June 12, 2014

Local Biotech Company Receives $1 Million Investment from State Program

Cellphire, a Rockville biotechnology company, has received a $1 million investment through the State’s InvestMaryland program, according to an announcement by Governor Martin O’Malley and The Maryland Department of Business and Economic Development.

The company is developing stabilized cellular products, including freeze-dried platelets that can be stored for years, for use in a range of advanced therapeutic and diagnostic applications.

Last year, Cellphire received a contract worth up to $57 million from the Biomedical Advanced Research Defense Authority, a division of U.S. Department of Health & Human Services. The funding will be used to continue development of the company’s freeze-dried platelet product, Thrombosomes, and move it closer to winning Food and Drug Administration approval.

Read more about Cellphire and the investment program.