CET Top Biotech Incubator in Revenue Growth
St. Louis Business Journal
January 31st, 2003
The Center for Emerging Technologies has been named one of the top 10 incubators in the country by the National Business Incubation Association.
The designation was based on a performance survey of 79 technology incubators nationwide."The support systems being built in St. Louis ar really good," said Dinah Adkins, president and chief executive of the association. "You have to look at the whole atmosphere - the support for entrepreneurship in the community and links to venture capital."
The Center for Emerging Technologies (CET) ranked first in average revenue growth. Among the 19 incubators with a biotechnology/ biomedical focus included in the survey.
In the most recent quarter, CET's tenants received $27.5 million in venture capital investments, corporate contracts and research grants, bringing the total raised since the center opened in 1998 to nearly $248 million."We were fortunate in having some companies early on that were successful," said Marcia Mellitz, the center's president. Relationships with Washington University, as well as Saint Louis University and the University of Missouri, also have been critical to the incubator's success, Mellitz said.
Companies at the center are working with more than 40 faculty members at Washington University. With 75 patents issued to its 14 tenant companies, the CET ranked third in terms of number of patents held. The center's companies also have a total of 175 patents pending. CET tenants employ 148 people, up from 140 people at the end of fiscal 2002. With the increase, the CET ranks ninth in average employment growth among the 19 biotech incubators. Since opening, CET has helped start 17 companies, three of which have graduated -- DNA Polyerase, Gateway Analytical, and Celox Networks.