Phycin says it will use this money to develop and commercialize its product.
Frederick, Md (KM) A Frederick biotechnology start up company is receiving part of a $4-million state grant. Phycin announced it’s receiving $400,000 from the Maryland Stem Cell Research Fund. The company says it will use this amount to drive development and commercialization of proprietary algae-derived growth factors. These applications can be used in regenerative medicine and the cultured meat industries.
Phycin was founded by Dr. Jun Wang who has had over 25 years of expertise in algae biotech research. “Nobody 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,” Dr. Wang says in a statement.
Phycin is located at the Frederick Innovative Technology Center, Inc. in Frederick. “Funding is a common challenge among emerging biotech companies. We appreciate the proactive approach taken by MSCRF {Maryland Stem Cell Fund} and TEDCO {Maryland Technology Development Corporation},” says Kathie Callahan Brady, FITCI CEO, in a statement..
The company says it’s also developing regenerative therapies for wound care which uses stability-enhanced growth factors produced by green algae.
The Maryland Stem Cell Research Fund is managed by the Maryland Technology Development Corporation.
In addition to Phycin, the Fund also provided grants to 11 other scientists at Maryland companies and research institutions to further their research.
By Kevin McManus