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Science Center Management Team Strengthened; The Science Center Adds Key Commercialization Team Members and Moves Forward to Create $1 Billion New Market Value By 2010

Posted on: Thursday, 28 July 2005, 15:01 CDT

The Science Center, the leading commercialization engine for life science and technology companies in the Greater Philadelphia Region, announces the recent addition of Mitchell Glass, MD and Sandra McElligott, Ph.D to its management team.

"With our new strategic direction and new additions to our already talented staff, we are expanding the commercialization services we offer to the region's life science and technology communities." Pradip Banerjee, President and CEO said. "With Mitchell joining us as Director of Medical Affairs and Sandra as Managing Director, we have the capability to assign experienced people to work with emerging companies and cultivate them into businesses that create value in the marketplace," Dr. Banerjee added.

Dr. Mitchell Glass has worked as a senior consultant to early stage companies since 2002. Previously, he served in a number of key capacities at AtheroGenics, Inc. including as Chief Medical Officer and Senior Vice President for Strategic Drug Development and Chairman of the Pharmaceutical Review Board, Inc. Prior to joining AtheroGenics, Inc. he served as Vice President and Director of Cardiopulmonary Clinical Research, Development and Medical Affairs at SmithKline Beecham where through 1996 he supervised the company's development portfolio in cardiovascular, pulmonary metabolic, and renal diseases. Previously, Dr. Glass was with ICI Pharmaceuticals (subsequently Zeneca) in Wilmington, Delaware where he was responsible for developing the Pulmonary Therapeutics group and for the successful completion of the Phase I, II and III studies of ACCOLATE. From 1985-1987, Dr. Glass (Board certified in Pulmonary and Critical Care Medicine) was an Attending Physician in Pulmonary Medicine and Critical Care at Graduate Hospital, then an affiliate of the University of Pennsylvania.

Prior to joining the Science Center, Dr. McElligott founded and grew her own company, Bioenterprise LLC, now merged with the Science Center, providing clients with strategic hands-on direction, technology development, grant-writing services, licensing, and patent strategy. Previously, she steered a non-invasive ultrasound drug delivery company from concept to product by securing investments and developing intellectual property and technology that recently sold for $20.5 million. A former DuPont Co. Senior Research Biochemist and Program Director and later Vice President of R& D at DCV Inc., Dr. McElligott developed products and licensed technology that generated more than $70 million in revenue. She is an inventor on four U.S. patents, several international patents and pending applications. She received her Ph.D from Temple University and post-doctoral training from the University of California at Berkeley and the University of Pennsylvania.

ABOUT THE SCIENCE CENTER

The Science Center (www.ScienceCenter.org) is the leading commercialization engine for science and technology companies in the Greater Philadelphia region connecting scientists, entrepreneurs, growing companies, and international companies looking for a U.S. presence with the resources they need to accelerate their businesses. The Science Center's strategic direction focuses on forming and funding life science and technology companies, helping them commercialize their innovations, and providing the infrastructure and community they need to thrive.

For over 40 years, the Science Center has served as a bridge to the regional academic community, bringing together innovation, capital, and top-notch business development to help promising entrepreneurs build thriving local companies. Its partnerships with top area academic and research institutions include Thomas Jefferson University Hospital, Temple University, University of Pennsylvania, Drexel University, and the University of Delaware. The Science Center accomplishes its mission of comprehensive business cultivation through its $10 million investment fund, management services, its executive in residence program, and state-of-the-art laboratory and office facilities in University City, Philadelphia. Through these services and facilities, the Science Center plans to commercialize 40 new Philadelphia-based life science and high-tech companies with a market value of over $1 billion by 2010, and 60 new companies worth $3.3 billion by 2015.

For more information about the Science Center, and its mission of science and technology commercialization, please contact: Nancy duPont, 215-966-6015.

Source: Business Wire

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