INSERTING and REPLACING University City Science Center Names New Board Chairman

PHILADELPHIA--(BUSINESS WIRE)--Insert as first sentence of third graph of release dated June 13, 2011: Carnaroli has served as Executive Vice President of Penn since 2004, reporting to the President as the University's most senior non-academic officer, with a wide-ranging portfolio.

“The Science Center team is well poised to leverage the financial, human and intellectual resources across our health systems, research institutions, corporations, investment community and governments to enhance science based economic development.”

The corrected release reads:

UNIVERSITY CITY SCIENCE CENTER NAMES NEW BOARD CHAIRMAN

Craig R. Carnaroli of the University of Pennsylvania has been elected Chairman of the University City Science Center’s Board of Directors. Carnaroli succeeds Richard P. Jaffe, Esq. of Duane Morris LLP, who stepped down after chairing the Board since 2002.

In addition, Kenneth J. Blank, Ph.D., Senior Vice Provost for Research and Graduate Education at Temple University, and James A. Datin, Executive Vice President and Managing Director, Life Sciences Group, Safeguard Scientifics, have been elected as Vice Chairmen of the Board.

Carnaroli has served as Executive Vice President of Penn since 2004, reporting to the President as the University's most senior non-academic officer, with a wide-ranging portfolio. Carnaroli leads a diverse portfolio of business units contributing to the financial health, efficient operations and quality of life at Penn, including the transformative Penn Connects campus plan; real estate development; a long-range environmental sustainability initiative; and community development initiatives in public safety and local hiring, purchasing, and procurement. His financial stewardship led to improved outlook and long-term credit ratings issued by Moody's Investors Service and Standard and Poor’s.

Carnaroli, a director of the Science Center since 2005, also serves on the board of the following Philadelphia organizations: University City District (Chair), Philadelphia Industrial Development Corporation, Penn Medicine, and The Connelly Foundation.

Carnaroli joined Penn in 2000 as Vice President and Treasurer, after serving as Vice President, Municipal Securities Division of Merrill Lynch. He is a graduate of Penn’s Wharton School with a Bachelor of Science in Economics and received a Master’s in Business Administration from Stanford University Graduate School of Business.

“I am honored and excited to serve as Chair of this committed board of Philadelphia leaders devoted to serving a terrific organization,” said Carnaroli. “The Science Center team is well poised to leverage the financial, human and intellectual resources across our health systems, research institutions, corporations, investment community and governments to enhance science based economic development.”

In addition to Carnaroli and Blank, the following directors were re-elected to the Science Center Board:

• Christopher M. Cashman, CEO, n-versx Pharmaceuticals
• Glen N. Gaulton, Ph.D., Executive Vice Dean and Chief Scientific Officer, University of Pennsylvania School of Medicine
• Osagie O. Imasogie, Senior Managing Partner, Phoenix IP Ventures
• Richard P. Jaffe, Esquire, Partner, Duane Morris LLP
• Carl Kopfinger, Senior Vice President, TD Bank
• Kenneth L. Kring, Managing Director, Korn/Ferry International
• Arthur H. Rubenstein, MBBCh, Executive Vice President, University of Pennsylvania for the Health System; Dean, University of Pennsylvania School of Medicine
• Stephen S. Tang, Ph.D., MBA, President and CEO, University City Science Center

About The Science Center

The University City Science Center accelerates technology commercialization, regional economic development, and the market availability of life-enhancing scientific breakthroughs by bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities, and business services. Established in 1963 and headquartered in Philadelphia, PA, the Science Center was the first, and remains the largest, urban research park in the United States. Graduate organizations and current residents of the Science Center’s Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually. For more information about the Science Center, go to www.sciencecenter.org.