Amyvid is 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.
Avid is currently located on the 7th floor of 3711 Market in Philadelphia, part of the Wexford Knowledge Community at the University City Science Center. Avid has occupied space within the Science Center for seven years.
History of Success
Since settling into its first offices at the University Science Center’s Port Business Incubator in 2006, Avid has expanded and has met with a high level of success in both product development and fundraising. Lilly bought the company in December of 2010 for an upfront payment of $300 million and conditional milestone payments of another $500 million.
Avid’s executives credit the collaborative environment of University City Science Center for providing the company with access to a Knowledge Community platform and the proximity to academic resources for research and human capital.
The Wexford/UCSC ownership team provided Avid with the flexibility and facility investment dollars to align their space expansion needs with their commercialization strategy.
In July 2009, Avid moved out of the incubator and into 16,000 square feet of HQ quality office and highly specialized laboratory development space. Avid expanded again in 2012 adding 8,750 square feet of space on the 7th floor of the building.
CEO, Dr. Daniel Skavronsky said Avid is very satisfied with its current location and the amenities offered by the University City Science Center. “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 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.”
“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.”
Daniel Skovronsky, M.D., Ph.D.
Founder and CEO