News Column

Montgomery County Companies Score Big with InvestMaryland Funding

July 8, 2014



ROCKVILLE, Md., July 8 -- Montgomery County issued the following news release:

Rockville biotechnology company Cellphire received $1 million via the State's InvestMaryland program and two Montgomery County companies each took home the top prize of $100,000 in their respective categories as part of the 2014 InvestMaryland Challenge.

"I congratulate our most recent Montgomery County companies that have received funding via InvestMaryland," said Montgomery County Executive Isiah Leggett. "It reinforces the tremendous dedication these companies have to their respective industries as well as the vibrancy of our diverse business community. No doubt this funding will help Cellphire, Brain Sentry and ClickMedix further their important work and we are proud each will continue to do so from here in the County."

Cellphire is developing stabilized cellular products, including freeze-dried platelets that can be stored for years and used in a range of advanced therapeutic and diagnostic applications including sports medicine, plastic surgery and dentistry. The company received a contract last year worth up to $57 million from the Biomedical Advanced Research Defense Authority, a division of the U.S. Department of Health & Human Services. The InvestMaryland funding will be used to continue development of the company's freeze-dried platelet product, Thrombosomes, and move it closer to winning FDA approval.

The InvestMaryland Challenge is a national seed and early-stage business competition hosted by DBED in partnership with Inc. Magazine. Grants are provided by the Department's Maryland Venture Fund and the BioMaryland Center. Bethesda-based life sciences company, Brain Sentry, won for its helmet-mounted sensor used to identify team sport players who should be evaluated for a concussion. Gaithersburg-based IT company, ClickMedix, won its category for technology aimed at helping physicians and health organizations maximize the number of patients they are able to serve.

More than 250 companies applied to the competition, which is administered by the Maryland Department of Business and Economic Development (DBED). The annual contest helps encourage entrepreneurship in the state by supporting early stage companies in four distinct categories: life sciences, cyber security, IT hardware and software and a general industry.

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Source: Targeted News Service


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