Penn State Biotech Company Incubator Surpasses Job Creation Goal
April 28, 2003
University Park, Pa. --- Penn State’s Zetachron Center for Science and Technology Business Development, a biotechnology company incubator located on Science Park Road in State College, has assisted in the start-up of 10 companies employing 55 people since its founding in May 1999 -- exceeding a State-mandated goal.
Daniel R. Leri, director of Penn State’s Research Commercialization Office and director of the Zetachron facility, says, “When the Pennsylvania Department of Community Development awarded the Zetachron facility a $327,000 Opportunity Grant on May 10, 1999, we committed to creating 36 new jobs. Firms at the site then employed 11 full-time individuals. Since then, net employment has grown to 44 positions.”
The Zetacharon facility currently houses and provides start-up support to four companies. The Penn State-owned facility is managed through contract with the Chamber of Business and Industry of Centre County and its small incubator program.
Companies currently housed in the Zetachron facility include ChiralQuest, Penn State’s first publicly traded start-up company in which the University holds equity; Thermolose, a maker of fire retardant coatings; American Analytical, developer of proprietary materials for military use; and Water’s Edge, a wetlands mitigation firm. A few of the recent graduates of the incubator program and the Zetachron Center are Advanced Interfaces, which employs 15 people; Salimetrics with 14 employees; and Mitotyping Technologies with 6 employees. The majority of the companies is based on research from University laboratories or directed by a Penn State alumnus. Graduate companies are currently located in privately owned properties throughout the community.
Leri notes that demand for space in the Zetachron facility remains steady. As Penn State research in the life sciences continues to expand, the University, in cooperation with the Chamber of Business and Industry of Centre County, has committed to retrofitting additional wet lab business incubation space in the Technology Center in Innovation Park at Penn State. The wet lab space is expected to open up in February 2004.
The Zetachron facility building and grounds were a gift of Dr. and Mrs. Wallace C. Snipes and family. Dr. Snipes is adjunct professor of biophysics at the University and a co-founder of the Zetachron Company.
The Research Commercialization Office assists Penn State faculty and staff with the creation of new companies based on University research and technologies. It provides a University interface with multiple sources of early stage capital, identifies mentors and potential management team members and coordinates with the Intellectual Property Office and the Industrial Research Office to identify and focus available expertise and resources.
**bah**