Amanda Bosland, Author at Rockville Economic Development, Inc

June 2023 unemployment rate is lowest in more than 30 years for Montgomery County, Maryland

Economic indicators for June 2023 show continued positive post-pandemic business trends

Montgomery County, Md., Aug. 9 2023 – The June 2023 preliminary unemployment rate in Montgomery County, Maryland was just reported the lowest *June rate in more than 30 years at 1.5%, according to the BLS State and Local Area Unemployment Statistics series. This key metric is the lowest of any June tracking to 1990.

The June unemployment rate was also lower than Maryland’s overall rate, which was 1.7%, compared to the Washington MSA at 2.5% and the national average at 3.8%.

In another positive economic trend, May Montgomery County employment in the Professional, Scientific and Technical Services subsector was robust, showing an increase of 2.9% year over year, which is well above the rate of the state and the Washington MSA.

The leisure and hospitality subsector continues to improve, increasing positions by 6% since last May and is now about evenly paced with 2019. Healthcare and social assistance jobs increased 5.5% year over year, ahead of Maryland, the Washington MSA and the nation.

“It is extremely gratifying to see these positive trends in our economy,” said Montgomery County Executive Marc Elrich. “These trends are a sign that businesses are coming back following the height of the COVID-19 pandemic. We are fortunate to have a diverse economy that is anchored by several federal agencies, a strong biotech industry as well as travel and tourism. We collectively support our businesses to build a stronger economy as we continue post-pandemic recovery efforts.”

“The growth in Montgomery County, with unemployment at a record low 1.5%, shows the strength and resilience of our business community,” said MCEDC President & CEO Bill Tompkins.” It is also exciting to see the substantial growth in professional, scientific and technical services, areas where Montgomery County continues to shine.”

*All figures, including U.S., are non-seasonal.

Watch County Executive Marc Elrich’s press conference here.

See the economic indicators infographic here.

About Montgomery County Economic Development Corporation (MCEDC)

The Montgomery County Economic Development Corporation (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/

Link to press release: https://thinkmoco.com/blog/montgomerycounty-june2023-unemployment

Explore Rockville website receives 2023 Award of Distinction from the Communicator Awards

The Award of Distinction is presented to projects that exceed industry standards in quality and acheivement

Rockville, Md., Aug. 7, 2023 – Rockville Economic Development, Inc. (REDI), and Visit Montgomery are thrilled to announce that their collaborative project, the Explore Rockville tourism website, has been honored with the prestigious 2023 Award of Distinction from The Communicator Awards. The recognition is for the website’s design and effectiveness in promoting Rockville’s tourism offerings.

The Communicator Awards receive nearly 5,000 entries annually and are judged by a panel of invitation-only communications professionals from acclaimed media, communications, advertising, creative and marketing firms. The Award of Distinction is presented to projects that exceed industry standards in quality and achievement.

Conceived with the goal of fostering Rockville’s economic growth and enriching its community by showcasing the city’s unique offerings, the Explore Rockville website was developed by REDI and Visit Montgomery and designed by LTD Creative. It features an array of resources designed to support tourism, attract businesses and residents, and enhance overall quality of life in Rockville. The website also spotlights the city’s distinct commercial neighborhoods, including Rockville Town Center, King Farm and Rock East District.

“We’re proud to receive an Award of Distinction for the Explore Rockville website,” said Susan Prince, REDI’s Board Chair. “This recognition underscores the importance of strong partnerships between destination marketing and economic development organizations in strategically promoting Rockville as a dynamic and thriving city.”

Visit the Explore Rockville website at www.explorerockville.org

About REDI

Rockville Economic Development, Inc. (REDI) is a public-private partnership that helps businesses launch, locate, and expand in the City of Rockville, Maryland. Committed to economic development, REDI is proactive in its efforts to support existing industry and attract new businesses with the tools to get started in Rockville, and resources and guidance to existing businesses in the city. To learn more, visit: https://rockvilleredi.org/

About Visit Montgomery

Visit Montgomery is a 501(c) 6 nonprofit organization whose mission is to market and develop Montgomery County, Maryland and its communities as preferred destinations for group and individual travel. Through tourism marketing and development, Visit Montgomery helps foster economic growth and improve the quality of life in the region. To learn more, visit https://visitmontgomery.com/

Media Contact:

Amanda Bosland, Communications Manager – REDI
301-355-2213 | amanda@rockvilleredi.org

Ripple Effect celebrates 20 years in business

"Ripple Effect is the collective action and work ethic of every single employee making small, positive waves on which we build better and more successful relationships with our clients."

Rockville, Md., July 12, 2023 – In 2003, Ripple Effect set up shop in the federal contracting space with an emphasis on health and science. In August 2023, the award-winning woman-owned company will mark its 20^th anniversary supporting the federal government, private industry, and non-profit organizations. Its 200+ researchers, scientists, policy and data analysts, and strategic communicators continue to ramp up as necessary to meet the changing needs of clients.

“The secret to the company’s success is right in the name,” said founder and CEO Amy Bielski. “Ripple Effect is the collective action and work ethic of every single employee making small, positive waves on which we build better and more successful relationships with our clients. Better relationships yield better outcomes for all.”

The company internalized a Work Smarter Perform Better® mantra to build its reputation as an agile, outcome-based, and client-centric organization. According to Bielski, working in this way has helped the company grow and allowed clients to achieve greater success that contributes to the health and well-being of their agencies and the nation. Ripple Effect’s areas of expertise include Program Management and Policy, Communications and Outreach, Research and Evaluation, Digital Transformation, and Strategic Staffing.

Bielski became interested in the health field after overcoming a childhood illness. Being treated at a research hospital helped her develop an appreciation for the work that physicians and scientists do side-by-side. She saw how treatment protocols were improved and timetables were shortened because of ongoing research. She eventually earned a business degree and began working for a small government contractor on a health-related project. While working on a client site, she met biochemist and science policy expert Jennifer Pohlhaus. When Bielski established Ripple Effect, Pohlhaus joined as the COO. “We share core values but see things a little differently” said Bielski. “Our similarities and our differences make us a powerful team.”

Company Climate

From the start, Ripple Effect built an employee-first culture that encourages life-long learning, flexibility, and adaptability. The company places an emphasis on meeting its employees where they are in their lives, enabling them to work in a variety of capacities from full-time to part-time to on-call with maximum flexibility to work the hours when they are most productive. The company offers a tailored total rewards package, personalized benefits structures, and competitive compensation options. Ripple Effect maintains a progressive and engaging environment that invites staff to bring their whole selves to work. Its DEIA policy ensures that all employees feel empowered and respected.

Making More Waves – The Next 20 Years

While nobody can predict the future, Ripple Effect’s leadership and employees are optimists who consider themselves to be positive wave makers and understand that sustained action pays off. The company continues to expand subject matter and technical expertise, gauge and analyze industry trends, and educate employees to serve the ever-shifting needs of current clients while branching out to identify new opportunities. Ripple Effect has already begun to catch the next wave of innovation for the next 20 years and beyond.

About Ripple Effect

Headquartered in Rockville, Maryland, Ripple Effect is a woman-owned professional consulting company offering communications & outreach, program management & policy, research & evaluation, and digital transformation services. Ripple Effect is supported by a strategic staffing capability that helps clients recruit and retain top talent in competitive marketplaces. Learn more at https://rippleeffect.com/

Link to press release https://rippleeffect.com/2023/07/ripple-effect-celebrates-20-years-in-business/

Capital Bank stakes its claim by being friend to DC region entrepreneurs, small businesses and startups

Capital Bank was ranked the 5th top-performing bank with assets between $2 billion and $10 billion by American Banker in 2023

Capital Bank’s Head of Deposit, Product and Operations, Nikhil Bijlani, serves on Rockville Economic Development, Inc.’s (REDI) Board of Directors.

Article originally published by WTOP News on July 12, 2023

Capital Bank rates its performance based on the success of the people and places it serves across the greater Washington metropolitan region.

“When we bank with local businesses, we take those deposits and reinvest them in building communities,” said Capital Bank CEO Ed Barry. “We have a consultative approach, and we want — as we say — to be ‘partners in our customers’ vision.’ Capital Bank is personally invested in the success of our clients. We try to get behind the numbers and find a way to say yes.”

That approach has helped the Rockville, Maryland–based bank thrive too. American Banker in June ranked Capital Bank fifth among banks with assets between $2 billion and $10 billion in its annual survey of top-performing banks.

Barry said that prestigious recognition validates his team’s entrepreneurial spirit and a culture at Capital Bank that has enabled it to help businesses and communities reach new heights.

WTOP talked with Barry, other Capital Bank leaders and its customers during a panel held at its newest location, at 1400 W St. Northwest in Washington, D.C.

The bank relocated its D.C. branch to W Street because Capital Bank for years has invested in businesses along 14th Street Northwest, an area often considered the creative and cultural nexus of the nation’s capital. The bank has played a role in the corridor’s resurgence through these investments, which has strengthened its commitment to the area’s success, Barry shared.

Face to face with customers preferred at Capital Bank

“Community banking is all about relationships,” said Jerome Bailey, vice chairman of the board of Capital Bank. “We depend on customers for deposits and insight for what is going on in a real-time fashion, and then we can take those assets and that data and invest back.”

Bailey, who started out as customer when he was growing his own business, Bailey Real Estate Holding, said building close partnerships with customers is a core tenet of how Capital Bank operates daily.

“We roll up our sleeves, and it is our job to get to know our clientele,” he said. “We don’t do desktop underwriting. We sit across the table from our customers and get information that might not translate on paper.”

In short, Capital Bank’s approach to banking is similar to the local businesses it serves: It doesn’t fit neatly in a box. Humanity, dependability and equity are driving forces behind the company’s ethos, Barry said. Capital Bank’s team views itself as an advocate for the small customer with big dreams and believes the bank isn’t just in a client’s zip code, it’s in that client’s corner.

Brian Edell, chief financial officer of My Dad’s Chips in Gaithersburg, Maryland, said he has personally experienced that sense of having Capital Bank as the business’s advocate.

“As we were looking for ways to grow, Capital Bank was the only bank to take us seriously and believed in us,” Edell said.

That support helped the business expand from what grew out of a potato chip–making hobby by Edell’s father into a snack business with significant distribution deals, he said.

Helping D.C. entrepreneurs achieve their dreams

There are countless Capital Bank stories like My Dad’s Chips — especially in D.C., said Capital Bank Senior Vice President Paul Merritt. He recalled 25 years ago when numerous empty storefronts dotted the 14th Street corridor. Now, he smiles with pride as he walks around the area, pointing out restaurants and other small businesses that Capital Bank helped launch.

“I love the diversity of this city. Everyone comes from different backgrounds,” Merritt said. “It is very rewarding to work with people and to help them achieve their goals. A lot of our clients came to this area with little more than their clothes on their back and, with the help of Capital Bank, they now have successful businesses.”

Given its small footprint relative to large nationwide competitors, the bank has the advantage of being nimble and able to act quickly to changing economic circumstances, said Steve Poynot, Capital Bank’s president and chief operating officer. He added that the bank’s team prides itself on identifying where the local economy and broader financial markets are going and then pivoting to meet the needs of Washington metropolitan businesses.

“It’s exciting to see the next areas that will grow,” Poynot said. “We are not limited to one community. We have boots on the ground in so many places across the region. We have so much potential as we fill the void left by community banks that have grown or consolidated.”

share on twitterAbout Capital Bank

Capital Bank is a Maryland chartered commercial bank headquartered in Rockville, MD that offers business and consumer banking services through branches in the greater Washington D.C. metropolitan area. Capital Bank is a member of the Federal Reserve Bank system, FDIC, and an Equal Housing Lender. Learn more at https://capitalbankmd.com/

SYNAPS Dx DISCERN™ Test Provides Accurate Alzheimer’s Diagnosis for Leqembi™

The DISCERN™ test will be crucial in helping patients make decisions regarding the newly FDA approved Alzheimer's drug, Leqembi™.

Rockville, Md., July 11, 2023 -(BUSINESS WIRE)–SYNAPS Dx (SDx) a privately held company focused on the research, development and commercialization of a diagnostic test for Alzheimer’s disease (AD), recognizes the historic Food and Drug Administration (FDA) approval of Leqembi, the first drug shown to slow the progression of AD.

By adding the DISCERN™ test in community practices, healthcare practitioners will have access to the only autopsy-validated accurate skin test to identify AD, one of the first steps in diagnosing AD among people recently diagnosed with the disease. Pursuant to the Leqembi label, once AD is identified, then an assessment of amyloid positivity can be performed in determining if the drug is appropriate. In clinical utility studies, clinicians were four times more likely to prescribe drugs like Leqembi with a positive DISCERN test than if the test was negative.

Frank Amato, CEO and president, SDx, says, “FDA approval of Leqembi is a step forward to help patients and families in their fight against this debilitating condition that impacts millions of Americans. The DISCERN test helps prescribers and patients to weigh the risks and benefits of taking the drug given the significant safety considerations, including amyloid-related imaging abnormalities (ARIA) and potential brain bleeding. Given these risks, diagnostic certainty is critical to ensure that AD is the cause of symptoms. Without access to cost-effective diagnostic tools, data suggest that currently, 50-70% of symptomatic patients are misdiagnosed with AD in the generalist setting.”

The DISCERN diagnostic test assesses factors closely related to the formation of synaptic connections in the brain as well as the formation of amyloid plaque and abnormal tau. Synaptic connections are lost as cognitive functions decline, even early in AD. Amyloid plaques and abnormal tau are the pathologic hallmarks in the brain at autopsy that, together with dementia, definitively identify those patients with AD.

The established relationship between AD and the skin provides unique positioning for DISCERN which requires a minimally invasive, 3mm skin punch biopsy. Physicians in the primary care community and neurology settings place high value on this simplified, cost-effective diagnostic pathway to identify AD. Given the high cost and risk/benefit drug profiles, accurate prescribing is more important than ever.

“AD is complex but DISCERN resolves the diagnostic dilemma, enabling physicians to make a more definitive diagnosis,” continues Amato. “Early intervention is clearly the key to success, but the question is what is the best intervention? We strongly recommend on first focusing on modifiable risk factors before adding drugs with significant safety and economic burdens to patients, practitioners and the overall healthcare system.”

About SYNAPS Dx

SYNAPS Dx is a privately held company focused on the research, development and commercialization of a diagnostic test for Alzheimer’s disease (AD). The Company offers DISCERN™, the first highly accurate, minimally invasive test supporting a clinician’s definitive diagnosis of AD versus other forms of dementia, even in people recently diagnosed with dementia. SYNAPS Dx’s laboratory is certified under the Clinical Laboratory Improvement Amendments (CLIA) as qualified to perform high complexity clinical laboratory testing. Physicians and patients seeking more information can visit https://discerntest.com/. For more information on the Company, visit https://www.synapsdx.com/.

Montgomery Can Code Summer Camp Enters Fifth Year

The program offers overs 800 middle school students with the opportunity to learn about tech careers

Rockville, Md., July 12, 2023 — Montgomery Can Code, a unique and innovative public-private partnership formed by Montgomery College, Montgomery County Public Schools (MCPS), and the Montgomery County Economic Development Corporation (MCEDC) in collaboration with Apple, is thrilled to announce its fifth annual summer camp program. The program offers middle school students in Montgomery County, Maryland an exciting and educational opportunity to learn computer coding.

Montgomery Can Code camps provide both in-person, full-day and virtual, half-day options for MCPS middle schoolers. Running July 10 to August 4, 2023, there will be four week-long camps, accommodating the overwhelming interest of over 800 students who registered. During the sessions, campers have the opportunity to apply their knowledge tackling real-world problems, fostering their problem-solving abilities. Students receive hands-on experience with Swift, Apple’s open-source, user-friendly programming language.

The engaging sessions of Montgomery Can Code are led by expert instructors trained in Swift code at Montgomery College’s ignITe Hub. Each student will be provided with a loaner iPad and a Montgomery Can Code T-shirt at the beginning of each session. Upon completion of the camp, participants will be awarded a certificate of completion, recognizing their achievement and commitment to learning.

Students will have the chance to showcase their app solutions in a Student App Showcase event, which will take place after the conclusion of the camps. This event offers a platform for students to present their innovative ideas to local business leaders, fostering interaction and adding a real-world element to their experience.

Learning to code not only equips students with the language of technology but also promotes new ways of thinking and prepares them for future careers. The demand for highly skilled workers in fields such as cybersecurity, app development, gaming, life sciences, and hospitality technology is growing in the local job market. By exposing students to coding at an early stage, the Montgomery Can Code program provides them with a valuable advantage when seeking future employment opportunities.

“Collaboration between our educational entities, and our business communities is key to making the proper investments to create the workforce to fill critical jobs,” said Montgomery County Executive Marc Elrich. “That is why my team and I worked so hard to facilitate this endeavor, and I am excited that this multi-year collaboration with Apple, Montgomery College, MCPS, and MCEDC is serving more students and creating more opportunities for our workforce and businesses throughout our County.”

“Montgomery Can Code taps the creativity and ingenuity in our students,” said County Councilmember Gabe Albornoz, serving on the Council’s Education and Culture Committee. “I am so proud of the ongoing and committed partnerships with MCPS, Montgomery College, MCEDC, and Apple to provide this opportunity to our youth. Moreso, I am proud of our students who are able to take advantage of this program, utilizing their problem-solving and critical thinking skills to create solutions to community needs. Montgomery Can Code and the ignITe Hub truly are empowering the next generation of IT professionals with in-demand skills for the future.”

“MCPS takes great pride in collaborating with our partners to enhance opportunities for middle school students through the Montgomery Can Code summer camps and school-year coding clubs,” stated Dr. Monifa McKnight, Superintendent of Schools. “These captivating and cutting-edge initiatives empower students to develop essential IT and problem-solving skills, equipping them for future employment across diverse industries. The ignITe Hub at Montgomery College and our esteemed partners have been instrumental in providing invaluable support and resources for this endeavor. We eagerly anticipate remarkable achievements from our students as a result of this remarkable collaboration.”

“Montgomery Can Code’s expansion has been a success thanks to the collaboration between Montgomery County, Montgomery County Public Schools, the private sector, and the College, to better provide our community with the training it needs. It furthers our goal to prepare homegrown talent for thousands of IT jobs in our region while also advancing economic equity and inclusion,” said Dr. Jermaine F. Williams, Montgomery College president. “The coding and complex problem solving these middle schoolers are learning are key to the progression and evolution of the workforce. This early investment introduces our young learners to tools they will need going forward and are essential to our professional landscape and the county’s long-term success.”

“MCEDC has partnered with Apple and other county entities on Montgomery Can Code since its inception and we are pleased to provide ongoing support for this important program. It helps to prepare our next generation of workforce talent” said Bill Tompkins, President and CEO of Montgomery County Economic Development Corporation. “This program provides access to tools and industry skills which will be in demand and broadly utilized for years to come.”

Learn more about Montgomery Can Code summer camps and empower young minds to become the tech leaders of tomorrow.

About Montgomery College
Montgomery College is a public, open admissions community college with campuses in Germantown, Rockville, and Takoma Park/Silver Spring, plus workforce development/continuing education centers and off-site programs throughout Montgomery County, Md. The College serves nearly 60,000 students a year, through both credit and noncredit programs, in more than 100 areas of study. Learn more at https://www.montgomerycollege.edu/

About Montgomery County Economic Development Corporatiion
The Montgomery County Economic Development Corporation (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 Montgomery County Public Schools
Montgomery County Public Schools (MCPS) is the largest school system in Maryland with 162,680 students. A diverse school system with students coming from 157 countries and speaking 150 languages, it consists of 134 elementary schools, 40 middle schools and 25 high schools in the system. MCPS is an award-winning system recognized with 39 National Blue Ribbon and 8 National Green Ribbon schools. Learn more at https://www2.montgomeryschoolsmd.org/

Link to press release: https://thinkmoco.com/blog/mcc-fifth-year

Rockville’s N5 Sensors raises funds to detect and avoid disasters like Canadian wildfires

The $2.5 million from a recent seed round will allow N5 Sensors to increase manufacturing and hiring

Article originally published by Washington Business Journal on June 20, 2023

N5 Sensors, a Rockville environmental hazard detection tech company, is using $2.5 million from a recent seed round to build more of its fire-detecting sensors and hire more boots on the ground to convince emergency services agencies, particularly in rural areas, to pilot its products.

N5 Sensors partners with utility companies, casinos, municipal emergency services, farms and pretty much any large landowner to detect environmental hazards, such as wildfires, chemical spills and air pollution, using an artificial intelligence algorithm and autonomous ground sensors. It closed last month on a $2.5 million seed round that was led by Vienna-based Blu Venture Investors and included $400,000 from the Maryland Technology Development Corp. (TEDCO) seed fund — dollars that N5 Sensors now plans funnel toward expanding its sales and marketing teams by four employees and increasing production of its fire detection sensors.

“The U.S. is very resource-constrained, especially in remote areas,” CEO Abhishek Motayed said. “You have a few sheriff’s deputies and a few firefighters tasked with protecting hundreds and hundreds of square miles. How do you do it?”

Motayed said he hopes the effects of the recent Canadian wildfires make potential buyers see the value of early detection of these brush fires before they become raging infernos that pollute the air quality for thousands of miles.

“When people look at us, they think, ‘Oh, this is a fire detection solution and not relevant to East Coast states,’” Motayed said. “Fires are not a localized problem. The effect of fire and the smoke and all of that stuff can create a lasting impact and affect communities far and wide.”

As for how N5’s product works: When a wildfire breaks out in a community, its ground-based sensors autonomously detect the fire’s signature and movement. Cloud-based AI then processes that data and sends a text email notification with the exact GPS coordinates to an emergency manager’s office or the local fire department early in the process. The company rolled out the product last year and partnered this past fall with the California Department of Forestry and Fire Protection’s Research, Development and Innovation team to test the tech.

“A system like this can automate the whole thing,” Motayed said. “You can send one car or one truck and put out a small fire versus waiting 12 hours or a day, and now it’s a 10,000-square-acre fire — much harder to firefight.”

The company was founded in 2012 as a spinoff from the University of Maryland, one of only a few schools nationwide with an established fire protection engineering degree program. But N5 is increasing its focus on the fire-sensing business line as it awaits a potential revenue opportunity around another of its products, a wearable chemical threat detection device.

The company, in 2021, had won a $6 million Department of Defense contract to further develop and attune that sensor, designed to detect airborne chemicals like warfare agents and industrial toxins, for potential military use. At that time, N5 had hired five more staffers for its engineering and business development teams and expanded into 5,000 square feet at 9605 Medical Center Drive, where it still resides today.

Now, N5 Sensors is shortlisted for a DOD contract that Motayed said could be worth nearly $120 million across its full four years to produce those sensors for the military. But he said that award process has hit delays, leaving a potential six-month gap in projected funding for the company and providing his biggest overall challenge in maintaining revenue levels.

In the meantime, he said he hopes to build up the company’s sales of its fire detection systems to municipalities and utility companies to help fill that gap. The alternative, he said, is having to let go of the team he hired for the DOD contract, but that sometimes provides further complications for smaller contractors like N5, which counts 30 employees across two Rockville locations, as well as Brazil and India.

“Think about this, for Booz Allen, for Lockheed, let’s say they let 20 people go that’s supporting [a stalled DOD contract]. When the program kicks in, it would be like a snap for them to hire back another 20 people because everybody wants to work for Booz Allen, and they can offer a 20% higher salary. Not for us,” Motayed said. “If we let three people go that are vital to the program, how do I replace them when the contract kicks in? People don’t talk about these things.”

Smaller businesses indeed face an oft-described valley of death in the federal procurement process, frequently weeding them out of the process. The number of small businesses nationwide that received government contracts hit 121,270 in 2010. By 2022, that number was cut by more than half to just 58,681.

As for N5 Sensors, Motayed didn’t specify revenue but said part of his challenge is to convince localities to spend $100,000 or more for the fire sensor networks the company is pitching now.

“We are trying to change the perception. That takes time,” he said. “So we’re projecting good revenue, but it has been slow.”

About N5 Sensors

Founded in 2012 a spin-off from University of Maryland, College Park, N5 Sensors uses a cloud-connected ecosystem of smarter sensors and shared data and AI to keep people safe from environmental hazards. Learn more at https://n5sensors.com/

Rockville-grown Cava Group shines in New York Stock Exchange debut

The Mediterranean restaurant chain saw its shares rise as much as 117% in its first day of trading

Cava Group, the Mediterranean restaurant chain, experienced a remarkable market debut on June 15, 2023, with its shares soaring as much as 117%. The company’s stock closed at $43.78 per share, significantly higher than its opening trade of $42 per share, and IPO pricing of $22 per share. This closing price not only solidified Cava’s market value at $4.88 billion but also positioned it as the top-performing IPO of the year for companies valued above $500 million. The stock is listed on the New York Stock Exchange under the ticker symbol “CAVA.”

Established in Rockville, Maryland in 2006, Cava adopted a build-your-own Mediterranean meal concept similar to that popularized by Chipotle Mexican Grill. By introducing unique ingredients like harissa and tahini and positioning itself as a healthy and convenient dining option, Cava successfully cultivated a loyal customer base. Additionally, the company expanded its reach by selling its dips, spreads, and salad dressings in grocery stores.

In 2018, Cava Group acquired Zoes Kitchen, a rival Mediterranean chain, for $300 million, subsequently taking it private. Over the past five years, Cava has been converting Zoes Kitchen locations into Cava restaurants, leading to its current footprint of 263 locations as of April 2023.

Cava intends to utilize the funds raised from its IPO for opening new locations and general corporate purposes, further fueling its expansion plans. The success of Cava’s market debut adds to the growing number of publicly traded fast-casual chains.

American Gene Technologies® launches spinoff company Addimmune™ to focus on HIV cure development

Addimmune will accelerate the clinical development of gene and cell therapy technologies to cure HIV

Rockville, Md., June 9 2023 – American Gene Technologies (AGT), a clinical clinical-stage biotechnology company based in Rockville, Maryland, is launching a new company – Addimmune – to continue to develop gene and cell therapy technologies to cure HIV. Addimmune will focus solely on advancing an HIV cure, building upon more than a decade of work by AGT that led to a successful Phase 1 HIV gene and cell therapy clinical trial.

Addimmune aims to create tremendous benefits for HIV patients, payers, and the public. Its gene therapy technology has the power to transform millions of lives. The new company’s name represents a fusion of two fundamental concepts: using gene and cell therapy to add new capacity to the human T cell to create an improved immune system to fight HIV.

Addimmune is founded on the solid legacy established by AGT.

Spinning off the HIV components into a separate company enables Addimmune to focus its resources on the Phase 2 and Phase 3 clinical trials.
The Phase 2 clinical trial will optimize the regimen for an expanded trial, treating fifty to one hundred patients with the intention to firmly establish efficacy levels that justify a pivotal study. If successful, upcoming additional clinical trials could allow Addimmune to continue towards commercialization and the goal of providing improved outcomes and quality of life for people living with HIV

“I founded American Gene Technologies fifteen years ago in the wake of the Human Genome Project, inspired by scientific discoveries in viral vectors and other technological advancements in gene and cell therapy. I saw a future where modifying DNA would lead to treatments and cures for formerly intractable diseases. Fast forward to today, our HIV clinical trial has produced a successful Phase 1 for our single-infusion gene therapy, AGT103-T. Now we’re launching a new company, Addimmune, to accelerate our research and continue to pursue our mission to cure HIV. We feel the market is receptive to this mission, data, and potential. Additional capital and a laser focus on HIV will align our company with the hopes and needs of the HIV community and maximize our chance of success,” explained American Gene Technologies CEO, Jeff Galvin.

American Gene completed the Phase 1 HIV clinical trial and submitted the final report to the U.S. Food and Drug Administration (FDA). Internal data from the HIV Phase 1 clinical trial demonstrated the following results:

100% of the participants experienced no serious adverse events.
100% of the participants’ modified T cells were engrafted, expanded after infusion, and maintained reactivity to HIV.
There was no rejection of the cells that continued to be detected in patients, even without exposure to the virus, until final study measurements at 180 days.
There were no differences in safety between the low-dose and high-dose treatment arms.

Data about this first-in-human study was published in November 2022 in Frontiers in Medicine, a peer-reviewed scientific journal focused on medical advancement.

After completing the Phase 1 human trial, American Gene Technologies conducted a sponsor-initiated study with approval from the Independent Review Board (IRB) and clinical trial investigators to test the therapy’s efficacy after cessation of patients’ antiretroviral treatment.

Despite the relatively long time between the infusion of the HIV cure cell therapy and the analytic treatment interruption study, AGT still measured impressive viral and immunological data in participants absent the typically prescribed antiretroviral treatment drugs:

100% of the participants showed active immune responses to HIV.
The data showed that more than half of the participants achieved significant viral suppression.

AGT scientists continue to analyze the data to fully understand the mechanisms underlying these findings.

About Addimmune

Addimmune was founded in 2023 to cure HIV with promising gene therapy technologies. Building upon the success of American Gene Technologies’ HIV clinical trial, Addimmune is solely focused on developing and commercializing an effective and lasting cure for HIV. Learn more at https://www.addimmune.com/

About American Gene Technologies

American Gene Technologies is a gene and cell herapy company with a proprietary gene-delivery platform for rapid development of gene therapies to cure infectious diseases, cancers, and inherited disorders. Its mission is to transform people’s lives through genetic medicines that rid the body of disease. Learn more at https://www.americangene.com/

Rockville named 12th safest suburb in the United States

Rockville placed 12th out of 370 suburbs in SmartAsset's 2023 report

SmartAsset, an online consumer-focused financial information website has released a study of 370 U.S. suburbs with a population of at least 5,000 that are within 15 to 45 minutes of the 100 largest U.S. cities.

Rockville, MD was ranked the 12th safest of the 370 U.S. suburbs analyzed in SmartAsset’s 2023 report

To find the safest suburbs, SmartAsset compared the data for the 370 suburbs by the following metrics:

Violent crime rate
Property crime rate
Vehicular mortality rate
Drug poisoning mortality rate
Percentage of the population engaging in excessive drinking

All metrics were measured at the county level, with the exception of violent and property crime data which was measured at the city level.

Read the entire SmartAsset report at: https://smartasset.com/data-studies/americas-safest-suburbs-2023

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Author: Amanda Bosland