University City Science Center Launches Proof-of-Concept Funding Program

PHILADELPHIA--(Business Wire)--
The University City Science Center, in collaboration with key academic research
partners, has launched a program to bridge the funding gap between research
grants and private seed investment. The QED program will support
proof-of-concept research projects related to life science technologies with
high commercial potential in the healthcare industry. Researchers at selected
academic institutions in the Greater Philadelphia Region have been invited to
apply for up to $200,000 in funding for projects to be completed over a 12-month
period.

The Science Center kicked off the QED program on April 7, 2009 with a request
for White Paper proposals that was sent to 10 institutions, including Children`s
Hospital of Philadelphia, Drexel University, Lankenau Institute of Medical
Research, Rutgers University, Temple University, Thomas Jefferson University,
University of Delaware, University of Pennsylvania, University of the Sciences
in Philadelphia, and The Wistar Institute.

The QED program grew directly out of recommendations in the CEO Council for
Growth`s "Accelerating Technology Transfer in Greater Philadelphia: Identifying
Opportunities to Connect Universities with Industry for Regional Economic
Development Study," of October 2007, which cited the funding gap between
research grants and seed money.

The tri-state Greater Philadelphia Region is a center of excellence for
biomedical and life science research, as indicated by the amount of federal
dollars awarded, and the number of peer-reviewed articles published. However, as
the Accelerating Technology Transfer study points out, more opportunities exist
for the region to fully capitalize on its potential by commercializing early
stage life science technologies at its research institutions.

"Our region has enormous breadth and depth of life science technology. However,
we`re not meeting our potential when it comes to commercializing these
technologies," says University City Science Center President & CEO Stephen S.
Tang. "That`s where QED comes in. It`s a coordinated effort to help demonstrate
technology potential earlier in the R&D cycle."

"This is exactly the kind of program that will add to our region`s
commercialization infrastructure," says Tom Morr, President & CEO of Select
Greater Philadelphia, which is governed by the CEO Council for Growth. "Greater
Philadelphia has no shortage of technologies with commercialization potential.
We were pleased to see the Science Center build upon the recommendations of the
report to fill an important gap in technology transfer efforts. QED is a great
way for the region to enhance its R&D profile."

The QED Program (from the Latin "Quod Erat Demonstrandum" - "that which is
demonstrated") is a comprehensive proof-of-concept research opportunity for
commercialization of early-stage life science technologies being developed at
academic research organizations in the Greater Philadelphia Region. It will
integrate four elements that are critical to successfully and efficiently
performing early-stage proof-of-concept technology assessments: grant funding,
business advice, market drivers and guidance to exit.

The goal of QED is to focus existing regional resources to retire business risk
in early-stage life science R&D projects and to attract follow-on investment.
QED will catalyze cooperation among institutional stakeholdersthat seek to
accelerate the development of technologies in research organization labs, and
pull these technologies into the marketplace.

The Science Center is expecting applicants from all 10 participating
institutions. After the initial proposals have been reviewed, 10 proposers will
be invited to submit a full application to the Program. Later in the summer,
three of these will receive $200,000 each in funding. The scientists will have
one year to establish commercial potential.

About The Science Center

The University City Science Center accelerates technology commercialization,
regional economic development, and the market availability of life-enhancing
scientific breakthroughs by bringing together innovations, scientists,
entrepreneurs, funding, laboratory facilities, and business services.
Established in 1963 and headquartered in Philadelphia, PA, the Science Center
was the first, and remains the largest, urban research park in the United
States. It provides services that range from incubator space with fully-equipped
laboratories and "plug `n play" offices for entrepreneurs to path-breaking
programs designed to demonstrate, nurture, and sustain new technology businesses
and bring their benefits to the region and the world. For more information about
the Science Center, visit www.sciencecenter.org.

About Select Greater Philadelphia

Select Greater Philadelphia (Select) is an economic development marketing
organization dedicated to attracting companies to the Greater Philadelphia
region. Select assists companies interested in the vicinity by providing
detailed information about the 11-county area and a one-stop connection to
numerous resources that help companies make informed decisions about locating to
the region. Through global marketing efforts, Select works to promote the
region`s key assets to help build the area`s economy. The Greater Philadelphia
region encompasses northern Delaware, southern New Jersey and southeastern
Pennsylvania. Select is a private, non-profit organization and an affiliate of
the Greater Philadelphia Chamber of Commerce. For more information, visit
www.selectgreaterphiladelphia.com or call 215-790-3777.

University City Science Center
Jeanne Mell, 215-966-6029
jmell@sciencecenter.org
or
Select Greater Philadelphia
Bryan Evans, 215-790-3831
bevans@selectgreaterphila.com

Copyright Business Wire 2009