Frederick, Md.-based pharmaceutical firm Vaccinogen will move to Baltimore following an $80 million round of funding, the Baltimore Business Journal reports.
On Monday, Vaccinogen officials announced the funding had been secured from a “Stockholm-based investor group known as The Investment Syndicate (‘TIS’).” Additionally, celebrated pediatric neurosurgeon Ben Carson was named chairman of the company’s board.
“We believe this level of financing is very significant and the market will be very receptive to us at this time as we go through rapid growth,” CEO Andrew L. Tussing told the BBJ.
The company has yet to identify its new home in Baltimore, which will host 25 employees, according to the BBJ report.
Officials said the city’s population of universities and biotech firms and proximity to BWI Airport were factors in the decision. Vaccinogen is currently testing OncoVAX, a treatment to prevent the recurrence of colon cancer.
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