Philly Money Moves: University City Science Center got a big NIH grant

University City Science Center received a grant from the National Institutes of Health to support its Founders Fellowship program.

Specifically, the National Institute on Aging’s Research and Entrepreneurial Development Immersion program granted the Science Center $250,000 for one year, with four one-year extensions. The total award is expected to be $1,250,000 over five years.

“The Science Center is thrilled to receive funding from the NIH to introduce founders to the aging market and support them in developing solutions in a practical and material way,” President and CEO Tiffany Wilson said in a written statement. “Our Founders Fellowship is designed to position academic researchers for success in their commercialization efforts, resulting in more successful startups from NIH-funded and supported researchers; and increase the likelihood of success of private capital by leveraging government investment.”

The first year of this grant will support five founders in a year-long program that will expose them to the aging market and help with commercialization efforts.

Geneos Therapeutics raises additional $5M

Geneos Therapeutics, a biotherapeutics company based in Plymouth Meeting, finished its A3 fundraising round. The company announced an additional $5 million, making the total for the round $10 million.

Shanghai Healthcare Capital (SHC) invested in this round and Jing Bao, a partner at SHC, is also now a board observer.

“We are pleased to add SHC to our investor syndicate and Dr. Bao to our team. The depth of knowledge the SHC team brings as well as their network in China will be invaluable to Geneos, especially as we pursue hepatocellular (liver) cancer as our initial target,” said Niranjan Sardesai, president and CEO of Geneos, in a written statement.

Center for Breakthrough Medicine acquired by SK pharmteco

King of Prussia-based Center for Breakthrough Medicine (CBM) was acquired by California-based SK pharmteco. SK Inc., the strategic investment holding company of South Korea’s SK Group, previously invested $350 million into CBM in 2022.

“The Center for Breakthrough Medicines team is truly excited to join the SK pharmteco family, a global leader in the CDMO industry,” said Audrey Greenberg, cofounder and chief business officer of the cell and gene therapy developer and manufacturer, in a written statement. “Working together with Yposkesi, AMPAC fine chemical, and SK Biotek, we are very well positioned to work with our clients in saving millions of lives around the world.”

Moore College of Art and Design receives grant for VR exhibit

In partnership with the Franklin Institute, Moore College of Art and Design received a $360,500 grant from The Pew Center for Arts & Heritage to install an immersive exhibit called “Michelle Lopez: Pandemonium.”

This exhibit will be at the Galleries at Moore and the Fels Planetarium at the Franklin Institute. Artist Michelle Lopez will design a virtual reality sculpture that floats in the planetarium. A similar exhibit with other pieces of Lopez’s will be on display at the Galleries.

“Collaborations that push the boundaries of both art and technology further our mission of providing enriching cultural experiences for our students, the talented artists across the region, and our surrounding neighbors,” Moore President Cathy Young said in a written statement. “We are so grateful to The Pew Center for Arts & Heritage for their extraordinary support, which paves the way for us to reach new heights of innovation.”

More Money Moves:

• President Joe Biden announced that the Philadelphia region (Pennsylvania, New Jersey and Delaware) will receive up to $750 million for a Mid-Atlantic Hydrogen Hub as part of the administration’s plan to increase low-cost, clean hydrogen.
• Chester County-based healthcare AI company Carenostics raised $4.7 million.
• Proptech startup Cecilian Partners raised an $11 million Series A.
• South Jersey-based Qredible raised $1 million.