Philadelphia is a blossoming biotech cluster across a wide array of fields and market sectors. Cell and gene therapy is a rapidly growing sector; the area has a deep and diversified life sciences talent pool; medtech companies are thriving and are poised for even more growth; and a bevy of Philadelphia bioscience organizations have a focus on battling COVID-19 and preparing for the next infectious disease to threaten public health.
INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help protect people from infectious diseases and treat people with cancer and HPV-associated diseases, today announced the appointment of Dr. Michael Sumner, MB BS, MBA, as Chief Medical Officer (CMO). Dr. Sumner will oversee INOVIO’s clinical-stage pipeline of DNA medicines, global clinical development, clinical operations and biostatistics efforts, as well as regulatory affairs, pharmacovigilance and medical affairs. He will serve on the company’s executive leadership team and will report to INOVIO’s President and Chief Executive Officer, Dr. Jacqueline Shea.
In the third quarter of 2021 alone, more than $400 million of private capital was invested in Maryland businesses. The money went to more than 34 different companies, according to data compiled by PitchBook. The deals brought the state to about $1.6 billion in funding for the first three-fourths of the year and placed Maryland on track to bring in about $2 billion worth of VC funding for the year. That was a significant jump over 2020, when Maryland saw about $1.26 billion in VC funding. For the industry at large in 2020, VC activity in biotechs grew by 45% to $36.6 billion.
Robust Investment in Greater Philadelphia Region’s Cell and Gene Therapy Sector Continued in the First Quarter of 2021
Robust Investment in Greater Philadelphia Region’s Cell and Gene Therapy Sector Continued in the First Quarter of 2021 PHILADELPHIA (April 8, 2021) – The robust venture capital funding the Greater [….]