Zyngenia Inc., a biotechnology company, has landed $2.5 million from the state of Maryland and Montgomery County. The Maryland Department of Business and Economic Development provided a $1 million loan while the county provided a $1.5 million grant to help Zyngenia reach its funding goals.
Founded in 2008, Zyngenia's research focuses on cancer and autoimmune diseases. The company will use the money in the build out of new 14,000 square foot laboratory and office space in Gaithersburg, Maryland.
"The story of Zyngenia is truly one of public-private partnership at its best � significant venture capital funding from NEA, joint investments by the County and State, ideal office and lab space supplied by Scheer Partners and, perhaps most importantly, the teaming of existing scientific and executive expertise found here in Montgomery County � all this combines to fuel Zyngenia's science, growth and continuing success," says County Executive Isiah Leggett.
Zyngenia, a privately held biotherapeutics company headquartered in Montgomery County, was spurred by significant venture capital investments, led by a $10 million Series A investment from NEA in November 2009. The company has a current staff of 14 employees and plans to grow to at least 20 by the end of the year.
The strategic public/private partnership is a component of the County's recently unveiled Bioscience Strategy, which aims to enhance the environment for entrepreneurship and creation of new life science companies in the County by merging increased local venture capital funding with proven biotech entrepreneurs and seasoned industry executives.
Zyngenia uses proprietary technology to enable the development of singular molecular entities that address two or more targets, by combining the activity of two or more biologic therapies into one protein (known as a Zybody™). In addition, the technology will also be applied to drug targets that previously have not been reachable through the use of traditional, single specificity, monoclonal antibodies. The company is focusing its early research and development in creating therapies for patients who have unmet medical needs in cancer and autoimmune diseases.
"Maryland's knowledge economy � one based on science, security, technology and healing � is fueled by innovative companies like Zyngenia," says Gov. Martin O'Malley. "By locating and expanding in Maryland, Zyngenia will have access to our vast community of biopharmaceutical companies, the nation's largest number of federal facilities and increased opportunities to attract venture capital funding."
Zyngenia's expansion and build-out is the latest in a series of other progressive, proactive initiatives by Montgomery County to grow the life sciences industry and bolster the local economy, including
• The new bioscience strategy recommendation of a first-of-its-kind local biotech tax credit to spur investments in biotech companies;
• Leggett's Smart Growth Initiative to create quality, high-paying jobs, and provide sufficient and affordable housing near mass transit by relocating certain County facilities, currently located on prime real estate near mass transit and within the Shady Grove Life Sciences Center, to make way for strategic commercial development; and,
• The forthcoming strategies from the County's Green Economy Task Force to further support and grow this evolving business sector.
Source: Montgomery County
Writer: Walaika Haskins