Two Frederick Biotech Start-Ups Among Ten Finalists to Present at First Coast Innovation Challenge
The Frederick Innovative Technology Center,
Inc. (FITCI), Frederick, Maryland’s tech incubator, announced today that two of
its client companies, Abilis Life Sciences and Theradaptive, are among ten
finalists who will be presenting at the First Coast Innovation Challenge on
September 5th in Boston.
The First Coast Innovation Challenge is part
of the RESI (Redefining Early Stage Investments) Healthtech Week, held
September 5-7, 2018. Day 1 will feature the First Coast Innovation Challenge,
where the top 10 ranked companies of the First Coast tech hubs will present
their technology as a 10-minute pitch to a panel of early-stage investors. Day
2 features the traditional RESI Innovation Challenge, where the top 30
companies who applied are chosen to showcase a poster on the RESI Global
Partnering Conference Exhibit Hall.
Using a simple urine-based testing format,
Abilis Life Sciences utilizes proprietary analytics and algorithms to easily
offer physicians and patients a more comfortable and cost-effective tool to
detect bladder cancer. “We are excited to be selected for the RESI Innovation
Challenge and are looking forward to moving this exciting diagnostic technology
into clinical testing at FITCI in the near future,” said Barry Cohen, Abilis
Life Sciences CEO.
Theradaptive is shaping the future of
regenerative medicine with a new platform to deliver therapeutics that promote
native tissue repair. Theradaptive CEO, Luis Alvarez, had this to say when
asked about being selected as finalist, “This event is a tremendous opportunity
to share and learn about the very latest developments in biotechnology and
should be on every entrepreneur’s radar.”
FITCI President and CEO, Kathie Callahan
Brady, had this to say when asked about this exciting news, “We are honored to
represent Maryland at the RESI conference. We have a total of 6 FITCI current
and graduate companies participating: Abilis Life Sciences, Integrated
BioTherapeutics, Mesa Science Associates, RebuImmunity, RoosterBio, and
Theradaptive. I am very proud that Abilis Life Sciences and Theradaptive are
among the 10 finalists in the First Coast Innovation Challenge.”
The Frederick Innovative Technology Center
Inc. (FITCI) was founded in 2004 to foster entrepreneurial activity in the
information technology and life sciences industries within Frederick County.
FITCI’s mission is to encourage innovation and accelerate the development of
commercially viable technology-based businesses by providing a nurturing and
supportive environment. FITCI supports early stage biotechnology, information
technology, and renewable energy start-up companies by offering office and wet
lab space, business services, and strategic support to local entrepreneurs.
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U.S. DEPARTMENT OF COMMERCE ANNOUNCES 51 “BUILD TO SCALE” GRANTS TOTALING $47 MILLIONTO FUEL INNOVATION AND TECH-BASED ECONOMIC DEVELOPMENT
Contact: EDA Public Affairs Department, (202) 482-4085
October 5, 2022
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding 51 “Build to Scale” grants – totaling $47 million – to organizations that support technology entrepreneurs, catalyze innovation and fuel economic growth.
EDA’s “Build to Scale” program provides annual grants that aim to accelerate technology entrepreneurship by increasing inclusive access to entrepreneurial support and startup capital. The 2022 awardees will leverage an additional $48 million in matching funds from a variety of private and public sector sources. These EDA investments support advanced manufacturing, bioscience, clean energy and blue economy clusters in regions throughout the United States.
"Strengthening technology ecosystems are a critical key to the Biden Administration's efforts to build a stronger America,” said Secretary of Commerce Gina Raimondo. “Innovation and entrepreneurship have long been keys to American success and will continue to strengthen our collective economic and national security, as well as individual prosperity and well-being.”
"EDA is proud to partner with this year's 'Build to Scale' grantees as they invest in entrepreneurs and create equitable access to capital in their communities," said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. "These projects will give the next generation of industry-leading companies a seminal boost that will result in job creation and private investment – potentially transforming a regional economy and creating economic opportunity beyond what we can foresee.”
The 2022 Build to Scale program was comprised of two competitions––the Venture Challenge and the Capital Challenge. The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models. The Capital Challenge increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.