TEDCO has invested $500,000 in Irazú Oncology through its LSIF to enhance cancer therapies. CEO Jeff Strovel praised TEDCO’s role in advancing their platform. Operating from the University of Maryland BioPark, Irazú focuses on innovative cancer immunotherapy through unique technology. TEDCO seeks to support promising life sciences ventures, reinforcing Maryland’s leadership in the sector.
TEDCO, the Technology Development Corporation of Maryland, has announced a significant investment of $500,000 in Irazú Oncology through its Life Sciences Investment Fund (LSIF). This fund, part of TEDCO’s Seed Funds, is committed to nurturing startups that have viable FDA pathways for their innovations. The investment aims to propel Irazú’s mission to enhance cancer therapies globally.
Jeff Strovel, the CEO of Irazú Oncology, expressed gratitude for TEDCO’s support, which has been crucial for advancing their innovative platform. He emphasized, “TEDCO’s support has been instrumental in advancing our innovative platform. Their MII program and strategic investments have enabled us to accelerate our research and development efforts.” He urged researchers and biotech companies to leverage TEDCO’s resources for transformative therapeutic developments.
Irazú Oncology operates from the University of Maryland BioPark in Baltimore and is focused on developing faster, cost-effective cancer immunotherapies. Their innovative approach utilizes an Outer Membrane Vesicle (OMV) platform technology, employing clinically validated nanoparticles to effectively deliver tumor antigens for immunological responses.
TEDCO’s director of Seed Funds, Teddy Gresser, highlighted that the organization continuously seeks promising life sciences ventures for funding, stating, “TEDCO continues to seek out and identify promising life sciences companies, like Irazú Oncology, for our LSIF funding.” This funding will enable Irazú to further its mission in cancer treatment research and development.
Initially supported by TEDCO’s Maryland Innovation Initiative in 2023, Irazú received a Company Formation Award which helped set the foundation for its ongoing growth. TEDCO CEO Troy LeMaile-Stovall articulated the state’s leadership in the life sciences sector, noting, “Maryland is leading the way in life sciences,” and he encouraged innovators to capitalize on Maryland’s leading position in life sciences and research funding opportunities.
In summary, TEDCO’s substantial investment in Irazú Oncology is a strategic move to bolster innovative cancer treatment solutions. Irazú’s cutting-edge research and development initiatives, coupled with TEDCO’s commitment, aim to make cancer therapies more accessible and effective. The collaborative efforts exemplify Maryland’s robust life sciences ecosystem, highlighting opportunities for researchers and startups in this dynamic field.
Original Source: www.citybiz.co
Leave a Reply