News Archives - Page 11 of 18 - Rockville Economic Development, Inc

The Greater Rockville Chamber of Commerce announces its 2022 Rockstar Award Winners

The GRCC annually recognizes its 'Rockstars of the Year' including Small Business of the Year, Entrepreneur of the Year and Young Professional of the Year

The Rockville Chamber of Commerce (RCC) annually recognizes its Rock Stars of the Year in the following categories: Small Business of the Year, Large Business of the Year, Non-Profit of the Year, Entrepreneur of the Year, Young Professional of the Year and the Community Service Award. Following are this year’s winners in each category.

Small Business of the Year Award recognizes a company that has been in business for at least five years with revenue under $5M. Specific criteria include: flexibility, innovation and has a proven unique business and marketing strategy that has benefited the Rockville community. The 2022 Small Business of the Year is SHS Payroll.

Large Business of the Year recognizes a company committed to the vitality and community in Rockville, which has over 50 employees and over $5M in revenue. Specific criteria include: a commitment to their employees, their customers and has invested time, energy, and resources in the Rockville community. The 2022 Large Business of the Year is Universal Communities.

The Non-Profit of the Year recognizes outstanding practices among Rockville’s diverse non-profit organizations. Specific criteria include success in creating a lasting and beneficial impact for Rockville residents and sets a strong example for other non-profits in the community. The 2022 Non-Profit of the Year is Manna Food Center.

Entrepreneur of the Year recognizes a person who works for or operates a business taking on financial risk to do so, and identifies a need that no existing businesses address, and determines a solution for that need. Additionally, although the term “entrepreneur” is often associated with startups and small businesses, any founder of a successful household-named business began as an entrepreneur. Specific criteria include year over year growth, innovation, resilience, flexibility, and a unique business and marketing strategy, and a proven track record of commitment to the Rockville community and businesses. The 2022 Entrepreneur is Betty Sullivan of Architessa.

Young Professional of the Year recognizes an individual who is active in the Young Professional’s group of our Chamber and steps up to a leadership role within their organization. Specific criteria include tenacity and an exemplary commitment to the Rockville community and businesses. The 2022 Young Professional of the Year is Ethan Litvin of SEEC.

Award winners will be honored at a black-tie, sit-down dinner at the Manor Country Club in Rockville on November 3, 2022. Tickets are available, with attendance not exclusive to Chamber members. All business community members are encouraged to attend and celebrate the award winners.

About the Greater Rockville Chamber of Commerce (GRCC)

The GRCC serves as the voice of the thousands of businesses that proudly call Rockville, MD their home. It strives to create and support a thriving Rockville through educational programs, networking opportunities, and services; civic and business involvement in cultural and social programs and services; and advocacy for the interdependence of business and civic goals to expand economic vitality in Rockville. Learn more at https://rockvillechamber.org/

Rockville ranked 20th Best Place to Live in the U.S. in 2022 by digital platform, Money

A diverse city, according to Money's data, Rockville is business friendly and home to some of the most prominent biomedical and technology companies

Digital platform, Money, announced its annual ranking of the Best Places to Live spotlighting 50 cities and towns with strong labor markets, affordable homes, and racial, economic and cultural diversity.

For 2022’s Best Places to Live list, Money looked at towns and cities with a population of at least 20,000, and made its selection based on cost of living, economic opportunity, and diversity, among other factors.

“This year’s Best Places to Live ranking highlights the amazing cities and towns the country has to offer – with a hard examination of what matters most,” said Executive Editor, Mike Ayers. “Money hopes readers will find the places with the most opportunity for whatever’s next in their lives.”

Money’s Top 20 Best Places to Live include:

Atlanta, GA
Tempa, AZ
Kirkland, WA
Raleigh, NC
Rogers Park, IL
Columbia, MD
Somerville, MA
Ann Arbor, MI
Tampa, FL
Jersey City, NJ
Boise City, ID
Chapel Hill, NC
Irvine, CA
Fort Lee, NJ
Arlington, VA
Naperville, IL
Milton, MA
Fremont, CA
Carmel, IN
Rockville, MD

View Rockville’s profile on Money’s 2022 Best Places to Live here: https://money.com/best-places-to-live/rockville-maryland/

Rockville-based company secures Shark Tank investment for popular infant hygiene product, Oogiebear

Oogiebear's patented, award-winning design was researched and developed in their Rockville facility

Article originally published by The MoCo Show on September 24, 2022

Potomac residents Sina and Nina Farzin brought their popular product, Oogiebear, onto Season 14 of Shark Tank with the hopes of raising $400,000 dollars. Oogiebear is “the only infant booger picker on the market that effectively and safely removes sticky and dried boogers from babies’ nostrils.” Their research and product development facility can be found in Rockville/North Potomac.

The Farzins were interested in parting with 5% of their company for $400,000. It costs approximately $3 dollars to make and sells at a price point up to $24.99. The product is specifically designed for children under the age of two and uses a “patented, award-winning design features a loop end that’s a magnet for sticky boogers and a scoop end that takes care of those dry, crusty ones, plus our trademark bear head, which is way more than just cute: it prevents the tool from going too far into baby’s nose.”

“Mr. Wonderful” Kevin O’Leary asked about Oogie Bear’s sales and the sharks were pleasantly surprised when Nina informed them that they’ve sold more than 1 million units, which has generated over $15 million dollars in gross revenue and is on pace to reach a net profit of $1 million dollars this calendar year. Mr. Wonderful was happy to hear that and offered $400,000 dollars in exchange for 10% equity.

The Farzins explained that a lot of the company’s sales come from retail stores like Walmart and that they were looking to sell more through their website, since it has been a major weakness for them. Daymond John decided to drop out because he didn’t feel like he could provide value to the entrepreneurs, but Lori Greiner decided to make an offer of $400,000 dollars in exchange for 12% equity, asking Mark Cuban to join the deal.

Barbara Corcoran then made an offer that was almost the same as Kevin O’Leary’s offer of $400,000 dollars for 10% equity, but she offered half of the equity back if they didn’t reach certain metrics. Robert Herjavec liked this offer and joined Barbara, making the offer more appealing with two sharks and ended up offering a little more money for 10%.

The Farzins decided to accept the deal from Robert and Barbara, which was $600,000 dollars for 10% equity. The deciding factor seemed to be Barbara pledging to sell half of her equity back if she was not able to provide a significant boost to the company’s performance.

About Oogiebear/Oogie Solutions, LLC

Oogiebear is the invention of Nina Farzin, a pharmacist and parent of three who struggled to find a solution when her babies’ noses were congested. She invented a tool that let parents safely pick an infant’s nose to allow them to breathe freely. Oogie Solutions office and R&D facility are located on Molecular Drive in Rockville, MD. To learn more, visit https://oogiebear.com/

Morguard REIT completes acquisition of Rockville Town Square

The acquisition expands Morguard's investment in the City of Rockville who purchased Fenestra Apartments in 2017

MISSASAUGA, ON, Canada, September 27, 2022 – Morguard North American Residential REIT MRG (the “REIT”) announced today it has acquired the retail portion of Rockville Town Square. Having purchased Fenestra Apartments in 2017, this acquisition of the remaining retail in this mixed-use asset expands Morguard’s investment in the City of Rockville and creates operational efficiencies to better realize its vision. The transaction closed at a purchase price of US$33.0 million, excluding closing costs.

“Morguard is pleased to expand our investment in Rockville, Maryland by acquiring the retail space,” said K. Rai Sahi, Chairman and Chief Executive Officer of Morguard North American Residential REIT. “This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision.”

Connected to Morguard’s Fenestra apartments, Rockville Town Square at 30 Maryland Avenue encompasses 183,000 square feet of retail, dining, and municipal and financial services. The mixed-use pedestrian-friendly location offers public gathering areas, entertainment events, and serves as a neighbourhood hub in the affluent Montgomery County. A short drive from Washington D.C., Rockville Town Square features spaces to live, work and shop including:

Luxury living: Morguard’s owned and managed Fenestra Apartments includes three mid-rise buildings within steps of the Square.
Transit-oriented location: Steps to the Rockville Metro (Red Line) as well as immediate freeway access via Interchange 270 and the Rockville Pike (Route 355). Residents and visitors can enjoy dedicated parking with ample garage and surface options for 1,000 vehicles.
Vibrant outdoor courtyard: A community hub for entertainment events and hosting Montgomery County’s largest ice rink.
Walkable authentic lifestyle: Minutes away from the area’s finest restaurants, entertainment destinations and services including Starbucks Coffee, Dawson’s Market, First Watch, Truist Bank, Citizens Bank and more.
Academic and municipal destination: Access to Montgomery College, an academic community college with over 25,000 students, Choice Hotels International Headquarters, Regal Theatres, Rockville Memorial Library, and Montgomery County Courthouse

“We are proud to be a part of the vibrant City of Rockville since our acquisition of Fenestra in 2017,” said John Talano, Senior Vice President of US Operations. “Further investment within the community is part of a multi-faceted approach to the planning and management of this incredible public space. We look forward to continuing to work with our new retail tenants and the entire community to ensure the relevance and long-term success of Rockville Town Square.”

Morguard’s Canadian and US portfolio includes 14.7 million SF in retail assets valued at $4.3 billion. This investment represents the continued expansion of our retail portfolio. In addition to Rockville Town Square, Morguard’s retail assets in the US include Boynton Town Center, Lantana Plaza, and Northgate at Falls Church.

About Morguard North American Residential REIT

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. The REIT’s portfolio consists of apartment communities located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland. For more information, visit the REIT’s website at www.morguard.com.

Link to press release: https://www.morguard.com/news-knowledge/news/news-detail/?nid=123371

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

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