Greater Philadelphia Region Life Sciences Cluster Attains Top Rankings

-- Region Ranks 2nd Nationally in Milken Institute Study`s Overall Composite
Index and 1st in Current Impact --

-- Position Attributed to Strong Blend of Established Pharma, Research
Infrastructure, World-Renowned Universities, Emerging Startups, Workforce, and
Support Network for Entrepreneurs --

-- One in Six Jobs and 15% of Economic Activity in Greater Philadelphia
Attributed to Life Sciences Industry --
ATLANTA & PHILADELPHIA--(Business Wire)--
A comparative study conducted by the Milken Institute ranks the Greater
Philadelphia region second in the study`s Overall Composite Index, after only
Boston and ahead of Greater San Francisco. The study`s full findings were
announced today by several organizations supporting Greater Philadelphia`s life
sciences sector (an area encompassing parts of Delaware, Maryland, New Jersey
and Pennsylvania). The study also ranks Greater Philadelphia first in its
Current Impact Composite Index, which looks at inputs such as employment level,
relative size, and industry growth. The study notes that 15 percent of all
economic activity and one out of every six jobs in Greater Philadelphia can be
traced back to the life sciences.

The study, "The Greater Philadelphia Life Sciences Cluster 2009:An Economic and
Comparative Assessment," was released today at the Biotechnology Industry
Organization (BIO) International Convention assesses, analyzes and benchmarks
the current position of Greater Philadelphia life sciences relative to ten other
metropolitan areas considered to be the leading life sciences clusters in the
U.S. A full report and data tables can be found at www.milkeninstitute.org.

"The Greater Philadelphia region is seeing the return on the investments they
have made in their life-sciences industry," said Ross DeVol, director of
Regional Economics at the Milken Institute. "The combined efforts of business,
policy makers, academic institutions and entrepreneurs, plus the increased
availability of early-stage risk capital are shaping the region's future as a
top location for economic growth and high-wage jobs."

The study, sponsored by BioAdvance, PhRMA, PricewaterhouseCoopers, Select
Greater Philadelphia, BioNJ, Delaware BioScience Association, Greater
Philadelphia Life Sciences Congress, and Pennsylvania Bio, updates the
Institute`s 2005 study and measures six major industries: pharmaceuticals,
biotechnology, life sciences R&D, medical devices, health care services, and
supporting industries. The study measures and ranks Greater Philadelphia against
other top life sciences clusters in employment, research and development
capacity, output, workforce, and various other areas necessary to build a top
life sciences cluster.

"We have a strong vibrant community, as detailed in this report, because we`ve
been able to foster a sense of regional collaboration that puts the growth and
success of the industry first," said BioNJ President Debbie Hart. Added
Pennsylvania Bio President Dennis M. "Mickey" Flynn, "While the report looks at
the region against other elite U.S. life sciences hubs, we recognize this is a
global industry, and we`re much stronger by working together."

According to the study, the growth of the Greater Philadelphia region`s life
sciences cluster is primarily the result of its position as a major center for
the U.S. pharmaceutical industry and its strong local research infrastructure,
which includes some of the nation`s top-ranked universities. The report notes
that the region`s diverse mix of university research, world-renowned teaching
hospitals, established and emerging life sciences companies, technology spin-out
companies, and other start-ups - all interacting in a network - encourages
companies to establish operations and grow in Greater Philadelphia. Underpinning
all of this interconnected activity is an evolving support network for
entrepreneurs, including venture capitalists, high-tech absorptive capacity, and
providers of professional services.

"It`s encouraging that the study recognizes the region`s capacity for innovation
and entrepreneurship and that access to risk capital has increased during the
past five years," said Barbara S. Schilberg, managing director and CEO,
BioAdvance. "The findings also reinforce our belief that there are additional
opportunities for regional partners to leverage Greater Philadelphia`s
resources, to create new businesses that foster medical innovation and at the
same time contribute to a strong regional economy."

The study`s goal was to define the Greater Philadelphia region`s opportunities
and challenges in life sciences by measuring the region`s progress since the
2005 Milken Institute study, and to serve as a springboard to fuel further
development and expansion of the sector. Key findings include:

* 2nd Nationally - Overall Composite Index: This ranking provides a single,
comprehensive measure of how Greater Philadelphia is positioned against what the
study calls the "elite clusters in the United States." This measure utilizes the
Current Impact, the Innovation Pipeline and the Small Business Vitality Indices
to arrive at an overall result. Greater Philadelphia moves up to 2nd place
surpassing San Francisco in the Overall Composite Index with a score of 97.7
percent, up from its 3rd place ranking in the Milken Institute`s 2005 analysis.
Boston remains in 1st place in the overall results, but by a slimmer margin.
* 1st Nationally - Current Impact Composite Index: This index analyzes the
economic impact and growth of the life sciences industry. Greater Philadelphia
maintains its top spot in this index, increasing its lead over Greater New York
to 7 points, after holding a slim lead of only 0.3 point in 2005. Boston has
moved to 3rd place. Greater Philadelphia`s strengthened position is attributable
to advances in biotechnology R&D and continued top-tier performance in health
care services and life science-supporting industries. Improved access to
pre-seed, seed and early stage risk capital is helping to elevate its status in
biotechnology according to the study.
* 3rd Nationally - Innovation Pipeline: This score facilitates the industry`s
technological advances and production within the region. Measures include R&D
capacity, risk capital and entrepreneurial infrastructure, human capital,
workforce and innovation output. Greater Philadelphia retained its 2005 rank of
3rd place, just behind Greater San Francisco. However the study notes that the
Greater Philadelphia region significantly closed the gap that previously existed
with 2nd place Greater San Francisco. Additionally, Greater Philadelphia moved
into the top percentile in this study in contrast to the results of the Milken
Institute`s 2005 analysis, in which only Boston and San Francisco posted scores
above 90.
* 3rd Nationally - Life Sciences Workforce: Assembling a specialized workforce
is an essential step for an industry to expand and for firms to grow. As part of
the study`s Innovation pipeline measure, Greater Philadelphia takes the third
position in this ranking after San Francisco and Boston and is one of the only
three metros in the study to exceed 90 in the scoring. Compared to the previous
study in 2005, Greater Philadelphia moved up by two positions to overtake San
Diego and Greater Raleigh-Durham by margins of three and six points
respectively. This measure includes workers who specialize in biomedicine,
chemistry, microbiology and other fields.
* 9th Nationally - Small Business Vitality Index: Ranked against the nation`s
other leading metros, Greater Philadelphia showed moderate strength in the
performance of all startups in this measure the region placed 9th overall in
this index (though therapeutics and devices alone received 5th place in the
index and showed 21 percent growth). Despite strengths in its pharmaceutical
industry, small firms this category (which combines therapeutics and devices,
health-care services, and life science support industries) showed modest growth
when compared with what the Milken Institute calls the nation`s top elite
clusters. Milken Institute economists suggests the region has yet to develop the
entrepreneurial sophistication of places such as Greater San Francisco, Boston,
San Diego, or Greater Raleigh-Durham.
* Multiplier Index: This measure indicates that the life sciences cluster in
Greater Philadelphia provides significant value to local residents and an
enormous amount of wealth to the region overall and extends well beyond direct
impacts (actual jobs and wages). In 2007, the life sciences sector in Greater
Philadelphia was responsible for:

* Generating 380,800 jobs and $39.7 billion in output.
* Directly employing 94,400 workers in life sciences sector (which includes
health care services consumed by non-residents). 56,300 of those jobs stem from
therapeutics and devices.
* Generating $7.7 billion in direct earnings and $17.5 billion in output or
gross metro product (GMP) in 2007.
* Fifteen percent of all economic activity and one out of every six jobs can be
traced back to the life sciences industry

The Milken Institute study utilizes the cluster definition of a "geographic
concentration of competing, complementary or interdependent firms with a common
need for talent, technology, infrastructure, etc.," and notes that a life
sciences cluster can be a powerful force in determining the relative economic
growth of its surrounding region. The Greater Philadelphia region - which
includes one county in Delaware (New Castle), five counties in New Jersey
(Burlington, Camden, Gloucester, Mercer and Salem), five counties in PA (Bucks,
Chester, Delaware, Montgomery and Philadelphia), and one county in Maryland
(Cecil), provides the geographic clustering of innovative activity that the
study notes as critical to innovation, competitive success and economic
activity.

Overall the Milken Institute study finds that Greater Philadelphia is a vibrant
life sciences cluster and contributor to the region`s economic strength,
resilience, and is an industry that drives innovation and improvement in human
health. The finding demonstrates that the region is well positioned with many
industry sub-sectors contributing to its position. The study presents a call to
action for the region in facing the economic realities driving consolidation in
the industry and calls on the region to be proactive in attracting and starting
biotech firms that can re-absorb human capital quickly.

"The 2009 Milken report validates the concentration of the life sciences in
Greater Philadelphia and recognizes the breadth and depth of life science talent
throughout the region," said Tom Morr, President and CEO of Select Greater
Philadelphia. "The significant growth in Greater Philadelphia`s innovation
pipeline has enabled this area to rise to second place in Milken`s Composite
Index while strengthening our top position in the Current Impact Index. This is
great news! The findings about Small Business Vitality will help focus the
collaboration already taking place among regional industry leaders and policy
makers to help grow Greater Philadelphia`s entrepreneurial culture."

About BioAdvance:Since its first investments in 2003, BioAdvance has committed
more than $16 million to 26 life sciences companies and 17 pre-seed projects.
BioAdvance investments have enabled its portfolio companies to leverage almost
$1 billion in subsequent capital into the region from private equity, grants,
collaborations and M&A activity.Six companies have been acquired, including
Acuity Pharmaceuticals, Alteris Therapeutics, and Protez Pharmaceuticals.
BioAdvance portfolio companies are working to develop products to treat health
problems including Alzheimer`s disease, cancer, diabetes, head trauma and
infectious diseases.For more information visit www.bioadvance.com.

About BioNJ:With 200 member companies, BioNJ is singularly focused on the growth
and prosperity of New Jersey`s biotechnology cluster.Founded in 1994 by New
Jersey biotechnology industry CEOs, BioNJ serves as the voice of biotechnology
companies located in New Jersey, seeks to advance their economic growth and
development and works to encourage new and established companies from around the
world to locate here. BioNJ represents companies engaged in biopharmaceutical,
biomedical, bioagricultural and bioremedial endeavors. www.BioNJ.org.

About Delaware BioScience Association:The Delaware BioScience Association is a
non-profit trade association that serves members with programs and initiatives
focused on encouraging the growth of Delaware`s bioscience industry and
supporting the leadership position of scientific research in the State. Delaware
Bio supports collaborative initiatives focused on bioscience growth in the
region. For more information visit: www.delawarebio.org.

About the Greater Philadelphia Life Sciences Congress:The Greater Philadelphia
Life Sciences Congress (GPLSC), a division of the Philadelphia Convention &
Visitors Bureau (PCVB), connects the tri-state`s (Pennsylvania, New Jersey and
Delaware) life sciences leaders representing medical, biotechnology,
pharmaceutical, higher education, research, venture capital, and the health care
industries to collaborate and brand the Philadelphia region as "America`s Life
Sciences Meetings Destination."GPLSC assists with identifying professional life
sciences societies, associations and meeting planners, influencing the meeting
destination decision process, delivering an exceptional convention experience,
and connecting attendees with the unique attractions and assets of Philadelphia.

About the Milken Institute: The Milken Institute is a nonprofit, independent
economic think tank whose mission is to improve the lives and economic
conditions of diverse populations around the world by helping business and
public policy leaders identify and implement innovative ideas for creating
broad-based prosperity. It is based in Santa Monica, Calif.
(www.milkeninstitute.org)

About Pennsylvania Bio:Pennsylvania Bio is a catalyst to ensure Pennsylvania is
a global leader in the biosciences through a cohesive community that unites the
region's biotechnology, pharmaceutical, research and financial strengths.For
more information, visit www.pennsylvaniabio.org.

About the Pharmaceutical Research and Manufacturers of America (PhRMA):The
Pharmaceutical Research and Manufactures of America (PhRMA) represents the
country`s leading pharmaceutical research and biotechnology companies, which are
devoted to inventing medicines that allow patients to live longer, healthier,
and more productive lives. PhRMA companies are leading the way in the search for
new cures. PhRMA members alone invested an estimated $50.3 billion in 2008 in
discovering and developing new medicines. Industry-wide research and investment
reached a record $65.2 billion in 2008.

About PricewaterhouseCoopers:PricewaterhouseCoopers (www.pwc.com) provides
industry-focused assurance, tax, and advisory services to build public trust and
enhance value for its clients and their stakeholders.More than 155,000 people in
153 countries across our network share their thinking, experience and solutions
to develop fresh perspectives and practical advice.

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.

BioAdvance
Ellen Semple, 610-864-7097
or
Bravo Group
Chris Getman, 215-534-6986

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