The BioHealth Capital Region Crab Trap Competition returns on Wednesday, September 24, at 2:00 PM during the BHCR Forum at US Pharmacopeia in Rockville, Maryland. Nearly 70 startups applied this year. The six finalists below will pitch for a prize package that includes $10,000 in cash, $25,000 in IT and cybersecurity services from InfoPathways, $10,000 in CRO services from Noble Life Sciences and Accelevir, with additional prizes to be announced.
Finalists
Aloe Therapeutics (Germantown, MD)
Developing AIM-001, a first-in-class localized immunotherapy implanted during biopsy or resection to trigger systemic anti-tumor immunity with a site-retentive formulation; designed to complement checkpoint inhibitors and integrate seamlessly into clinical workflows. Learn more: www.aloetherapeutics.com
NioPath Inc. (Ashburn, VA)
Pioneering slide-free, H&E-equivalent imaging for surgical oncology, NioPath’s ultrafast ultraviolet photoacoustic microscope delivers real-time, label-free tissue images directly in the operating room. The technology enables surgeons to assess tumor margins in minutes, improving accuracy, reducing repeat procedures, and streamlining workflows in high-stakes cancer surgeries. Learn more: https://niopath.ai
Chariot Biosciences (Baltimore, MD)
Redefining biologic drug delivery with its SIMMBIONS™ platform, engineered symbiotic microbes that safely live in the bloodstream and continuously secrete therapeutic proteins. This novel approach eliminates frequent injections and cold-chain dependence, offering a programmable, reversible, and sustained treatment option for chronic and rare diseases like type 1 diabetes, obesity, and Gaucher disease. Learn more: www.chariot-bio.com
GenAssist, Inc. (St. Louis, MO)
Developer of MyoSponge, a first-in-class implant designed to regenerate skeletal muscle after severe trauma. Built from muscle-relevant extracellular matrix proteins, MyoSponge provides a scaffold that attracts and aligns cells, resorbs naturally, and leaves behind functional muscle rather than scar tissue. Validated across multiple species and supported by NSF SBIR funding, MyoSponge represents a new category of trauma care with the potential to restore strength and mobility to patients facing debilitating injuries. Learn more: www.genassist.co
Perfusion Medical (Reston, VA)
An emerging biopharmaceutical company developing PM-208, a novel therapy to reestablish blood flow and oxygen delivery in critical care settings. Built on technology from Virginia Commonwealth University, PM-208 targets the “no re-flow phenomenon” that follows severe blood loss, ischemia, or acute kidney injury, offering the potential to save lives and reduce long-term complications. Backed by more than $10 million in funding from the U.S. Department of Defense, NIH, and private investors, Perfusion Medical is advancing toward clinical trials to transform trauma and intensive care medicine. Learn more: https://perfusionmedical.com
MYoroface AB, International (Hudiksvall, Sweden)
MYoroface is the developer of IQoro®, a patented neuromuscular device that treats the root causes of reflux disease, dysphagia, snoring, and sleep apnea. The device strengthens the diaphragm and activates 148 swallowing muscles through 90 seconds of daily training, offering a non-drug, non-surgical option. Learn More: https://www.iqoro.com/about-us/
Host and Judges
Moderator
Richard Bendis, President & CEO, BioHealth Innovation
Judges
- Teddy Gresser, Senior Director, TEDCO
- Conley Jones, Vice President, Alexandria Venture Investments at Alexandria Real Estate Equities, Inc.
- John Newby, Chief Executive Officer, Virginia Biotechnology Association
- Anthony Obi Jr, Senior Investment Associate, Virginia Venture Partners
- Esther Park, Associate Director, Blackbird Laboratories
- Rachel Rath, Head of JLABS @ Washington, DC, Johnson & Johnson
- Joseph Siletto, Co-Managing Partner, Life Sciences at J.P. Morgan
Attend the Finals
The Crab Trap finals are open to all Forum attendees on September 24 at 2:00 PM. Register for the Forum: https://reg.eventmobi.com/bhcr2025.
Companies and investors can continue the momentum at the Investment Conference on September 25: https://bit.ly/BHCRIC2025.
Emergent BioSolutions Awarded $30 Million Contract Modification for CYFENDUS® (Anthrax Vaccine Adsorbed, Adjuvanted), a Two-Dose Anthrax Vaccine for Post-Exposure Prophylaxis Use
GAITHERSBURG, Md., Sept. 02, 2025 (GLOBE NEWSWIRE) — Emergent BioSolutions Inc. (NYSE: EBS) today announced it has received a $30 million contract modification from the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), to supply CYFENDUS® (Anthrax Vaccine Adsorbed, Adjuvanted). Deliveries are expected to begin this calendar year and are scheduled to be completed by March 2026.
“This new contract modification is the next step in our ongoing engagement with the U.S. government, with the shared goal to help ensure medical countermeasures, like CYFENDUS® vaccine, are readily available to safeguard civilian populations against the potential threat of anthrax,” said Paul Williams, senior vice president, head of products business, global government & public affairs at Emergent. “We’re proud to leverage a U.S.-based supply chain for our anthrax vaccines, as we believe this is critical to Emergent’s leadership and continued support of the U.S. government’s national security priorities.”
Anthrax is a Tier 1 biological threat due to its potential to be used for a bioterrorist incident and threat to public health and national security. CYFENDUS® vaccine was approved by the U.S. Food and Drug Administration in July 2023 as a two-dose anthrax vaccine for post-exposure prophylaxis use in individuals 18 through 65 years of age when given with recommended antibacterial drugs.
This follows a previously announced contract modification of $50 million to supply CYFENDUS® (Anthrax Vaccine Adsorbed, Adjuvanted) in December 2024. This project has been supported in whole or in part with federal funds from the U.S. Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority, under contract HHSO100201600030C.
About CYFENDUS® (Anthrax Vaccine Adsorbed, Adjuvanted)
Indication
CYFENDUS® (Anthrax Vaccine Absorbed, Adjuvanted) is a vaccine indicated for post-exposure prophylaxis of anthrax disease following suspected or confirmed exposure to Bacillus anthracis in persons 18 through 65 years of age when given with recommended antibacterial drugs. The efficacy of CYFENDUS® vaccine for post-exposure prophylaxis (PEP) is based solely on studies in animal models of inhalational anthrax.
Important Safety Information
Contraindication: Do not administer CYFENDUS® to individuals with a history of a severe allergic reaction (e.g., anaphylaxis) following a previous dose of CYFENDUS®, BioThrax® (a licensed anthrax vaccine with the same active ingredient as CYFENDUS®) or any component of the vaccine.
Warnings and Precautions: Management of Acute Allergic Reactions: Appropriate medical treatment must be available to manage possible anaphylactic reactions following administration of CYFENDUS®. Pregnancy: CYFENDUS® can cause fetal harm when administered to a pregnant individual. In an observational study, there were more birth defects in infants born to individuals vaccinated with BioThrax® (a licensed anthrax vaccine with the same active ingredient as CYFENDUS®) in the first trimester compared to infants born to individuals vaccinated post pregnancy or individuals never vaccinated with BioThrax®.
Adverse Reactions: The most common (≥10%) injection-site adverse reactions reported were tenderness, pain, arm motion limitation, warmth, induration, itching, swelling, and erythema/redness. The most common systemic adverse reactions were muscle aches, tiredness, and headache.
To report Suspected Adverse Reactions, contact Emergent BioSolutions at 1-800-768-2304 or medicalinformation@ebsi.com; or VAERS at 1-800-822-7967 or www.vaers.hhs.gov.
Please see the Prescribing Information for CYFENDUS® for full safety information.
About Emergent BioSolutions
At Emergent, our mission is to protect and save lives. For over 25 years, we’ve been at work preparing those entrusted with protecting public health. We deliver protective and life-saving solutions for health threats like smallpox, mpox, botulism, Ebola, anthrax and opioid overdose emergencies. To learn more about how we help prepare communities around the world for today’s health challenges and tomorrow’s threats, visit our website and follow us on LinkedIn, X, Instagram, Apple Podcasts and Spotify.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including statements regarding the expected timing for delivery of the CYFENDUS® vaccine and Emergent’s ability to increase inventories of CYFENDUS® vaccine to meet requested levels within specified time frames, are forward-looking statements. We generally identify forward-looking statements by using words like “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “should,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on our current intentions, beliefs, and expectations regarding future events based on information that is currently available. We cannot guarantee that any forward-looking statement will be accurate. Readers should realize that if underlying assumptions prove inaccurate or if known or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Readers are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, we do not undertake to update any forward-looking statement to reflect new information, events, or circumstances. Readers should consider this cautionary statement, as well as the risk factors identified in our periodic reports filed with the U.S. Securities and Exchange Commission, when evaluating our forward-looking statements.
Investor Contact:
Richard S. Lindahl
Executive Vice President, CFO
lindahlr@ebsi.com
Media Contact:
Assal Hellmer
Vice President, Communications
mediarelations@ebsi.com
V
LP Therapeutics, Inc. (VLPT), Maryland, US-based biotech company, announced on August 27 the initiation of a Phase 1 clinical trial of VLPONC-01, a new cancer immunotherapy, in collaboration with Stanford Medicine. The trial (NCT06736379) is being conducted at Stanford Health Care with the primary objectives of assessing the safety of cancer immunotherapy and identifying the appropriate dosage range for this novel immunotherapy.
VLPONC-01 utilizes VLPT’s proprietary virus replicon particle (VRP) technology — an innovative platform combining virus-like particle (VLP) and replicon technologies — to activate targeted immune responses within the tumor microenvironment.
“As a head and neck surgeon, I am excited to lead this trial, which is based on new immunotherapy research from VLP Therapeutics,” said Fred M Baik, MD, Lead PI for the study and Assistant Professor of Otolaryngology – Head & Neck Surgery at Stanford Medicine. “Our team is committed to advancing treatment for the estimated 70,000 new HNC patients annually in the US alone and 900,000 worldwide.”
“There is a critical need for faster and more effective immunotherapy strategies that harness emerging immune targets in head and neck cancer,” said Quynh-Thu Le, MD, co-head of the study and Katharine Dexter McCormick & Stanley McCormick Memorial Professor and Chair of the Department of Radiation Oncology at Stanford Medicine. “I believe that this trial with VLP Therapeutics is one with such an approach, using VRPs’ ability to impact the tumor microenvironment and induce measurable biological changes.”
“The launch of this clinical trial is a key milestone that highlights the progress we’ve made in pioneering cancer immunotherapies” said Wataru Akahata, PhD, founder and CEO of VLPT. “We are honored to work with Drs. Baik and Le—renowned experts in their fields. This study represents a major step forward in our mission to deliver innovative therapies to patients with urgent medical needs and provide therapeutic options for patients battling cancer.”
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About VLP Therapeutics: VLP Therapeutics, Inc. (VLPT), co-founded in 2013 by Drs. Wataru Akahata, Ryuji Ueno, and Sachiko Kuno, is a Maryland, US-based biotech company with a mission to address unmet medical needs worldwide and expand the frontiers of prophylactic and therapeutic immunotherapy. VLPT is currently engaged in research and development of cancer treatment as well as infectious disease prevention.
Accomplished life sciences executive to lead Virginia’s innovation ecosystem development organization into its next phase of growth.
Richmond, VA – August 26, 2025 – The Virginia Biotechnology Research Partnership Authority (doing business as Activation Capital) announced today that it has appointed Michael Steele as president and chief executive officer. Steele succeeds Robert Ward, who has served as interim CEO since July 2024 during a period of rapid growth for the life sciences ecosystem development organization.
Steele comes to Activation Capital with more than two decades of leadership experience in therapeutic, diagnostic, and research verticals across global markets. He has built and led high-performing teams, driven corporate strategy, and delivered growth through business development, mergers and acquisitions, licensing, investor relations, and strategic partnerships. Over his career, he has held senior leadership positions at fast-paced organizations, including Biocartis, Chembio Diagnostics, SeraCare Life Sciences, and Serologicals. Steele served in general management, corporate development, commercial, and operational roles, where he executed transactions generating hundreds of millions of dollars in revenue and investment. He has led global partnering initiatives to advance therapeutic, diagnostic and precision medicine innovations, negotiated agreements with top biopharma and life science companies, and directed strategies for large, growing organizations.
A Virginia native, Steele earned his MBA and a Bachelor of Science degree from James Madison University and completed the Senior Leadership Program at Vlerick Business School in Brussels, Belgium.
“Activation Capital’s mission depends on exceptional leadership, and Michael brings the vision, expertise and collaborative spirit needed to position the organization for even greater impact. We are excited to bring him on board,” said Michael Rao, president of Virginia Commonwealth University and chair of the Activation Capital Board. “I also thank Robert Ward for his dedicated service as interim CEO. Rob brought amazing energy, experience and leadership into his role; he streamlined infrastructure and processes, helped to achieve financial clarity and used his real estate expertise to guide the Board in understanding complex transactions.”
“Activation Capital’s continued success in advancing Virginia’s life sciences ecosystem depends on its ability to translate bold innovation into long-term, sustainable economic growth,” said Juan Pablo Segura, Secretary of Commerce and Trade for the Commonwealth of Virginia. “Under Michael Steele’s leadership, Activation Capital is well positioned to catalyze new partnerships, attract investment, and expand our regional impact further. I look forward to working together to ensure Virginia remains at the forefront of biotech innovation.”
“Michael brings deep experience in life sciences, business development, and strategic vision that will be a tremendous asset to Activation Capital and to Virginia’s innovation economy as a whole,” said Garrison Coward, board member of the Virginia Biotechnology Research Partnership Authority and Deputy Chief Transformation Officer in the Office of the Governor. “He clearly knows how to build partnerships, drive growth, and move organizations forward. That combination will help strengthen our position in biotech innovation across Central Virginia and the Commonwealth.”
Steele joins Activation Capital during a period of expansion and national recognition. Over the past year, the organization launched the Frontier BioHealth accelerator and showcase, welcomed its inaugural cohort of 10 high-growth startups, created Pioneer Connect, and expanded Start-the-Journey, a pre-accelerator for emerging founders. Activation Capital also secured a multimillion-dollar GO Virginia grant to scale biohealth sector development and earned recognition for its role in building an inclusive, high-impact innovation economy.
“I am energized and honored to lead Activation Capital at this pivotal moment,” said Michael Steele. “We’re building on a strong foundation, growing our programs, supporting even more entrepreneurs, and expanding our impact across the Commonwealth. In our mission of elevating Virginia’s life science ecosystem, my goal is simple yet impactful: create meaningful jobs and attract investments to catalyze our researchers, entrepreneurs, and partners to bring innovation to life, right here in the Commonwealth.”
About Virginia Biotechnology Research Partnership Authority
The Virginia Biotechnology Research Partnership Authority (“Authority”) is a political subdivision of the Commonwealth of Virginia created by Chapter 946 of the 1993 Virginia Acts of Assembly (the “Act”). The Authority disseminates knowledge pertaining to scientific and technological research and development among public and private entities, including but not limited to knowledge in biotechnology, and promotes industrial and economic development.
For more information, visit activation.capital.
MEDIA CONTACTS:
Leslie Strickler
leslies@etrecommunications.com
Paul Spicer
pauls@etrecommunications.com
Rich Bendis, CEO and founder of BioHealth Innovation, discusses how the BioHealth Capital Region has grown into a leading US life sciences hub by connecting Maryland, Washington, D.C., and Northern Virginia through a regional, collaborative approach. From supporting early-stage companies with non-dilutive funding and strategic mentoring to helping international firms “soft land” in the US, Bendis highlights BHI’s role in combining world-class science, entrepreneurial expertise, and practical resources to drive innovation and growth.
Can you tell us what led you to found BHI and what unmet need you saw in the ecosystem?
BioHealth Innovation (BHI) is a 501(c)(3) non-profit, but we also operate a for-profit subsidiary, holding equity in around 25 early-stage life science companies through our support and services.
The idea for BHI began around 2009–2010. I had worked as a consultant and CEO across multiple US biotech ecosystems and often spoke globally about building vibrant bio clusters and finding early-stage capital. After a talk at the National Academy of Sciences, someone from Johns Hopkins approached me and said, “Rich, what you just described is exactly what we’ve been trying to do in Maryland for years, but we haven’t succeeded. Would you meet with our team?”
I began discussions with Montgomery County, the heart of the region and home to the FDA, NIH, Astra Zeneca, GSK, Amgen, United Therapeutics, and many others. Through a six-month study, interviewing about 90 stakeholders, it became clear that while Maryland had world-leading research and academic institutions, the commercialization of products was a weak spot. Industry and investors were largely disengaged, and government and academia were driving most initiatives.
We realized the region needed an innovation intermediary. It was important to be market-driven rather than lab-driven to connect private sector, industry, investors, and academia. This led to the creation of BioHealth Innovation in 2011. To succeed, we designed BHI to include public-private commitment at the board level, led by private-sector staff and guided by market needs, focusing on bridging the commercialization gap and accelerating products to market.
I initially took on the role of interim president, not intending to stay long-term. But the region’s untapped resources and connectivity potential convinced me to continue. I became CEO in 2012, and more than a decade later, the mission continues. Maryland’s ecosystem has made remarkable progress, rising from sixth or seventh to third among top US biopharma clusters, as defined in the annual rankings by Genetic Engineering and Biotechnology News (GEN), excelling in NIH funding, patents, jobs, and wet lab space. The next frontier is attracting more venture capital and creating new VC firms to further fuel the ecosystem’s growth.
What were the key steps in defining and establishing the BioHealth Capital Region as a recognized life sciences cluster?
Originally, the region was narrowly perceived as a five-mile stretch along Interstate 270 in Maryland. Our first step was to broaden that perspective and highlight the ecosystem’s true regional scale. Similar to Silicon Valley, Route 128 in Boston, or the Research Triangle, the BioHealth Capital Region encompassed a wider area of Maryland, Washington D.C., and Northern Virginia. We needed stakeholders to understand that the cluster’s strength lay not in a single corridor, but in the collective capabilities of the entire region.
Another critical challenge was branding. The area was often referred to as “DMV,” which caused confusion, sometimes referencing the Department of Motor Vehicles or ambiguously the states of Delaware, Maryland, and Virginia. Medimmune/Astra Zeneca convened stakeholders to define a unifying identity: the BioHealth Capital Region. The name reflects the convergence of traditional life sciences with emerging technologies like AI, machine learning, quantum computing, and digital health. “Capital” carries dual meaning: Washington, D.C., as the nation’s capital, and the importance of financial capital to the ecosystem, while “Region” emphasizes collaboration across state and city lines that historically had operated in silos.
From the outset, our vision was to build a truly regional initiative. Although BioHealth Innovation initially focused on Montgomery County and Maryland, industry and state leadership recognized the need for broader collaboration. In response, we strategically expanded our efforts to include Washington, D.C., and Virginia, establishing the foundation for today’s BioHealth Capital Region.
Can you elaborate on the existing financial and investment climate for biotech today? As you mentioned this as an area for growth, how is BHI helping close this gap?
The financing environment for biotech today is multifaceted and challenging. Beyond traditional venture capital, non-dilutive funding plays a critical role, particularly programs like the Small Business Innovation Research (SBIR) program. Across federal agencies, SBIR allocates a percentage of their research funding to early-stage seed grants, with NIH’s USD 1.4 billion program being the largest in the US. However, this program faces uncertainty, as reductions in NIH funding could proportionally decrease SBIR budgets. Decision timelines have slowed, and the win rate for Phase I awards has dropped from around 20 percent to closer to 10 percent, constraining early-stage entrepreneurship.
On the equity side, venture capital remains steady overall, but early-stage, preclinical investments have declined. Investors are increasingly focused on companies already in clinical development, where the path to exit is clearer. IPO activity has also been limited, with just six US life science IPOs in the first half of this year versus the 30–40 typically expected, making the early-stage funding environment particularly challenging. While deal flow is picking up, VCs are targeting lower-risk, later-stage opportunities that may deliver modest returns rather than the traditional high multiples.
Globally, strategic partnering and licensing with large pharma, biotech, and medical device companies have become a key mechanism to offset the decline in early-stage VC funding. Upfront licensing fees and collaborations provide companies with non-dilutive or equity capital while mitigating risk, and this activity has remained relatively constant, even increasing slightly.
BioHealth Innovation helps bridge these financing gaps by connecting entrepreneurs with both non-dilutive programs and venture capital, supporting companies through the preclinical and early clinical stages, and facilitating strategic partnerships. By leveraging its deep network across academia, government, and industry, BHI ensures that promising early-stage innovations can advance toward commercialization even in a constrained funding environment.
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Biotechnology company developing early liver diseases detection technology
COLUMBIA, Md., (August 19, 2025) — TEDCO, Maryland’s economic engine for technology companies, announced a recent $250,000 Pre-Seed Builder Fund investment in AGED Diagnostics. Housed under TEDCO’s Social Impact Funds, the Pre-Seed Builder Funds provide investment and support to Maryland-based technology companies led by founders from economically underserved backgrounds.
“TEDCO’s funding continues to support us in furthering our research and development for early liver disease detection,” said Rachel Zayas, CEO of AGED Diagnostics. “With this follow-on investment, we hope to move closer to our mission of providing access to early detection and intervention care for those with liver disease.”
AGED Diagnostics, based in Rockville, Md., is a biotechnology company developing an early detection and intervention solution for liver disease. Using genomic innovation, the company is working to create a more accurate blood test that could keep patients in a monitoring program, helping to reduce financial burdens and improve patient outcomes.
“AGED Diagnostics seeks to tackle both the health and financial aspects of liver disease through their detection technology,” said Jean-Luc Park, deputy chief investment officer & senior director of TEDCO’s Social Impact Funds. “At TEDCO, we work to support innovative companies like this who are working towards impactful solutions; through the Pre-Seed Builder Fund, we are honored to offer more than just funding in support for our portfolio companies.”
TEDCO’s Social Impact Funds are just one of the many investment opportunities available to qualifying technology-focused startups and small businesses across Maryland.
“As technologies continue to evolve, it is always promising to see innovation in biotechnology seek to support more efficient and affordable healthcare,” said TEDCO CEO, Troy LeMaile-Stovall. “Being ranked as a top state for health care, Maryland has a fertile ecosystem for entrepreneurs and companies looking to advance in the medical landscape.”
For more information, visit our page at www.tedcomd.com/funding.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
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Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, tthomas@tedcomd.com
Rachael Kalinyak, Associate Director, Marketing & Communications, TEDCO, rkalinyak@tedcomd.com