Vascular Magnetics Proves the Power of Philadelphia’s Entrepreneurial Ecosystem
PHILADELPHIA--(February 22, 2012) – When Vascular Magnetics raised $7 million in Series A financing this month, it demonstrated more than the potential of the start-up company’s proprietary, magnetically targeted drug delivery system for the treatment of peripheral artery disease (PAD). It also proved the power of Philadelphia’s entrepreneurial ecosystem.
Vascular Magnetics was formed through a connection made at the University City Science Center’s QED Proof-of-Concept Funding Program, the nation’s first multi-institutional proof-of-concept program for life science technologies, and went on to become The Children’s Hospital of Philadelphia’s first spin-out company, when it licensed the technology from Children’s Hospital in 2010. Vascular Magnetics has since picked up the option for an exclusive license and is planning on taking office space in the Science Center’s Port Business Incubator.
Vascular Magnetics co-founders Richard Woodward, PhD, and Robert J. Levy, MD, were paired by the Science Center’s QED Program, which provides business development support for academic researchers developing early-stage life science technologies with high commercial potential. As Dr. Levy worked on the technology, Woodward provided business advice. Vascular Magnetics was awarded $200,000 by the Science Center’s QED Proof-of-Concept Program in 2010. Levy and Woodward founded the company shortly thereafter. Woodward is now President and Chief Operating Officer. Levy holds the title of Founding Scientist.
“The QED Program is designed to facilitate commercial investment in early-stage life science technologies with high potential in the healthcare industry, and Vascular Magnetics’ success in attracting venture capital funding is an early indicator that the program is achieving its mission,” says Science Center President & CEO Stephen S. Tang, Ph.D, MBA. “Vascular Magnetics also demonstrates that when a powerful idea meets up with an effective entrepreneurial ecosystem – like the one we have here in Greater Philadelphia – company formation and job creation are not far behind.”
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, go to www.sciencecenter.org.
About the QED Program
The QED program was launched in April 2009. Nineteen universities and research institutions in Pennsylvania, New Jersey and Delaware participate under a common agreement that defines matching funds and intellectual property management. The QED Program has funded a total of 12 projects since its launch in 2009. Five of the projects to date have resulted in technology options or licenses.
CONTACT:
Jeanne Mell
University City Science Center
3711 Market Street
Philadelphia, PA 19104
215-966-6029
302-345-8130 (cell)
jmell@sciencecenter.org
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