UC KIZ Announces New Partners, Year-Two Funding and Eligibility Requirements for Commonwealth Tax Credits of up to $100,000 per Company.PHILADELPHIA -- The University City Keystone key·stone n. 1. Architecture The central wedge-shaped stone of an arch that locks its parts together. Also called headstone. 2. The central supporting element of a whole. Innovation Zone (UC KIZ KIZ Kommunikations- und Informationszentrum (communication and information center; University of Ulm, Germany) ) today announced new partners and programs that will enable it to expand its support of start-up life sciences companies. The Wistar Institute The Wistar Institute, an independent nonprofit biomedical research institute in Philadelphia, Pennsylvania, United States, is dedicated to discovering the causes and cures for major diseases, including cancer, cardiovascular disease, autoimmune disorders, and infectious diseases. and Thomas Jefferson University It began as Jefferson Medical College in 1824. On July 1, 1969 the institution officially became Thomas Jefferson University. The university is made up of three colleges:
The UC KIZ supports entrepreneurs in life sciences and related technologies by helping them find the expertise and resources they need to succeed. Founding UC KIZ partners are BioAdvance, Drexel University Drexel University, at Philadelphia, Pa.; coeducational; founded 1891 by Anthony J. Drexel, opened 1892, chartered 1894 as Drexel Institute of Art, Science, and Industry. It was renamed Drexel Institute of Technology in 1936 and gained university status in 1970. , University City Science Center, University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli. http://upenn.edu/. Address: Philadelphia, PA, USA. and University of the Sciences in Philadelphia The University of the Sciences in Philadelphia (USP), located in Philadelphia, Pennsylvania, offers bachelor's, master's, and doctoral degrees in pharmacy and a variety of other health-related disciplines. . "The UC KIZ has had an extraordinary and well documented year of accomplishment under the leadership of Tammy Heesakker. Adherence to mission and the core activity of supporting entrepreneurs in life sciences and related technologies by helping them find the expertise and resources they need was the key to the UC KIZ's success," said Dr. Philip Gerbino, UC KIZ Executive Committee Chair and president of the University of the Sciences in Philadelphia. "We are delighted and honored to welcome the Wistar Institute and Thomas Jefferson University to the partnership and know that their renowned research and medical resources will enable us to further our commitment to supporting life science entrepreneurs in the region." New Partners The Wistar Institute is an international leader in biomedical research Biomedical research (or experimental medicine), in general simply known as medical research, is the basic research or applied research conducted to aid the body of knowledge in the field of medicine. , with special expertise in cancer research and vaccine development. Founded in 1892 as the first independent nonprofit biomedical research institute in the country, Wistar has held the prestigious Cancer Center designation from the National Cancer Institute since 1972. Discoveries at Wistar have led to the creation of the rubella vaccine rubella vaccine See MMR vaccine. that eradicated the disease in the U.S., rabies vaccines rabies vaccine n. 1. A vaccine introduced by Pasteur as a method of treatment for the bite of a rabid animal, consisting of 23 daily injections of virus that are increased serially from noninfective doses to doses containing fully infective used worldwide, and a new rotavirus rotavirus /ro·ta·vi·rus/ (ro´tah-vi?rus) any member of the genus Rotavirus. ro´taviral Rotavirus /Ro·ta·vi·rus/ (ro´tah-vi?rus vaccine approved in 2006. Wistar scientists have also identified many cancer genes and developed monoclonal antibodies This is a list of monoclonal antibodies, antibodies which are clones of a single parent cell. When used as medications, the generic names end in -mab (see "Nomenclature of monoclonal antibodies"). and other important research tools. Today, Wistar is home to eminent melanoma melanoma: see skin cancer. melanoma Dark-coloured malignant tumour of skin cells that produce the protective skin-darkening pigment melanin. researchers and pioneering scientists working on experimental vaccines against flu, HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. , and other diseases. "Over the past year, we have often called upon the Wistar Institute's tremendous research expertise and resources," said Tammy Heesakker, UC KIZ executive director. "We are thrilled to be able to continue and grow this relationship by including them in the partnership." Russel E. Kaufman, M.D., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Wistar Institute, said, "We look forward to working with all of our KIZ partners to support the growth of life sciences companies in the region and facilitate continued innovation and knowledge sharing in the Philadelphia area's biomedical research community." "The addition of Thomas Jefferson University and its affiliates to the University City Keystone Innovation Zone not only expands our capabilities, but also links both sides of the Schuylkill River The Schuylkill River, most often pronounced "SKOO-kull" (IPA: /'sku:kəɫ/), is a river in the U.S. state of Pennsylvania. It is a designated Pennsylvania Scenic River. along Walnut Street A number of streets are named Walnut Street:
Year 2 Funding For the UC KIZ's new fiscal year, the Commonwealth of Pennsylvania will provide $187,500. In addition, UC KIZ will receive $330,000 from partners, foundations and corporate sponsors in the community. The state established the KIZ program to create designated geographic zones that form centers of innovation and entrepreneurship by aligning education, business, capital and foundation resources. The UC KIZ was established in September 2004 to provide a platform that enables economic development organizations, technology incubators, universities, and other groups that support Philadelphia life science entrepreneurs to work together. "As one of the founding partners, the Science Center recognized the power of the KIZ program to strengthen communities that foster innovation and growth by aligning the talent and numerous resources that start-up businesses need," said Dr. Pradip K. Banerjee, University City Science Center president and CEO. KIZ Tax Credits A key component of the KIZ program is the Keystone Innovation Zone Tax Credit, which makes up to $25 million per year available to eligible companies. Each company can access up to $100,000 in tradable tax credits per year. Companies that do not have tax liabilities can "sell" their credits in the tax credit market; current market rates range up to 90 cents per $1 tax credit. To be eligible for the KIZ tax credits and other services provided by the UC KIZ, a company must: --be less than eight years old --develop life sciences technology --be located within the geographic boundaries of the UC KIZ; a map outlining the boundaries is available at www.uckiz.com The deadline for applying for a KIZ tax credit is September 15 of each year. Companies that meet the UC KIZ eligibility requirements should contact Executive Director Tammy Heesakker at (215) 966-6220 for more information on the application process. Building Success "We want to ensure that all eligible companies within the UC KIZ know about and are able to take advantage of the tax credits and other programs we offer," said Heesakker. "The KIZ partnership supports all facets of starting a life sciences company - from funding and R&D to staffing, infrastructure and marketing - by connecting and increasing entrepreneurs' access to the many resources and services our region offers." UC KIZ programs include: --Innovator to Innovator - UC KIZ connects entrepreneurs with experienced life sciences experts who are able and willing to provide sound advice in developing business strategy, help address specific issues, assist with tactical plans and provide additional leads for networking and service provider sourcing --Access to Infrastructure - this innovative program will create a connected infrastructure network that will facilitate access to capital equipment to support start-up company start-up company A new business. R&D efforts --Life Sciences Network - through ongoing events and online communications, UC KIZ is developing a supportive community that provides a means for life sciences entrepreneurs to share learnings and experiences In addition, KIZ partners maintain their own programs that support life sciences start-ups such as BioAdvance's Greenhouse Fund; University City Science Center's Management Services, Capital Fund, and wetlab and incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the space; and the centers for entrepreneurship and technology transfer within the partner universities. Both within the UC KIZ partnership and the wider Greater Philadelphia community, entrepreneurs are guided to the best resources to serve their needs. About UC KIZ The University City Keystone Innovation Zone is a partnership of BioAdvance, Drexel University, Thomas Jefferson University, University City Science Center, University of Pennsylvania, University of the Sciences in Philadelphia and Wistar Institute. It was established in 2004 by the Commonwealth of Pennsylvania as a Keystone Innovation Zone, a geographically designated zone designed to create a "knowledge neighborhood" that develops technology business communities by aligning talent and resources. UC KIZ partners are committed to working together to ensure that life sciences technology opportunities are appropriately assessed, developed and supported to maximize the potential of university research, start-up companies and international companies seeking to locate in the region. UC KIZ programs and services have been made possible by the support of the Commonwealth of Pennsylvania, UC KIZ partners, and leading corporate sponsors such as Cephalon Ceph´a`lon n. 1. (Zool.) The head. , Commerce Bank and GlaxoSmithKline. For more information about the University City Keystone Innovation Zone, call (215) 966-6220 or visit www.uckiz.com. |
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