Rockville-based CytImmune is working to revolutionize cancer treatment through tumor-targeted therapies. The Maryland Department of Business and Economic Development (DBED) and Montgomery County Department of Economic Development (DED), on Tuesday, announced their continued support for the company, resulting in a $400,000 total investment.
DBED, through its Maryland Venture Fund (MVF), led a financing round for the company, investing $200,000. DED and a corporate venture fund together invested an additional $200,000.
“The MVF is a critical program which enables the development and commercialization of disruptive technologies like Aurimune,” Dr. Lawrence Tamarkin, CEO of CytImmune, said in a statement. “We believe this investment not only affirms the value of our product, but also demonstrates the state’s commitment to supporting Maryland-based companies bringing innovative products to market.”
“We are proud to make this investment in CytImmune as they pursue their novel and life-saving technology,” DBED Secretary Dominick Murray said in a statement. “Maryland is a global leader in innovation thanks in large part to entrepreneurs like those at CytImmune. We are committed to supporting our businesses as they grow, thrive and create the sustainable, family-supporting jobs of today and tomorrow.”
The announcement marked the State’s second investment in CytImmune. DBED previously invested $500,000 for technological and pharmaceutical development of the company’s lead drug candidate, Aurimune. The drug is a targeted “Trojan Horse” nanotherapy which destroys the protective vascular barriers of tumors, exposing cancer cells to cancer cell killers and increasing the likelihood of curing cancer.
The Maryland Venture Fund is one of the State’s most valuable resources for growing companies. The MVF is made possible through one of Governor Martin O’Malley’s key economic development initiatives, InvestMaryland. The public-private partnership between the State and venture capital firms supports the growth of Maryland companies in biotechnology, cybersecurity, e-commerce and other high-growth industries.