What to Know
- Chemist Ellington Beavers was forced into mandatory retirement at age 65 in 1981, but wished to continue his work.
- Arcadia University's president at the time agreed to let Beavers work in the school's labs. Over the next 2 decades Beavers founded Biocoat.
- Biocoat was sold to 1315 Capital in December and Arcadia received a check for $8.6 million — the college's largest single gift.
A decades-old agreement between a Philadelphia-area college and a retired chemist has led to $8.6 million for Arcadia University.
Chemist Ellington Beavers was forced into mandatory retirement at age 65 in 1981, but wished to continue his work. The Philadelphia Inquirer reports Beavers wrote to several universities and Arcadia University's president at the time agreed to let him work in the school's labs.
Beavers conducted research at Arcadia's Boyer Hall for over two decades, later founding medical device coating company Biocoat and promising a percentage of proceeds from the eventual sale of his company to Arcadia.
Biocoat was sold to 1315 Capital in December and Arcadia received a check for $8.6 million — the college's largest single gift.
Beavers officially retired in 2003 and died in 2015.
