PHILADELPHIA, May 21, 2012 (GLOBE NEWSWIRE) -- Researchers at 21 universities and research institutions have the chance to compete for funding and business guidance to translate their research projects in the life sciences and digital health technology into new products as the University City Science Center opened applications for the fifth round of its QED Proof-of-Concept Program on Monday, May 21, 2012.
The QED Program will award up to $200,000 to up to four projects. Sixteen projects will receive guidance from market insiders and business advisors who add a commercial development perspective as investigators develop research strategies aligned with private sector interests. To date, QED has committed $2.4 million in awards to a total of 12 projects, leveraging nearly $9 million in private follow-on technology investment to date.
Two new participating organizations joined the QED Program in May 2012: Penn State College of Medicine, Hershey and the New Jersey Institute of Technology in Newark. Participation by these institutions demonstrates the potential of the QED Program as a model for regional innovation networks.
The QED Program now includes three institutions in New Jersey, two in central Pennsylvania, and two in Delaware, in addition to the 14 participating organizations located in southeastern Pennsylvania. Together, these 21 research institutions represent over $1.75 billion in annual life science research expenditures, approximately five percent of the nation's total. "The QED network has grown stronger with the addition of NJIT and Penn State as participants," says Science Center President & CEO Stephen S. Tang, Ph.D., MBA. "Our experience has been that competition breeds opportunity, and we expect to see greater regional benefits as a result."
"Joining the QED Program is the latest in a line of strategies implemented by Penn State College of Medicine to advance innovation based on the many promising technologies in development at Penn State Hershey Medical Center, " says Dr. Dan Notterman, Vice Dean for Research and Graduate Studies at Penn State College of Medicine. "Membership in QED gives our faculty the opportunity to connect with the commercialization experts and marketplace representatives that are central to QED's success."
Round 5 of QED will provide support for up to 16 projects, up from 10 in previous rounds. On the basis of proof-of-concept plans developed by these teams, funding will be awarded to up to four. For the first time in the QED Program's history, a special track focusing on digital health technology has been developed. As in past rounds, broader life sciences projects will be considered as well. "There is an increasing demand for commercialization resources among projects in the digital health domain, and supporting these projects works to our region's core strengths," says Science Center QED Program Manager Adam Greenspan. "We are excited to explore QED as a model for meeting the needs of software-enabled technologies – while also continuing to support biotech and med-tech projects."
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. Graduate organizations and current residents of the University City Science Center's Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually. For more information: www.sciencecenter.org.
About the QED Program
The QED program is the country's first multi-institutional proof-of-concept funding program for the life sciences. Twenty-one 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 April 2009. Five of the projects to date have resulted in technology options or licenses. To date close to $9 million in follow-on funding has been raised. For more information about the QED Program, go to www.sciencecenter.org/programs/qed.
CONTACTS:
Jeanne Mell
University City Science Center
3711 Market Street, Suite 800
Philadelphia, PA 19104
215-966-6029
jmell@sciencecenter.org
Kristen Fitch
University City Science Center
3711 Market Street, Suite 800
Philadelphia, PA 19104
215-966-6156
kfitch@sciencecenter.org
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