Science Center Opens New Life Science Acceleration Laboratories and Announces Opening of Hubert J. P. Schoemaker Center for Technology Advancement; New Laboratory Space Can Support 19 More Start Ups.

PHILADELPHIA -- The Science Center, the leading venture ecosystem for life sciences and biotechnology companies, today announced that it would open a new accelerator laboratory and name it the Hubert J.P. Schoemaker Center for Technology Advancement, adding 16,000 square feet of state-of-the-art incubator space for up to 19 early stage life science and biotech companies.

"This expansion cements our position as a leader in accelerating the commercialization of biotech innovation," said Dr. Pradip Banerjee, Science Center president and chief executive officer. "The new incubation space will provide a rare opportunity for the world's most innovative scientific minds to receive the space, funding and support they need to commercialize life-saving therapies and create successful enterprises."

Named in honor of Dr. Hubert J.P. Schoemaker, the late co-founder of Centocor, the new laboratories are made possible by $1.5 million in Congressionally-directed funding in the 2006 Energy and Water Appropriations Act, for the University City Science Center secured with the help of Senator Arlen Specter and a $1 million low interest loan made possible by the Pennsylvania Industrial Development Authority. Centocor, started in 1979, was itself a product of the Science Center's business incubator.

To fashion a program shaping entrepreneurial development in the region, the Science Center announced an advisory board of biotech industry leaders chaired by Julie McHugh, Centocor President.

"Hubert Schoemaker was a biotech pioneer who had the ability to inspire everyone around him and to transform deep science into tangible business propositions," said Julie McHugh, Centocor President and advisory panel chair. "He was one of the founders of the biotech industry, and this new laboratory dedicated to innovation is a most fitting legacy." Dr. Schoemaker died on January 1 of a brain tumor. In 2005, he received the first-ever Lifetime Achievement Award from Pennsylvania Bio, the statewide bioscience trade association.

The first tenant of the Hubert J.P. Schoemaker Center for Technology Advancement will be Avid Radiopharmaceuticals. Founded in 2004, Avid came to the Science Center in November to develop technologies to help doctors monitor the accumulation of brain amyloid, the defining characteristic of Alzheimer's Disease. The company is currently working on new radiopharmaceutical treatments for brain amyloid, thus attempting to limit the effects of Alzheimer's. Avid also produces diagnostic radiopharmaceuticals for indications in neurology and oncology.

The Center will be located on the fifth floor of the Science Center's building at 3624 Market Street. It will offer 5,581 square feet of wet laboratory space, 2,152 square feet of dry laboratory space, and 2,356 square feet of office space. It will increase the Science Center's 30,000 square feet of existing incubation space, now serving 33 start ups, by more than 50 percent.

A dedication ceremony for the Hubert J.P. Schoemaker Center for Technology Advancement is planned for June 1.

Since 1963, the Science Center has played a role in the incubation of more than 350 startup companies, such as Centocor, Morphotek and Neose, creating $8 billion in new wealth and 26,000 jobs in the Philadelphia region.

ABOUT THE SCIENCE CENTER

The Science Center (www.ScienceCenter.org) is a total "Venture ecosystem(TM)" that finds, forms, funds and manages early-stage life science and technology companies, accelerates their commercialization and provides the infrastructure and community they need to flourish. It offers specialized wet and dry laboratory facilities, turn-key management services, a $10 million Venture fund and an experienced real estate management team. Situated on 1.7 million sq. ft. of real estate on Market Street, adjacent to all of Philadelphia's major universities and medical research institutions, Science Center is positioned in close proximity to New York's financial markets, regulators in Washington, DC and 80% of the world's pharmaceutical companies. Science Center brings together strong science and scientists, entrepreneurs, managers, grants and investment capital. It is an attractive "soft landing" place for international companies to launch their US businesses, and is a powerful economic engine for the regional economy. The oldest urban research park in the United States, the Science Center has launched more than 350 companies creating more than 26,000 jobs since its inception. Since 2002, companies started at Science Center have attracted more than $300 million in additional investments.