TEDCO’s Pre-Seed Builder Fund Invests in LASARRUS

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TEDCO, Maryland’s economic engine for technology companies, announced today its Builder Fund invested $100,000 in LASARRUS, who are researching and developing devices for improved patient monitoring and treatment. TEDCO’s Builder Fund invests in and provides executive support to Maryland-based technology companies run by entrepreneurs who demonstrate economic disadvantage.

New Jersey Biotech Nets $50M+ BARDA Contract for Respiratory Candidate

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Ea­gle Phar­ma­ceu­ti­cals is keep­ing an eye on Enalare Ther­a­peu­tics’ lead res­pi­ra­to­ry can­di­date, and ap­par­ent­ly, so is the US gov­ern­ment.
The New Jer­sey-based biotech struck a deal with BAR­DA worth up to $50.3 mil­lion to de­vel­op the lead com­pound, dubbed ENA-001, the com­pa­ny an­nounced on Tues­day. The can­di­date is de­signed to sim­u­late breath­ing and is meant to be used in emer­gency cas­es when treat­ing drug over­dos­es or res­pi­ra­to­ry de­pres­sion post-surgery.
Ac­cord­ing to Enalare, the first phase of the con­tract will give it $6 mil­lion to com­plete any ac­tions through its Phase I tri­al. The over­all award, which will be based on sev­er­al mile­stones in R&D and pro­duc­tion, will give fund­ing for tox­i­col­o­gy, hu­man tri­als, man­u­fac­tur­ing and reg­u­la­to­ry fil­ings.

Despite Rocky Biotech Bear Market, the BioHealth Capital Region Holds Fast and Forges Ahead

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The seas have been rough this year for the biotech and life sciences market, with funding scarcity and layoffs abound. The BioHealth Capital Region (BHCR) has braced the storm, though, holding tight to its fourth-place ranking on the Genetic & Engineering News (GEN) Top 10 Biopharma Clusters list. Alex Phillipidus, Senior Business Editor for GEN, gave the update at the eighth annual BioHealth Capital Region Forum.

Neuroene Therapeutics Wins 7th Annual Crab Trap Competition

Neuroene Therapeutics standing with Rich Bendis of BioHealth Innovations, holding a giant check
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Gaithersburg-based Neuroene Therapeutics and its approach to treating a rare form of epilepsy was crowned the winner of the seventh annual Crab Trap Competition, which highlights the commercialization potential of biohealth technologies throughout the BioHealth Capital Region. 

Rivus Pharmaceuticals Closes $132 Million Series B Financing to Advance HU6 for the Treatment of Obesity and Cardio-Metabolic Disorders

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Rivus Pharmaceuticals Inc., a clinical-stage biopharmaceutical company dedicated to improving cardio-metabolic health, today announced the completion of a $132 million Series B financing led by RA Capital Management with participation from Bain Capital Life Sciences, BB Biotech AG and existing investors Longitude Capital, Medicxi and RxCapital. This financing will further support clinical advancement of lead candidate HU6, a first-in-class Controlled Metabolic Accelerator (CMA) designed to treat cardio-metabolic disease by addressing obesity, a primary driver of disease.

Carisma’s CAR-M Steals Spotlight Among 42 Bidders to Reverse Merge With Sesen Bio

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Sesen Bio’s decade-plus jour­ney is over af­ter fail­ing to se­cure a blad­der can­cer drug ap­proval and carve its own path for IL-6 an­ti­bod­ies. The Cam­bridge, MA com­pa­ny’s spot on Nas­daq will serve as the new home for Caris­ma Ther­a­peu­tics, which is at­tempt­ing to ush­er in a new CAR cell ther­a­py in the world of macrophages and mono­cytes.
The two are ex­e­cut­ing an all-stock re­verse merg­er, with the fu­ture rest­ing sole­ly on Caris­ma’s line­up of ther­a­pies, in­clud­ing a Phase I as­set that had some lim­it­ed da­ta pre­sent­ed at AS­CO in June. The Philadel­phia start­up will be­gin trad­ing un­der the apt­ly sym­bol­ed tick­er $CARM in three to four months, the com­pa­nies said Wednes­day morn­ing.

Annapolis-Based Alphyn Biologics Closes $3.3 Million Series A

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Alphyn Biologics, a clinical-stage dermatology company, has closed a $3.3 million Series A round led by Queen City Angels, with participation from the Angel Physicians Fund and Serial Stage Venture Partners. So far, Alphyn, which has dual headquarters in Annapolis, Md., and Cincinnati, Ohio, has raised $6.7 million, including a seed round of over $1 million, and a second round of more than $2 million.
“This financing allows us to begin an accelerated global multicenter clinical trial program to support a new drug application with the FDA and other national health authorities,” Alphyn CEO Neal Koller. Alphyn addresses infectious skin diseases, including some drug-resistant variants, and skin cancer. Its Phase2a clinical trial is for AB-101a, the company’s lead candidate to treat mild-to-moderate atopic dermatitis.

These Non-traditional Life Science Funding Sources Can Help Beat Back the Bear Market Blues

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Companies just looking to get their start in the biotech and life sciences field often have limited funds and lots of time ahead of them before they get to FDA approval. And as the biotech industry faces what could be a long bear market due to inflation and rising interest rates, the costs of business from research to manufacturing have increased significantly. Now more than ever funding can be hard to come by, especially for those just getting started.

A Handful of Philly Biotech Companies Snagged $240M in Investments This Past Week

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Biotechnology companies have become a huge attraction for VC dollars in the Philly region in the last several years, and a handful of companies in the sector this week have helped prove that growth.
Technological advances have accelerated discoveries across the life sciences, and money is flowing toward therapies, research and in honor of those lost to certain diseases (a family donated $55 million to the University of Pennsylvania for breast cancer research this week). Let’s dive into who’s gotten funding:

TEDCO Invests First of Maryland’s SSBCI Funds in Medcura, Inc.

TEDCO logo over a backdrop of the Maryland flag
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TEDCO, Maryland’s economic engine for technology companies, announced today it invested $1 million in Medcura, Inc. through the new State Small Business Credit Initiative (SSBCI). Based in Riverdale, MD, Medcura is a life science and medical device company that has commercialized its first product derived from its advanced wound treatment platform for rapid bleeding management and is in the final stages of development of the next standard of care for the management of intraoperative surgical bleeding.