If collaboration was the foundation of Avid Radiopharmaceuticals, a conservative touch was the key to success for the Philadelphia-based developer of molecular imaging products. Avid’s deliberate approach is the trademark of co-founder and CEO Dr. Daniel Skovronsky, who was honored last week by Ernst & Young as 2009 Entrepreneur of the Year among emerging companies in Greater Philadelphia.
“He has an insatiable curiosity to learn, a very high level of energy and a good technical knowledge in the field of neuropathology,” says Alan Carpenter, VP of business of development, legal and regulatory affairs for Avid.
Avid is a clinical-stage product-focused molecular imaging company with expertise and intellectual property in the field of molecular brain imaging. The company has developed proprietary targeting agents to image amyloid plaques and is testing these compounds in clinical trials for the detection of Alzheimer’s disease. Avid is also developing novel agents involving Parkinson’s disease and diabetes.
In the past year, Avid has gone from one early stage program to three clinical stage programs, including the Alzheimer’s program, which is now in Stage 3. Avid’s staff has grown 25 percent to 34 employees.
“(Daniel) has been very conservative in terms of appropriately growing at a time when it’s needed and not overgrowing, staying appropriately staffed, being cautious with use of funds and not making the errors of those who have grown too fast,” says Carpenter.
With eight million people expected to be living with Alzheimer’s by 2030, Avid figures to play a significant role in efforts to curtail the disease by attempting to detect the Alzheimer’s before symptoms arise. In the next year, Avid hopes to advance its pipeline for other programs, hire key leadership in anticipation of commercialization and prepare a launch marketing strategy.
Source: Alan Carpenter, Avid Radiopharmaceuticals, Inc.
Writer: Joe Petrucci