Maryland-based biopharmaceutical company receives funding from TEDCO’s Venture Funds
COLUMBIA, Md., (July 23, 2024) — TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 investment in Solaxa Inc. This investment is from TEDCO’s Venture Funds, with $200,000 being allocated from the State Small Business Credit Initiative (SSBCI) funding.
“At Solaxa, we are developing neurorestorative treatments for children and adults suffering from rare neurodegenerative diseases and acute nerve injuries,” said Christian Walker, CEO and founder of Solaxa. “Thanks to TEDCO’s investment, we can accelerate our work to serve patients with spinocerebellar ataxias for whom our first drug has already been shown to deliver significant clinical improvement in gait, balance and speech.”
Solaxa Inc., located in Bethesda, Md., is a for-profit public benefit corporation and clinical-stage biopharmaceutical company developing a class of aminopyridine drugs that both detect and treat ion channel dysfunction. Previous research has shown that aminopyridines can improve nerve signaling and muscle function in patients with Multiple Sclerosis. Solaxa’s public benefit mission is to advance scientific knowledge and deliver impactful and accessible therapies that improve outcomes for patients worldwide.
“Research and development efforts on the scale that Solaxa is working on demand innovative thinking and support,” said Katherine Hill Ritchie, senior director of TEDCO’s Venture Funds. “Solaxa’s innovations have a unique potential, and we hope to see their continued dedication to supporting individuals with rare diseases.”
TEDCO’s evergreen Venture Funds are dedicated to funding and growing the next generation of early-stage businesses in Maryland. Learn more at https://www.tedcomd.com/funding/venture-funds.