A small Delaware-founded business in the precision oncology sector has chosen to grow in Delaware with plans to more than double its current workforce.
Synnovation Therapeutics plans to create more than 40 new jobs to support its work to transform cancer treatment through the discovery and development of targeted small-molecule therapies. Since its 2021 founding by one of Incyte’s founding scientists, the company has operated at The Innovation Space just outside the City of Wilmington and steadily increased the size of its workforce.
The company aims to expand its team to 70-plus skilled professionals by creating 44 full-time jobs in Delaware through 2026. Positions will include chemists and other scientists along with operations, management and administrative personnel, each of whom will earn $100,000 or more annually.
Since its launch, Synnovation has rapidly advanced its portfolio of targeted oncology molecules. As a result, the company has positioned itself as a leader in innovative, patient-focused precision medicine that addresses significant unmet needs and improves patient outcomes.
Synnovation’s work also has enhanced Delaware’s reputation as a leader in life sciences innovation. The company’s precision oncology focus also aligns with the National Science Foundation Regional Innovation Engines Tech Hub designation of the Delaware-including Philadelphia region as a center for excellence in precision medicine.
“New Castle County has long been a hub of innovation and success in the pharmaceutical industry,” said New Castle County Executive Marcus Henry. “We are thrilled to support a thriving and dynamic ecosystem of large, medium and small businesses throughout the community.”
Delaware Prosperity Partnership has engaged with Synnovation to discuss the company’s growth and talent acquisition plans since 2022. On Monday, DPP supported the company’s request to the state Council on Development Finance for a Jobs Performance Grant of up to $438,000 from the Delaware Strategic Fund. Distribution of these grant monies is dependent on the company meeting commitments as outlined to the CDF, which reviewed and recommended Synnovation’s request.
“We look forward to our continued growth in Delaware and sincerely appreciate the state’s support of the innovation that drives our pursuit of improving outcomes for cancer patients,” said Synnovation CEO and Founder Wenqing Yao. “Delaware’s strong commitment to building a robust biotechnology ecosystem in the greater Wilmington area was a key factor in our decision to expand here.”