| BALTIMORE, MD Thu, Feb 7, 2008 The Maryland Department of Business and Economic Development today announced that it has approved a $50,000 investment in Sirnaomics, Inc., a Gaithersburg-based drug discovery and targeted therapeutics company. The investment, made through the Maryland Department of Business and Economic Development’s (DBED) Challenge Investment Fund, will help the company in the field of RNA interference, which has emerged as a phenomenon in molecular biology and a powerful tool for biomedical research.
“Investing in companies like Sirnaomics is one of the ways we are growing Maryland’s nationally recognized biotechnology industry,” said DBED Secretary David Edgerley. “Our Challenge Grants create new jobs for Marylanders, produce State revenues and help companies convert research into successful commercial activity.”
Started in early 2007 by a group of scientific leaders, Sirnaomics, Inc. is a biopharmaceutical company focusing on breakthrough technology called RNA interference (RNAi). The company works to advance RNAi technology for novel drug discovery and to treat various critical human diseases. With the company’s senior management having more than 50 years of combined experience in the biopharmaceutical industry and finance and business management, Sirnaomics is dedicated to becoming the leader in the field of RNAi technology by spearheading entry into the targeted therapeutics market.
"The state’s funding plays a critical role in Sirnaomics early stage financing," said Dr. Patrick Y. Lu, Sirnaomics founder, president and CEO. “It clearly reflects the government’s support in providing a favorable environment for biotech ventures and entrepreneurships in Maryland.”
DBED’s Challenge Investment Fund provides financing for small start-up technology companies to cover a portion of the initial costs associated with bringing new products to market. Companies are required to provide matching funds to be eligible for the State funding. Since its inception in 1988, the Challenge Investment Program has provided more than 100 emerging technology companies with initial financing support for the commercialization of new technology-driven products. To be eligible, a company must have no more than 25 employees and annual sales revenues of $1 million or less. Companies that meet agreed-upon milestones may receive up to $150,000 in assistance from the Challenge Investment Program.
About DBED:
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
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