Overview
What is Bioadvance?
Bioadvance Dba The Biotechnology Greenhouse of Southeastern Pennsylvania, established in 2001, is a nonprofit organization based in Radnor, Pennsylvania. Funded with a portion of Pennsylvania's National Tobacco Settlement revenues, its primary mission is to promote human health by supporting biomedical innovation in the Southeastern Pennsylvania region. The organization invests in emerging life sciences companies and academic technologies, providing pre-seed and early-stage funding to help advance technologies to the next stage of development. As of June 31, 2022, Bioadvance has invested a total of $58.5 million in 104 companies, aiming to improve human health. The Greenhouse Program, launched two months after receiving a DCED grant, supports young companies with research, development, and commercialization activities, offering up to $1.5 million in funding. Bioadvance continues to support life sciences companies in the Southeastern Pennsylvania region and the surrounding Mid-Atlantic area.
Official website here: www.bioadvance.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 89% (Three-Star out of Four Stars)
Bioadvance, operating as The Biotechnology Greenhouse of Southeastern Pennsylvania, has received a solid Three-Star rating from Charity Navigator, reflecting a strong performance in accountability and finance. The high rating indicates that the organization adheres to best practices in governance, with 87% of its board members being independent and a well-structured oversight committee in place.
Strengths of the organization include comprehensive financial policies, such as a conflict of interest and whistleblower policy, which are fully listed and in compliance. Additionally, the lack of material diversion of assets and a favorable liabilities-to-assets ratio demonstrate fiscal responsibility and transparency. The organization also actively maintains documentation of board meeting minutes, enhancing its accountability.
However, while the program expense ratio is satisfactory at 64.44%, there is room for improvement in maximizing funds directed towards program services. Overall, Bioadvance appears to operate effectively, but stakeholders may look for increased program investment to further enhance its impact in the biotechnology sector.
This AI summary has been generated from information found on Charity Navigator.
Is Bioadvance legitimate?
Bioadvance is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bioadvance submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,217,384
Professional Fundraising Fees: $0
Other Salaries and Wages: $468,742
For more financial information, click here
Official website here: www.bioadvance.com
What is the mission statement of Bioadvance?
BioAdvance, established in 2001, was funded as one of three life sciences greenhouses using a portion of Pennsylvania's National Tobacco Settlement revenues. Its primary mission is to promote human health by fostering biomedical innovation in the Southeastern Pennsylvania region. Initially, BioAdvance invested $25 million from the grant funding for pre-seed and early-stage funding, aiming to advance technologies to the next stage of development and strengthen the region's capabilities in biomedical informatics and clinical trials. Since the initial grant funding expired, BioAdvance has continued to support emerging life sciences companies in the Southeastern Pennsylvania region and surrounding Mid-Atlantic region, focusing on technologies that can improve human health. As of June 30, 2022, BioAdvance has invested a total of $58.5 million in 104 companies and academic technologies.
Official website here: www.bioadvance.com
Who is the CEO of Bioadvance?
Shahram Hejazi is the CEO of Bioadvance The CEO's salary of Bioadvance is $346,373 and their total compensation is $404,477.
Official website here: www.bioadvance.com
What is the revenue of Bioadvance?
Bioadvance's revenue in 2024 was $7,128,753.
Official website here: www.bioadvance.com
Who are the executives of Bioadvance and what are their salaries?
The average compensation at Bioadvance during 2024 was $281,021. There are 6 employees and 8 volunteers at Bioadvance.
Here are 14 key members and their salaries (Bioadvance's CEO's salary is $346,373 and their total compensation is $404,477):
- Compensation: $346,373
- Related: $0
- Other: $58,104
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $347,954
- Related: $0
- Other: $57,289
- Compensation: $215,100
- Related: $0
- Other: $10,143
- Compensation: $23,333
- Related: $0
- Other: $0
- Compensation: $225,611
- Related: $0
- Other: $45,343
- Compensation: $141,121
- Related: $0
- Other: $16,830
Official website here: www.bioadvance.com
Where can I find the form 990 for Bioadvance?
Bioadvance's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.bioadvance.com
Learn more at the official website: www.bioadvance.com
Mission Statement of Bioadvance
Bioadvance Dba The Biotechnology Greenhouse Of Southeastern Pennsylvania was established in 2001 as one of three life sciences greenhouses funded with a portion of Pennsylvania's national tobacco settlement revenues. Its mission was, and continues to be, to promote human health by supporting biomedical innovation in the southeastern Pennsylvania region. Initially, Bioadvance dedicated $25 million of the original grant funding for pre-seed and early-stage funding. This investment aimed to help move technologies to the next stage of development and support initiatives intended to increase the region's strength in biomedical informatics and clinical trials.
Since the original grant funding was expended, Bioadvance has continued to support emerging life sciences companies in southeastern Pennsylvania and the surrounding Mid-Atlantic region. These companies are focused on technologies that aim to improve human health. As of June 30, 2022, a total of $58.5 million has been invested by Bioadvance in 104 companies and academic technologies, underscoring its commitment to fostering innovation and growth in the biotechnology sector. In summary, Bioadvance serves as a catalyst for biomedical innovation, providing crucial funding and support to companies with the potential to improve human health.
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Impact
July, 2024
Bioadvance Dba The Biotechnology Greenhouse Of Southeastern Pennsylvania has had a significant impact on promoting human health through its support of biomedical innovation in the Southeastern PA region. By investing $58.5 million in 104 companies and academic technologies since its establishment in 2001, Bioadvance has played a crucial role in advancing technologies aimed at improving human health.
Through its Greenhouse Program, Bioadvance provides funding for research, development, and commercialization activities to young companies, enabling them to progress and attract further investments from venture capital or industry partners. This support has not only helped these companies grow but has also contributed to the region's strength in biomedical informatics and clinical trials.
Overall, Bioadvance's continued support of emerging life sciences companies in Southeastern PA and the Mid-Atlantic region has had a tangible impact on advancing technologies that have the potential to positively impact human health, making it a key player in the region's biotechnology ecosystem.
This information is meant to be a general summary of Bioadvance. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $2,025,552
- Program Service Revenue: $1,876,935
- Gross Receipts: $20,995,767
Assets and Liabilities:
- Total Assets: $73,104,917
- Total Liabilities: $301,566
- Net Assets: $72,803,351
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET GAIN ON PROGRAM-RELATED INVES
Revenue
$1,876,935
Organization Details
Founding Year
2002
Principal Officer
Shahram Hejazi
Website
www.bioadvance.comNTEE Category
Code: O055 - Youth development
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