Archives For Biotech Tax Credit

Credit MEDICA 2013

Credit MEDICA 2013

A growing number of firms in the medical device industry call Maryland home. But this week, a select group has ventured across the globe to participate in MEDICA, the world’s leading trade fair for medicine and medical technology.

Between Nov. 20 and Nov. 23, international medical market leaders, including 4,641 exhibitors from 66 countries, are descending on Dusseldorf, Germany for a range of MEDICA events. The BioMaryland Center, through the Maryland Department of Business and Economic Development, is a state exhibitor, promoting Maryland’s medical-friendly business environment and also sponsoring attendance from participating companies.

“It really is a global event. We’re going to have probably over 150,000 visitors to our state booth,” said Carey Esslinger, regional manager over Europe, Russia, FSU, Latin America and the Balkans for Maryland DBED.

Maryland companies in attendance include Harmans-based AIV Inc.; Hanover-based BTE Technologies; Ijamsville-based BioAssay Works, LLC; Frederick-based BioElectronics Corporation; Annapolis-based Compass Languages; Westminster-based ImmunO4; Bethesda-based Dimetek Digital Medical Technologies Ltd.; Landover-based Man & Machine, Inc.; Germantown-based Medispec Ltd.; Rockville-based Tetracore, Inc.; and Pasadena-based Moss Inc.

Roughly half of the companies are showing in the Maryland booth, while others have “graduated” to become individual exhibitors, Esslinger said.

In recent years, Maryland’s participation in the show has planted the seeds for exporting agreements and foreign investment deals.

“It’s a perfect platform for Maryland companies looking to expand their sales internationally,” Esslinger said. “We have a number of Maryland companies attending the show this year, including manufacturers such as Man & Machine, who design water-proof keyboards used in hospitals, and Tetracore, which has developed a field testing kit for biological agents.”

The state, now considered a regular on the show floor, has developed a global reputation.

“Maryland’s strengths—such as proximity to federal facilities like the FDA, state of the art medical institutions like Johns Hopkins University and a highly educated workforce—are recognized and respected internationally,” he said.

Credit MEDICA 2013

Credit MEDICA 2013

Credit MEDICA 2013

Credit MEDICA 2013

The second annual InvestMaryland Challenge is in full swing. If your business is in need of a jump start, check out this site for more information about the national business competition. The Challenge offers applicants free admission to networking events, social media promotion, scoring and feedback from judges, exposure to venture capital firms and angel investors and the chance to compete for more than $600,000 in prizes. Winners of the Life Sciences, IT, Cybersecurity and General Industry categories will each win $100,000 awards. Others will take home smaller grants, incubator space, consulting services and other cash and in-kind prizes. Applications are due by Dec. 6.

Judges include a distinguished lineup of industry leaders and experts in a variety of fields. Meet a selection of judges below.

Meet The Judges:

IT-robDoub

ROBB DOUB

Robb Doub joined New Markets Venture Partners in 2003. Robb is the lead administrative partner and serves as a board director for eCoast Sales Solutions and Appfluent Technology, and is lead partner or board observer for K2 Global, Kroll Bond Ratings, Navtrak, Three Stage Media, CSA Medical and TidalTV. He also serves on the board of Egeen International and the Conflicts Advisory Board of the off-shore hedge funds.

IT-daphneDufresneDAPHNE DUFRESNE

Daphne Dufresne joined RLJ Equity Partners from Parish Capital Advisors, where she was a Venture Partner managing the direct investment and co-investment program. Formerly, Ms. Dufresne was a Principal at Weston Presidio Capital with $3.4 billion of assets under management. She also served as Associate Director in the Bank of Scotland’s Structured Finance Group. Ms. Dufresne received her B.S. from the University of Pennsylvania and her M.B.A. from Harvard Business School.

LS_Christy_W_WyskielCHRISTY WILLIAMS WYSKIEL

Christy Williams Wyskiel is an entrepreneur and investor with 20 years of experience focused on the life sciences and healthcare industries. Previously, Christy was Managing Director at Maverick Capital, an equity hedge fund with $12 billion under management. She co-founded GrayBug, an ophthalmic drug-delivery company. In 2012, Christy joined the Johns Hopkins Alliance, a board charged with evaluating the commercial viability of research projects at JHU.

CS_Frederick_FerrerFREDERICK J. FERRER

Frederick J. Ferrer has over three decades of experience in the National Security, Intelligence Community (IC), Homeland Defense and Cyber. Mr. Ferrer holds a Master’s of Science in Strategic Intelligence from the National Intelligence University and serves in a number of leadership capacities, including the Maryland Commission on Cybersecurity Innovation and Excellence; National STEM Consortium Advisory Committee; and Chesapeake Regional Tech Council.

GEN_Deb_TillettDEBORAH TILLETT

As the Executive Director and President of the Emerging Technology Center in Baltimore, Ms. Tillett is responsible for management of budgetary, administrative, programmatic functions and strategic planning. Prior to joining ETC, Ms. Tillett served as president and co-founder of Immersive 3D, LLC, a technology start-up providing web-based 3D computer gaming solutions for K-20 education and offering contract-based technology services.

See the full list of judges and submit your application on InvestMarylandChallenge.org.

BALTIMORE, MD (July 31, 2013) – Governor Martin O’Malley today visited University of Maryland’s BioPark where he highlighted the integral role biotechnology plays in Maryland’s innovation economy. More than 600 people work in 30 companies at the University of Maryland BioPark, moving us toward cures for diseases like cancer, malaria and diabetes.

Maryland is the regional leader in job creation. Together, with our dynamic private sector, we’re creating jobs faster than any other state in the Mid-Atlantic, and we’ve recovered over 99% of the jobs lost in the national recession. What’s more, Maryland is home to the nation’s second highest concentration of STEM workers and has one of the fastest STEM job growth rates in the country. Because STEM jobs are expected to grow nearly twice as fast as non-STEM jobs in the next five years and will likely continue to outpace their non-STEM counterparts in wages, Governor O’Malley is determined to continue his focus on creating STEM jobs and to continue working to prepare Marylanders for those jobs.

Click here to learn how Governor O’Malley is investing in our STEM industries and workforce.

Governor Martin O’Malley visits the University of Maryland’s BioPark, a center for biotechnology research and advancement.

Governor Martin O’Malley visits the University of Maryland’s BioPark, a center for biotechnology research and advancement.

2013 Bio International Convention

Lt. Gov. Brown addresses Maryland life sciences companies at the 2013 Bio International Convention

Lt. Governor Anthony Brown addressed leaders in Maryland’s life sciences industry, both to offer thanks and ensure continued state-sponsored investment, during the 2013 Bio International Convention Wednesday morning.

“For all of the hard choices that we had to make, we never stopped investing in our biotech industry, because we know how important you are. You represent one of the strongest work horses in our economy and you offer a tremendous return on investment,” he said.

Brown reinforced Governor Martin O’Malley’s BioMaryland 2020 initiative, which calls for more than $1.3 billion in state-sponsored investments in the life sciences industry between 2010 and 2020. As of 2013, the state has already invested more than $600 million.

These investments have elevated or maintained the state’s position on several national rankings. These include the Milken Institute‘s State Technology and Science and Technology Index, which recently ranked Maryland second in the nation with an emphasis on human capital investment, research and development inputs, and technology and science work force.

“For all of our success, I think we can all agree there is still a lot of work to be done, and that’s why we remain committed to our bio sector and to our companies in the life sciences … we are dedicated to making sure that all of the cutting edge research produced here makes it to market,” he said.

Brown also praised the Maryland professionals working to address traumatic brain injuries. A panel discussion and other presentations related to traumatic brain injury prevention, diagnosis and treatment was planned at the BioMaryland pavilion following his remarks.

The Biotechnology Industry Organization announced a Maryland CEO as the new Chair of its Board of Directors. The appointment of Rachel King of GlycoMimetics, Inc., a privately held clinical-stage biotechnology company in Gaithersburg, was announced in conjunction with the 2013 Bio International Convention in Chicago this week.

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InvestMaryland

InvestMaryland is the largest venture capital investment initiative in Maryland history.

Adlyfe, a biotechnology company working toward the early detection of Alzheimer’s disease, will receive a $300,000 investment from the Maryland Venture Fund within the Maryland Department of Business & Economic Development, officials announced Wednesday.

The Rockville-based company was selected through the MVF’s InvestMaryland program. Adlyfe also recently received a $200,000 grant from DBED’s Maryland Biotechnology Center.

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Baltimore-based GrayBug is competing in the InvestMaryland Challenge.

Baltimore-based GrayBug is competing in the InvestMaryland Challenge.

Check back for Q&A profiles on all the competition finalists.

The first-ever InvestMaryland Challenge is down to its final round with just 33 companies competing for more than $300,000 in grants and business services. The final winners will be announced during the Governor’s Cup Awards Ceremony on April 15.

One of the companies, selected out of more than 250 applicants, is Baltimore-based GrayBug. To find out a little more about this up-and-coming company, founded in 2011, we spoke with co-founder and COO Christy Williams Wyskiel.

Q. What does Graybug do, and how would you explain it to the average person?

A. GrayBug is an ophthalmology company and we are developing drugs for various ophthalmic diseases. The leading cause of blindness for people over 60 is age-related macular degeneration, sometimes referred to as AMD. Treatments for AMD represent about a $4 billion market worldwide, dominated by a couple of products that have some shortcomings, so we’re trying to address those shortcomings with our drug.

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