FDA approval is one of the big reasons biohealth startups often take longer to get off the ground than other categories, like software.
So when TEDCO took over a fund that specifically catered to the category amid last year’s reorganization, the state’s quasi-governmental investment arm decided to specifically target companies that needed some more runway as they sought the government-guarded milestone.
On Wednesday, TEDCO announced the first round of companies that will receive money from the Life Science Investment Fund, and three are from Baltimore. The $200,000 investments are made in the form a five-year convertible note.
Here’s who got funding:
- Sonavex, a Johns Hopkins spinout that makes a system to improve blood clot detection during surgeries.
- AsclepiX Therapeutics, a Johns Hopkins spinout developing pharmaceuticals that can replicate the body’s natural processes.
- Vasoptic Medical, a Locust Point-based company which is making a device that allows primary care doctors to give eye exams to diabetes patients, rather than an eye doctor.
- Gel-e, a College Park-based company that is commercializing hemostatic medical devices.