| BALTIMORE, MD Fri, Apr 6, 2007 The Maryland Department of Business and Economic Development (DBED) recently approved a $50,000 investment into RemeGenix, Inc. a bioscience company located in Rockville, Maryland. The investment will be made through DBED’s Challenge Investment Fund, a program designed to assist small start-up companies in the high technology sector.
“The O’Malley-Brown administration is committed to supporting Maryland’s small technology companies and the innovation they foster,” said David Edgerley, Secretary of Business and Economic Development. “Strategic investment in technology-based companies is one reason Maryland was recently ranked 2nd in the country for biopharmaceutical innovation by the Milken Institute.”
“Support from the Maryland Venture Fund will go a long way in convincing additional investors to join in on this round of financing,” said J. Kelly Ganjei, President and CEO of RemeGenix and a Maryland native. “Not only was Maryland an obvious place to set up the company for personal reasons, but its close proximity to leading institutes such as Johns Hopkins University, NIH, the FDA and support systems such as DBED, make it the ideal location for growing technology companies.”
RemeGenix, Inc is a start-up company specializing in the development and commercialization of therapies for neurodegenerative diseases. Specifically, the company is focused on the commercialization of well validated therapeutics for the treatment of Alzheimer’s disease (AD), Dementia, Parkinson’s disease (PD) and Traumatic Brain Injury (TBI). Unlike most other competitive products in development, the products are focused on addressing the cause of the disease versus treating the symptoms. RemeGenix’ lead product is being developed for Traumatic Brain Injury and the company hopes to be able to fast track this drug for use in the increasing number of cases seen coming back from the war in Iraq.
DBED’s Challenge Investment Fund provides financing for small start-up technology companies to cover a portion of the initial costs associated with bringing new products to market. Companies are required to provide matching funds to be eligible for the State funding. Since its inception in 1988, the Challenge Investment Program has provided more than 100 emerging technology companies with initial financing support for the commercialization of new technology-driven products. To be eligible, a company must have no more than 25 employees and annual sales revenues of $1 million or less. Companies that meet agreed upon milestones can receive up to $150,000 in assistance from the Challenge Investment Program.
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Remegenix, Inc. Contact: J. Kelly Ganjei, CEO, 301-332-0123
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