The Maryland Technology Development Corporation (TEDCO) announced today that four Maryland companies received a total of $800,000 in funding through its Life Science Investment Fund (LSIF). They are:
- AsclepiX Therapeutics, a biotech company established to leverage the anti-angiogenic peptide development and the nano/microparticle technologies;
- Sonavex, which has developed the EchoSure/EchoMark system to detect clots during surgeries, earlier and more reliably than existing modalities;
- Vasoptic Medical, Inc., which leverages laser-based vascular imaging technology to solve diabetic retinopathy, deploying a portable blood flow monitor for early detection and management; and
- Gel-e, which is focused on expanding its core technology platform to develop and commercialize hemostatic medical devices.
“At TEDCO, we understand that life sciences startups requiring FDA approval face complicated commercialization pathways that require multiple investments over a long period of time,” says John Wasilisin, TEDCO’s President and Chief Operating Officer. “The Life Science Investment Fund serves as a bridge fund to move these companies up to the next stage of development more quickly and efficiently, while meeting the FDA challenge.”
TEDCO’s Life Science Investment Fund is specifically designed for companies that are beyond the technology validation stage and further along in product development. For that reason, it is expected that applicants will have already initiated preliminary discussions with the FDA.
The four companies being funded were chosen by a panel of FDA consultants, investors, and C-level biotechnology and life science executives.
“We were very pleased with the high level of interest in our program and the quality of the applications received in the first funding cycle of LSIF, confirming our expectation from the burgeoning life science start-up environment in Maryland as well as the continuing needs of these “late” stage start-ups.” adds Arti Santhanam, Life Science Investment Fund Program Manager. “These four companies were selected based on the technological merits of their respective plans indicating the regulatory path forward and clear business plans for enhancing company valuation for future investments,” explains Santhanam.
LSIF makes investments of up to $200,000 for a period of one year to support milestone-based projects that advance their medical product toward commercialization. Investments are made in the form of a five-year, convertible note to the company.
TEDCO plans to make 5 – 6 investments per year and the next application deadline is Friday, October 14th. Fund investment terms and conditions can be found online at www.tedco.md/lsif. For more information about TEDCO’s Life Science Investment Fund, contact Arti Santhanam asanthanam@tedco.md or 410-715-4182.