BALTIMORE, MD (June 3, 2014) – The Maryland Department of Business and Economic Development (DBED), through its Maryland Venture Fund (MVF), has invested $200,000 in Rockville-based CytImmune, a leader in the development of tumor targeted nanomedicines. The Maryland Venture Fund (MVF) led the equity financing round and was joined by the Montgomery County Department of Economic Development (DED) and a corporate venture fund for a total investment of $400,000 in the company. The investment is part of a broader strategy to support the growth and development of innovative Maryland companies.
“We are proud to make this investment in CytImmune as they pursue their novel and life-saving technology,” DBED Secretary Dominick Murray said. “Maryland is a global leader in innovation thanks in large part to entrepreneurs like those at CytImmune. We are committed to supporting our businesses as they grow, thrive and create the sustainable, family-supporting jobs of today and tomorrow.”
“The MVF is a critical program which enables the development and commercialization of disruptive technologies like Aurimune,” said Dr. Lawrence Tamarkin, CEO of CytImmune. “We believe this investment not only affirms the value of our product, but also demonstrates the state’s commitment to supporting Maryland-based companies bringing innovative products to market.”
DBED previously invested $500,000 in CytImmune to support development of the company’s technologies and lead drug candidate, Aurimune. The MVF investment was made with funds raised by InvestMaryland, one of Governor Martin O’Malley’s key economic development initiatives. A public-private partnership between the State and venture capital firms, InvestMaryland raised $84 million to support the growth of Maryland companies in biotechnology, cybersecurity, e-commerce and other high-growth industries.
“Montgomery County is proud to join with our partners at DBED in supporting the continued growth and success of CytImmune,” said Montgomery County Executive Isiah Leggett. “This marks our first joint equity investment via the MVF in a life sciences company and helps cement our long-standing and continued support for this vital sector. It is the important work of County-based therapeutic companies like CytImmune that has helped make and keep Montgomery County one of the nation’s top life sciences clusters.”
CytImmune is a Maryland-based, clinical stage nanomedicine company. The Company’s lead drug candidate, Aurimune, is a targeted “Trojan Horse” nanotherapy which destroys the protective vascular barriers of tumors, exposing cancer cells to cancer cell killers and increasing the likelihood of curing cancer. The Company plans to begin an Aurimune Phase 2 clinical trial later this year.
Press Contacts:
DBED
Karen Glenn Hood
Phone: 410-767-6318
Email:
[email protected]
CytImmune
Lisa Fels
Phone: 703-739-2424 x110
Email:
[email protected]
Montgomery County DED
Kristina Ellis
Phone: 240-777-2024
Email:
[email protected]
About CytImmune:
CytImmune is a clinical stage nanomedicine company with a core focus on the discovery, development and commercialization of multifunctional, tumor-targeted nanotherapies. The Company’s technology is highly versatile and may be combined with a broad spectrum of anti-cancer agents to improve cure rates in all solid tumors. The company has more than 70 patents issued and pending for its nanotechnology in the United States, Europe, Japan and Canada. For more information on CytImmune, please visit
www.cytimmune.com.
About the Maryland Venture Fund:
The
Maryland Venture Fund is a regionally recognized leader in seed and early-stage investing and a national model for state-supported investment programs. With nearly two decades of experience and numerous successful investments, MVF invests in innovative technology companies across the full range of industry sectors including software, communications, cybersecurity and life sciences companies in the areas of healthcare IT, medical devices and diagnostics.
About Montgomery County DED:
The Montgomery County Department of Economic Development is charged with implementing the County’s economic development vision of being a globally-competitive, highly-diversified and knowledge-based economy that provides for the retention and growth of existing companies, stimulates new job creation and enhances entrepreneurial opportunities for all businesses. The Department offers a broad range of programs, services, partnering opportunities and strategic financing incentives to stimulate and expand the County’s business, job and tax base. To learn more, visit
www.choosemontgomerymd.com.
