TEDCO’s No Interest Loan Will Support New UM BioPark BioInnovation Center

CONTACT:
Ashby Heath
Stanton Communications (for UM Biopark)   
410-727-6855 or [email protected]

BALTIMORE, MD (01/15/08) - The University of Maryland (UM) BioPark today announced that the Maryland Technology Development Corporation (TEDCO) has contributed $1 million from its capital budget as part of the organization’s Incubator Development Fund. The 10-year, no interest loan will be used to build out the UM BioPark BioInnovation Center, located in UM BioPark Building Two at 801 West Baltimore Street. Wexford Science+Technology, the developer, matched the TEDCO contribution with $1 million in funds for build out. 

Beginning in March 2008, early stage life science companies will have the opportunity to rent affordable, pre-built wet lab and office space through short-term leases in UM BioPark’s BioInnovation Center. The project provides life science companies that are not ready to construct their own lab space or commit to long-term leases with a unique opportunity to work in a fully equipped lab environment while preserving capital expenditures.  The BioInnovation Center consists of 8,500 square feet of space, comprised of 10 lab and five office suites.

“Along with TEDCO’s support, we are committed to growing a collaborative community of life science companies,” said Jim Hughes, president of the UM BioPark. “And, the BioInnovation Center is badly needed in the Greater Baltimore market.” 

“TEDCO believes that the BioInnovation Center at UM BioPark will contribute greatly to the development of the life sciences community in Baltimore,” said Renée Winsky, president and executive director of TEDCO. “Supporting the BioInnovation Center furthers TEDCO’s mission of positively impacting the state’s economy by providing researchers with vital resources that help advance new innovations so that they can be transferred out of the laboratory and into the commercial marketplace.”

BioInnovation Center tenants will enjoy the additional benefits of being part of a growing life sciences community such as shared equipment and conference rooms, immediate phone and Internet connectivity, and a professional atmosphere dedicated to research. The convenient location allows access to the University of Maryland, Baltimore’s biomedical research faculty and core facilities.

About UM BioPark

The University of Maryland, Baltimore BioPark offers sophisticated laboratory and office space for early-stage to mature bioscience companies.  To date, the UM BioPark includes 360,000 square feet in two multi tenant buildings and one garage.  The project has created 200 jobs and $128 million in capital investment. The BioPark was named by the Association of University Research Parks as the best emerging university research park of the year in October 2007.  For more information, please visit www.umbiopark.com

About TEDCO

The Maryland Technology Development Corporation (TEDCO), an independent entity, was established by the Maryland General Assembly in 1998 to facilitate the creation of businesses and foster their growth in all regions of the State. TEDCO's role is to be Maryland's leading source of funding for seed capital and entrepreneurial business assistance for technology transfer and development programs. TEDCO connects emerging technology companies with federal laboratories, research universities, business incubators and specialized technical assistance. For the fourth consecutive year, TEDCO was recognized as the most active early/seed stage investor in the nation in the July 2007 issue of Entrepreneur Magazine. For more information on TEDCO and its programs and resources, visit www.MarylandTEDCO.org.