Bioadvance
- Assets
- $81.9m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 6
- Location
- Radnor, PA
- Founding
- 10/2002
- Data as of
- 06/2023
- EIN
- 46-0481876
Organization Overview
Bioadvance, operating under the name The Biotechnology Greenhouse Of Southeastern Pennsylvania Pennsylvania, is located in Radnor, PA. The organization was established in 2002. According to its NTEE Classification (O05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Youth Development and related organizations. As of 06/2023, Biotechnology Greenhouse Of Southeastern Pennsylvania Pennsylvania employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Biotechnology Greenhouse Of Southeastern Pennsylvania Pennsylvania is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Biotechnology Greenhouse Of Southeastern Pennsylvania Pennsylvania generated $1.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (32.4%) each year. All expenses for the organization totaled $2.5m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
BIOADVANCE WAS ESTABLISHED IN 2001 AS ONE OF THREE LIFE SCIENCES GREENHOUSES FUNDED WITH A SHARE OF PENNSYLVANIA'S NATIONAL TOBACCO SETTLEMENT REVENUES, TO PROMOTE HUMAN HEALTH BY SUPPORTING BIOMEDICAL INNOVATION IN THE SOUTHEASTERN PA REGION. BIOADVANCE DEDICATED $25 MILLION OF THE ORIGINAL GRANT FUNDING FOR PRE-SEED AND EARLY-STAGE FUNDING TO HELP MOVE TECHNOLOGIES TO THE NEXT STAGE OF DEVELOPMENT AND TO SUPPORT THE INITIATIVES INTENDED TO INCREASE THE REGION'S STRENGTH IN BIOMEDICAL INFORMATICS AND CLINICAL TRIALS. SINCE THE ORIGINAL GRANT FUNDING WAS EXPENDED, BIOADVANCE CONTINUES TO SUPPORT EMERGING LIFE SCIENCES COMPANIES IN SOUTHEASTERN PA AND THE SURROUNDING MID-ATLANTIC REGION THAT ARE FOCUSED ON TECHNOLOGIES TO IMPROVE HUMAN HEALTH. AS OF JUNE 30, 2023, A TOTAL OF $67.0 MILLION HAS BEEN INVESTED BY BIOADVANCE IN 106 COMPANIES AND ACADEMIC TECHNOLOGIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GREENHOUSE PROGRAM - THE CORNERSTONE OF BIOADVANCE INVESTMENT ACTIVITIES - WAS LAUNCHED TWO MONTHS AFTER RECEIVING THE DCED GRANT. THE PROGRAM FUNDS YOUNG COMPANIES FOR RESEARCH, DEVELOPMENT AND COMMERCIALIZATION ACTIVITIES THAT WILL PROVIDE ENOUGH PROGRESS TO ENABLE THEM TO ATTRACT VENTURE CAPITAL OR AN INDUSTRY PARTNER. INDIVIDUAL COMPANIES ARE ELIGIBLE TO RECEIVE UP TO $1,500,000 WHICH OFTEN IS DISBURSED AS MILESTONES ARE ACHIEVED, UNLESS THE CAP IS INCREASED BY THE BOARD. THE INVESTMENTS ARE IN THE FORM OF EQUITY OR A NOTE THAT CONVERTS INTO EQUITY UPON A SPECIFIED MINIMUM SIZE OF DOLLAR FUNDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shahram Hejazi CEO & Managing Director | OfficerTrustee | 32 | $329,086 |
Stephen D'ettorre Director (thru 12/22) | Trustee | 0.5 | $0 |
Philip Gerbino Pharmd Director | Trustee | 0.5 | $0 |
John Gill Director | Trustee | 0.5 | $0 |
J Larry Jameson MD PHD Director | Trustee | 0.5 | $0 |
Lauren Lenfest Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,352,745 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,352,745 |
| Total Program Service Revenue | -$1,090,523 |
| Investment income | $1,226,804 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $174,383 |
| Net Rental Income | $10,500 |
| Net Gain/Loss on Asset Sales | -$87,617 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,586,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $999,049 |
| Compensation of current officers, directors, key employees. | $78,776 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $632,130 |
| Pension plan accruals and contributions | $10,872 |
| Other employee benefits | $53,939 |
| Payroll taxes | $76,786 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $62,418 |
| Fees for services: Accounting | $48,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $148,497 |
| Advertising and promotion | $0 |
| Office expenses | $11,286 |
| Information technology | $31,126 |
| Royalties | $0 |
| Occupancy | $244,154 |
| Travel | $2,690 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $300 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,861 |
| Insurance | $76,975 |
| All other expenses | $10,579 |
| Total functional expenses | $2,508,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,824 |
| Savings and temporary cash investments | $17,037,823 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $366,043 |
| Net Land, buildings, and equipment | $6,442 |
| Investments—publicly traded securities | $26,908,073 |
| Investments—other securities | $0 |
| Investments—program-related | $37,436,064 |
| Intangible assets | $0 |
| Other assets | $187,288 |
| Total assets | $81,948,557 |
| Accounts payable and accrued expenses | $349,090 |
| Grants payable | $0 |
| Deferred revenue | $4,067,595 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $188,995 |
| Total liabilities | $4,605,680 |
| Net assets without donor restrictions | $77,342,877 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $81,948,557 |