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TEDCO Invests First of Maryland’s SSBCI Funds in Medcura, Inc.
Maryland medical device company with advanced surgical non-thrombin hemostat platform receives $1M SSBCI funding from TEDCO
COLUMBIA, Md. and RIVERDALE, Md., Sept. 8, 2022 /PRNewswire/ — 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.
“TEDCO and our home state of Maryland has been an invaluable supporter of Medcura’s pioneering work to support surgeons, patients and the military with our product to quickly stop patient bleeding. Whether it was financial support from TEDCO’s Maryland Innovation Initiative (MII) and Seed Funds, or connections with other institutional investors, the TEDCO team has been here for us,” said Medcura’s CEO Jim Buck. “This SSBCI funding helped to galvanize a larger round that will support the expansion of our commercial footprint and support further clinical evaluation of our product line—taking Medcura to the next level.”
Medcura,Inc. developed an advanced wound treatment platform to provide rapid and reliable bleeding management while creating an antibacterial healing environment. This technology has been developed into a versatile hemostatic product line targeting surgical, military/trauma, and even consumer applications. Medcura combines the use of safe, inert, naturally abundant, low-cost ingredients with proprietary chemistry that can be delivered in easy-to-use formats that require no preparation or special handling. The Company’s Life Foam™ product was designated as a “Breakthrough Device” by the United States Food and Drug Administration (FDA), leading the expansion into internal military and surgical applications.
“So much of what TEDCO does is focused on social impact and social innovation, and Medcura is a great example for such social innovation with its focus on patients,” said Jack Miner, chief investment officer, TEDCO. “It is especially fulfilling to have a portfolio company that has been part of the full TEDCO funding spectrum since the very beginning. We are thrilled to be able to offer Medcura the inaugural SSBCI funding as the company moves into its next phase of rapid growth focused around its surgical, high-value implantable products and global commercialization.”
Created by Congress in 2010, SSBCI received a $10 billion allocation as part of the American Rescue Plan Act. Maryland was the first state in the nation to submit its SSBCI deployment plan to the United States Treasury Department and was one of the first five states to be approved. The nine programs funded by SSBCI will support businesses with limited opportunities for growth whether due to the pandemic or historic disinvestment. Maryland’s statewide SSBCI initiatives will target communities and areas with a high concentration of small, micro, and Socially and Economically Disadvantaged Individual (SEDI) businesses to support ongoing state investments in underserved communities.
“Earlier I announced that SSBCI funding was open and available to qualifying Maryland companies; today I’m pleased to celebrate an investment of $1 million in Riverdale-based Medcura, Inc.,” said Maryland Governor Larry Hogan. “I congratulate Medcura for their ground-breaking wound treatment platform, and TEDCO for their work to identify and elevate outstanding Maryland companies like this one. This is exactly the kind of investment we envisioned when we advocated for more SSBCI funding for the state.”
TEDCO will deploy up to $50 million and will allocate the funds into four existing programs targeting technology-based Maryland businesses and entrepreneurs. The Maryland Department of Housing and Community Development (DHCD) will deploy up to $103 million and disburse the funds through three Neighborhood BusinessWorks program initiatives. The Maryland Department of Commerce will deploy up to $45 million through two Maryland Small Business Development Financing Authority (MSBDFA) programs.
“It’s exciting to see a Maryland-born portfolio company with such high potential touch multiple TEDCO funds and programs; Medcura embodies our model of closely working with a company through its many stages of development,” said TEDCO CEO, Troy LeMaile-Stovall. “With this latest infusion of SSBCI funds, TEDCO can continue to scale unique and socially-responsible Maryland companies like Medcura, bringing innovation to market and generating a more equitable future and potential for new job creation in the surrounding community.”
To learn more about SSBCI, visit https://www.tedcomd.com/funding/state-small-business-credit-initiative-ssbci.
TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.
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.
About Medcura, Inc.
Medcura is a commercial-stage life science and medical device company developing versatile hemostatic products for surgical, military, and consumer applications. The company combines the use of safe, inert ingredients with proprietary chemistry to address large and unmet market needs. Medcura’s mission is to continue the development and commercialization of a broad range of game-changing hemostatic and wound treatment products, including its breakthrough military device, LifeFoam™ which is leading the expansion of Medcura’s technology platform into internal use. For more information about Medcura, visit medcurainc.com.
Nisha Patel, Inspire Agency on Behalf of Medcura, Inc., email@example.com, 864-384-2403
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