Health Care REIT Inc., based in Toledo, Ohio, will finance the construction of the building, which began this month. That publicly traded real estate investment trust paid $2.4 billion to acquire Genesis' assets in April.
In fact, Monday's announcement was telegraphed somewhat by Health Care REIT's Nov. 3 conference call in which chief executive officer George L. Chapman mentioned that the board of directors had "a great meeting with Rich Miller, who is the CEO of the Virtua system."
When the new rehab center opens (which could be as early as late 2012), it will join two other Genesis properties in Voorhees: Kresson View Center and Voorhees Center, both skilled-nursing centers. Genesis said it planned to maintain all three but provide different services by specializing in certain clinical areas.
After Zelos
Azelon Pharmaceuticals Inc., of West Conshohocken, which raised $4.5 million recently, wasn't a company name I recognized.
But Azelon has emerged from the ashes of Zelos Therapeutics Inc., which had been working on treatments for osteoporosis and had raised tens of millions of dollars from venture capital firms.
Palo Alto, Calif.-based Prospect Venture Partners led this latest financing round. Azelon president and CEO Joan M. Lau said the money will be used for a Phase IIa study of ZT-034, a nasal-
spray formulation of a com-
pound called teriparatide.
Lau, who succeeded Brian MacDonald as CEO in September, most recently had been CEO of Locus Pharmaceuticals Inc., a Blue Bell drug-discovery firm that folded earlier this year.
Zelos moved its U.S. headquarters from Waltham, Mass., to West Conshohocken in 2005, when MacDonald was hired as its CEO. MacDonald, a former SmithKline Beecham executive, remains a senior clinical adviser to Azelon.
