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University City Science Center Appoints New CEO

Posted on: Tuesday, 8 January 2008, 15:00 CST

The University City Science Center ("Science Center"), today announced that it has selected Stephen S. Tang as its new President and CEO. The announcement culminates a nationwide search for a candidate to lead the Science Center in its efforts to transform the Greater Philadelphia region's high-technology commercialization activities.

Dr. Tang, a seasoned life science, energy technology, and management consulting executive, is currently group vice president and general manager with Olympus America Inc., where he leads the U.S. operations for the company's $1 billion global Life Science businesses. Before joining Olympus in 2005, he was president and CEO of Millennium Cell Inc. (NASDAQ:MCEL), an Eatontown, NJ-based energy technology firm that he led through its initial public offering in 2000. Previously, he served as vice president and managing director of the global pharmaceutical and healthcare practice of A.T. Kearney Inc., and was vice president and co-managing director of the global chemical and environmental practice for Gemini Consulting Inc., now known as Cap Gemini. Prior to that, he was the Assistant Director and Senior Research Engineer at the Lehigh University Center for Molecular Bioscience and Biotechnology in Bethlehem, PA. Dr. Tang will begin his leadership role at the Science Center on February 4, 2008.

"The Science Center is extremely pleased with the selection of Dr. Tang, who brings with him the depth of experience and breadth of leadership attributes that will enable the Science Center to become the commercialization hub for life sciences in the region," commented Richard P. Jaffe, chairman of the board of the Science Center.

"It is an honor to be selected as the new leader of the Science Center," said Dr. Tang. "The tradition and brand image of the Science Center are unsurpassed in the worldwide community of innovation and commercialization. Matched with the devotion and reputation of the Science Center's shareholders and community stakeholders, I am eager to begin the challenge of bringing more positive global economic forces to the greater Philadelphia region to invest in market-ready ideas, products and companies fostered by the Science Center."

Dr. Tang, 47, earned a doctorate in Chemical Engineering from Lehigh University and an MBA for Executives from the Wharton School of Business at the University of Pennsylvania. He is also a graduate of the College of William and Mary in Virginia with a BS in Chemistry. A graduate of the public school system in New Castle County, DE, Dr. Tang has resided in the Delaware and Lehigh Valleys for the past 25 years.

Dr. Arthur Rubenstein, the executive vice president of the University of Pennsylvania Health System and Dean of the School of Medicine and a Science Center Board Member stated, "The work of the Science Center is a vital component of both biomedical research and economic development for this region. Dr. Tang's demonstrated ability to foster scientific advancement while supporting the creation of business models that can sustain the next generation of discovery made him an outstanding choice."

"Dr. Tang brings with him an impressive blend of business and life science accomplishments with both public and private entities. These qualities positioned him as an ideal candidate," noted Michael DiPiano, managing general partner of NewSpring Capital, who headed the search committee.

"We know that his hands-on experiences in building and nurturing successful technology ventures and working with a large global company will prove indispensable to the Science Center in its work with emerging organizations and collaborations with its shareholders and other regional stakeholders."

About The Science Center

The Science Center (www.ScienceCenter.org) is a "Total Venture EcosystemTM" that provides early stage life science and technology companies the critical resources that accelerate their commercialization and provides the infrastructure and community they need to flourish. It offers specialized wet and dry laboratory facilities, turnkey management services, and industry expertise in life sciences along with technology.

Situated on over two million square feet of real estate on Market Street, adjacent to several of Philadelphia's major universities and medical research institutions, the Science Center is positioned in a unique vantage point for creating powerful companies by bringing together strong science and scientists, entrepreneurs, managers, grants and investment capital. The Science Center is an attractive "soft landing" place for international companies to launch their U.S. businesses, and is a powerful economic engine for the regional economy.

Since 1963, over 400 companies have originated at the Science Center and today those companies employ over 29,000 people and generate annual revenues in excess of $8 billion dollars.

Source: Business Wire

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