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August 30, 2018

Two Frederick Biotech Start-Ups Among Ten Finalists to Present at First Coast Innovation Challenge

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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.

Written By: Tamar Osterman

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The Frederick Innovative Technology Center, Inc. (FITCI) is a business incubator and accelerator designed to cultivate entrepreneurship in Frederick, Maryland.

U.S. DEPARTMENT OF COMMERCE ANNOUNCES 51 “BUILD TO SCALE” GRANTS TOTALING $47 MILLION TO 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.

2022 VENTURE CHALLENGE GRANT RECIPIENTS

• AgLaunch, Memphis, TN ($1.5 million)
• Battle Creek Unlimited, Battle Creek, MI ($375,000)
• Benedict College, Columbia, SC ($525,000)
• Black River Innovation Campus, Springfield, VT ($1.5 million)
• Chicostart, Chico, CA ($549,999)
• City and County of Denver, Denver, CO ($1.5 million)
• Codefi Foundation on Rural Innovation, Cape Girardeau, MO ($2 million)
• Colorado State University Research Foundation, Fort Collins, CO ($749,117)
• Current, Chicago, IL ($516,639)
• Eastern Shore Entrepreneurship Center and Frederick Innovative Technology Center, MD ($1.8 million)
• Fearless Solutions, Baltimore, MD ($661,725)
• Georgia Southern University, Statesboro, GA ($600,000)
• Greater Green Bay Chamber, Green Bay, WI ($467,500)
• Innovate Mississippi, Jackson, MS ($375,000)
• Innovation Park, Tallahassee, FL ($724,911)
• Innovation Works, Pittsburgh, PA ($2 million)
• Launch Tennessee, Nashville, TN ($2 million)
• Lawrence Technological University, Southfield, MI ($813,330)
• New Energy Nexus, Brooklyn, NY ($2 million)
• New Mexico State University, Las Cruces, NM ($1.2 million)
• New Orleans Startup Fund, New Orleans, LA ($1.2 million)
• Northern State University, Aberdeen, SD ($748,036)
• Penn State University, University Park, PA ($1.8 million)
• Red Wing Ignite, Red Wing, MN ($2 million)
• Rutland Economic Development Corporation, Rutland, VT ($732,919)
• Seattle Metropolitan Chamber of Commerce, Seattle, WA ($674,874)
• Shawnee State University, Portsmouth, OH ($749,356)
• Southwestern Community College, Chula Vista, CA ($1.5 million)
• StartUpNV, Las Vegas, NV ($1.8 million)
• Tampa Bay Wave, Tampa Bay, FL ($2 million)
• University of California, Riverside, CA ($2 million)
• University of New Mexico – Taos, Ranchos De Taos, NM ($700,944)

2022 CAPITAL CHALLENGE GRANT RECIPIENTS

• Alliance for SoCal Innovation, Pasadena, CA ($300,000)
• Battle Creek Unlimited, Battle Creek, MI ($147,750)
• Cleveland Water Alliance, Cleveland, OH ($299,302)
• Excell Partners, Rochester, NY ($750,000)
• Innovate Mississippi, Jackson, MS ($263,617)
• Launch NY, Buffalo, NY ($750,000)
• Louisville Healthcare CEO Council, Louisville, KY ($299,970)
• Minneapolis Saint Paul Regional Economic Development Partnership, St. Paul, MN ($300,000)
• New England Aquarium Corporation, Boston, MA ($750,000)
• Next Foundation, Tucson, AZ ($519,999)
• Propeller, New Orleans, LA ($750,000)
• Regional Accelerator & Innovation Network, Vancouver, WA ($750,000)
• StitchCrew, Edmond, OK ($713,201)
• University of Memphis, Memphis, TN ($700,196)
• University of Nebraska Medical Center, Omaha, NE ($300,000)
• University of North Carolina at Charlotte, Charlotte, NC ($299,987)
• University of Utah, Salt Lake City, UT ($750,000)
• Venture Central, Charlottesville, VA ($299,871)
• Village Capital, Washington, D.C. ($541,700)

EDA's Office of Innovation and Entrepreneurship administers the Build to Scale program , which is authorized under Section 27 of the Stevenson-Wydler Technology Innovation Act of 1980.

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.