News

Venture capitalists are inserting a record number of “pay to play” provisions into term sheets, according to new data from law firm Cooley.

Why it matters: This is a sharp-elbowed reminder that VCs are facing performance pressure, and that startups are having a tougher time getting funded.

Jargon watch: “Pay to play” provisions also may be known as “cram down” clauses, and basically are designed to benefit new investors at the expense of existing shareholders who don’t want to invest additional capital.

• The critical view is that this is unfair to insiders who took a chance when the company’s prospects were more speculative, but who’ve either lost faith or no longer have money to spend (including early employees or VC funds without adequate reserves).
• The more charitable view is that such rounds are for companies that need money — not those that just want to bolster balance sheets — and that the new investors are vital to the company’s future success. In short: Get on board or get out.

More than two years ago, President Joe Biden and First Lady Jill Biden reignited the Cancer Moonshot with the goals of reducing the cancer death rate in the United States by at least half—preventing more than 4 million cancer deaths—by 2047, and improving the experience of people who are touched by cancer. As part of this effort, President Biden and Vice President Harris secured bipartisan Congressional support to establish the Advanced Research Projects Agency for Health (ARPA-H) to generate breakthroughs in ways to prevent, detect, and treat cancer and other diseases. In its first two years, ARPA-H has invested more than $400 million to fast-track progress on how we prevent, detect, and treat cancer.

COLUMBIA, Md., (August 13, 2024) — TEDCO, Maryland’s economic engine for technology companies, is pleased to announce the promotion of Kim Mozingo to vice president of Federal Programs. In this role, Mozingo will lead a suite of seven programs designed to transform federal scientific research into economic growth and new job opportunities for Maryland’s small businesses.

“We are pleased to have such a dedicated individual as Kim on the TEDCO team,” said Stephen Auvil, chief federal engagement officer. “Under her leadership, TEDCO’s federal programs have experienced significant growth.  Her management of our SBIR Proposal Lab, DefTech, and other federal programs have supported more than 150 companies.  Moreover, she will be launching several new programs in her area over the next six months.  This promotion is well deserved and reflects her accomplishments and growing responsibilities.”

$2.1M invested in seven companies to advance innovations from lab to market in Maryland

COLUMBIA, Md. (August 13, 2024) — TEDCO, Maryland’s economic engine for technology companies, announced a recent round of investments through its Maryland Innovation Initiative (MII), marking a significant milestone in promoting the commercialization of groundbreaking research from Maryland’s prestigious academic institutions.

“The latest awards highlight the innovative research in university labs with tremendous commercial potential across multiple industries,” said Abi Kulshreshtha, Ph.D., executive director, MII. “We are excited to continue MII’s role in advancing Maryland’s innovation-driven economic development strategy.”

Multi-billion-dollar US-based biotech firm United Therapeutics has announced that it has purchased 32 acres (13 hectares) of land in Minnesota, US, for US$4.5 million to construct what it called a state-of-the-art facility, which will support clinical research on using gene-edited pig organs for human patients with heart and kidney disease.

The facility site, which is located outside of Rochester, Minnesota, in Stewartville, is roughly 14 miles (22.5km) south of the world-renowned non-profit academic and research medical centre the Mayo Clinic. While the programme is not currently working with the Mayo Clinic, United Therapeutics noted the proximity helped inform its selection of the site. 

BALTIMORE, MARYLAND, US, August 12, 2024 /EINPresswire.com/ — The study, “Advanced Prediction of Respiratory Depression Episodes with the Linshom Continuous Predictive Respiratory Sensor”, completed enrollment of 508 patients well ahead of schedule.

“Preliminary analysis of the data shows that Linshom Medical’s sensor detects respiratory depression 12 minutes before current systems employed”, said Richard Urman, MD, MBA, the principal investigator of the study. “This gives health care providers additional time to take action and intervene before a crisis develops”.

In a recent article by Genetic Engineering & Biotechnology News, Paul Vulto, PhD, CEO of Mimetas, discusses the growing demand for advanced organ modeling in fields like oncology and metabolic diseases. Mimetas is at the forefront of this innovation, creating sophisticated assays that replicate the complex tumor microenvironment and immune interactions. Their groundbreaking work in liver modeling has produced a life-like liver structure, with significant applications in fibrosis, NASH, and gene therapies, enhancing the accuracy of preclinical testing.

We’re just over a month away from the 2024 BioHealth Capital Region Week, which takes place from September 17th, 18th, and 19th at US Pharmacopeia in Rockville, MD. This milestone event marks a decade of transformative discussions and partnerships. Here’s what each day has in store:

BioHealth Capital Region Forum (September 17th-18th)
Celebrating our 10th Annual Forum with a robust lineup of speakers and panels:

• Updates:
  • GEN Top 10 BioCluster Update with Alex Philippidis, Senior Business Editor, Genetic Engineering & Biotechnology News
  • BioHealth Capital Region Update with Pete Briskman, Executive Managing Director, JLL-Jones Lang LaSalle Incorporated

• Keynotes:
  • John F. Crowley, President & CEO, Biotechnology Innovation Organization (BIO)
  • Robert Stoffel, Vice President of Research, Amgen
  • Craig Gravitz, Director, Project Accelerator Transition Innovation Office, ARPA-H
• Panels:
  • Meet Some of the BioHealth Capital Region’s Med Tech Leaders
  • Virginia: Leading the Way in Advanced BioHealth Manufacturing
  • Transforming Healthcare: Innovations and Future Trends in Digital Health
  • The Baltimore Tech Hub: Implementing Equitech Principles to Build a Thriving Ecosystem for AI and Life Sciences
  • How Emerging AI, Machine Learning, and Quantum Technologies Will Impact Discovery and Regulation of New Drugs and Devices: A Peek Into the Future
  • Collaborative Approaches to Support Innovation in Biotechnology in the Capital Region
  • New BHCR Regional Research Initiatives
  • Entrepreneurs in Residence Supporting the BHCR Ecosystem
  • Inside the BioHealth Capital Region, Accessing Early Stage SSBCI Funding
  • Biomedical Engineering: Meet the Region’s Bio Engineering Academic Leaders

Additional Fireside chats and panels are still being finalized. Please check the event agenda regularly for updates.

(Baltimore, MD) – Longeviti Neuro Solutions, a neurotechnology company with a focus on innovative solutions for complex brain surgeries, proudly announces the issuance of a groundbreaking patent for its novel prosthetic translucent, cranial implant. The ClearFit® implant integrates brain-computer interface (BCI), brain mapping, and neurosonography (brain ultrasound). This product sets a new standard in neurosurgical procedures, marking the first time a single implant has been patented to cover three critical areas. ClearFit’s patented technology was recently on the cover of Science Translational Medicine demonstrating promising research around this implant and neurosonography.*   

Rockville, Md. (August 5, 2024) – Cellphire Therapeutics, Inc., a clinical stage biotechnology company developing next-generation allogeneic cellular therapeutics, announced today that Damien Bates, MD, PhD, FRACS, MBA joined the company as Chief Medical Officer.

Cellphire Therapeutics is excited to announce the appointment of Dr. Damien Bates as Chief Medical Officer. Dr. Bates brings a wealth of experience in clinical development and strategic leadership to the role. In his new position, Dr. Bates will spearhead both strategic initiatives in clinical development and daily clinical operations, driving forward the company’s vision of saving lives with transformative stabilized cellular therapeutics. His track record of success in the clinical development and regulatory approval of multiple allogeneic cell therapies, key opinion leader engagement and operational excellence will be instrumental in advancing Cellphire’s innovative pipeline and ensuring the successful execution of its clinical programs. We are thrilled to welcome Dr. Bates to the team and look forward to the impact of his expertise on our continued growth and success.