Phycin's share of the $4 million round, distributed among several Maryland-based companies, will drive the development and commercialization of their proprietary algae-derived growth factors.
FREDERICK, Md., Nov. 6, 2023 /PRNewswire-PRWeb/ -- Phycin, Inc., a biotechnology startup founded by Dr. Jun Wang, is delighted to announce a grant from the Maryland Stem Cell Research Fund (MSCRF) managed by the Maryland Technology Development Corporation (TEDCO). Phycin's share of the $4 million round, distributed among several Maryland-based companies, will drive the development and commercialization of their proprietary algae-derived growth factors. These cost-effective growth factors, free from animal components and endotoxins, find applications in regenerative medicine and cultured meat industries. The grant ensures Phycin's forthcoming comprehensive product catalog.
Phycin is headquartered at FITCI, the Frederick Innovative Technology Center, Inc., in Frederick, Maryland. Kathie Callahan Brady, FITCI CEO, emphasizes the significance of this support. "Funding is a common challenge among emerging biotech companies. We appreciate the proactive approach taken by MSCRF and TEDCO."
Dr. Wang, with over 25 years of expertise in algae biotech research, notes, "Nobody else is doing this. The mainstream production platform for growth factors relies on either bacteria or mammalian cells. Algae are inherently sustainable and devoid of potential human pathogen risks, such as prion."
In addition to serving the stem cell community, Phycin provides affordable, algae-derived food-grade growth factors to support the emerging cultivated meat and seafood industry, including species-specific growth factors.
Furthermore, Phycin is developing regenerative therapies for wound care utilizing the stability-enhanced growth factors produced in green algae. Dr. Jun Wang adds, "All our endeavors are based on our synthetic biology-powered algae expression platform."
Phycin's algae-sourced growth factors offer four distinct benefits for users:
- Free of animal and human components
- Highly active
Growth factors can cost over one million dollars per gram, which can be prohibitively expensive for research and manufacturing operations. Phycin's mission to revolutionize the production of growth factors aligns with TEDCO and MSCRF's commitment to fostering innovation, scientific progress, and economic development.
Dr. Wang expresses gratitude, stating, "We are extremely grateful to MSCRF, TEDCO, and FITCI for their support, including our advisors on FITCI's Strategic Growth & Advisory Board, especially Dr. Jon Rowley of RoosterBio. This grant represents a significant milestone in our journey. Algae-based growth factors hold immense potential for revolutionizing industry and addressing some pressing challenges of quality and sustainability."
About Phycin: Phycin is dedicated to leveraging the power of algae to revolutionize growth factor production. The growth factors derived from algae are highly potent, cost-effective, and free of both pathogen risks and endotoxin contamination, ensuring utmost safety. With an ever-expanding catalogue of growth factors, Phycin is effectively addressing the unmet needs across various industries. The company is based in Frederick, Maryland, and is supported by FITCI, the Frederick Innovative Technology Center, Inc. http://www.phycin.com
About FITCI: FITCI, the Frederick Innovative Technology Center, Inc., fosters entrepreneurial activity in Frederick, Maryland's science and technology industries, including early-stage life science, IT, Agtech, renewable energy, and related startup companies. Its purpose is to enable emerging entrepreneurs, encourage innovation, and accelerate the development of commercially viable businesses that contribute to a healthy economy through coaching, connections, and equitable access to resources within a collaborative community environment. http://www.fitci.org
About TEDCO: TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at http://www.tedcomd.com. Media Contact: Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected].
About MSCRF: The Maryland Stem Cell Research Commission is focused on identifying and fostering cutting-edge research and innovation in the field of regenerative medicine in Maryland. Our Accelerating Cures initiative comprises programs that help transition human stem cell-based technologies from the bench to the bedside as well as mechanisms to build and grow stem cell companies in Maryland. Visit us at http://www.mscrf.org to learn more about our funding opportunities. MSCRF Contact: Ruchika Nijhara, PhD, MBA, Executive Director, MSCRF, [email protected].