Investing in Innovation at UMB
June 18, 2024
UM Ventures, Baltimore makes equity investments in UMB startups, helping advance commercially promising technologies and supporting UMB entrepreneurs.
Pictured: From left, David Brock and Phil Robillotto signed an agreement for additional investment in summer 2023.
The University of Maryland, Baltimore (UMB) fosters the development of commercially promising technologies and innovative startup companies through a combination of robust programs designed to support inventors and entrepreneurs at every stage of development, including the UM Ventures, Baltimore (UMVB) equity investment program.
Bringing a biotech product to market requires a lot of capital. For many startups in the space, initial funding can be difficult. The UMVB Equity Investment Program not only invests directly in UMB startups and provides financial support, but also sends a strong message to potential co-investors that “this company, this technology, this team has potential.”
Since the program was established in 2014, UMVB has invested just under $2 million in 12 companies through 18 investments, and the track record is impressive.
- Four of these companies (Harpoon Medical, Breethe, Living Pharma, and SurgiGyn) have been acquired.
- The portfolio companies raised an additional $95 million through co-investment, new grants, and follow-on funding.
- We have four 510k clearances and two CE marks.
- Proceeds from the four acquisitions helped establish both a dedicated, separate wet lab at the University of Maryland BioPark and a medical device prototyping space on the UMB campus, both of which expand the university’s capabilities and provide critical support to UMB’s startup companies and inventors.
Over the past year, UMVB has made three investments in diverse companies.
- Glicknik, a clinical-stage biopharmaceutical company developing new treatments for people with immune-mediated diseases, received additional investment in summer 2023. The company is advancing its fourth drug into human clinical trials.
- Sonosa Medical, a preclinical diagnostics company developing next-generation tools for the diagnosis and treatment of obstructive sleep apnea, received its first investment in fall 2023.
- Protaryx Medical, a medical device company reimagining access to the left atrium for minimally invasive transcatheter cardiac procedures, received additional investment in January 2024. The technology behind Protaryx also received support from the UMVB Life Sciences IP Fund, an initiative that provides direct support to commercially promising translational research projects at UMB.
Prior to these investments, UMVB had not made any investments since 2021 due to a lack of qualified opportunities. The downturn reflects an overall slowdown in biotech investments following the surge in the COVID-19 pandemic.
“The fundraising environment has been extremely challenging over the past three years,” said Glicknick’s Chairman and CEO, David Block, MD, MBA, adding, “We are extremely grateful to UM Ventures and all of our investors for supporting us over the years.”
“We are excited by the increased activity over the past year and feel this signals a rebound in the biotech investment environment,” said Phil Robillotto, PhD, DO, MBA, UMB vice chancellor for technology transfer and executive director of UMVB. “This is a very positive sign for UMB startups looking to raise funding in 2024.”
The goal of UMVB’s investment program is to help UMB startups navigate the “valley of death,” which occurs after a technology is spun out as a startup but before it becomes de-risked enough to attract investor interest.
“This investment is a boon for Sonosa and comes at a pivotal time,” commented Dr. Steven Restaino, founder and CEO of Sonosa Medical, “and underscores UM Ventures Baltimore’s holistic approach and unwavering commitment to supporting the commercialization of great research at UMB.”
David Mester, MBA, CEO of Protalix Medical, echoed Restaino, saying, “Protalix owes its success to our invaluable partnership with UM Ventures in Baltimore. Their ongoing support, including multiple rounds of funding, has played a pivotal role in our journey.”
The UMVB Equity Investment Program invests in Maryland-based startup companies based on UMB intellectual property. It was originally established to help UMB startups raise their first seed funding round, but the program’s success has expanded to include participation in follow-on rounds such as later-stage seed and “A rounds.”
UMVB is actively looking to expand its investment network to benefit UMB startups. For more information about UMVB’s equity investment program, please contact Phil Robilotto.
