BioHealth Innovation Weekly for September 10, 2024

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September 10, 2024

BioHealth Capital Region Announces Finalists for the 9th Annual Crab Trap Competition

The BioHealth Capital Region is proud to announce the finalists for this year’s Crab Trap Competition, selected from a highly competitive pool of a record number of over 60 applications from within the Region and beyond. These finalists represent a diverse and innovative group of biohealth companies, each bringing forward unique solutions with the potential to significantly impact the industry. The competition will take place on September 18th at 1:45 pm at the US Pharmacopeia in Rockville, MD, as part of the BioHealth Capital Region Week.

The Crab Trap competition is designed to identify and foster the most innovative startups within the biohealth sector. It serves as a platform for emerging companies to gain exposure and interact with a network of industry leaders, investors, and potential partners. This year’s finalists were chosen based on their technological innovation, potential market impact, and the strength of their business model. The competition not only highlights cutting-edge advancements in healthcare and biotechnology but also provides a critical opportunity for startups to accelerate their journey from concept to market. As these companies prepare to present their solutions, the anticipation builds for how these innovations could reshape the future of medicine and healthcare.

BISNOW: Join the Leaders in Life Sciences and Real Estate at the International Life Sciences Real Estate Conference Next Week in Rockville

The International Life Sciences Real Estate Conference, taking place on September 11-12, 2024, at the Bethesda North Marriott Hotel & Conference Center in Rockville, MD, is an event for professionals at the crossroads of biotech and commercial real estate. This conference will explore the latest trends, innovations, and strategies shaping the life sciences sector. Attendees will gain insights from top executives, developers, investors, and government officials on how to build thriving biotech ecosystems, navigate market conditions, and leverage AI and sustainability for future growth. Speakers include Maryland Governor Wes Moore and AstraZeneca's Cory Matthews.

Canon Virginia, Inc. to Expand Newport News Facility

RICHMOND, VA — Governor Glenn Youngkin today announced that Canon Virginia, Inc., a leading global manufacturer of consumer and office products, will expand its manufacturing facility in the City of Newport News. The expansion will support Canon’s new initiative to scale a unique method of isolating natural silk protein to create a solution with applications for multiple industries. Canon Virginia will retrain 30 employees to staff the new line, which is one of the company’s first ventures outside their longstanding core business of image-related products.

Emmes awarded multi-task, IDIQ contract with $50M ceiling, to support NIDA’s clinical trials network

Emmes, part of Emmes Group, today announced they will provide a Clinical Coordinating Center for the NIH's National Institute on Drug Abuse Clinical Trials

ROCKVILLE, Md., Sept. 4, 2024 /PRNewswire/ -- Emmes, part of Emmes Group, a leading specialty tech-enabled global contract research organization (CRO), has been selected by the National Institutes of Health's (NIH) NIDA [National Institute of Drug Abuse] to support their Clinical Trials Network (CTN) for a multi-task, IDIQ contract.

Cartesian Therapeutics Receives FDA Rare Pediatric Disease Designation for Descartes-08 for the Treatment of Juvenile Dermatomyositis

GAITHERSBURG, Md., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company pioneering mRNA cell therapy for autoimmune diseases, today announced that the U.S. Food and Drug Administration (FDA) has granted Rare Pediatric Disease Designation to Descartes-08 for the treatment of juvenile dermatomyositis (JDM).

Descartes-08, Cartesian’s lead mRNA cell therapy candidate, is an autologous mRNA-engineered chimeric antigen receptor T-cell therapy (mRNA CAR-T) product candidate targeting B-cell maturation antigen (BCMA). Descartes-08 is designed to be administered without preconditioning chemotherapy and does not use integrating vectors.

Biotechnology Investment Incentive Tax Credit (BIITC) Program Now Accepting Applications for 2025

The Maryland Department of Commerce has officially opened the 2025 Biotechnology Investment Incentive Tax Credit (BIITC) program. Qualified Maryland Biotechnology Companies (QMBCs) can submit Form B applications starting on August 20, 2024, while investors can submit Form A applications starting September 3, 2024. The program offers income tax credits ranging from 33% to 75% of eligible investments, depending on the QMBC's location and specific program qualifications.

Enhanced credits are available for investors in Opportunity Zones and RISE Zones, with higher tax credits based on eligibility. Registration for the investor queue opens on September 24, 2024, and applications are processed on a first-come basis, with limited funding available. Be sure to apply early through the Commerce online system to take advantage of these tax benefits. For more information, please visit the official BIITC program page.

ARPA-H Launches PRECISE-AI to Ensure Long-Term Reliability of AI in Healthcare

ARPA-H has announced a new funding opportunity through its PRECISE-AI program, aimed at maintaining the accuracy and reliability of AI-enabled medical tools over time. As AI continues to transform healthcare, tools can degrade due to evolving data, patient populations, or operations. PRECISE-AI seeks to develop solutions that automatically detect and address these issues, ensuring safer, more effective care. With over 950 AI-enabled medical devices now authorized by the FDA, this initiative is critical to future healthcare innovations.

For more information, visit the PRECISE-AI program page.

$50 Million ‘Build to Scale’ Funding Opportunity Aims to Boost Technology Entrepreneur Ecosystems

The U.S. Economic Development Administration (EDA) is accepting applications for its FY24 $50 million Build to Scale program to support organizations that strengthen entrepreneurial ecosystems to support entrepreneurs as they build and scale technology-driven businesses—and the employees in the new, good jobs they create—to make and deliver new technology products and services. [Read Today’s Blog Post]

Build to Scale (B2S) grants fund programs that support innovators, entrepreneurs, and startups transforming ideas into the critical, emerging technologies of the future.

Forbes: Where Are Federal Economic Development Investments Going?

Billions in funding from the CHIPS & Science Act, Bipartisan Infrastructure Law, Inflation Reduction Act, and American Rescue Plan–known as the Investing in America suite of bills– have begun to flow into communities.

Over the next two years, it will be essential that state and local governments, industry, higher education institutions, workforce entities, labor unions, and the media effectively track and evaluate the flow of funding and the activities those funds are catalyzing.

A new tool released by the U.S. National Science Foundation’s (NSF) Technology, Innovation, and Partnerships Directorate aims to help illuminate just that. The interactive map shows the 198 signature place-based investments, highlighting the geographic diversity and intentional layering of investments across the two agencies.