Five biotech startups to watch
Robert Celaschi, Contributor
Baltimore may not yet rank with Boston and San Francisco as a biotech hub, but it does have its share of startups. Here are a few of them.
BioMarker Strategies
The company is developing a test called SnapPath to detect tumor cells. It was one of the first tenants at the Science and Technology Park at Johns Hopkins.
BioMarker got off to a quick start in 2009 with $1.7 million in private placement funding that was part of the Maryland Biotechnology Investment Incentive Tax Credit Program. The largest investment came from the Abell Foundation to enhance the quality of life in Baltimore.
Subsequent funding has included $250,000 from the federal Therapeutic Discovery Tax Credit Program and several million dollars from the National Cancer Institute.
PathSensors
This environmental and food-testing company is developing a line of biosensors to detect bacteria in the food-processing industry. Founded in 2010, it was one of the companies tapped last year by the state Department of Business and Economic Development’s InvestMaryland program. PathSensors received $200,000.
PathSensors is an example of biotech migration in Maryland. It was spun out of a Rockville company called Innovative Biosensors.
PathSensors CEO Ted Olson licensed the technology and set up shop at the University of Maryland biopark in Baltimore.
Cerecor Inc.
Cerecor is focused on prescription pharmaceuticals for the human nervous system.
“We’re not your typical startup in that we’ve got a lot of gray hair,” said Dr. Blake Paterson, co-founder and CEO.
Paterson is a serial entrepreneur and past CEO of Alba Therapeutics. Co-founder Isaac Blech established several biotech companies, including Celgene Corp. Co-founder Dr.Solomon Snyder is a National Medal of Science winner and a co-founder of Nova Pharmaceuticals.
Last year, Cerecor raised $22 million in Series A financing. This year, it plans to move into preclinical development with a new use for an existing drug, a pathway likely to speed up regulatory approval.
GrayBug LLC
The company’s lead product is a drug to treat neovascular diseases, including age-related macular degeneration. GrayBug also has proprietary technology that allows drug delivery into the eye while minimizing inflammation.
The technologies were invented by co-founders Justin Hanes, Peter Campochiaro, Peter McDonnell, and others.
Last year, GrayBug raised more than $1 million from investors and received a $200,000 grant from the Maryland Biotechnology Center through.
Plasmonix Inc.
While it might seem counterintuitive, funding can be difficult to find when you need only a couple million dollars.
“We are too small for most [venture capital] funds. For some of our old friends on the West Coast, we are geographically undesirable,” said CEO Bill Gust.
Plasmonix is working with metal nanoparticles to enhance luminescent signals for use in life science and diagnostic assays. Possible applications include cosmetics, apparel, paints, lighting, solar and communications.
“We hope to be introducing our first product in the second quarter. But we are still tweaking the development,” Gust said. “I feel a little like the 49ers on the 5-yard line. We only have five more yards to go.”
