Amanda Bosland, Author at Rockville Economic Development, Inc

MaxCyte debuts new state-of-the-art headquarters in Maryland’s I-270 Biotech Corridor

The headquarter relocation to Rockville significantly increases its in-house manufacturing capacity, as well as lab space

ROCKVILLE, Md., September, 2022 – MaxCyte, Inc., a leading commercial cell-engineering company focused on providing enabling platform technologies to advance innovative cell-based research, as well as next-generation cell therapeutic discovery, development and commercialization, today announced that it has relocated its headquarters to 9713 Key West Avenue in Rockville, Maryland, 20850, within Maryland’s I-270 Biotech Corridor. The Company’s new 67,000 square-foot facility significantly increases its in-house manufacturing capacity, as well as research and process development lab space. This investment represents a major milestone in MaxCyte’s growth and its ability to support customers and partners in their journey through therapeutic development to commercialization.

“The State of Maryland and Montgomery County have worked relentlessly over several decades to cultivate a robust life sciences and biotech community, with MaxCyte playing a critical role in that development,” said Doug Doerfler, President and CEO of MaxCyte. “During the past 20 years, MaxCyte has pioneered cell-engineering technology and is now at the forefront, driving a new generation of cell-based therapies, particularly in gene editing and immuno-oncology. As we continue our work toward transforming patients’ lives globally, we remain committed to fearless innovation and scientific solutions that help our partners discover and develop life-saving therapeutics through the application of our unmatched technology platforms paired with outstanding support and expertise.”

This new facility, with expanded lab and manufacturing spaces will enable MaxCyte to support the growing needs of our partners as they move their therapeutic programs through clinical development to approval and commercialization. Building out these advanced capabilities will also enable the Company to continue our expansion into new research areas and applications for use of our technology.

“We believe strongly in creating an environment where employees know that we are in this together and that their efforts, individually and as a team, are contributing to MaxCyte’s success and ultimately, delivering new therapeutics to patients. We want all of our employees to feel valued and to be empowered to make a difference,” said Jill Mayer, Vice President of Talent and Teamwork at MaxCyte.

According to CBRE’s I-270 Biotech Corridor: 2021 Year-End Report, Maryland is the fifth largest biotech hub in the US and is experiencing significant and rapid growth due to the influx of public and private sector funding. Maryland ranked first in the Milken Institute’s 2020 State Technology and Science Index technology and science workforce subindex and second in the research and development sub-index, with the highest levels of federal government and academic funding for R&D of any state. Rockville is at the center of the I-270 Biotech Corridor and its Economic Development partnership boasts more than 10,000 bio health workers in the private sector, 49,000 in federal government agencies, and 150+ life sciences companies with a Rockville address, not to mention its close proximity to the National Institutes of Health, US Food and Drug Administration, and other Federal and academic institutions.

“We are excited for the future and see our move to this new facility as a milestone in MaxCyte’s growth and the expansion of the region’s biotech community,” said Mr. Doerfler. “We are here to help save lives. That’s what drives us to innovate and make our partners successful.”

About MaxCyte

MaxCyte is a leading commercial cell-engineering company focused on providing enabling platform technologies to advance innovative cell-based research as well as next-generation cell therapeutic discovery, development and commercialization. MaxCyte’s high-performance delivery platform with our cell-engineering expertise to accelerate the discovery, development and manufacturing of next-generation, cell-based medicines – overcoming client challenges and enabling previously unfeasible cell-engineering applications. Learn more at https://maxcyte.com/

Link to press release: https://investors.maxcyte.com/news-releases/news-release-details/maxcyte-debuts-new-state-art-headquarters-marylands-i-270

19 Rockville companies rank on Inc.’s annual 5000 list

Honorees include companies in the government services, IT services, software, and consumer services industries

The Inc. 5000 list ranks the nation’s 5000 fastest-growing private companies in the U.S. Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. This year’s list of companies added 1,178,549 jobs and generated $317.5 billion in revenue with 230% median growth.

Listed in order of their ranking, REDI congratulates the following Rockville companies, as well as their leaders and employees, on their continued growth:

#407: Audley Consulting Group – Government Services

#352: Axiom Consultants – Government Services

#634: Dinocrates Group – Government Services

#804: E-Infosol – IT Services

#1399: Carfeine – Software

#1468: Behavioral Framework – Health Services

#1941: Bravium Consulting – IT Services

#2112: Spartan Medical – Government Services

#2179: Stellar IT Solution – IT Services

#2307: CloudBolt Software – Software

#2370: Presidential Exteriors – Construction

#2780: 495 Movers – Logistics & Transportation

#3192: Transparent BPO – Business Products & Services

#3355: SysArc – IT Services

#3509: Patriot Shredding – Business Products & Services

#3964: Lurn – Business Products & Services

#4252: N5 Sensors – Environmental Services

#4477: DogiZone – Consumer Services

#4776: Quince Orchard Psychotherapy – Health Services

For the full list, visit: https://www.inc.com/inc5000/2022

Rockville ranks as one of the most diverse cities in America in 2022

Rockville placed 10 of 501 in WalletHub's 2022 study of cities in America

According to a study of ethnically diverse places in America conducted by WalletHub, four of the top 10 most diverse cities in the country are in Montgomery County, Maryland. The personal finance website placed Germantown, Gaithersburg, Silver Spring and Rockville among its top ten “2022 Most & Least Ethnically Diverse Cities in the U.S.”

WalletHub compared the most populated U.S. cities across three key metrics:

Ethnoracial Diversity
Linguistic Diversity
Birthplace Diversity

Each metric was graded on a 100-point scale, with 100 representing the most ethnic diversity. The weighted average across all metrics were determined to calculate the “Ethnic Diversity Score” for cities and the resulting scores to rank-order the sample.

The top 10 most diverse cities in America, in order, were:

Jersey City, NJ
Germantown, MD
Gaithersburg, MD
Silver Spring, MD
Spring Valley, NV
New York, NY
Kent, WA
San Jose, CA
Oakland, CA
Rockville, MD

Learn more about Rockville’s economy, workforce and amenities here

To view the full list of cities in WalletHub’s 2022 report, please visit: https://wallethub.com/edu/cities-with-the-most-and-least-ethno-racial-and-linguistic-diversity/10264

Accelerating Community Excellence (ACE) loan now accepting applications

The program will provide loans to women-owned and underserved businesses

ROCKVILLE, Md., September, 14, 2022 – The Montgomery County Economic Development Corporation (MCEDC) has officially begun accepting applications for commercial loans from the new Accelerating Community Excellence (ACE) Loan Fund, a state of Maryland-funded program that provides loans to small, minority and women-owned companies. MCEDC is the ninth fund manager in the Maryland Small, Minority and Women-Owned Business Program, also known as the Video Lottery Terminal (VLT) Program.

“Small, minority and women-owned businesses are the backbone of Montgomery County,” said Bill Tompkins, MCEDC President & CEO. “Our new ACE Loan Fund gives us the power to provide financial support to these businesses to help them grow and flourish in our area and across the state of Maryland. We couldn’t be happier to have been appointed and approved as a fund manager and look forward to seeing Montgomery County businesses continue to thrive.”

The Maryland VLT Program was created to assist businesses, especially in underserved communities, with a percentage of the proceeds from video lottery terminals (slots) from the six casinos in Maryland. MCEDC was allotted $1.5 million in financial assistance to distribute among eligible businesses in the state and within Montgomery County.

The VLT Program requires at least 50% of the program funds to be deployed to eligible small businesses located within a certain targeted radius surrounding the state’s six casinos. Since there are no Montgomery County casinos in Maryland, the MCEDC-managed ACE program will target the remaining 50% of its funding to eligible Montgomery County small businesses.

MCEDC will work with the Latino Economic Development Center (LEDC) as the program’s fiduciary agent. MCEDC chose LEDC as a partner since the center has an established and strong track record of services to the Latino and underserved communities in the Greater Washington-Baltimore region, with offices in Wheaton and Baltimore.

“The ACE Loan Fund will offer greater capital to minority business owners to foster their growth and development,” said Emi Reyes, LEDC CEO. “We are proud to have partnered with MCEDC as we work together to support the region’s small businesses.”

To see if your business is eligible for the program, complete the pre-qualification form by clicking the button below. For questions regarding the program, contact Laurie M. Boyer, CEcD, at laurie@thinkmoco.com or (240) 641-6704.

About Montgomery County Economic Development Corporation (MCEDC)

MCEDC is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

About The Latino Economic Development Center (LEDC)

The Latino Economic Development Center (LEDC) equips Latinos and other underserved communities with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to build their long-term financial security by buying and staying in their homes, taking control of decisions affecting their apartment buildings, and starting or expanding their small businesses. For more information, visit https://www.ledcmetro.org/

Link to press release: https://thinkmoco.com/blog/mcedc-ace-loan-accepting-applications

Rockville biotech Shuttle Pharmaceuticals shares climb 373% on first day of trading

Shuttle Pharmaceuticals began trading on the Nasdaq Capital Market under the symbol 'SHPH'

Originally published by Washington Business Journal on August 31, 2022

On its first day as a publicly traded company Wednesday, Rockville-based Shuttle Pharmaceuticals Holdings Inc. (NASDAQ: SHPH) saw its shares climb a staggering 373% to close at $38.48. At one point late Wednesday, its shares were trading at above $65 — up more than 700% from their opening price.

In after-hours trading Wednesday, the stock was down about 17% from its close and trading around $32 a share.

The eye-popping gains came on a day when all the major U.S. stock indexes fell.

Shuttle’s shares are trading on the Nasdaq Capital Market under the symbol “SHPH.” Nasdaq Capital Market is one of three Nasdaq exchanges and is made up of early-stage companies that have relatively low-market capitalizations and still need to raise growth capital.

Shuttle is developing treatments to make radiation less harmful for cancer patients. Before the markets opened Wednesday, Shuttle said it was offering 1,225,888 units of common stock and warrants at a price of $8.125 per unit, for total gross proceeds of $9.96 million. Each unit comprises one share of common stock and a warrant to buy another share of common stock for a penny. The offering is expected to close on Friday.

Boustead Securities LLC in Irvine, California, is the lead underwriter for the offering and Hong Kong’s Valuable Capital Ltd. is the co-underwriter.

Shuttle was founded in 2012 by faculty members of the Georgetown University Medical Center. It has not yet taken any products to market, though that is not uncommon for clinical-stage biotech companies that need hefty amounts of capital to fund research.

In a Securities and Exchange Commission filing earlier this month, Shuttle said it would use roughly $8.5 million from the stock sale to support a phase 2 clinical trial in glioblastoma and sarcoma for Ropidoxuridine, its lead drug candidate, as well as to cover expenses related to the IPO. That product, according to the company, makes growing cancer cells more vulnerable to the effects of radiation while diminishing side effects. It would use another $1.5 million from the IPO proceeds to advance a preclinical candidate that targets cancer cells and helps the body protect healthy cells by activating the immune system. Shuttle is testing that product, SP-2-225, in myeloma, lung and breast cancers.

Once those trials are complete, the company said that it may need another $22 million for phase 3 trials for Ropidoxuridine and roughly $30 million to get SP-2-225 through late-stage trials. The company reported a $1.28 million net loss in the first half of 2022, and closed June with $50,437 in cash and cash equivalents. It also said proceeds from the IPO, along with its cash on hand, should fund the business for the next year — after stating last month that it expected the proceeds would sustain the business through 2025.

About Shuttle Pharmaceuticals

Shuttle Pharmaceuticals is a clinical-stage pharmaceutical company leveraging our proprietary technology to develop novel therapies that are designed to cure cancer. The Company was originally founded as Shuttle Pharmaceuticals, LLC in December 2012 in the State of Maryland. In June 2018, Shuttle Pharmaceuticals, Inc. became a wholly owned subsidiary of Shuttle Pharmaceuticals Holdings, Inc., a State of Delaware corporation. Learn more at https://www.shuttlepharma.com/

Maryland Women’s Business Center welcomed at Verizon Tech Policy Center networking event

Maryland Women's Business Center was invited to help promote Verizon's Small Business Digital ready program to local entrepreneurs

Originally published on US Tech Future on August 31, 2022

Verizon was proud to welcome representatives from the Maryland Women’s Business Center and entrepreneurs from across Maryland, Virginia, and Washington D.C. for an in-person networking event, as part of the Small Business Digital Ready initiative. The Verizon Small Business Digital Ready program is an online curriculum designed to give small businesses the tools they need to thrive in the digital economy. The program provides learning modules, coaching, networking opportunities, and access to grants—with the overall goal being to support one million small businesses.

Watch more to view a video from our event, and to read more about Small Business Digital Ready, visit: https://www.verizon.com/about/responsibility/digital-inclusion/small-business-training

About MWBC

In 2010, Rockville Economic Development, Inc. (REDI) established the Maryland Women’s Business Center (MWBC) to help women throughout the region start and grow businesses positioned for long-term growth through training, business counseling and other resources. Now funded in part through a Cooperative Agreement with the U.S. Small Business Administration (SBA), MWBC hosts more than 120 workshops a year and interacts with more than 1,600 clients through its various services and programs. Learn more about MWBC at www.marylandwbc.org

REDI seeks Managing Director for the Maryland Women’s Business Center

Maryland Women's Business Center is a program of REDI created to meet the need of entrepreneurs, especially women-owned businesses in Maryland

REDI, an innovative and highly successful nonprofit economic development agency located in beautiful Rockville, Maryland, is seeking a dynamic, talented and experienced candidate for the position of Managing Director for the Maryland Women’s Business Center to help sustain the progress and continued growth experienced by the community over the last 20+ years.

REDI is a public-private partnership established to strengthen and broaden the City of Rockville, Maryland’s economic base through business entrepreneurship, expansion, retention, and recruitment programs. Rockville, with a population of nearly 70,000, is a vibrant community developed over 14 square miles and is poised for future success. The city is located just 12 miles northwest of the nation’s capital and 35 miles southwest of Baltimore with easy access to Washington, D.C. Rockville is served by two Metro rail stations, several major highways, and three major airports. Uniquely positioned along the I-270 Bio-Tech Corridor, Rockville is in the center of a variety of technology-based businesses and a daytime labor force of over 80,000 people. There is also a wealth of existing key business clusters providing Rockville a competitive advantage in a variety of areas including the life sciences, advanced immunology, hospitality, cybersecurity, quantum computing, advanced technologies, video gaming, professional services companies and entrepreneurship. Rockville possesses a strong sense of community and benefits from an educated, ethnically diverse and engaged citizenry, stable neighborhoods, annual celebrations, and a wide range of recreational and cultural opportunities. The City’s downtown serves as the county seat for Montgomery County, one of the most affluent and well-educated counties in the United States.

REDI, the City’s economic development agency since being established in 1997, is governed by a Board of approximately 20 Directors appointed by the Rockville Mayor and City Council and consists of volunteer business representatives and residents who generally live and/or work in the City, including the Mayor and City Manager. The CEO reports directly to the Board of Directors and is responsible for overseeing all aspects of the operation, including two full time employees directly related to economic development. The CEO also is responsible for overseeing seven employees supporting the mission of the Maryland Women’s Business Center (MWBC), an innovative program created in 2010 and certified by the SBA in 2013 to meet the needs of entrepreneurs, especially women-owned businesses, at every stage of building and sustaining their business.

The Managing Director for the Maryland Women’s Business Center reports directly to the Chief Executive Officer for the Rockville Economic Development, Inc. (REDI). The MWBC is funded in part through a Cooperative Agreement with the U.S. Small Business Administration, as well as other Federal and local funding sources, including hosting more than 120 workshops a year, interacting with more than 1,600 clients through its various services and programs. The Managing Director, responsible for overseeing an annual budget of $1M and leading a staff of seven, plus other contractors and volunteers, will facilitate the daily operations of the Maryland Women’s Business Center (MWBC) in Rockville, Bowie, and a satellite location in Frederick.

A key responsibility of the Managing Director is overseeing the fiscal management of MWBC to ensure resource and programmatic goals are met, existing grants are effectively managed and other funding sources are identified and pursued. The Managing Director will develop MWBC’s annual budget, track actual expenses to budget and report to REDI’s Board of Directors and its Executive and Finance Committees on the financial position of the Center and market risks, and develop and manage relationships with diverse stakeholders, including funders, community members, nonprofits, businesses and government officials at local and national levels. The Managing Director will also publicize programs through a variety of mechanisms including media opportunities, website, social media, print channels and trade show attendance, and build and maintain a network with organizations that support entrepreneurs. The position also supervises the training and business counseling programs to ensure a diverse population of women is supported in compliance with funder requirements.

Click here to view the recruitment brochure

Compensation and Benefits

Salary Range $90,000 – $110,000 DOQ/E, Plus Excellent Benefits

Desired Qualifications

The ideal candidate will have a Bachelor’s in Business or a related field with at least seven (7) years in relevant business and/or program management experience. Experience with women’s business issues, public speaking skills with training experience, and proficiency in languages other than English is desirable. A Master’s degree and a PMP or other types of project management certification is preferred. The selected candidate will have a proven track record of creating, launching, and managing successful similarly sized projects, possess strong financial acumen with demonstrated experience in budget planning and forecasting, and should have a demonstrated ability to work collaboratively with diverse stakeholders and be able to balance competing interests. Compensation will be negotiated based on experience and education. REDI will provide the new Managing Director with full-time position benefits, paid holiday, annual leave, healthcare benefits, and a 3% matching contribution to a simple IRA plan.

Special Instructions

The position is open until filled with a first review of candidates occurring on Wednesday, August 31, 2022. For more information, please contact Art Davis at Art.Davis@BakerTilly.com or by phone at 816.868.7042. Following the first review date, the lead consultant will evaluate all applications against the posted qualifications and may invite a select number of applicants to complete additional assignments or participate in a virtual or in-person interviews. Applicants selected as finalists for this position will be subject to a comprehensive background and reference check.

The Maryland Women’s Business Center (MWBC) and Rockville Economic Development Inc. (REDI) are both Equal Opportunity Employers and value diversity at all levels of their organizations (EOE).

Please visit the MWBC website at www.marylandwbc.org.

Learn more about REDI and the City of Rockville, Maryland at www.rockvilleredi.org and www.rockvillemd.gov.

Behavioral Framework opens new diagnostic center ‘Pathways’

'Pathways' will help alleviate year-long wait times for children to receive autism diagnosis

ROCKVILLE, Md., August 17, 2022 – Behavioral Framework has announced that they have opened their new Diagnostic Center: Pathways by Behavioral Framework and are accepting appointments for comprehensive evaluations of autism and other developmental disabilities. Children can’t begin treatment without first acquiring a diagnosis, and there are very few diagnostic centers to cover the DMV area, resulting in staggering, sometimes year-long wait times. Recognizing this burden on families and children impacted by Autism, Behavioral Framework has committed its resources to expand their care and establish Pathways.

Dr. Andrea Howard, Ph.D., was hired as Child Psychologist and Program Lead for the center, headquartered in their Rockville, Maryland office. She received her Bachelor of Arts in Psychology from Asbury University, her Master of Education in School Psychology, and her Ph.D. in School Psychology from the University of Cincinnati. Dr. Howard has a distinguished career in psychology across several mediums, including schools, early childhood centers, and pediatric hospitals. With her wide breadth of experience, she specializes in Autism evaluations while assessing for other developmental, emotional, and behavioral concerns. She guides parents through the next step in their journey of acceptance and treatment. Dr. Howard’s familiarity and experience within various settings offer families a great advantage as she can assist them with educational recommendations, accessing community supports, and much more.

Pathways by Behavioral Framework offers parents and caregivers the best options for children ages 0 to 21. While applied behavioral analysis (ABA) therapy is Behavioral Framework’s specialty, Pathways can also assess for other childhood concerns and guide families to the right resources to assist their child. Parents concerned that their child should have an assessment should call Behavioral Framework’s main number at 301-444-5001 or visit their website at www.behavioralframework.com/pathways to begin the process. Once a child receives their comprehensive assessment report from Behavioral Framework and customized path to their next steps, they can follow up for treatment with any provider for therapy.

“We are so excited to extend our resources and services to ease the burden of year-long wait times and fill the gap for families struggling to receive a diagnosis and treatment for their child,” said Angela West, Chief Clinical Officer, Behavioral Framework. “Dr. Howard is an incredible addition to our Behavioral Framework family and our mission, and we look forward to offering long-awaited answers and assistance to families across the DMV area.”

“I am honored to join the Behavioral Framework mission to provide exceptional and compassionate care to children and their families,” said Dr. Andrea Howard, Child Psychologist/Program Lead, Behavioral Framework. “The Diagnostic Center will benefit countless families in Virginia, Maryland, and DC to receive the answers they have been longing for.”

About Behavioral Framework

Behavioral Framework is a leading family-owned and locally operated provider of ABA therapy, and an INC 5000 company for the second consecutive year, with a vision of providing exceptional care and better client outcomes for children diagnosed with autism and their families. Behavioral Framework was founded out of a strong desire to deliver consistent and superior care with a holistic and collaborative approach that serves the whole family. Learn more at: https://www.behavioralframework.com/

Five Rockville companies listed among Inc.’s 131 economic all-stars of the Mid-Atlantic

The selected Rockville companies represent businesses in the government services, IT services, and business product & services industries

The Inc. Regionals lists recognize the innovative achievements of companies in generating sustainable growth and jobs. The Inc. Mid-Atlantic Regional list includes companies from Washington D.C., Delaware, Maryland, North Carolina, Virginia and West Virginia. This year’s Mid-Atlantic Regionals ranked 131 companies with 5 of them located in Rockville, MD.

By order of rank, the Rockville companies on Inc.’s Regionals 2022: Mid-Atlantic are:

The Audley Group Inc. – Government Services
Dinocrates Group – Government Services
E-INFOSOL – IT Services
Bravium Consulting – IT Services
Patriot Shredding – Business Products & Services

To view the full list, visit https://www.inc.com/regionals/mid-atlantic

Governor Hogan announces expansion of landmark SmartBut Initiative to help more homebuyers

Program helps borrowers eliminate existing student debt and achieve financial security

ANNAPOLIS, Md., August 15, 2022 — Governor Larry Hogan today announced that the Maryland Department of Housing and Community Development (DHCD) has expanded the state’s landmark SmartBuy initiative to address rising housing market prices. To help manage purchase costs, homebuyers can now eliminate up to $50,000 in student loan debt—up from $30,000. The program has also added an additional down payment and closing cost loan option for lower income borrowers.

“As the county continues to deal with an inflation crisis, we are again taking steps to prove relief to Marylanders,” said Govenor Hogan. “Our SmartBuy initiative-the first of its kind in the country-has established a national model for removing persistent roadblocks to homeownership and financial security, and this expansion will allow up to help even more families.”

Through the SmartBuy 3.0 product, buyers purchasing an eligible home through the Maryland Mortgage Program can receive either 15% of their home purchase price or $50,000 in student debt payoff assistance – whichever is lower.

“As interest rates increase and demand drives housing prices up, the State of Maryland is always looking for innovative ways to hlep make homeownership affordable,” said Maryland Department of Housing and Community Development Secretary, Kenneth C. Holt. “Launched more than five years ago, SmartBuy was the first government mortgage program in the nation to specifically address student loan debt, which is a significant barrier for many potential homeowners.”

SmartBuy borrowers with income at or below 50% of the average median income have a new option of receiving a 6% down payment and closing cost assistance loan. All SmartBuy borrowers continue to have the option of $6,000 or a 4% down payment and closing cost assistance loan.

These enhancements to SmartBuy 3.0 are additional ways the Maryland Mortgage Program is making homeownership more affordable. Other new products and enhancements offered for Fiscal Year 2023 include:

Base down payment assistance has been increased from $5,000 to $6,000
HomeStart is a new loan product for borrowers with income below 50% AMI to assist them with a 6% down payment and closing cost assistance loan.
HomeAbility, for homebuyers with disabilities, to provide increased funding and a flexible loan structure.
Montgomery Homeownership Program VII reopens for the seventh year in a row and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.

The Maryland Mortgage Program offers a wide variety of mortgage products specifically tailored to make homeownership affordable and sustainable, including flexible government and conventional loans that come with various levels and forms of down payment and closing cost assistance and attractive interest rates for both first-time and repeat homebuyers, conventional refinancing and even student debt relief.

To learn more and find out which product is right for you, visit https://mmp.maryland.gov/Pages/default.aspx and contact a participating lender.

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Author: Amanda Bosland