News Archives - Page 16 of 17 - Rockville Economic Development, Inc

Rockville’s Snacklins featured on another segment on “Shark Tank”

Snacklin recently returned to Shark Tank to give an update two years after receiving a $250,000 investment from the show's billionaire investor, Mark Cuban

Article originally published by Washington Business Journal on November 8, 2021

The local startup that brought its vegan pork rind snacks to ABC’s “Shark Tank” in 2019 is still cooking.Rockville’s Snacklins nabbed another segment on the show Friday, two years after securing $250,000 from billionaire investor Mark Cuban, to give the audience an update. And things are heating up.

The “Shark Tank” update

When Snacklins co-founder Samy Kobrosly made his first appearance on the reality series, the company was averaging $5,000 per week in online sales and could barely keep up with production. After the company’s plant-based crisps made their national television debut, the business hit $100,000, “more sales than we’d ever gotten before,” he said on Friday’s segment.

Snacklins has since expanded its Rockville facility, where it moved in 2019 after outgrowing District culinary incubator Union Kitchen. The snack maker has also nearly tripled its team from 10 to about 27 employees and broken into 2,500 stores across the country including Giant Food, Whole Foods Market, Stop & Shop, MOM’s Organic Market locations and others. Over these two years, Snacklins has surpassed $5.3 million in sales, Kobrosly said on the show.

The startup’s two-year journey

As it expanded into more stores, Snacklins also went through “a significant rebrand” that has led it to produce 10-times the volume it was doing two years ago, CEO Kevin Blesy told us in an email.

Though the pandemic hit the food industry hard, the startup didn’t have to stop production or lay off any staff, Blesy said. “As a food manufacturer, we already had stringent health and safety protocols in place but took the time to make sure our production staff was still comfortable in their day-to-day duties. Having a presence both online and in retail stores, we were also able to capture demand wherever our consumer shopped, especially during the depths of lockdown measures.”

The company declined to disclose annual revenue or projections for 2022, but we know the business generated $2 million in 2019 and pre-pandemic had a target of $10 million for 2020, Kobrosly told us at the time.

Blesy said current priorities include bringing on “a robust pipeline of additional retailers” within the next year, introducing new flavors and package sizes, and ramping up advertising across the country.

Cuban continues to work with the Snacklins team after striking a deal with Kobrosly on the October 2019 episode.

“All you need to know is that we literally go through boxes of Snacklins every month at my house,” Cuban told us in 2019. “Because they are low-cal, taste great and have super clean ingredients we use them for everything: snacks, dipping, break them up on salads, you name it. When I travel I have them delivered to my hotel for snacking.”

“My only regret is that I couldn’t buy more of the company,” he said at the time. “Snacklins are amazing.”

About Snacklins

Former radio personality and chef, Samy Kobrosly, created a simple recipe of yuca, mushrooms, and onions to create a crunchy, airy, 100% vegan and plant-based crisp that resembled a pork rind. The unique ingredients and process used for making SNACKLINS resulted in something even better: a low-calorie, grain-free, scoop-shaped crisp unlike any other snack food available. SNACKLINS has grown all over the country, but remains a small team committed to making delicious, healthy snacks that people love. Learn more about Snacklins at https://snacklins.com/

Rockville life sciences firm, Emmes, launching rare disease center in Europe

Emmes' new acquisition in Spain will be a hub for specialized clinical trial work focused on rare diseases

Emmes’ Chief Human Resource Officer, Jennifer Hester, serves as Vice Chair on Rockville Economic Development, Inc’s (REDI) Board of Directors. REDI congratulates Emmes on their growth, and are grateful for the continued involvement and guidance of Ms. Hester.

Article originally published by the Washington Business Journal on November 4, 2021

Rockville clinical research firm the Emmes Co. is preparing to launch a new rare disease center in Europe, less than six months after snapping up a U.K.-based company focused on rare diseases and amid a major growth period for the local business.

The new center is slated to open Nov. 15 in Barcelona, Spain, as a hub for specialized clinical trial work focused on rare diseases. That’s an area in which Orphan Reach — the company Emmes snapped up in May — specializes. And the new facility stands to double Orphan’s clinical study portfolio over the next year, according to Emmes.

Traci Clemons, chief research officer for Emmes, will lead the rare disease center along with Thomas Ogorka, the firm’s managing director, and Nazira Maruf, its vice president of project management.

“We want to make it easier for both rare disease focused biopharma companies and public sector research institutions to accelerate development of new treatment options for rare disease patients by leveraging a highly specialized global [clinical research organization] committed to rare disease clinical research,” Emmes President and CEO Christine Dingivan said in a statement. “By harnessing the invaluable experience of the combined organization in over 50 rare disease indications, we will provide greater value to patients, investigators, and clients.”

The company did not immediately return a request for comment about its investment in the project and other details about its growth. We will update this post as we hear back.

Emmes — which conducts research and runs clinical studies for other life sciences firms and biotechs, as well as public sector customers — acquired Orphan in a bid to tackle a massive market opportunity, as more than 7,000 rare diseases plague patients around the world, many without treatments. With Orphan under its umbrella, Emmes would be positioned to penetrate the international market and run global trials, Dingivan told us at the time. “Its ability to locate patients throughout the world for clinical trials in rare and orphan diseases will be a big asset for us.”

Now, the combined organization gets ready to open the new site while executing its growth plans under a new structure. Dingivan, a WBJ Women Who Mean Business honoree who assumed the top slot at Emmes in September 2020, split the business into two units — Emmes Biopharma and Emmes Public Sector — to better serve its clients in both areas, she said. That came as she led Emmes to its acquisition of European firm Neox in December.

Emmes continues to consider new acquisition targets that further build up its work in the public sector, “diversify more aggressively” into the biopharmaceutical space, broaden its international work and deepen expertise in therapeutic areas including vaccines and infectious disease, ophthalmology, immunology, neuroscience and mental health, Dingivan told us previously.

About Emmes
Founded in 1977, Emmes is a global, full-service Clinical Research Organization dedicated to excellence in supporting the advancement of public health and biopharmaceutical innovation. The company’s clients include numerous agencies and institutes of the U.S. federal government and a wide range of biotechnology, pharmaceutical and medical device companies throughout the world. To learn more about how our research is making a positive impact on human health, go to the Emmes website at www.emmes.com.

Montgomery County Online Sales and Telework Grant Program

The Online Sales and Telework Grant Program offers local businesses funds to develop their websites and social media or to assist with telework costs

The Online Sales & Telework Grant Program offers local businesses the opportunity for increased visibility of their products and services through participation in a free centralized online Discover MoCo directory site. The grant funds can be used for costs such as developing or improving their websites and social media presence or providing funding to assist businesses with telework costs.

To maximize access to Montgomery County’s diverse business and customer base, the Discover MoCo directory will be free for businesses and customers to use, mobile friendly, and multilingual.Grants of up to $10,000 each will be available. (Each applicant will receive a pro-rata share of the $789,000 of total funding available. Therefore, the actual grant amounts will be determined by the total number of eligible applicants.

Applications to the Online Sales and Telework Grant Program will be available from November 12th through midnight on November 19, 2021.

Eligibility Requirements

Business must have been established prior to March 9, 2020.
Business must currently be in operation.
Business must be registered and in good standing with Maryland SDAT (not applicable for sole proprietors).
Business must be registered on the Discover MoCo Business Directory.

Priority will be given to:

- Businesses which have not received a COVID-19 Business Relief grant or loan from the Maryland Department of Commerce or a grant from the Maryland Department of Labor for the purchase of equipment to assist in the expansion of opportunities for telework.
- Businesses that have 20 or fewer full time equivalent (FTE) employees.

Prepare to apply

Review the Eligibility Requirements for the program. All grant applicants must be registered on the Discover MoCo business directory site: https://visitmontgomery.com/discover-moco/submit/
Be sure to use the correct legal name of the organization on your application.
Check the taxpayer identification number and be sure it matches the legal name of the organization.
Ensure you are in “Good Standing” with the State of Maryland at the time of application.

The Maryland Department of Commerce Announces Tech Startup Opportunities

The Maryland Innovation Investment Tax Credit and Startup Grind Exhibition call for delegates offer boosts to Maryland tech startup ups

Maryland Innovation Investment Tax Credit

This new program, designed to attract investment in Maryland tech companies, is accepting applications for qualified tech companies as well as applications for investors seeking to make investments in these companies.

Program Overview:

A Maryland technology company and its investor(s) separately apply to become qualified.
The Department of Commerce authorizes the proposed investment by the investor in the Maryland technology company.
The investor makes the investment of at least $25,000 in the Maryland technology company.
The Department of Commerce awards the income tax credit to the investor.
The investor claims the refundable income tax credit on the Maryland return.

Applications for qualified tech companies and investors are open through November 15, 2021.

Startup Grind Exhibition Call for Delegates

The Maryland Department of Commerce is sponsoring a delegation of 15 Maryland companies to attend Startup Grind’s Global Conference from February 28 – March 2 in Silicon Valley, California. Startup Grind’s conference brings together thousands of the greatest startups and scale-ups across the global tech ecosystem.

Benefits available to selected companies include:

All-access pass to the event including all education, networking and social events.
Opportunity to be an exhibitor for a full day at the conference in the Maryland exhibition.
Company table to meet with other startups, potential customers and/or investors.
Promotion by the Maryland Department of Commerce
Global exposure to Startup Grind’s 3,000,000+ followers.
Full-year membership to the Startup Grind Global startup program.

Applications for delegation participation are open until 5:00pm on Friday, November 19, 2021.

Record Funding Invested in Montgomery County Companies in 2021 Q1-Q3

Initial Public Offering(IPO), private investment and venture capital funding topped $18 billion, with Rockville companies receiving over $12 billion

Press Release published by Montgomery County Economic Development Corporation (MCEDC)

Rockville, Md., Nov. 1, 2021 — Thus far in 2021, a record pace for initial public offerings (IPO), private investment and venture capital deals has been set in Montgomery County. Over $18 billion of investment across 76 companies and 87 separate transactions have been made in the first three quarters of the year from January 1 through September 30. The companies receiving funding span major industries from life sciences and health tech to quantum and media.

Private funding alone surpassed $16 billion, led by global media innovator ZeniMax’s acquisition by Microsoft and Viela Bio’s acquisition by Horizon Therapeutics. In public offerings, more than $830 million was raised, led by life science company MaxCyte and Xometry, a groundbreaker in AI-enabled manufacturing. Venture capital funding also hit a record high of more than $970 million, headed by life sciences companies Arcellx and Sirnaomics and health tech Aledade.

Announced in celebration of Maryland Economic Development Week, the Montgomery County investments showcase the strength across local industry sectors. This success has a significant ripple effect on the state and county economies through company expansion, hiring of additional employees and new innovative growth initiatives. In 2020, $4 billion was invested in Montgomery County companies; this year through September alone, that number has jumped 450% to $18 billion.

Here are the Rockville companies that raised funding through IPO, private funding and venture capital in Q1-Q3 2021:

Public Offerings & IPOs

Sensei Biotherapeutics – $133,000,000

NeoImmuneTech – $100,260,000

Private Funding

ZeniMax Media – $8,120,000,000

Institutional Shareholder Services – $1,890,000,000

MacroGenics – $1,308,320,000

Vigene Biosciences – $350,000,000

Cella – $131,930,000

DrFirst – $50,000,000

FNC Title Services – $50,000,000

Tellenger – $2,500,000

ReGeneRx – $1,800,000

Venture Capital

Immunomic Therapeutics – $77,730,000

Innovative Cellular Therapeutics – $40,000,000

American Gene Technologies – $30,000,000

Sensei Biotherapeutics – $30,000,000

Amplio Learning Technologies – $27,000,000

Cellphire Therapeutics – $14,020,000

20/20 GeneSystems – $4,620,000

National Medical Funding Services – $4,000,000

JuneBrain – $1,100,000

PediaMetrix – $982,500

Polaris Genomics – $600,000

Verax Research Services – $525,000

Machfu – $350,000

Premedly – $225,000

Pixspan – $20,000

View the entire list of Montgomery County companies here: 2021 Q1-Q3 Investments – Montgomery County

View the full press release here: https://thinkmoco.com/press-releases/record-funding-invested-in-montgomery-county-maryland-companies-in-2021-q1-q3

Rockville is readying new business and new construction – the Washington Business Journal Tour

Washington Business Journal's recent tour of Rockville highlights some of the city's new developments and business openings

Article orginally published by Washington Business Journal on October 27, 2021 – this article has been edited and condensed

The colors are changing in Rockville. But it’s not just colorful leaves and trees of the season — drab storefronts, empty for a year or more, are coming back to life, too.

As the fall weather settles in, some of the vacant spots at Rockville Town Square have begun to show signs of life as tenants fill spaces shuttered for more than a year and a half. Other businesses march onward, encouraged by hundreds of new apartments and a big Metro improvement project nearby.

It’s been hard to tally the total damage Covid-19 has done to the business community. Yelp estimates 3,100 restaurants in Greater Washington closed their doors in the first few months of the pandemic, with about 40% of those being permanent closures; those who were already struggling shut down immediately, while many others weren’t able to weather the subsequent months. But signs of life in the form of new businesses are starting appear in some of the vacant spaces.

But for Rockville, time has begun to heal some of those wounds. Rockville Town Center’s second phase, a $150 million, 18-story building rising near the center of
town, will bring 675,000 square feet of new development including 400 apartments and 20,000 square feet of retail. Master developer Duball LLC looks all but ready to wrap up ahead of an expected 2021 delivery after two years of construction, bringing with it hundreds more residents.

Nearby, the Metro station will soon reopen after renovations. Down Rockville Pike, some of the formerly car-dominated landscape has begun to change, too.
Twinborook Quarter, a 17-acre development by B.F. Saul Co., is slated to bring another 1.1 million square feet of development including 1,400 residential units,
162,000 square feet of office, a hotel and almost 1,300 parking spaces. Site work is underway there now.

Source: https://www.bizjournals.com/washington/news/2021/10/27/business-returns-to-rockville-as-changes-loom.html

SYNAPS Dx Closes $10 Million Series A Investment

Proceeds will be used to scale-up production and meet market demand for DISCERN™, the first autopsy-validated, highly accurate, minimally invasive test for the definitive diagnosis of Alzheimer's Disease

ROCKVILLE, Md.–(BUSINESS WIRE)–SYNAPS Dx (SDx), a privately held company focused on the research, development and commercialization of diagnostics for neurodegenerative disorders and conditions, including Alzheimer’s Disease (AD), announces the close of its Series A $10 million investment, including private equity, individual and family funds, and corporate investors. Proceeds will be used to scale-up production and meet market demand for DISCERN™, the first autopsy-validated, highly accurate, minimally invasive test for the definitive diagnosis of AD versus other forms of non-AD dementias and those with AD and other degenerative pathologies. As payers examine the cost and impact of new drugs and therapies for AD, DISCERN is positioned as a critical, essential component of patient-centric, value-based strategies.

Frank Amato, CEO and president, SDx, says, “Following decades of research and development, including the involvement and dedication of leading, world-class scientific research teams, statisticians and analysts, we are thrilled to close our series A financing. Investor receptivity and confidence in our breakthrough solution allows us to bring a timely, accurate diagnosis of AD to the marketplace. As we meet a significant unmet market need to potentially reduce the economic burden of AD across the healthcare system, our market entry could not have come at a better time — as demand for early-stage diagnosis is at an all-time high. The emergence of new drugs and therapies has intensified payer focus on approving and prescribing the most appropriate, cost-effective treatment.”

There are approximately 500,000 new cases of dementia each year in the United States, with about 2 million patients in years 0-3 of the disease at any given time. Competitive barriers to entry include the SDx strong global IP portfolio and autopsy-validated clinical data, which takes many years to collect and confirms that the test is highly accurate with 95% sensitivity/specificity for diagnosing AD.

Dr. Daniel Alkon, chief scientific advisor, SYNAPS Dx, explains, “DISCERN reflects 30 years of research at the National Neurologic Institute, NIH to map the molecular pathways that create memory with mechanisms that are conserved across evolution, i.e. from marine snails progressing through mammals, with confirmation provided by a collaboration with the Harvard Brain Bank. This research demonstrated that the protein PKC-Epsilon is a Synaptic Growth “Master Switch” for memory formation. Furthermore, for more than a decade at the Rockefeller Neurosciences Institute, researchers conducted a series of human subject studies—culminating in autopsy-validated trials—and correlated AD-specific changes to the PKC-Epsilon cascades, which could be identified through deficiencies in skin fibroblast networks.”

Alkon says that the R&D showed that AD often presents with the loss of recent memory with phenotypical expression taking place in the brain, but also with pathophysiological expression peripherally. “This research, which has been published in over 300 peer-reviewed papers, resulted in the development of three SDx AD biomarkers that accurately identify and distinguish AD. These results were validated using the NIH ‘Gold Standard’ of dementia in life and autopsy confirmation of amyloid plaques and neurofibrillary tangles. Because so many people are touched in some way by AD, we hope DISCERN will help guide drug discovery, development, and dosing, and, thereby, enhance peace of mind to more patients and families.”

About SYNAPS Dx

SYNAPS Dx is privately held company focused on the research, development and commercialization of diagnostics for neurodegenerative disorders and conditions, including Alzheimer’s Disease. The Company offers DISCERN™, the first accurate, minimally invasive test for the definitive diagnosis of Alzheimer’s disease (AD) versus other forms of dementia. SYNAPS Dx’s laboratory in Rockville, MD is certified under the Clinical Laboratory Improvement Amendments (CLIA) as qualified to perform high complexity clinical laboratory testing.

Maryland Technology Internship Program (MTIP) Accepting Spring 2022 Applications

MTIP helps Maryland retain top tech talent by increasing the number of paid technical internships offered in the state

The Maryland Technology Internship Program (MTIP), funded by the State and administered by the University of Maryland, Baltimore County (UMBC) was created to help retain Maryland’s top tech and life sciences talent. This goal is achieved by increasing the number of paid internships offered in the state.

MTIP offers technology and life science-based businesses and state/local agencies reimbursement for 50% of their internship payroll costs (up to $1,800 for first semester and $1,200 for subsequent semester – maximum $3,000 annually). To be eligible for MTIP funding assistance, the employer, internship position and intern hire must meet the requirements below:

Employer Criteria:

- Be located in Maryland.
- Be a technology-based business, or a state and local agency offering a technical internship.
- Submit a MTIP Application along with a paid, technical internship position for review and approval.
- Employ an intern who meets the MTIP funding eligibility below.
- Participate in an online orientation and complete a short post-internship survey.

MTIP provides resources that help employers design an internship program, and recruit interns. Please click the following link for access to these resources: https://mtip.umbc.edu/employers/resources/

Internship Position Criteria:

- Have an identified staff member who serves as the intern’s supervisor and mentor.
- Provide a physical work-space in Maryland. (Due to COVID-19 precautionary measures, remote internships for Maryland organizations are also temporarily approved.)
- Include a substantive project for the intern.
- Provide a minimum of 120 hours of work per semester (over 8-15 weeks in the fall, winter, spring, or summer).
- Pay at least the current state minimum wage.

Intern Hire Criteria:

- Current college student, with a cumulative GPA of 2.5 or above, who is attending a Maryland higher education institution.
- Current college student, with a cumulative GPA of 2.5 or above, who is Maryland high school graduate attending a higher education institution outside of Maryland.
- Graduate (within 12 months) of a Maryland higher education institution.
- Maryland resident, with a 2 or 4-year degree, who has been honorably discharged from the U.S. Armed Forces, The National Guard or a Reserve component of the Armed Forces within the last 18 months.

MTIP is now accepting applications for Spring 2022. Please visit https://mtip.umbc.edu/ to learn more about the program. For questions about MTIP, please contact Annie Weinschenk, Assistant Director – MTIP at 410-455-2216 or mtip@umbc.edu

SBA Opens Montgomery County Disaster Loan Outreach Center at Twinbrook Library in Rockville

The U.S. Small Business Administration (SBA) is opening a temporary Disaster Loan Outreach Center (DLOC) in Montgomery County to help local businesses and residents impacted by Tropical Storm Ida

The DLOC will have one-on-one assistance with submitting applications for disaster loan assistance. Eligible jurisdictions in the Washington Metropolitan Area include Montgomery and Prince George’s Counties in Maryland; the District of Columbia; and Arlington, Fairfax and Loudoun Counties in Virginia. Qualifying incidents must have occurred between August 31, 2021 and September 4, 2021. The SBA encourages impacted businesses of all sizes, non-profit organizations, homeowners, and renters to visit the DLOC to have questions answered about the program.

Interest rates for this loan program are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations, and 1.563 percent for homeowners and renters, with repayment terms of up to 30 years. Loan amounts and terms are established by the SBA and are based on each applicant’s financial condition.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by a declared disaster
EIDL assistance is available for businesses that sustained physical property damage and/or economic damage
Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property

For additional details, please click: MD-17229 Agency Fact Sheet

Montgomery County DLOC

Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.

Location:

Twinbrook Library
202 Meadown Hall Drive,
Rockville, MD 20851

Dates/Hours of Operation:

Monday, October 25, 2021 — 12:00pm to 6:00pm

Tuesday, October 26, 2021 — 12:00pm to 8:00pm

Wednesday, October 27, 2021 — 10:00am to 6:00pm

Thursday, October 28, 2021 — 12:00pm to 8:00pm

Friday, October 29, 2021 — 10:00am to 6:00pm

Saturday, October 30, 2021 — 10:00am to 2:00pm

Sunday, October 31, 2021 — CLOSED

Monday, November 1, 2021 — 10:00am to 6:00pm

Tuesday, November 2, 2021 — 12:00pm to 8:00pm

Wednesday, November 3, 2021 — 10:00am to 6:00pm

Thursday, November 4, 2021 — 12:00pm to 8:00pm

Friday, November 5, 2021 — 10:00am to 4:00pm (the Montgomery County DLOC will close permanently on November 5 at 4:00pm)

PediaMetrix Inc. creates first FDA-cleared smartphone app for infant cranial measurements

SoftSpot™ will provide pediatric clinicians with the support required to early detect, monitor, and treat head deformities

ROCKVILLE, Md., Oct. 25, 2021 – PediaMetrix Inc., a tenant of the Rockville Innovation Center received 510(k) clearance from the US Food and Drug Administration (FDA) for SoftSpot^TM, a cross platform software solution for infant cranial evaluation at the point of care. The FDA clearance demonstrates SoftSpot’s safety and efficacy for infant cranial measurements using a smartphone.

“This is an important milestone for PediaMetrix and we see great potential in now bringing this innovative technology to pediatricians in the US and around the world”, said Fereshteh Aalamifar, PhD, President & CEO of PediaMetrix. Currently, pediatricians are not equipped with any tool for quantitative measurement of cranial shape and only perform visual assessment. They refer parents of children at risk to specialists for quantitative measurements, which can cause delays in the early detection and intervention. SoftSpot brings the power of a specialist to a pediatric office using a smartphone.

“Conditions with cranial deformity are on the rise and affect over 20% of newborns. These conditions, including deformational plagiocephaly and brachycephaly and craniosynostosis, cause an estimated $1B cost to the US healthcare.” said Aalamifar. Using computer vison, AI, and smartphones, SoftSpot will provide pediatric clinicians with the support required to early detect, monitor, and treat head deformities. Patients and their families will avoid intensive and expensive treatments.”

SoftSpot demonstrated over 93% correlation with the standard cranial measurements used for the clinical determination of deformational plagiocephaly and brachycephaly. The technology will be launched in the US during Q4 of 2021.

About PediaMetrix Inc.

Founded by alumni entrepreneurs and scientists from Johns Hopkins, NIH, Oxford, and Princeton, PediaMetrix’s mission is to bring AI and computer vision to pediatrics to lower the healthcare costs and improve outcomes. PediaMetrix’s lead product, SoftSpot, enables early detection and management of the most common conditions with head shape abnormalities in newborns. PediaMetrix is a Delaware company founded in 2018 and currently has 10 full-time and part-time employees. The main office is in Rockville, MD.

Read more about PediaMetrix and SoftSpot at www.pediametrix.com

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