Pharma & Biotech
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Doylestown Research Nonprofit to Manage Long Island Life Sciences Incubator
The state of New York selected Doylestown’s Baruch S. Blumberg Institute to manage a life sciences incubator at a planned $430 million cell and gene therapy campus in Long Island called BioGenesis Park, writes John George for the Philadelphia Business Journal. The Blumberg Institute is a nonprofit biotechnology research and education organization. Its primary focus…
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Navy Yard-based Adaptimmune Ready for Next Chapter in Its Ongoing Search for Rare Cancer Therapy
Adaptimmune, a biotechnology company headquartered at the Navy Yard, is ready for the next chapter of its ongoing search for a therapy that converts a person’s immune system into a cancer-killing machine, writes Alison McCook for The Philadelphia Inquirer. The company’s signature therapy, Tecelra, recently became the first Food and Drug Administration-approved treatment that works…
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Philadelphia Selected As Location of Legend Biotech’s New Research and Development Center
Legend Biotech, a North Jersey biotechnology company, has chosen Philadelphia to house its new research and development center, writes John George for the Philadelphia Business Journal. The 31,000-square-foot facility will occupy the third floor of Breakthrough Properties’ eight-story building at 2300 Market Street. The building is currently under construction and scheduled to be completed in…
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Cencora Welcomes New CEO Robert Mauch Amidst Stable Growth and Future Opportunities
On Tuesday, Robert Mauch officially became the new CEO of Conshohocken-based Cencora, formerly AmerisourceBergen, reports John George for the Philadelphia Business Journal. Mauch succeeds Steve Collis. According to Elizabeth Anderson, an analyst at Evercore ISI, this transition is not expected to result in significant changes, as Mauch is a long-time company insider taking over a…
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Former Hahnemann University Hospital Space, Race Street Labs, Welcomes First Tenant
Race Streets Labs, the new 180,000-square-foot complex carved out of a portion of the former Hahnemann University Hospital, has welcomed its first tenant, writes John George for the Philadelphia Business Journal. Zahav Biosciences has taken 8,200 square feet of built-out lab and office space across the building’s 15th floor, becoming Race Street Labs’ first occupant. …
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French Biotechnology Giant bioMérieux Opens New Molecular, Genome Innovation Center at Navy Yard
After acquiring a homegrown startup, French biotechnology giant bioMérieux has opened a new molecular and genomic innovation center at the Navy Yard, writes Kristen Mosbrucker-Garza for WHYY. Currently, around 50 people work at the center, with plenty of room for expansion. “This is open 24/7,” said Adam Joelsson, senior director of assay development, industrial applications…
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BriaCell Therapeutics Raises $8.5M After Positive Results for Experimental Cancer Therapy
BriaCell Therapeutics recently closed an $8.5 million stock sale after its positive results from mid-stage testing of its experimental metastatic breast cancer therapy, writes John George for the Philadelphia Business Journal. The company announced it sold 12,325,000 common shares at 69 cents per share. It was on September 11 that BriaCell announced the positive overall…
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Wistar Institute Receives Another $10 Million Donation For Its New Center for Advanced Therapeutics
The Wistar Institute was recently gifted with a $10 million gift from an anonymous donor and the money will be used for the new Center for Advanced Therapeutics, writes Sarah Gantz for The Philadelphia Inquirer. The new research facility will be a hub for early-stage drug research, including how vaccines may be used to treat…
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Comcast Spectacor Proposes Turning the Fashion District into Biomedical Hub
Comcast Spectacor recently presented a plan to turn the struggling Fashion District in Center City into a biomedical research facility, supplanting the proposed downtown Philadelphia 76ers arena, writes Jeff Gammage for The Philadelphia Inquirer. “We felt a responsibility to share an alternative solution that creates benefits for all community members and enhances Philadelphia’s vibrant downtown,”…
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Rite Aid Promotes New CEO, Emerges from Bankruptcy as a Private Company
Rite Aid has emerged from bankruptcy as a private company with a new CEO, writes John George for the Philadelphia Business Journal. Matt Schroeder has been elevated from the CFO position to become the Philadelphia-based retail pharmacy chain’s new lead executive. He succeeds Jeffrey S. Stein, who joined the company in October 2023 as its…
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University of Pennsylvania Suing German Drugmaker BioNTech Over COVID-19 Vaccine Payments
The University of Pennsylvania submitted a federal civil lawsuit against BioNTech, alleging that the German drugmaker did not pay Penn its full share of royalties from COVID-19 vaccine worldwide sales, writes Abraham Gutman for The Philadelphia Inquirer. The vaccine was made by BioNTech and Pfizer using mRNA technology developed by Penn researchers Katalin Karikó and…
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Former CHOP CEO, Spark Therapeutics Co-founder To Lead New Biotech Startup After Receiving $54M in Funding
Dr. Steven M. Altschuler, who served 15 years as CEO of The Children’s Hospital of Philadelphia and is the co-founder of Spark Therapeutics, is leading a new startup as its CEO, writes Hannah Green for the Philadelphia Business Journal. Along with a group of veteran biotech leaders and scientists, Altschuler will lead Corner Therapeutics with…
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West Philly Lab Supplier EMSCO Receives $2 Million Investment, Targets Company Growth
EMSCO Scientific Enterprises, a West Philadelphia-based laboratory supplier, recently received a $2 million investment from an Enterprise Center-backed growth equity investment firm, writes Kyle Nguyen for the Philadelphia Business Journal. In doing so, it became the first company to get funding from the Innovate Capital Growth Fund, launched to provide patient equity capital to minority-…
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Adare Pharma Relocating Headquarters from New Jersey to Northeast Philadelphia
Adare Pharma Solutions is relocating its headquarters to Northeast Philadelphia from New Jersey as part of a $16.8 million expansion project, writes John George for the Philadelphia Business Journal. The company will also open a new lab at the new location and expects to create 115 new jobs within the next three years. Adare, which…
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Brandywine Realty Trust On Verge of Securing Lab Tenant at Cira Centre, Growing Life Sciences Space
Brandywine Realty Trust is building momentum on finalizing a life sciences tenant to take up a full floor of lab space at Cira Centre in University City, writes Paul Schwedelson for the Philadelphia Business Journal. While it is not yet known for the prospective tenant is, CEO Jerry Sweeney said it would take up the…
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Temple University Engineers Invent Soy-based Bandages As an Alternative to Healing Wounds
Temple University engineers have invented a soy-based material to create natural bandages that can be cheaply produced and help skin heal better from wounds and burns that usually result in scarring, writes Nicole Leonard for WHYY. Following more than a decade of research and experimentation, Philadelphia scientists are seeking approval from the U.S. Food and…
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Wistar Institute Invests $24M to Open New Center Dedicated to HIV Research
Wistar Institute has invested $24 million, which will be used on a new center on HIV research, writes John George for the Philadelphia Business Journal. The new HIV Cure and Viral Diseases Center will be created with the goal of going beyond current lifelong treatments to eradicate the disease. Instead the plan is to marshal…
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Carisma Therapeutics Selects First Drug Candidate Under Moderna Partnership, Triggers $2M Payment
Philadelphia-based Carisma Therapeutics has chosen an experimental cell therapy that targets the most prevalent type of liver cancer as the first drug development candidate under its Moderna partnership, writes John George for the Philadelphia Business Journal. The move has triggered a $2 million payment to the immunotherapy company from Moderna and boosted its stock price…
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