X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Having been granted an exclusive license from the University of Pennsylvania for a technology invented by researchers at the university’s Scheie Eye Institute, Acuity Pharmaceuticals moves into the Science Center Port Building in West Philadelphia. About 40,000 sf of the 140,000-sf Port Building is dedicated to “incubating” start-up companies in the biosciences.

Acuity will be the only occupant of 1,500 sf in the building and will also have access to “specially equipped, shared lab space and other technical capabilities,” David Noteware, COO of the Science Center, tells GlobeSt.com.

The Port building is owned by a partnership between the Science Center and a Baltimore-based private developer, according to Noteware. “There is no way to put a value on the lease by traditional real estate measures,” he said. “It combines a cash component with equity in the company that takes the space,” he explained. “The term typically runs for two years, expandable after that on a month to month basis.”

Calling the Acuity technology “innovative” with “the potential to help millions of people retain their sight,” Jill Felix, president and CEO of the Science Center, said: “This is what the Science Center is all about.” In addition to providing space and access to equipment, the center also provides “commercialization services,” she said, such as “business mentoring.”

Since 1963, the Science Center has helped to launch more than 350 new technology companies.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.