Archives For Biotech Tax Credit

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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