May 7, 2021 –

In early 2020, businesses throughout Delaware, and around the globe, braced for what would become a worldwide pandemic. Andrew Cottone, PhD, President of Adesis, Inc., realized early on that his company, like so many others, was in for a marathon, not a sprint.

Cottone’s primary mission for Adesis, a rapidly growing contract research organization (CRO), was to keep the team safe.  His meticulous attention to employee safety enabled business continuity and has positioned Adesis to exit the pandemic stronger than when they entered it. “Our focus on keeping people safe — and growing the company — during COVID-19 is a tribute to everyone at Adesis,” Cottone said.

Upshifting and Downshifting through the Ebb and Flow of COVID-19

Adesis is a fully U.S.-based CRO, nationally recognized for turning difficult whiteboard chemistry concepts into physical products. It’s also a growing chemical manufacturer and an R&D chemical company. Cottone refers to Adesis clients as a Who’s Who in pharma, biotech, material science, agriculture, ophthalmology and virtual biotech.

The New Castle-based company found itself upshifting and downshifting in 2020 through the ebb and flow of COVID-19. They scaled down from four shifts and 16-hour days seven days a week to three shifts and 14-hour days five days a week, then back up again.

Working remotely wasn’t a feasible option for most of Adesis’ now approximately 140 lab-based employees and contractors (the company surpassed its Delaware Strategic Fund Grant goal to reach 120 employees by the end of 2020). Being in a chemistry lab though, may be one of the safest places to work in a pandemic. 

As scientists, the team’s standard lab attire already included Personal Protective Equipment (PPE) such as goggles, lab coats and gloves. Masks were added to complete the COVID-19 ensemble.

Lab environments require sophisticated HVAC technology, so Adesis was already ahead of the curve. They rebalanced the filtration system to increase air flow and change over the air every five minutes instead of every ten. They hired on-site nurses, staggered shifts, instituted nightly cleanings, practiced mock decontaminations and engaged Delaware’s own ChristianaCare for virtual employee check-ins.

Adesis even produced its own hand sanitizer and made it readily available — along with masks — to employees and their families. They also donated hand sanitizer and masks to first responders.

“Doing all of this fit our mission and, quite simply, it was the right thing to do,” said Cottone. “Adesis is so much more than doing research and running a great chemistry operation. We take care of one another.”

6 Ways Adesis Grew During the COVID-19 Pandemic:

What may have set Adesis apart in its approach to ensuring business continuity in the midst of a pandemic was its CV-19 Leave Code. If an employee was concerned about coming to work due to anything associated with either the biology or stress of COVID-19, they had the option to stay home — with pay.

“COVID-19 was, and still is, as much a psychological event as a biological one,” Cottone believes. “We didn’t want any of our employees to worry about job security on top of health needs. We wanted our people to feel comfortable coming in to work knowing that Adesis was listening and doing everything possible to help them stay safe.”

Instead of seeing the leave code as an “opt-out” policy that permitted people not to come to work, Adesis employees embraced it as an “opt-in” benefit that made people want to come to work because of the safeguards and support that were in place – and it worked. At no time during the pandemic did Adesis attendance drop below 91%. They are now back to full staff participation.

“Our folks opted-in in overwhelming numbers,” Cottone said.

By ensuring an environment where staff felt comfortable coming to work, not only was Adesis able to maintain business continuity, they grew. Adesis serves as the de facto extended research arm of its parent company, Universal Display Corporation (Nasdaq: OLED), as well as for partners in both pharma and biotech whose labs were closed while Adesis remained open.

The Speed of Delaware

“Delaware is a great place for chemistry,” said Cottone of the state’s intense concentration of PhD and advanced-degree scientists. “I like to call it the DNA of Delaware. A nimbleness and can-do attitude, coupled with talent and skill set to solve next-generation problems.”  

A few years ago, Adesis was able to build and implement 5,000 square feet of lab space in just six months thanks to the speed of Delaware, facilitated with help from Delaware Prosperity Partnership and permit collaboration by the state, New Castle County Government, OSHA (Occupational Safety and Health Administration) and DNREC (Delaware Natural Resources and Environmental Control). 

That support also made it possible for Adesis to move into the Delaware Innovation Space at the Experimental Station just six weeks after signing a contract — and that timeframe included the busy season between Thanksgiving and the end of the year. 

“That’s the 21st century speed of Delaware,” said Cottone. “The speed of Delaware works well with the intensity of Adesis, where we like to move faster than anybody else.”

And then there are Delaware’s advantages as a great place to live, work and play.

“The lower cost of living without compromising quality is what I love about Delaware,” Cottone said. “Our children are getting a great education, there are plenty of outside activities and easy transportation by road, train or air to get where we want to go. Plus, we have beaches and ‘almost’ year-round golf!”

Consistency, Transparency and Ability to Act Rapidly

While the past is full of valuable lessons, Cottone spends his days thinking about where Adesis is headed. Thanks to their success in navigating COVID-19, the company has a strong business continuity plan in place to face future challenges — which his team regularly reviews and updates.

“The COVID-19 pandemic has impacted the world we live and work in. In a blink of an eye, we had to adapt to the changing environment around us,” he said. “Consistency, transparency and the ability to act quickly. It worked, and we would do the same again.”

What’s next for Adesis after safely growing during a pandemic?

“For starters, more manufacturing in Delaware,” said Cottone. 

That anticipated growth will be guided by the company’s new Chief Operating Officer, Helen Stimson, past president of the Delaware BioScience Association. Cottone said Stimson’s business acumen nicely complements the company’s scientific acumen and places Adesis on a trajectory to increase scale and quality. They also plan to expand into specialty chemistry with larger reactors to better serve clients.

Cottone joins Delaware’s delegation in supporting the move of local chemical supply and feels it is imperative for companies like Adesis to answer that call in preparation for the possibility of a future pandemic.

“Keep an eye on Adesis,” said Cottone, who believes that the next five years will be a great growth story for the company. “We are committed to growing, and we plan to do it here in Delaware.”

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April 12, 2021 –

On the University of Delaware campus, College Avenue runs past red brick buildings and into downtown Newark. There is a College Avenue near both Swarthmore College and Pennsylvania State University. But the path to higher ed extends beyond the maps of university towns.

College Ave Student Loans is a Wilmington, Delaware-based private lender offering loans for undergraduate and graduate education. The company’s name tells it like it is. “We wanted to leave no confusion as to what we offered,” explains Joe DePaulo, CEO and co-founder, who understands that most people shop for loans online. 

The company, founded in 2014, has carved out a niche in the marketplace. The website’s user-friendly interface boasts easy-to-understand language and graphics. As a result, College Ave simplifies what many view as a complicated process. 

The approach has been a success. While DePaulo won’t disclose how many customers College Ave currently serves, he shares that the figure has six figures. 

Today, the company has more than 60 employees. And in many respects, College Ave represents the next wave of businesses in Wilmington’s celebrated financial sector.

College Ave Born in a Financial Hub

The student loan industry is a small sector in and of itself, especially when compared to car and home loans and credit cards, DePaulo notes. 

There are two sources: federal and private loans. The former provides the bulk of Americans’ student loans. However, these funds rarely cover all of the costs. About 10% of student loans are from private lenders, DePaulo says.

In either case, applying for a loan is a jargon-laden process that does not become more familiar over time. While people may apply for a car or home loan throughout their lives, most only need a student loan for themselves or their children. DePaulo noted the complexity while filling out his student loan papers — and he’s well-versed in finance.

The Scranton, Pennsylvania, native previously worked for MBNA, the credit card giant purchased by Bank of America in 2006. After leaving MBNA, he started his own consumer finance company, which was acquired by Sallie Mae. As the CFO of Sallie Mae, DePaulo helped engineer the spinoff of Wilmington-based Navient.

DePaulo saw the opportunity. What if a private lender took the stress out of securing a student loan? 

“We decided that we were going to focus on keeping the process simple, transparent and clear to allow the customer to feel like they have more control over the process and allow them to personalize the experience,” DePaulo explains. “We really are the only player in the industry that approaches the loan this way.”

Building a Customer Base

Having an idea is one thing. Marketing the service or product is another. College Ave covers the bases, including direct mail and digital marketing. Company representatives also build relationships with colleges that provide lender lists. 

Admittedly, any loan can lead to a negative experience between the parties if the customer does not repay it. College Ave works to nip that in the bud. 

“We try to prepare the customer as much as possible,” DePaulo says. “We emphasize that you are not borrowing money to go to college. You are borrowing it to get a degree — an asset you can use for the next 50 years. We keep reinforcing graduation, graduation, graduation.”

College Ave urges customers to consider their monthly payment after graduation.

“Believe it or not, that’s more important than SAT scores,” he says. “I know the exam scores are important — they get you into school. But the loan gets you through school and gets you out.”

The company also recommends that students begin paying back their loans while still in school. 

At Home in Delaware

Since DePaulo has been in the financial sector throughout his career, Delaware has been an excellent place to live, he says. But there are other reasons why he likes the state. 

“If you want an acre of land, you can have an acre of land,” he says. “If you want 10, you can have 10. You can live in the city, suburbia or a rural area. Travel is easy. Our mayor is friendly. Our governor is friendly.”

As the company grows, it will continue to reside in Delaware, partly due to the workforce. “Almost everyone in the company has come from the credit card industry, student loans or both,” he says. “The skillset for the credit card industry is the same skill set you need for student loans.”

He plans to add up to 20 more people in the next five years. “We try to give them a lot of responsibility,” he says of the team. “We recruit outstanding people, we compensate them well, and we keep them informed so they can make the company a bigger, better place.”

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April 5, 2021 – 

Securing a personal loan once required an in-person visit to a bank, lots of paperwork and days spent waiting by the phone. No longer. Best Egg’s customers can use their computer or smartphone to apply for a personal loan and, if approved, receive the loan proceeds in as little as one business day.

Best Egg — which conjures images of a nest egg and fiscal responsibility — specializes in fixed-rate loans for various purposes, including debt consolidation, home improvement projects, significant purchases and credit card refinancing.

The cleverly named brand belongs to Marlette Funding LLC, which in many ways represents the past, present and future of financial services in Delaware.

An Eye on Trends

Banking has a long history in corporate-friendly Delaware. Marlette Funding’s CEO, Jeffrey Meiler, previously worked for Barclays Bank and CitiGroup, longtime employers in the state.

Frank Borchert, the CAO and general counsel, has 20 years of financial services experience, including positions with JPMorgan Chase.

“Many of us have worked in traditional financial institutions at one point of our career,” Borchert says. “We believe that the movement of customers online is accelerating.”

Marlette Funding was founded in 2013, and Best Egg launched in 2014. At that time, many financial firms were mired in traditional approaches to technology and online services.

Marlette, however, embraced the public cloud and the latest engineering and design practices to serve customers better and maintain agility in an ever-changing market.

As a result, Best Egg created a seamless digital experience for customers who are financially sound but need to pay off debt, lower interest rates, decrease monthly payments or finance large purchases.

Online resource sites such as Credit Karma help drive traffic to Best Egg. The company has also placed Google ads and used direct mail.

People-Pleasing

Judging by the numbers, Marlette Funding is onto something. In the first five months of 2015, Best Egg exceeded 2014 loan originations of $383 million. In 2019, the company had a GAAP profit in the double-digit millions. Best Egg surpassed $11 billion in cumulative originations before the close of 2020.

That’s not to say the company eschews the need for bricks and mortar. In March 2020, Marlette Funding signed a long-term lease for 60,000 square feet of built-to-suit Class A office space in The Concord, a mixed-use community in the Wilmington suburbs.

Not surprisingly, the pandemic has affected the design. There will be room for social distancing, and Marlette Funding is paying particular attention to air quality.

The company currently has more than 200 employees in Delaware, and “we expect that number to continue to grow as we expand to serve our customers across the nation,” Borchert says.

Indeed, the deep talent pool is one reason why Marlette Funding is headquartered in the state, he notes. There is a wealth of people experienced in financial services, many of whom want to grow and develop.

Given that many West Coast fintech companies have opened Delaware locations, there is also an increasing number of people with skill sets specific to the sector. To further nurture Delaware’s tech talent, Marlette Funding has supported Zip Code Wilmington, a 12-week coding boot camp in Delaware that gives students technical, interpersonal and leadership skills.

Delaware also offers a high quality of life, particularly for families, he adds. The interest in the team’s welfare characterizes the lender. In 2020, Delaware’s News Journal newspaper named Marlette Funding the Top Workplace in Delaware for Midsize Companies.

Recently, the company received the Top Workplaces Award for ranking high in innovation and strong values. While employees have worked from home, they’ve participated in virtual cooking lessons, art projects and social hours led by senior leadership.

After gathering employee feedback on diversity, Marlette Funding remotely mobilized a cross-functional team to focus on education, awareness and action. The goal is to cultivate a diverse and inclusive atmosphere.

The company is also broadening its engagement to remain on top of customers’ needs. Ideally, Best Egg will expand through its consumer insights community, The Nest. The Nest enables Best Egg to connect with customers in a meaningful way and gain feedback and insights to improve and develop future products. A credit card is the newest addition to the toolbox.

“We want to make sure we are serving our customers,” Borchert says. “We believe we can continue to do so and grow in Delaware.”

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March 31, 2021 – 

Most would agree that Foresee Pharmaceuticals’ innovators possess foresight. The core product is a proprietary drug-delivery technology that controls a medication’s release over an extended period — from a few weeks to up to six months.

However, the clinical-stage pharma company’s name was inspired by the technology’s advantages: comfort, compliance, convenience and cure. In other words, four Cs.

Consider the company’s novel FP-001 program — Camcevi — a leuprolide mesylate injectable suspension (LMIS) for prostate cancer. Since patients need fewer injections, they’re more likely to be comfortable and compliant, says Dr. Yuhua Li, co-founder and vice president of research and development at Foresee. The treatment is more convenient, and it can lead to a better treatment outcome.

Global pharmaceutical companies appreciate the potential. Foresee recently entered into an exclusive license agreement with GenScience Pharmaceuticals for the commercialization of Camcevi in China. GenSci is a wholly-owned subsidiary of Changchun High-Tech Industry.

Foresee Pharmaceuticals – Located in Delaware. Focused on the World.

Foresee is based in Taiwan and Newark, Delaware. Why the First State? For one, Foresee spun off from Newark-based QPS, which began as Quest Pharmaceutical Services in 1995.

Located in the Delaware Technology Park, QPS has grown from three people to more than 1,170 in the United States, Europe, India and Asia. However, QPS founder Dr. Ben Chien wanted to explore more options.

In 2004, Li joined QPS to develop a drug-delivery technology and drug-discovery program. “Our original goal is to make good drugs better,” Li said.

In 2011, Foresee spun off from QPS and moved into the Delaware Technology Park incubator on the University of Delaware’s Science, Technology and Advanced Research (STAR) Campus. This location puts the company near major metropolitan cities, Li says. But there are other advantages to being in Delaware.

“It is definitely business-friendly, and it’s family-friendly,” said Li, who has lived in North Carolina, South Carolina and Colorado. “It has beautiful beaches. Also, another important thing, it does not have a sales tax.”

A Matter of Control

It is easy to see why global companies are interested in marketing Foresee’s ready-to-use subcutaneous injectable suspension. Because patients receive a consistent, prolonged medication delivery, they don’t require as many injections. As a result, patients become more compliant. The reduced administration, meanwhile, lowers administration costs. 

The controlled-release delivery decreases the risk of side effects, which can happen with dangerous spikes in drug concentrations. It also boosts efficacy because drug concentrations won’t drop too low. 

There are three- and six-month depot formulations. In both, a key ingredient is a biodegradable polymer that slowly degrades, letting the drug gradually enter the patient’s system. The technology works best with potent drugs, such as hormones, because patients need fewer injections. 

The technology has the potential to treat central precocious puberty, breast cancer and endometriosis, Li said. Foresee is also working on a delivery system for buprenorphine, which treats narcotic addiction. The extended-release formulation can help patients stick to a treatment schedule, which is often an issue with opioid addiction. They won’t need to visit the medical office as often.

Building Partnerships

Because Foresee is a clinical-stage pharmaceutical company, it relies on partners like GenSci to tackle the expensive endeavor of bringing products to market. “It’s complicated, and you need to have great resources to do it,” Li explains. “For a small company to build up the sales force — it’s a very tough task.” 

Time is critical. By the time a drug is ready for the marketplace, developers are deep into 10 years or more of a 20-year patent life, Li notes. A company with an established reputation and sales force can hit the ground running. Under the partnership terms, GenSci will cover all costs of development, registration and commercialization in the territory.

Foresee receives an initial $8 million upfront payment and a combination of regulatory milestones, technology transfer milestones and commercialization milestones, with payments totaling up to $123.85 million. Foresee will also receive a share of the product revenue in the territory. 

Foresee already has a European partner and is pursuing one in the United States. Presently, the company has about 40 employees, some of whom work virtually. As the company expands, Li hopes to tap talent at the University of Delaware.

“It’s a very good resource,” Li says, “and a very good environment.”

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March 12, 2021 – 

The COVID-19 pandemic has led to a lexicon of words and phrases that have quickly become commonplace. Consider “flatten the curve,” “mask up” and “shelter in place.” In business, companies receive kudos for their ability to “pivot.”

In reality, pivoting is another word for adapting, and even before the pandemic, it was the characteristic of a successful company. JPMorgan Chase is a prime example. The nation’s largest bank is also among Delaware’s largest employers, with close to 11,000 employees in the state.

Early on, JPMorgan Chase realized the value of Delaware’s strong financial services sector. In 2014, the company spent $44 million to buy a 58-acre parcel in Wilmington from AstraZeneca Pharmaceuticals, including a four-story 203,602-square-foot structure and three-story 153,949-square-foot facility. In 2015, after investing $185 million in renovations, JPMorgan Chase christened its state-of-the-art Delaware Technology Center on the site, which is zoned to allow an additional 800,000 square feet of office space.

JPMorgan Chase contributes to the community as well as to Delaware’s economy. In April 2020, for instance, JPMorgan Chase’s Delaware Market Leadership team committed $100,000 in funding to target immediate and medium-term local needs related to COVID-19. In 2019, the firm announced a $4 million investment over three years with Equitable Wilmington so more residents can share in the rewards of a growing economy. The funding will support affordable housing development, small businesses and community facilities in neighborhoods surrounding Wilmington’s Central Business District. 

Delaware Prosperity Partnership talked to Don Mell, Executive Director and Site Lead for JPMorgan Chase in Delaware, about the company’s continued growth in the state’s exploding fintech and financial services sector.

How challenging was it to adapt to the new normal during the pandemic?

We really pulled together as a team, our leadership and our entire employee base pulled together. I also give credit to Delaware. From day one, Governor John Carney recognized the importance of financial services in the state, and he made it easy for us to do our job safely. 

The mayor of Wilmington, the New Castle County executive and the governor were all on the same page. People in this area feel confident and comfortable with their leadership. All three have provided clear, consistent and transparent decision-making and leadership as events unfolded over the course of the past year.

You’ve been hiring. What’s driving the growth? 

If you think about it, this year has been so trying on people’s finances. Our customers need us now more than ever. 

On the retail side, we’ve been expanding with new branches so people can do their banking, so we are continuously hiring for that. We’re strong in the digital space as well. For example, we recently hired 30-plus graduates from Zip Code Wilmington, a nonprofit software-development training program. In other words, pumping the brakes is not a possibility for us.

What attracts talent to Delaware?

The proximity to D.C., Philadelphia, New York and other cities on the East Coast is obvious. People are also re-evaluating the benefits as well as the downside that a large metropolitan lifestyle presents and are seeing the advantages that smaller cities and communities offer. If you look at the cost of living, the value you get in Delaware is equal to or better than almost anywhere else on the East Coast. 

Anyone who can work from home can be in a family-friendly place and save money. It’s easier to get around here than in larger metropolitan areas. It’s easier to go out, and it’s easier to interact.

When it comes to talent, what do you need?

The need for us is still at all skill levels. We need entry-level, and we need executive-level. We have every line of business in this state, and the skillset for one might be quite different from the skillset for another. 

Things are progressing rapidly on the technological front because the pandemic has forced them to. We need to address technology and infrastructure as a company and as a country. Both need to be a priority not only for the state but also for our industry — and other industries. 

There’s a race to make sure there’s a tech talent pipeline and also to diversify that pipeline. We need to reskill and upskill people. We need to make sure higher education is doing its part, as well as nontraditional areas of learning, so we’re nimble. 

What is the future of the workplace?

We’ve learned a lot of lessons over the past year. The things we assumed six months ago are not necessarily true today. The workplace a year from now will not look like the workplace of a year ago, but it won’t look like it does now. You’re going to see office redesigns. People will always want to interact with other folks. The meaning of interaction has changed throughout this pandemic, and whether it’ll be in-person or not, and how soon, remains to be seen. But whatever the case may be, we will need collaboration to do it well. 

What is JPMorgan Chase’s approach to building community?

We’re very proud that per capita, we have as much volunteer engagement in this market as anywhere else in the country. We have a highly engaged employee base. We make an impact by thinking about people that aren’t as fortunate as we are.  And, we know how important it is to be strategic in our investments in community development.

We think it may be because Delaware’s size is one of its strengths; its size seems to enable a deeper and stronger sense of community in this company.

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