Philadelphia, PA-NJ (1888PressRelease)
March 12, 2009 - A comprehensive economic impact study of the Pennsylvania Biotechnology Center, the designated Keystone Innovation Zone (KIZ) of Bucks County, PA finds that the Center is responsible for 537 jobs and more than $164 million dollars being injected into the local economy since its creation two years ago. The study shows that there are now 210 people working at the 20 different organizations and businesses located in the 10 acre, three building Center.
Dr. Timothy Block, president of the PA Biotechnology Center and Institute for Hepatitis and Virus Research (IHVR), attributes much of the success to the role of its lead nonprofit research organization, the IHVR, which is committed to state-of-the-art biomedical research and helped establish the biotech center. The Economic Impact study was independently validated by Amper Politziner & Mattia, certified public accountants and financial consultants, and conducted by Bucks County KIZ coordinator Ethan Byler, MGA, who reported that the PA Biotech Center is responsible for high quality jobs in the life sciences and technology sectors.
“We’ve succeeded and the entire community, including a very supportive Bucks County delegation in Harrisburg and in Washington can be proud of our economic impact,” Block says with enthusiasm. “The work at the PA Biotech Center has never been more important and represents a much needed bright spot in the current economic situation,” added Block, also a professor at Drexel University College of Medicine and director of the Drexel Institute located at the PA Biotech Center.
The PA Biotech Center is the creation of the Hepatitis B Foundation and its research institute, IHVR, and owned in partnership with Delaware Valley College. The Center is unique in that it provides a research and business development environment for mission-oriented nonprofit research organizations such as the IHVR, which are willing to work closely with start-up and spin-off biotechnology entrepreneurs.
Companies at the Center that have recently added jobs include Immunotope, Synergy Pharm., Callisto, Datascope, Pharmabridge, and Lone Oak Medical Technologies. Nonprofit research groups, including the Hepatitis B Foundation, IHVR, Drexel Institute, and Fox Chase Cancer Center have added new jobs as well, says James Horan, MBA, Center and IHVR COO.
U.S. Congressman, Patrick J. Murphy, representing the 8th district of Pennsylvania which includes Bucks County, says, “They are doing great things, turning ideas into jobs.”
One example of the PA Biotech Center’s innovative programs is its “Who Wants To Be A Entrepreneur” in which scientists and entrepreneurs from anywhere in the U.S. are invited to propose a good idea to the Center and if approved, receive both space and start-up funds to turn their ideas into businesses. These scientific entrepreneurs then have the opportunity to work alongside with the Center’s other scientists and biotech professionals. This program is possible, in part, with support from the Ben Franklin Technology Partners of Southeastern PA.
There are also many academic opportunities at the Center for post-doctorates, doctoral and MS students, as well as summer research internships for college and high school students.
In addition, scientific discoveries from the Center have already resulted in new cancer detection methods and therapies that are being tested in people. All of this from a place that, two years ago, was just an empty warehouse.
PA state senator Chuck McIlhinney, whose district is home to the Center, expresses well what the economic impact study confirms, “I am proud of the work being done at the IHVR and the PA Biotech Center. They took a facility that was headed for closing and turned it into a thriving biotechnology incubator which has created over 500 jobs and has brought international attention to Bucks County.”
About the PA Biotechnology Center
The Pennsylvania Biotechnology Center is a nonprofit research organization dedicated to the creation of a world-class biotechnology center; to the promotion of regional economic development and job creation; and to the education and training of tomorrow’s researchers. For more information, visit www.pabiotechbc.org.
About the Institute for Hepatitis and Virus Research
The Institute for Hepatitis and Virus Research (IHVR) is committed to the pursuit of discovery science to find new therapies for viral hepatitis and liver cancer; to advance its research discoveries through traditional scholarship and educational opportunities; to nurture biotechnology; and to promote public health outreach programs that improve the quality of life for those affected by chronic viral hepatitis. For more information, visit www.ihvr.org.
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