Maryland-Based Biopharmaceutical Company Solaxa Inc. Receives Significant Funding from TEDCO’s Venture Funds
July 25, 2024
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TEDCO, Maryland’s economic engine for technology companies, has announced a substantial investment of $500,000 in Solaxa Inc., a pioneering biopharmaceutical company based in Bethesda, Maryland. This investment includes $200,000 from the State Small Business Credit Initiative (SSBCI) funding, underscoring TEDCO’s commitment to fostering innovation and supporting promising early-stage companies in Maryland.
“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 improvements in gait, balance, and speech.”
Solaxa Inc., a clinical-stage biopharmaceutical company, is dedicated to developing a class of aminopyridine drugs designed to both detect and treat ion channel dysfunction. Previous research has demonstrated that aminopyridines can enhance nerve signaling and muscle function in patients with Multiple Sclerosis. Solaxa’s public benefit mission focuses on advancing scientific knowledge and delivering impactful and accessible therapies that improve patient outcomes globally.
In addition to securing TEDCO’s investment, Solaxa has been making large strides in the Capital Region life science community and was announced as one of five finalists in the 8th Annual BioHealth Capital Region Crab Trap competition by BioHealth Innovation, Inc. (BHI). The Crab Trap competition is designed to identify and showcase promising life sciences and biotechnology startups from around the world. These finalists have demonstrated exceptional innovation, vision, and potential to significantly impact the healthcare industry.
“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 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 nurturing the next generation of early-stage businesses in Maryland. This recent investment in Solaxa Inc. is a testament to TEDCO’s ongoing efforts to bolster the state’s technology and biopharmaceutical sectors, ensuring that innovative solutions receive the support they need to reach patients and make a difference.
For more information about TEDCO’s Venture Funds, visit TEDCO Venture Funds.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
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