Science Center to Expand its Commercial Real Estate to Foreign Companies
Monday, February 13 2006 @ 09:51 PM UTC
Contributed by: jron
The Science Center, University city and the region plans to transform, for much of its 40-year plus years of existence, it provided space to young companies started with 32 research research institutions that owns it.
Companies formed in its facilities from the past few years have raised more than $300 million in private equity investments and have given 500 jobs to those who needs it, that means that the Science Center's mentoring efforts did paid off.
But still the Science Center's board of directors didn't quite feel the organization was the complete economic-development tool. Back in the fall of 2004, when former president and CEO Jill Felix retired, the board replaced her with Pradip K. Banarjee, whom resume includes 25 years of experience commercializing intellectual property and creating and developing businesses in the pharmaceutical industry.
A boost was received by the Science Center recently when the Japan External Trade Organization agreed that Japanese companies who's seeking an East Coast location has recommendation for them. Banarjee said "We have the raw material of science that I can commercialize very easily,"
The goal is Science Center would start 40 Philadelphia-based life sciences and tech companies with a market value of $1 billion by 2010 and 60 of them worth $3.3 billion by 2015. "Those goals are attainable," and added "in large part because the Science Center's owners receive annually more than $1 billion in grants from the National Institutes of Health."
$10 million venture capital fund that Banarjee seeks to increase to about $50 million.
Last month Dean Lewis was named the Science Center's chief financial officer, co- founder of the Iomai Corp.,a publicly traded biotechnology company based in Gaithersburg, Md., and was an investment officer for the International Finance Corp., which is the private-sector arm of the World Bank. Lewis will eventually help Banarjee in efforts to convince foreign companies to locate in the Science Center.