through questionnaires. We assume that information provided by company representatives is accurate and truthful.
142 DELAWARE BUSINESS TIMES / JUNE 2, 2026
If your organization should be on one or more of these lists email swade@delawarebusinesstimes.com
NEWS BRIEFS For more coverage of these stories, visit DelawareBusinessTimes.com
Winners of the Barclays Small Business Pitch Competition pose with their winnings. | PHOTO COURTESY OF TONY HOFFER
Ezme was built out, though the Bareda Group did not disclose the cost of renovations. Philadelphia-based firm Stokes Architecture + Design designed the 17,50 square foot restaurant. BPG first planned a dumpling bar concept at 625 N. Market St. in 2020, but that plan never materialized due to the COVID-19 pandemic. The Bardea Group first thought to open Casa Nonna there, but ultimately, the Italian-inspired venue opened in DE.CO last year.
Barclays awards over $50K to local entrepreneurs in Wilmington
Barclays US Consumer Bank announced the winners of its eighth annual Small Business Pitch Competition at the Barclays Small Business Fair, awarding more than $50,000 in prize money to entrepreneurs from West End Neighborhood House’s (WENH) Launcher small business program. Held at Barclays Wilmington headquarters, the event showcased products and services from 50 local Launcher entrepreneurs and drew nearly 1,000 Barclays colleagues. The event also featured the announcement of this year’s pitch competition winners and brought together senior government, community and business leaders to highlight the critical role small businesses play in Delaware’s economy. The pitch competition received approximately 90 submissions from Launcher program entrepreneurs across Delaware. Applications and pitch videos were reviewed by judging panels composed of Barclays senior executives, local community leaders and government officials. Eight winners were selected across two competition tracks and announced at the fair.
WE LOVE TO HELP LOCAL BUSINESSES GROW. With our advanced digital targeting capabilities, we can help marketers reach new customers anywhere in the country.
Wilmington’s total office vacancy rate for Wilmington is 17.3%, according to brokerage firm Newmark. That’s 30 basis points below the fourth quarter of 2025. | DBT PHOTO BY KATIE TABELING
Northern Delaware’s office vacancies hold steady while rents fall
The northern Delaware office market is still in a slow recovery this year, though asking rents are continuing to slide down since 2025. Wilmington’s total office vacancy rate for Wilmington is 17.3%, according to brokerage firm Newmark. That’s 30 basis points below the fourth quarter of 2025. Newmark is a commercial real estate advisory and services firm that closely tracks the northern Delaware market. Other brokers also track Wilmington and parts of New Castle County as part of the greater Philadelphia market, like Cushman & Wakefield, CBRE and Colliers.
Davis Strategic cut the ribbon on the new East Dover Industrial Park recently. | PHOTO COURTESY OF CENTRAL DELAWARE CHAMBER OF COMMERCE
First warehouse opens at East Dover Industrial Park Antimo DiMeo, the chef behind Bardea Food & Drink, developed the restaurant’s fifth concept after a trip to the Aegean Coast. | PHOTO COURTESY OF BARDEA GROUP
Bardea Group opens new Mediterranean restaurant in downtown Wilmington
The Bardea Group have opened Ezme, their fifth restaurant in downtown Wilmington’s Market Street. The restaurant is at 625 N. Market St. and sits across the street from Bardea Food & Drink, the place that started the group’s presence in the city. The building is owned by the Buccini/Pollin Group, a developer that has worked closely with the Bardea Group since 2018.
Officials cut the ribbon on the first of three warehouses planned for the East Dover Industrial Park on Lafferty Lane in Dover last week, marking a milestone for a project years in the making. Located east of Dover near the Dover Air Force Base with access to major transportation corridors, the industrial park stands to bring a total of 220,000 square feet of spec industrial space to the area between three buildings. The building recently completed is set at 54,000 square feet and is already 50% occupied via leasing, according to developers Davis Strategic. Current tenants include Airbase Automotive and Pierce Phelps.
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JUNE 2, 2026 / DELAWARE BUSINESS TIMES 15
BUSINESS LEADS REAL ESTATE TRANSACTIONS NEW CASTLE CO.
Plantations Partners to Prii Plantation Road Propco; 19595 Plantation Road, Rehoboth Beach 19971; $4,000,000
Jill Cantera to Heather & Rachel McMasters-Reynolds; 12 Brendle Lane, Wilmington 19807; $1,600,000
313 Hickman to Lawrence Molloy; 313 Hickman St., Rehoboth Beach 19971; $3,149,000
AG EHC II (LEN) Multi State 3 to U.S. Home; 3162 Pett Lever Drive, Middletown 19709; $1,541,275
Seamus Devitt to Christopher Fantano & Jarry Vongphakdy; 7 W Essex St., Fenwick Island 19944; $2,350,000
Source: Local Recorders of Deeds
WUXI STA LAB BUILDING
NVR, Inc. to Bhavik & Rina Shah; 760 Rolling Oaks Way, Wilmington 19808; $1,300,000
Powering What’s Important.
5609-5621 Dupont Highway Stover Plaza; 5609 Dupont Parkway, Smyrna 19977; $1,275,000 NVR, Inc. to Ryan & Elena McDonald; 1317 Muirfield Way, Wilmington 19808; $1,093,475
Providing Electrical Services Across the Mid-Atlantic Since 1986
Thomas & Danielle Daniels to Joseph Bronzo & Christina Herrero; 624 Whitby Drive, Wilmington 19803; $1,000,000 John Carson to Robert & Jennfier Rogers; 100 Bellant Circle, Wilmington 19807; $880,000 INCYTE WWW.NICKLEELECTRICAL.COM
Paul & Natalie Crawford to Blair Ferguson & Ruth Ansel; 20 Wood Road, Wilmington 19806; $860,000
DATWYLER NEWARK, DE
GEORGETOWN, DE
302.453.4000
302.856.1006
Ryan Perowski to Nicole Salter; 5 Isaacs Lane, Townsend 19734; $839,000
Subscribe Today! Print | Online | Events INNOVATION
Robert & Sally Coonin to Michaelle & David Skoranski; 2008 Woodlawn Ave., Wilmington 19806; $800,000
SHOWCASING DELAWARE’S INNOVATORS
INNOVATION March 17, 2026 | Vol. 13 • No.6 | $4.00 | DelawareBusinessTimes.com
DELAWARE
SHOWCASING DELAWARE’S INNOVATORS
Westown Story
ON THE CUTTING EDGE:
HELPING HAND:
AB&C NEW LEAD:
Top SBA lender stands at the ready
Marketing firm welcomes additional partner
Opportunity
4
6
8
MAJOR AIRWAVES:
VIEWPOINT: Philly Fed CEO
radio assets
Patrick Harker
8
wishes fond farewell
19
CDFIs like True Access
Capital work to build THE FIRST STATE’S MOST IMPACTFUL LEADERS business 14-15 JOINING FORCES:
DONE DEAL:
BUILDING BRIDGES:
Hospitals partner for workforce development
W.L. Gore finalizes acquisition of medical tech
N.J. fintech firm arrives in Delaware
5
9
17
CUTTING THE RED TAPE: PRESENTING SPONSORS
PRESENTING SPONSORS
FILLING A NEED:
Gov. Meyer announces
Student loan
permitting pilot
startup begins
6
lending
SUPPLEMENT TO:
SUPPLEMENT TO: 18
SCAN FOR DIGITAL EDITION
K. Hovnanian's Four Seasons at Hatteras Hills to Jan Crawford; 76 Manteo Drive, Magnolia 19962; $606,718
DELAWARE TOP 18 INDUSTRIES
TOP 50 DELAWARE EMPLOYERS
$50 | DelawareBusinessTimes.com
Includes:
K. Hovnanian at Woodfield to Joseph, Jr. & Jessica Badner; 432 Winding Wood Drive, Magnolia 19962; $661,320
SCAN FOR DIGITAL EDITION
DELAWARE’S PREMIER BUSINESS RESOURCE BOOK
Delaware 222 2025.indd 1
KENT CO. SBKFC Dover to Kailash 1000; 1000 Forrest Ave., Dover 19904; $1,300,700
2026
How Middletown planned for explosive growth on the west side 10-11
Merck details plans for Wilmington site
DELAWARE
A ccess t o
The
Draper buys Forever Media
Mark Mortarotti to Terry & Ann Deugo; 308 Detjen Drive, Hockessin 19707; $835,000 Vignesh Pai Padmananbhan to Divya Sekar; 253 Peoples Way, Hockessin 19709; $835,000
July, 1 2025 | Vol. 12 • No. 13 | $4.00 | DelawareBusinessTimes.com
11/19/25 12:39 PM
• 24 Bi-monthly Issues • Innovation Delaware • Annual Book of Lists • Daily E-Newsletters • Premium Content on DelawareBusinessTimes.com
162 DELAWARE BUSINESS TIMES / JUNE 2, 2026
Robin Gould & Mark Jordan to Christopher & Mary McCarthy; 38851 Grant Ave., Selbyville 19975; $2,249,900 Terence Lynam & Kathleen Edelen to Robert III & LeAnne DeFrancesco; 18 S Shore Drive, Bethany Beach 19930; $2,040,000 201 Anglers Road to 201 Lewes Bay; 201 Anglers Road, Lewes 19958; $1,800,000 46 Beach Life Limited Partnership to Benjamin Lin; 128 West Side Drive, Rehoboth Beach 19971; $1,530,000 Sobrook to John & Susan Wildrick; Ellen, Benjamin & Steven Walker to Earl & Kristi Webb; 334 Mulberry St., Lewes 19958; $1,395,000 TPG AG EHC III (Len) Multi State 6 to U.S. Home; 26247 Ocean Isle Drive, Millsboro 19966; $1,354,014 Wolfe Asset Management to Gavin Clarke & Naomi Cooney; 1602 Bayard Ave., Dewey Beach 19971; $1,335,000 Warren & Maria Friss to Daniel & Terry Jub; 27123 Briny Bluff Lane, Selbyville 19975; $1,330,000 Larry & Clara Frarey to Mark & Karen Lewish; 637 Tingle Ave., Bethany Beach 19930; $1,300,000 Albert & Renee Pisani to Robert Ewald & Clare Doherty; 20690 Tradewinds Court, Rehoboth Beach 19971; $1,299,000 K. Hovnanian's Four Seasons at Scenic Manor to Frank, Jr. & Renee Strickland; 34611 Scenic Harbor Way, Lewes 19958: $1,266,370 224 Northfield Realty to Bernard & Colleen Bialecki; 5 Excalibur Court, Rehoboth Beach 19971; $1,225,000
Udo & Ursula Kempe to Stephen & Shannon Barr; 651 Daisey Road, Clayton 19938; $600,000
Stillwater Developer to Joseph & Kathy Disandro; 23826 Quiet Waters Ave., Millsboro 19966; $1,216,432
SUSSEX CO.
Robert Ballou to Ambert & Maximillian Westland; 39078 Beacon Drive, Fenwick Island 19944; $1,200,000
Thomas Mitchell to William & Judith Hartman; 37105 Ocean Park Lane, Fenwick Island 19944; $5,521,938 R & E Enterprise to Trax In The Sand; 200 Laurel St., Rehoboth Beach 19971; $4,794,900
DelawareBusinessTimes.com/Subscribe
Bethany Beach 19930; $4,250,000
Linda Kim Stritehoff & Lisa Denise Stritehoff Tarantino to Christen Moward & Timothy Murphy; 36 Dune Road,
Donna O'Hara to Hilary Raftovich; 39549 Dune Road, Bethany Beach 19930: $1,150,000 Diane Smith & David Pickeral to Vidula Arundhati, & Ajay Deshmukh; 93 Glade Circle W, Rehoboth Beach 19971; $1,065,000
BUSINESS CALENDAR Unless otherwise noted, webinar access
be used for real estate purchases,
details (including dial-in information)
business acquisition, working
will be e-mailed to registrants.
capital, equipment, and leasehold
Dates and times subject to change.
improvements. For more information,
JUNE 7 - JUNE 12 Coastal Delaware Restaurant Week Enjoy prix-fixe menus at restaurants in Rehoboth Beach, Dewey Beach, Lewes and Coastal Delaware. A portion of proceeds to benefit the Military & First Responders, including the City of Rehoboth Beach & Town of Dewey Beach Police Departments, Rehoboth Beach Fire Company, the Home of the Brave, and Tunnel to Towers. For more information, visit beach-fun. com/events/chamber-events.
JUNE 12 11:00 AM - 1:30 PM 2026 Mayoral Luncheon Mayor John Carney will outline his transformative vision for Wilmington, focusing on the critical pillars of economic development, education, and safe, thriving neighborhoods. For more information, visit business.ncccc.com/events.
JUNE 18 5:30 PM - 8:30 PM CEO and C-Suite Awards Event The CEO and C-Suite Awards event will recognize outstanding CEOs and C-Suite leaders across Delaware. This program celebrates outstanding professionals not only for their
visit business.debcc.org/calendar.
JULY 15 9:00 AM - 12:00 PM 2026 State of the County The New Castle County Chamber of Commerce is hosting the 4th Annual State of the County to hear from business leaders investing in, and reimagining, the future of our growing county. This event will bring together community leaders and residents, from diverse backgrounds, to celebrate and
including details on employers hiring in Delaware and the types of positions they are looking to fill. Place your advertisement, or profile, within the relevant career sector and category to expand your brand exposure and attract and retain top talent in Delaware.
transportation to groundbreaking innovation projects, you'll have the opportunity to gain firsthand insights into the exciting initiatives and projects shaping our county's future. For more information, visit business. ncccc.com/events.
AUGUST 5 5:30 - 7:30 PM Shining Light Awards The Delaware Breast Cancer Coalition will host the 2026 Shining Light Awards to celebrate the exceptional individuals and organizations whose innovation, advocacy, and generosity advance the fight against breast cancer across the Greater Delaware region. For more events.
ceo.
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growth of our county. From the latest
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information for a wide range of career
build awareness about the remarkable
leadership within their organization, the Delaware business community.
Delaware Careers provides comprehensive
AUGUST 6 5:00 PM - 9:00 PM Best of Delaware The Best of Delaware Party is a lively
JULY 7 12:00 PM - 2:00 PM 2026 Mayoral Luncheon
event that celebrates excellence
The Lunch & Learn with Grow America
summer features winners from our
is designed to equip entrepreneurs and
annual readers’ poll, who use the
business owners with access to critical
night to showcase why they earned
funding opportunities and resources
their Best of Delaware titles. For more
to grow and sustain their businesses.
information, visit delawaretoday.com/
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10 INDUSTRY SECTIONS WITH NEARLY 40 CAREER CATEGORIES DISTRIBUTION - 150,000+ Delaware Careers will receive added exposure. • Delaware Business Times will be inserted into the September 15 issue of Delaware Business Times • 15,000 additional copies will be distributed to local schools, regional workforce organizations, trade shows, and job fairs • Delaware Careers will be mailed to approx. 5,000 job seeking 21-24 yr old residents • A digital copy will also be emailed to approx. 100,000 18-34 yr olds
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PUBLISHERS' VIEW
Where the state plan stops, Del. business should start Ben duPont
were in 2019. And 2019 was not a
The plan also names "Families
portfolio that has reached $23
wrote in
high-water mark. National and
and Communities as Partners" as
Delaware Online
Delaware achievement had been
a building block. Read the section
million in Baltimore since 2018.
a few weeks ago
sliding for many years before that.
closely. It promises dashboards, a
that Delaware
Marten deserves latitude here.
family portal, and an early literacy
education has
As superintendent of San Diego
toolkit. It does not name a single
plenty of plans and
Unified, her district had the fastest
employer, foundation, or business
very little accountability. Ben called
reading growth among major U.S.
partner. Community partnership
for "more engaged business leaders."
school districts in 2019. Her Delaware
cannot mean a website.
A week later, United Way of Delaware
strategic plan sets measurable targets
CEO Michelle Taylor answered with a
across early literacy, eighth-grade
accountability looks like. Third
what Baltimore had: business-
call to "commit to shared ownership
math, graduation, and chronic
graders who fail a state reading
across sectors." Both columns were
absenteeism. The new Scorecard
test get tutoring, extended school
style accountability paired with
co-authored by State Sen. Darius
data names Brandywine and
days, and small-group instruction.
Brown. Government, business, and
Appoquinimink as Delaware districts
Fail again and they go to summer
philanthropy on the same page is
already outperforming peers.
reading camp for a final attempt.
Rob Martinelli
Mississippi has shown what real
That is what serious looks like when a 16-year-old is three grade levels behind. Delaware companies have a workforce interest in this outcome that no other actor can match. What Delaware needs next is
philanthropic capital, in multi-year grants tied to specific outcomes, not single-year budget lines. Business and philanthropy working with
exactly what Delaware needs.
But look at where the plan sets its
Fail a third time, and absent good
A new Education Scorecard
proficiency targets: Grade 3 reading,
cause exemptions, they repeat third
report from researchers at Harvard,
Grade 8 math, and the Grades 3-8
grade. Mississippi went from 49th
Stanford, and Dartmouth ranked
composite score. After that, the
in fourth-grade reading to ninth.
Delaware fourth out of 38 states in
metrics shift to graduation rate
Closer to home, Baltimore City
math recovery between 2022 and
(currently 89%, target 91%) and a
Public Schools pays University
group that publishes a regular
2025 and 14th out of 35 in reading
college-and-career readiness (CCR)
of Maryland-Baltimore County
recovery. Recovery measures the
indicator that counts students
students $18 an hour to tutor kids
Delaware education scorecard.
climb back from the 2022 pandemic
who pass one AP exam, complete a
on math during the school day.
low. Chronic absenteeism dropped
CTE pathway, or earn an industry
The Reach Together program
from 24.7% to 16.6% in three years.
credential. The state intends to
now serves 675 students across 10
Delaware Secretary of Education
move CCR from 78 to 80% by 2028.
Baltimore schools. Baltimore also
Cindy Marten called it "good news
A graduation rate counts kids
pays high school students $12.50 an
with a clear warning label." She
walking across a stage. CCR, as
hour to attend intensive summer
was right on both counts. Delaware
set up, does not measure whether
learning. The 9th Grade On-Track
students are still eight-tenths of
students can read, write, or do math
Initiative behind much of this work
publishes the Delaware Business
a grade level below where they
at grade level when they get there.
is funded by a Gates Foundation
Times and Delaware Today.
182 DELAWARE BUSINESS TIMES / JUNE 2, 2026
the state, not waiting on it. Recruit candidates for school boards. Show up to meetings. Build a cross-sector accountability
The question is whether we bring the same discipline to education outcomes that we expect in business performance. Rob Martinelli is president and CEO of Today Media, which
VIEWPOINTS
Why relationships matter more in the era of private equity Private equity investment has accelerated rapidly over the past several years, reshaping business Marie Holliday structures, priorities and competitive landscapes. Across industries such as healthcare, manufacturing, technology and professional services, organizations are increasingly evaluating how outside investment can support growth, technological advancement and operational efficiency. As businesses evaluate these opportunities for outside investment, leaders should be asking themselves one important question: “How do we evolve while preserving the relationships, culture and continuity that made our organization successful in the first place?” In the professional services category, which includes public accounting firms, the rise of private equity investment has fueled significant levels of change. This type
of outside funding can benefit small and mid-sized accounting firms by enabling expanded service offerings and operational efficiencies However, as any type of professional services business evolves in this manner, service models may change and, in some cases, firms may be incentivized to prioritize short-term growth metrics over long-term relationships. For many organizations, including The Bonadio Group, remaining independent and preserving a relationship-first approach to business remains a core priority. The Independent Benefit Independence allows organizations to make decisions with employees, customers and long-term business health at the center of the conversation, rather than short-term investor expectations. It creates the flexibility to invest thoughtfully in people, culture and community while maintaining the stability stakeholders value. That stability matters today more than ever. While Delaware is home to many large corporations, it is also powered
by closely connected middle-market businesses, family-owned companies and nonprofit organizations that value direct access to organizations led by people who understand both the local landscape and the broader economic environment shaping their industries. Independent organizations are often better positioned to maintain continuity, stay engaged in the communities they serve and build long-term connections rather than transactional interactions. For many Delaware businesses, that consistency is not simply a preference; it is an important part of how they evaluate longterm business relationships. None of this is to suggest that organizations pursuing private equity investment are making the wrong decision. Every business must evaluate its own strategic goals, succession plans and growth opportunities. There is no single model that fits every organization. However, it is important to recognize that independence still provides meaningful advantages.
Independent organizations can remain deeply connected to the communities they serve. They can preserve continuity in leadership, operations and customer relationships. And they can make decisions based on what is best for clients, employees and the longterm future of the business. As businesses continue to navigate rapid industry change, one thing remains clear: customers and clients are looking for more than technical expertise or transactional service. They are looking for stability, consistency and trusted partners who will grow alongside them. Innovation and investment will continue to shape the future of business. Yet amid rapid change, the businesses that endure will still be the ones built on trust, continuity and long-term relationships. Marie Holliday is the Mid-Atlantic Regional Managing Partner at The Bonadio Group. Her primary role is to bring The Bonadio Group culture to the Wilmington office and the Delaware Valley community as a whole.
Private credit can drive America’s clean energy future For a small state, Delaware has long punched above its weight – especially when it comes Tom Carper to economic growth and business development. That’s no accident. It’s the result of leaders who work together to create the conditions for businesses to invest, grow, and create good-paying jobs. When I had the privilege of serving as governor, Delaware added more jobs than during any other eight-year period in its history. Not because I hired them myself, but because we focused on creating a nurturing environment for job creation and job preservation by supporting workers, investing in infrastructure, and expanding access to capital so businesses could start, scale, and succeed. Access to capital remains one of the most important ingredients in that formula. Time and again, we’ve seen that when entrepreneurs and developers
can tap into private investment, they’re better positioned to bring promising ideas to life. Delaware has long understood that. Now, as we face a new generation of economic and energy challenges, that lesson is as relevant as ever. Those challenges are already here. Meeting rapidly rising electricity demand while making energy costs more affordable for families and businesses will be no easy feat. At the same time, the U.S. is racing to lead the world in artificial intelligence (AI), an innovation boom that will require enormous amounts of reliable power and more resilient infrastructure. Few realize that private credit is already helping us meet this moment. At its core, private credit refers to loans made directly by investment funds rather than traditional banks. It often supports midsized businesses and large-scale projects that don’t fit neatly within conventional lending channels. And it can provide the kind of flexible, long-term financing that major infrastructure and energy projects require.
The scale of the need is enormous. Global investment in the energy transition reached a record $2.3 trillion last year. But analysts estimate that more than $4 trillion in additional investments in clean energy technologies will be needed through 2030. Private credit is already helping to close that gap. Last fall, solar developer Nexamp secured $350 million in private debt financing to support a six-gigawatt pipeline of utility-scale solar projects across the United States. Like any growing sector, private credit has raised questions and drawn scrutiny, often focused on exposure to certain types of companies where demand and growth have been unusually susceptible to market disruptions. The economic upside is real. In Delaware alone, the energy sector could contribute $3 billion to our economy and support more than 24,000 jobs. Across our region, more than 600,000 workers already support infrastructurerelated industries. Many of the companies behind these projects
– contractors, manufacturers, and energy service firms – require private credit to grow, hire locally, and provide highquality training to employees. We’ve seen what’s possible when public and private investment come together. In 2024, Delaware partnered with port operator Enstructure to develop a $635 million container terminal near the Port of Wilmington. That project is expected to fuel nearly 6,000 jobs and generate roughly $39 million in annual state and local tax revenue. The technologies shaping our future will depend on reliable energy and modern infrastructure. Meeting that challenge will take innovation. It will also take investment. Private credit can help ensure we have both, allowing us to seize the opportunities ahead of us. Tom Carper represented Delaware in the U.S. Senate from 2001 to 2025 and served as chairman of the Senate Environment and Public Works Committee. JUNE 2, 2026 / DELAWARE BUSINESS TIMES 19
202 DELAWARE BUSINESS TIMES / JUNE 2, 2026