Tag: Science and Technology

Biotech Leaders Answer the Question “Why Delaware?”

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A Delaware Institution on the Business Benefits of Delaware

4 JUNE, 2019

June 3 marks the day DowDuPont was officially laid to rest, and DuPont rose again.

Actually, it’s a lot more complicated than that, but the long-planned DowDuPont “three-way-split” means that Delaware has a “new” DuPont Company focusing on science and innovation products (including clean water tech and smart electronics) and a new agriscience company, Corteva, both with headquarters in Wilmington.

(DuPont’s former chemical branch, Chemours, is still based in Delaware, with brand-new construction going up on the University of Delaware STAR Campus in Newark.)

The two companies currently have about 100 job openings in Delaware, and that’s expected to rise by quite a bit post-split.

As it happens, June 3 was also the kickoff of the international BIO2019 in Philadelphia, and DelawareBio hosted the Biotech Ecosystem Tour, starting at Incyte in Wilmington and ending at the STAR Campus.

Some of Delaware’s biotech leaders — including Christiana Care Health System CEO Janice Nevin, Incyte CEO Hervé Hoppenot, Adesis CEO Andrew Cottone and LabWare CEO Vance Kershner, along with Delaware Secretary of State Jeff Bullock, Delaware Prosperity Partnership CEO Kurt Foreman and Delaware Innovation Space CEO Bill Provine — participated in a panel as part of the event.

The big question: Why should biotech companies choose Delaware?

“Delaware is small in size but big in spirit,” said Hoppenot, whose cancer pharmaceutical company (which unveiled its new global headquarters on the former site of Wanamakers on Augustine Cutoff in 2017) has hired about 1200 people over the last couple of years. “It’s near Penn and Johns Hopkins. The talent is here.”

And, while Delaware’s proximity to Philadelphia, New York and Washington D.C. is considered a draw for all kinds of industries, when it comes to biotech, that advantage is magnified.

“Washington to New York is the new ‘Innovation Corridor,’” said Nevin, “and we’re right in the middle of it.”

And our neighbors are not the competition, as the industry in the region often works together.

“It would be different if we were an island,” said Foreman.

Some advantages call back to the state’s DuPont legacy.

“There are a lot of “retired” scientists in Delaware helping companies get things done,” said Kershner. “You won’t find that anywhere else.”

Cottone’s phrase “Delaware moves at the speed on entrepreneurship” made an impact on the panelists, who agreed — the entrepreneurial ecosystem for biotech is fast-moving, from fast-turnaround funding to speedy access to wet labs and work spaces.

The state has strong legislation that protects intellectual property, an Angel Investor’s Tax Credit and EDGE grants for small businesses.

“We’re not a backwater town,” said Secretary of State Bullock. “We can run with the big dogs.”

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Stop by the Delaware Booth at BIO 2019

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Stop by the Delaware booth at BIO 2019

4 JUNE, 2019

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Biotech Institute Expanding to New Space on STAR Campus

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Biotech Institute expanding to new space on STAR campus

22 MAY, 2019 | DELAWARE BUSINESS TIMES

The Delaware Biotechnology Institute will expand into 70,000 square feet within the new six-story, $160 million Biopharmaceutical Innovation Building on the STAR Campus next February.

The building, which includes labs, offices, collaborative space, and shared research instrumentation facilities, will be the home of the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL), a UD-led coalition of 150 companies, educational institutions, nonprofits and state governments.

Biopharmaceuticals are prescription drugs made with living cells.

“We need more space to support the expanding needs of life science researchers across campus,” said Dr. John Koh, the interim director of DBI and a UD professor in chemistry and biochemistry. “We’re not abandoning our current site, but expanding and moving our core facilities to support current and future initiatives on STAR campus. There’s an enormous difference between office space and wet research space. Being in the new building will also help us support the new NIIMBL program.”

The Delaware Biotechnology Institute is a magnet for life-science research and development. The institute supports multidisciplinary, collaborative research at all of Delaware’s research organizations, including the University of Delaware, Delaware State University, Christiana Care Health System, Nemours/A.I. duPont Hospital for Children, Wesley College, and Delaware Technical and Community College.

The Institute houses research laboratories with scientists, students, and faculty working on projects related to agriculture, human health, and energy and the environment and also makes available high-end instrumentation facilities to Delaware’s entire life-science community. DBI researchers are focused on advanced sequencing technologies, imaging technologies, and computational capabilities.

NIIMBL is funded through a $70 million cooperative agreement with the National Institute of Standards and Technology (NIST) in the U.S. Department of Commerce and leverages additional commitments from partners.

Koh said the new building will be occupied by UD faculty from four colleges and will help faculty and staff that will help launch a new program in pharmaceutical sciences at the university. The Delaware Biotechnology Institute will take a little over two floors of the six-story building besides the 70,000 square feet it has in its current location at 15 Innovation Way.

This article was originally posted on the Delaware Business Times at: https://www.delawarebusinesstimes.com/biotech-institute-expanding/

Kurt Foreman

PRESIDENT & CEO

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Wilmington Becoming a Tech Hub

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Wilmington becoming a tech hub

16 MAY, 2019 | DELAWARE ONLINE

There’s a huge demand for technology professionals — and for good reason.

Almost everything about our behaviors as consumers is changing, becoming more digital, meaning that the companies that serve us have to become digital as well.

At M&T Bank, we recognize that organizations need to be adaptable in order to find success in the future, a change largely driven by technology.

We recently announced plans to hire hundreds of professionals in Delaware in the next few years, including about 200 technologists. Our goal is to make Wilmington a destination for tech talent, and we plan to embed our new tech hires with all the other employees driving the growth in our downtown offices.

Choosing Wilmington was no mistake. Wilmington offers businesses like ours a unique opportunity to work with local government, higher education, non-government organizations, startups, and other private corporations to create a unique ecosystem conducive to the very tech talent hub we are working to build.

Plus, it doesn’t hurt that Wilmington offers a lower cost of living and stronger sense of community when compared to the top-tier cities competing for the very same tech talent.

So we asked ourselves, how can M&T Bank be part of the solution in cultivating and bringing tech talent to Delaware? To put it simply, we saw an opportunity to bring our use of technology in-house and place it within the communities we serve.

We think this gives us an edge in differentiating our products and services, but it also challenges us to build a strong tech community in Delaware.

To create alternate pipelines for hard-to-find tech talent, we will establish a technology development program in partnership with higher education institutions such as the University of Delaware and other colleges. We have also committed to partnerships with programs such as Zip Code Wilmington, which coaches motivated people from diverse backgrounds into skilled, professional developers.

Kurt Foreman

PRESIDENT & CEO

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Delaware Taking the Lead in the Bioscience Sector

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Delaware taking the lead in the bioscience sector

Showcasing its strength at the BIO 2019 International Convention

(Wilmington, Delaware) Delaware will showcase its distinctive strength in the Bio supply chain at the international BIO Convention in Philadelphia from June 3 to 6. More than 18,000 venture capitalists, scientists, researchers and start-ups from 70 countries are expected to attend.

Eric Kmiec, Ph.D., director of the Gene Editing Institute at Christiana Care Health System and a pioneer of the CRISPR system, is leading the gene editing section at the convention. In addition, 17 Delaware bioscience experts will serve as judges in the startup competition. Delaware will have an expansive exhibit, which will include space to facilitate one-on-one meetings.

This year, Delaware is offering a limited-capacity tour of the state’s bioscience capabilities to conference attendees. The tour will stop in Wilmington, at the headquarters of Incyte, the biopharmaceutical research company ranked by Forbes as one of the nation’s top 10 most innovative companies. At Incyte, the group will hear a panel discussion featuring Incyte’s CEO, Hervé Hoppenot.

After Incyte, the tour will head to the University of Delaware’s STAR campus in Newark. The former auto assembly plant now hosts a variety of high-tech science and research companies and offers more than 10,000 square feet of wet labs. STAR (which stands for Science, Technology and Advanced Research) is home to the nation’s highest ranked physical therapy degree program as well as NIIMBL (National Institute for Innovation in Manufacturing Biopharmaceuticals). It will soon be home to Chemours Global Research as well.

“Delaware has the fourth highest number of employed PhDs working in science, engineering and healthcare,” said Kurt Foreman, President and CEO of the Delaware Prosperity Partnership, the organization that manages statewide economic development for the state of Delaware. “Add to that its enviable location, low cost of doing business, and collaborative, business-friendly environment and you see why Delaware is becoming the go-to location for science and tech start-ups. Our 7th place ranking in the Milken Institute’s State Technology and Science Index underscored that Delaware is taking the lead in the bioscience field.”

“Delaware has a uniquely expansive array of bioscience businesses,” said Helen Stimson, CEO and President of the Delaware BioScience Association. “Unlike other states, Delaware’s strength is its focus on innovation and its rich diversity of bioscience companies, including precision instrumentation, consumables, recombinant proteins, monoclonal antibodies, contract research organizations and contract manufacturing organizations.”

About BIO
The BIO International Convention is hosted by the Biotechnology Innovation Organization (BIO). BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products.

BIO performs many services for members, but the most visible is the coordination of the BIO International Convention. The BIO International Convention helps BIO fulfill its mission to help grow the global biotech industry. The key benefits of attending the BIO International Convention are access to global biotech and pharma leaders via BIO One-on-One Partnering, exposure to industry thought-leaders with over 1,500 education sessions , and unparalleled networking opportunities with 18,000+ attendees from 70+ countries.

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the state of Delaware. For more information, visit www.choosedelaware.com.

About Delaware BioScience Association
Formed in early 2006, Delaware BioScience Association (Delaware Bio) has brought together pharmaceutical and biotechnology firms, medical device manufacturers, agricultural biotech and chemical companies, research and testing companies, hospitals and medical institutions, and other organizations and related service companies, with the shared goal of expanding the state’s vibrant science economy.

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Ashland Moving Corporate Headquarters to Delaware by 2020

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Ashland moving corporate headquarters to Delaware by 2020

3 AUGUST, 2018

Ashland Inc.’s announcement that it is moving its headquarters and less than 100 jobs to Delaware marks an investment in a state where the company has had a convoluted and, at times, controversial history.

The new headquarters will be located at 500 Hercules Road in Brandywine Springs, where the company already has an office campus with about 235 workers. The move is expected to happen by Jan. 1 2020.

“Ashland has a long history of innovation and success, including right here in Delaware,” Gov. John Carney said via email. “We’re thrilled they have selected Delaware for their corporate headquarters. This is additional proof that Delaware remains a great place for companies of any size to put down roots, grow, and create jobs.”

The move to Delaware will follow a corporate downsizing at the 94-year-old company that recently fell out of the Fortune 500.

Ashland says it will be “significantly downsizing” its current headquarters in Covington, Kentucky, in advance of the relocation with some of the 48 jobs there being eliminated and others being moved to its facility in Dublin, Ohio.

The remainder will be brought to Delaware, along with employees from its offices in Lexington, Kentucky. About 58 people work at that office, although some of those jobs also will be eliminated or relocated to Dublin, while other employees will be asked to work remotely.

The downsizing is part of a plan Ashland CEO William Wulfsohn announced in May to cut $120 million in expenses. Workers at the two Kentucky offices affected by the move were told of the downsizing on Tuesday.

Ashland saw its stock price jump to a 10-year high of $85.60 per share after the announcement, which coincided with a third-quarter earnings report that showed sales up 12 percent and a $66 million positive swing in net revenue compared to last year.

Founded in Kentucky 94 years ago, Ashland first became a household name here when the company purchased former Hercules Inc. for $3.3 billion in 2008.

Hercules was broken out of the DuPont Co. and once employed 1,800 people at the global headquarters it built in downtown Wilmington. But the company began to falter in the early 2000s after a series of questionable business decisions, leading to its eventual sale.

Ashland later moved its new acquisition out of the city, leaving 125,600 square feet of space vacant in Wilmington’s Hercules Plaza.

Despite the move, Delaware agreed in 2012 to provide Ashland with $10 million worth of taxpayer grants in exchange for the company’s promise to add 300 jobs in five years, bringing its total local workforce to more than 800. The deal was one of the largest economic development incentive packages approved under former Gov. Jack Markell.

But just two years later, Ashland sold its Delaware-based water technologies business to a private investment firm, which renamed the new standalone company Solenis. That business is now headquartered at the 21st Century Plaza in Brandywine Hundred.

The remaining company failed to reach its hiring goal and in 2015 was forced to repay nearly $335,000 of the state grant money it had received up to that point.

The same year, the now-defunct Delaware Economic Development Office helped Solenis win a $1.1 million taxpayer grant to help the company add 122 additional jobs by 2017 – a deal that would have brought its total Delaware workforce to 336. The company exceeded that goal by 31 jobs, state officials said Thursday.

No financial incentives have been offered to Ashland in connection with its impending move to New Castle County, according to the Delaware Prosperity Partnership.

The DPP was created by the General Assembly last summer when DEDO was dissolved and its responsibilities split between the new public-private partnership and the Division of Small Business.

Ashland’s impending relocation marks the first major accomplishment for the new organization since its new CEO Kurt Foreman took the helm in April.

“There wasn’t a lot of selling involved because they already were familiar with Delaware,” Foreman said. “It was more about being ready with the information they were looking for to help them make their decision.”

While Foreman said he is happy to have helped Ashland, he stressed that attracting new companies will not be the sole focus of the partnership.

“We want that to be only one part of our strategy,” he said. “There is nothing better than for those companies we want to bring here to see existing companies in the state grow and thrive. That’s a big part of where our focus is.”

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Uber for Packages: Delaware’s DeliveryCircle will Remain in State

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Uber for packages: Delaware’s DeliveryCircle will remain in state

20 JUNE, 2018

When it came time to search for funding, Delaware-based DeliveryCircle faced a dilemma: Let investors on the West Coast move their operation across the country or find money that would enable the delivery service company to stay where it’s rooted.

“I personally always wanted to stay in Delaware,” said CEO and founder Vijaya Rao. “I had been pushing back.”

DeliveryCircle works in a similar way as tech transportation companies such as Uber and Lyft, except it deals in packages instead of people. Drivers on the platform run the gamut from professional couriers, stay-at-home moms, seniors and part-time contractors.

The business that launched in February 2014 got the best of both worlds when it came to new financing. DeliveryCircle announced last week it had raised a “significant minority investment” from financial and strategic supply chain investors, led by Cambridge Capital, NFI and other strategic investors.

Now based at the Christiana Corporate Center after graduating from the incubator at New Castle County’s Emerging Enterprise Center, DeliveryCircle will continue its rapid expansion in the ever-growing delivery service space.

Rao said the strategic partnership is “not just somebody giving us a checkbook.” The supply chain investors, she said, will better position DeliveryCircle to continue to grow as “last mile delivery” from businesses to consumers becomes more critical, especially in same-day service, which DeliveryCircle now provides in 19 states and more than 5,000 zip codes.

For perspective, the startup opened service with five drivers and 20 zip codes. There are now more than 900 drivers – all are contractors – on the platform, Rao said.

The company has just eight employees but some funding will go toward hiring back office management and finance positions in Delaware, Rao said.

Staying in Delaware was more than just staying where the company has been rooted. The space between New York and D.C. has proved to be a good location so far.

“We have kind of saturated that belt,” Rao said. “Of course, there is still room to grow. For us it makes sense.”

The company has national aspirations, though.

Rao said the company has grown 300 percent year-over-year during the last three years.

DeliveryCircle’s software and mobile application enable clients to match package sizes with a pool of professional, safe drivers and a variety of vehicle types.

“It’s no longer a hypothesis of a model,” Rao said. “It’s very much a working model.”

Originally, Rao said DeliveryCircle focused on being a business-to-business company. But as activity in the retail space increased, the demand to adapt into a business-to-consumer model increased.

On its website, DeliveryCircle says it works with brands such as Zoe’s Kitchen, Honeybaked Ham, Philly Foodworks and other food companies. Rao said DeliveryCircle also has contracts signed with larger brands and retailers for delivery services.

Most of the small companies DeliveryCircle works with come from referrals, Rao said. The company has not spent any money on marketing.

Rao said money from last week’s Series A funding announcement will go to hiring more full-time employees, business development and the continued geographical growth.

Moving west, it appears, was inevitable anyway.

Contact reporter Jeff Neiburg at (302) 983-6772, jneiburg@delawareonline.com or on Twitter @Jeff_Neiburg.

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DowDuPont’s $200 Million Investment in Delaware

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DowDuPont’s $200 Million Investment in Delaware

13 JUNE, 2018

DowDuPont officials and Delaware politicians are beaming about scores of newly designed laboratories housed within an Experimental Station building that received a $200 million facelift during the past year.

Gov. John Carney said the investment demonstrates that DuPont will continue to drive Delaware’s economy, even after it spins off from the DowDuPont holding company in June of 2019.

DowDuPont to move up to 150 jobs to the Experimental Station, near Wilmington

“Now, DuPont is obviously going to have a smaller footprint in terms of employees in our state than it did when I was growing up,” he said, “but when you talk about what drives the economy; it’s research, development, science, and technology.”

Before a ribbon-cutting event on Friday, Carney was among state politicians given a tour of the renovated building, which featured oxygen-free chambers to study gut bacteria and high-tech sequencers to analyze microbial data.

The building is the new headquarters of DowDuPont’s consolidated Industrial Biosciences division — a business that specializes in creating enzymes for a variety of products.

DowDuPont’s renovated Industrial Biosciences headquarters at the Experimental Station could be a signal of future investment in the state by the venerable company. (Photo: Courtesy of DowDupont)

The organic catalysts allow laundry detergent to function in cold water. They keep bread from going stale. And, they can create healthy bacteria in the stomachs of chickens.

They also bring in $2.1 billion annually for DowDuPont.

DowDuPont profit hits $1.1 billion on higher demand and increased prices Company officials say the new facility will give the firm an edge against competitors in a race to recruit top talent.

“Our job is to attract the best and brightest scientists in the world,” DuPont facilities director Chris Koelsch said. “So that’s what we’re doing.”

Today, the Experimental Station, which has been the center of the DuPont’s research and development for generations, has 2,000 employees. The number includes 400 people who work for companies that rent space at the property.

DowDuPont’s renovated Industrial Biosciences headquarters at the Experimental Station. (Photo: Courtesy of DowDupont)

By 2020, the facility will house 2,600 people, an increase that will include transfers coming from a former-Dow Chemical facility in Collegeville, Pennsylvania.

“There will be some growth, some of which is coming in from out of state, and some of which is new hires,” said Marc Doyle, chief operating officer for the company’s Specialty Products Division. “We’re having to add some roles to meet the demands both from growth from the economy as well as establishing the standalone company.”

The $200 million spending on the renovated building also is significant for the company because it is a shift from a decade of turmoil for DuPont.

Past years were marked by layoffs of thousands of long-term employees, a vicious proxy battle with activist investors, and the shedding of non-core assets, such as the Hotel DuPont and the DuPont Country Club.

In those recent years, Koelsch said, DuPont failed to sufficiently fund all of its needed infrastructure. That is changing, he said.

“There was some under-capitalization in years past,” he said. “We got a $200 million investment to start the journey here on a transformation.”

Though DowDuPont is investing in state-of-the-art research facilities, its CEO Ed Breen last month said the company has decided to avoid large research and development projects. Those “moonshots,” Breen said, cost the most money and take multiple years of research.

“When I got to the company, we killed almost all of what I call the moonshot projects,” said Breen while speaking at the Bernstein Strategic Decisions Conference in May.

Breen replaced Ellen Kullman as CEO in 2015, following a battle with investor Nelson Peltz, which was largely over the size of the venerable company’s significant investments in R&D.

One project Breen cited as too large and too risky was the company’s $225 million endeavor to produce ethanol from corn stalks. DuPont in 2017 put up for sale the project’s center of operations in Iowa.

Breen submitted a plan to the company’s board in early May, which laid out its leaner R&D efforts.

“Most of our projects now are $10, $20, $30 million,” he said. “They’re safe. It’s hard to blow those. It’s easy to track them. They’re just less risky.”

DuPont facilities director Chris Koelsch on Friday describes multiple renovations planned for the DuPont

DowDuPont formed last August after a $150 billion merger between Delaware-based DuPont and Michigan’s Dow Chemicals. In May, the company reported net sales for the first quarter of 2018 at just over $21.5 billion, up 5 percent from the two companies operations a year earlier.

By 2019, three companies will be formed from the merged entity. First to leave will be the company’s Material Sciences Division around April of next year. It will be headquartered in Michigan.

The Specialty Products and Agriculture divisions, both of which will be based in Delaware, will separate shortly thereafter.

Specialty Products will be given the name DuPont, while agriculture will be called Corteva Agriscience.

Prior to the split, Materials and Agriculture each is shedding over $1 billion in costs, with Specialty’s expected savings to come in just under $1 billion.

The company has not revealed who might lead the new companies. Doyle, who is the head of Specialty Products, declined to say if he will become CEO of the new DuPont.

“We’ll see. I’m just focused on trying to get the company set up for success,” he said.

Asked about which companies will take on DuPont’s billions of dollars in pension liabilities, Doyle said, “We’re working on it.”

“It’s a really important subject and we’ll have more to say later this year,” he said.

Contact Karl Baker at kbaker@delawareonline.com or (302) 324-2329. Follow him on Twitter @kbaker6.

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Adesis Grows Business and Expands its Fundamental Chemistry Capabilities in Delaware

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Adesis Grows Business and Expands its Fundamental Chemistry Capabilities in Delaware

Partnering with The Innovation Space™

11 DECEMBER, 2017

New Castle, Delaware – 

Adesis, Inc., a wholly-owned subsidiary of Universal Display Corporation (Nasdaq: OLED), today announced that it will open a new suite of state-of-the-art laboratories in Delaware and expand its organic chemistry team and R&D programs. This additional footprint is expected to help drive growth opportunities in areas including next-generation OLED (organic light emitting diode) emitter and host materials and meet the growing demand for the Company’s custom organic synthesis, research & development, and specialty manufacturing services. Adesis also announced that it became a sponsor of The Innovation Space™ and joined its entrepreneurial innovation community. Working with The Innovation Space™, Adesis signed an agreement for approximately 7,000 square feet of laboratory space at the Experimental Station in Wilmington, Delaware. The new suite of laboratories, which includes additional ancillary work and meeting space, is expected to augment Adesis’ on-going operations and recently-purchased 47,500 square feet headquarter building in New Castle.

“Delaware is home to a number of great chemical and manufacturing companies like Adesis, who are committed to making a world-class product with a great local workforce,” said U.S. Senator Christopher Coons (D-Del.). “I am delighted to see Adesis and their parent company UDC grow in Delaware as they expand their market reach and product offerings to more users around the world.”

“We are pleased to announce our expanding footprint and increased investment to further boost research, innovation and job opportunities in Delaware,” said Andrew Cottone, President of Adesis, Inc. “As a leading organic synthesis CRO (contract research organization), we are adding to and extending our discovery services and process development capacity for customers across the pharmaceutical, chemical, biomaterials, and catalysts industries. We are enhancing our productivity and effectiveness by streamlining the technology transfer and optimizing the workflow from basic research to specialty manufacturing. Furthermore, by co- locating in our New Castle headquarters and the Experimental Station, we believe that we are building a world-class technology and manufacturing hub to support our customers from innovation to commercialization.”

“Adesis continues to invest in Delaware, and we are thrilled that the company will bring its long track record of innovation to The Innovation Space™,” said Governor John Carney. “We partnered with DuPont and the University of Delaware to create The Innovation Space™ to foster growth of early-stage scientific- based companies, and encourage collaboration among Delaware’s most talented innovators. The addition of Adesis will support that mission, and we’re thankful for the company’s continued partnership.”

This recent expansion by Adesis was rapidly enabled by the seamless cooperation of the Delaware government and business leaders who have fostered a robust scientific ecosystem.

“The Innovation Space™ is pleased to be able to support the growing needs of Adesis and accelerate its business forward right here in Delaware,” said Bill Provine, CEO of The Innovation Space™. “Adesis will be a great new member of our science-based innovation community, and we look forward to working with them to further capitalize on the strengths of our new entrepreneurial ecosystem.”

Adesis has also been assisted by the newly formed Delaware Prosperity Partnership (DPP). The DPP was recently created by Delaware as a public/private partnership to accelerate economic development efforts.

“It has been a pleasure working with Andrew Cottone and Adesis to help facilitate their Delaware expansion, both in New Castle and at The Innovation Space™,” said John Riley, Interim CEO of the DPP. “This would have been difficult to accomplish had the State, DuPont, and the University of Delaware not set the foundation for success with the formation of The Innovation Space™ earlier this year.”

About Adesis, Inc.

As a wholly-owned subsidiary of Universal Display Corporation, Adesis, Inc. is a contract research organization (CRO) supporting the pharma, biotech, catalysis and a number of other industries. The CRO specializes in organic and organometallic synthesis, in milligrams to multi-kilogram quantities. Adesis has a business model of providing clients with organic chemistry services in three areas: early stage research, scale up and development, and specialty manufacturing. With over 20 years of success and approximately 60 chemists with extensive industry and professional experience, Adesis supports companies in various industries with small molecule organic chemistry expertise. Adesis provides a range of services that can supplement research and development efforts. It can also act as a specialty manufacturer to reinforce supply chains. To learn more about Adesis, please visit http://adesisinc.com/.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. To learn more about Universal Display Corporation, please visit http://www.oled.com.

About The Innovation Space™

As home to one of the nation’s first and most successful entrepreneurial ventures founded by Eleuthére Irenée du Pont in 1802, Delaware’s legacy of transformational scientific innovation continues with the establishment of The Innovation Space™ in 2017. The organization is a vital resource in the scientific startup ecosystem and is a non-profit, public-private partnership that offers multi-dimensional, resource-rich support for scientific entrepreneurs at the Experimental Station campus in Wilmington, Delaware. The Innovation Space™ offers a centric location and proximity to world-renowned research institutions, global multi-national corporations and a thriving scientific innovation community. More information is available at www.innovationspace.org.

About Delaware Prosperity Partnership

The Delaware Prosperity Partnership (DPP) was formed in 2017 as a private entity to lead the state of Delaware’s economic development efforts. Establishment of this private entity was a critical step to enhance the state’s ability to attract, grow and retain companies; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent.

This initiative brings together the resources, commitment, and energy of both public and private sectors and is charged with certain tasks related to economic development. As Delaware faces a more competitive environment and intense global competition for businesses, the DPP will provide the strategic direction for the state’s economic development activity by tapping private sector expertise and resources to work in conjunction with the state.

All statements in this document that are not historical, such as those relating to the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED and CRO market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward- looking statements in this document, as they reflect the Company’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s annual report on Form 10-K for the year ended December 31, 2016. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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DuPont to Invest $200 Million in Experimental Station

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DuPont to Invest $200 Million in Experimental Station

9 JANUARY, 2017

DuPont will spend $200 million to modernize and upgrade the Experimental Station, its 114-year-old research facility in Alapocas, Chief Executive Officer Ed Breen said Monday night.

Renovations will add enhancements to the Experimental Station’s lab space along with the construction of collaboration centers for DuPont customers and suppliers. Breen said DuPont will also set aside space for third-party science companies.

“We really want to use it as an incubation center,” Breen said.

Breen’s remarks came at the Delaware State Chamber of Commerce’s 180th annual dinner, held at the Chase Center on the Riverfront. The evening also included the presentation of the Josiah A. Marvel Cup to healthcare advocate Carroll Carpenter.

DUPONT COVERAGE: Read about what led up to the Dow-DuPont merger

STORY: Chemours to stay in ‘revitalized’ Wilmington HQ

A handful of other companies already occupy some space at the 150-acre facility. Chemours, a DuPont spinoff, and Hygenia, a life sciences company that purchased DuPont’s food safety diagnostics business last month, lease space at the Experimental Station. Breen said the Dow Chemical Co. will also have workers at the research center after it completes a proposed $130 billion merger with DuPont.

 

“It’s a great environment for collaboration,” Breen said, adding DuPont will continue to predominately occupy the Experimental Station.

Once Dow and DuPont consolidate, the newly merged company will split into three separate businesses. Two of those new companies — with focuses on agriculture and specialty products — will be based in Delaware. A third company in the material sciences industry will be based in Dow’s hometown of Midland, Michigan.

 

Breen said the two new companies will have a large presence in the Experimental Station after the spinoffs. Combined, the two Delaware-based spinoffs are expected to generate more revenue than the existing DuPont, according to Securities and Exchange Commission filings. The Agriculture business will have about $20 billion in revenue, while specialty products will produce $13 billion in revenue.

Breen was bullish on the new companies saying they will be “must-own stocks.”

Sen. Tom Carper said DuPont’s investment will encourage research and collaboration in Delaware.

“This site even provides an opportunity for former DuPont researchers and scientists to have a modernized space to do research and build companies of their own,” Carper said.

Built in 1903, the Experimental Station is the birthplace of DuPont’s most profitable products, including Nylon, Kevlar, Tyvek, and the world’s first synthetic rubber, Neoprene. About 2,000 workers are at the site, including some who work in administrative and other functions.

 

Last January, DuPont laid off about 200 scientists at the Experimental Station’s Central Research and Development division. The layoffs were part of a massive round of job cuts at DuPont that totaled about 1,700 Delaware positions.

At the time, Doug Muzyka, senior vice president and chief science and technology officer at DuPont, said the layoffs were “the next step in the evolution of corporately funded R&D at DuPont.”

Separately, Breen announced that DuPont will spend $1.7 billion in research and development in 2017. DuPont spent about $1.6 billion on research in 2016, according to the company’s regulatory filings.

“We are going to inch it up next year,” he said.

Breen said that 2016 was a strong year for DuPont innovation and resulted in a 250 percent improvement in the company’s gross margins compared to 2015’s numbers. The company unveiled 660 new products, including an above-ground insect repellent that Breen said was the most rapid new product launch in the company’s history.

Other innovation investment plans include a $100 million expansion of the company’s probiotics line and the sale of Tyvek at Lowe’s Home Improvement stores nationwide.

“I’m really excited about our plans for 2017,” Breen said. “You are going to see more announcements from DuPont.”

This article was originally posted on the Delaware Business Times at: https://www.delawareonline.com/story/news/2017/01/09/breen-dupont-invest-200m-experimental-station/96372908/

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