Avid Radiopharmaceuticals is a wholly owned subsidiary of Eli Lilly and Company. Their mission is to develop new molecular imaging agents capable of changing the medical management of significant chronic human diseases by identifying the first stages of pathological change, potentially assisting in earlier diagnosis, and better management and development of new therapies.
History of Success
Since settling into its first office space at the University City Science Center’s Port Business Incubator in 2006, Avid has expanded its presence in uCity Square and has achieved a high level of success in the development of technology to help diagnose Alzheimer’s disease.
Executives at Avid credit the collaborative environment of the Science Center / uCity Square for providing the company with access to a Knowledge Community platform and the proximity to academic resources and human capital. Since moving to uCity Square, Avid has added an additional 21,000 square feet of space from its time as a startup in the Port Business Incubator and has increased their human capital by adding an additional 126 jobs in 9 years. *
Avid chose the Port Business Incubator as its first location for several reasons, including reasonable rent and great access to everything a startup needs to grow. But by 2009, the company needed more space than the 5,000 square feet it occupied in the Science Center’s incubator at 3624 Market Street and was considering a move to the Philadelphia suburbs. **
Wexford and the Science Center ownership team provided Avid with the flexibility and facility investment dollars to align their space expansion need with their commercialization strategy. In July of 2009, Avid moved out of the Port Business Incubator and into a 16,000 square foot headquarter quality office and highly specialized laboratory development space in 3711 Market Street.
In December of 2010, Avid was acquired by Eli Lilly and Co., an Indianapolis-based pharmaceutical giant, and received an upfront payment of $300 million and additional payments of up to $500 million contingent upon meeting certain milestones, including Amyvid’s approval by the FDA. **
In 2012, the Food And Drug Administration approved Avid’s first product, Amyvid, a molecular imaging tool for the detection of beta-amyloid plaque in the brain – an indication of Alzheimer’s disease. At this time, the only way to definitively diagnose Alzheimer’s disease is by autopsy. Avid’s technology could potentially assist evaluation of a living person and allow for earlier treatment of the progressive disease. Further, a negative Amyvid scan could also rule out Alzheimer’s – paving the way for treatment of other conditions.
CEO, Dr. Daniel Skavronsky said Avid is very satisfied with its current location and the amenities offered by uCity Square. “We are in a lovely building with good offices that allow us to do specialized work. Plus, this space offers expansion capabilities and great transportation options.” One of the biggest advantages of Avid’s location is our proximity to the University of Pennsylvania and “the best scientific community this country has to offer.”
Further, he noted, “this environment allows for what we call the drop-by effect for other startup companies. We have enjoyed access to successful incubating science companies and now we at Avid can be a role model for others.”
* Source: 3711 Market Street Community Impact Report, American Communities Trust
** Source: Science Center Success Stories
“This environment allows for what we call the drop-by effect for other startup companies. We have enjoyed access to successful incubating science companies and now we at Avid can be a role model for others.”
- Dr. Daniel Skavronsky, CEO