News Archive

M&A may seem hot in the life sciences, but that and IPO activity is starting to cool across all sectors, according to a new report from the National Venture Capital Association. The first quarter of 2015 saw less than 20 venture-backed IPOs since the first quarter of 2013. Independent of sector, when it comes to deal size, this quarter was the slowest in M&A since the first quarter of 2013. But the bulk of the IPOs completed were, of course, in the life sciences – 13 of the 17 exits were in the medical and biotech sectors.

The Tech Council of Maryland (TCM), Maryland’s largest technology trade association, today announced the finalists for its 27th Annual Industry Awards. Winners will be revealed at a celebration on May 13 at the Bethesda North Marriott Hotel & Conference Center. This year, the Industry Awards Celebration recognizes the achievements that inspiration can bring. Achievements in technology and life sciences that were nurtured locally, and grew to have a global impact.

Katie Kirsch did not expect a move to Baltimore. Wrapped in a pashmina scarf in Baltimore’s Harbor East, she sips her chai and shrugs her shoulders, “We were destination agnostic.” Kirsch is the chief marketing officer of Sisu Global Health, a startup that creates medical devices for emerging markets. Sisu got its start in Grand Rapids, Mich., but acceptance into DreamIt Ventures’ Baltimore Health IT accelerator had them pick up and move east.

Though the Terrapins men’s basketball team didn’t pass the second round of the NCAA tournament, this university found success in a different kind of bracket. This university was named the “Nation’s Greenest University” by SaveOnEnergy.com in its March Mania Bracket, taking on Kansas University, Duke University and the University of Virginia before defeating the University of Louisville in the championship. In the spirit of March Madness, SaveOnEnergy.com — an online energy comparison website — created March Mania to mimic the NCAA Division I basketball tournament. The tournament included 16 of the nation’s top men’s basketball teams and ranked them based on their green efforts, according to the March Mania website.

The University of Maryland, Baltimore (UMB) has encouraged a culture of entrepreneurship, UMB President Jay A. Perman, MD, said in remarks at the 2015 Maryland Regional BioTech Forum. Perman appeared with three other university presidents on a panel, “How Academia Can Help Drive our Region’s Biotech Cluster.” The theme of the forum, “Growing Our Ecosystem,” referred to ways that corporate, governmental and academic partners can collectively make the region a leading hub of groundbreaking science and technology.

Thrasos Therapeutics, a biotherapeutics company focused on delivering new solutions for kidney disease, today announced that it has completed a $21M Series D financing led by BDC Capital and SR One with participation by all current investors. Thrasos’ Board of Directors will be expanded with the addition of Ela Borenstein, Managing Partner at BDC Capital Healthcare Venture Fund.

Cerner Corporation and Epic Systems have joined iPatientCare as CMS Designated Test EHR Program participants. The Office of the National Coordinator for Health Information Technology announced the two rival companies’ participation April 6. The CMS program, designed to test electronic data exchange capabilities, is voluntary. Since the Test EHR Program was launched just over a year ago, more than 4,000 providers have registered to conduct tests, and more than 5,000 have successfully attested to the transition of care meaningful use core objective, ONC notes. In the past the program also included MEDITECH and McKesson.

Another startup-focused program from TEDCO is on the way. The U.S. Economic Development Administration awarded the Maryland Technology Development Corporation (TEDCO) an innovation grant this week. TEDCO will use the $500,000 i6 Challenge award to launch a program for commercialization of medical devices. The program, called Maryland Structure Efficient Professional Product Development (mdSTEPP), is aiming to create 5-7 new medical device companies a year. It’s another example of the state working to turn the research that emerges from Maryland’s hospitals, labs and other centers into profitable businesses. The announcement also comes as University of Maryland officials are looking to expand the institution’s BioPark in Baltimore, and Johns Hopkins University is finally making the investment in commercialization that many have long wanted.

Foundation Medicine Inc. (NASDAQ:FMI) today announced the closing of its strategic transaction with Roche. This transaction included the purchase by Roche of approximately 15.6 million shares of common stock by means of a tender offer from Foundation Medicine stockholders at a price of $50 per share. Concurrently Roche also purchased an additional 5 million newly issued shares directly from the company at the same price per share for gross proceeds to Foundation Medicine of $250 million. As a result of these two related transactions Roche is a majority shareholder in Foundation Medicine. Foundation Medicine will maintain its operational independence with Roche having minority representation on Foundation Medicine’s Board of Directors.

When serial entrepreneurs Greg Cangialosi and Dave Troy launched the Baltimore Angels in 2009, the small group of investors heard pitches from hopeful entrepreneurs in a cramped Baltimore conference room, with maybe a pizza and bottle of water to share. Six years later, the Baltimore Angels are a crew of 40 investors, making deals upwards of $100,000. As Baltimore’s startup scene grows, Cangialosi is tightening the screws on the Baltimore Angels to attract new members, raise more money, ink more deals and be a driving force in the city’s entrepreneurship community.