TEDCO Invests SSBCI Funding into Kalocyte, Inc.
Maryland-based biotechnology business working to save lives through innovative solutions
COLUMBIA, Md. (July 17, 2023) – TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 State Small Business Credit Initiative (SSBCI) investment into KaloCyte, Inc. This investment came through TEDCO’s Venture Funds.
“Blood is highly perishable, type-specific and blood shortages are common, so most emergency responders do not carry blood, delaying trauma patients access to this life-saving therapy” said Elaine Haynes, president and CEO of KaloCyte. “Thanks to the latest investment from TEDCO, KaloCyte can continue to research, develop, and advance ErythroMer towards clinical trials. With this innovative artificial red blood cell, we hope to save lives both on and off the battlefield.” TEDCO’s investment was matched by Vitalant, one of the nation’s largest nonprofit blood and biotherapies healthcare organizations.
KaloCyte, Inc., based in Baltimore, Md., is a biotechnology company developing an innovative artificial red blood cell (RBC). Through this innovation, KaloCyte hopes to reduce the leading cause of preventable death after trauma—blood loss. Their hope is that the innovative RBC substitute, ErythroMer, will support patients on and off the battlefield, allowing them to get life-saving transfusions when precious donor blood is not available. ErythroMer is a dried, bio-inspired artificial RBC that mimics the complex physiology of natural RBCs. Dried for long-term storage without refrigeration, the innovative product can be carried on ambulances, in medic backpacks, and stockpiled for mass casualties – just add sterile water to save lives and transform current treatment practices for patients needing emergency transfusions.
“TEDCO is dedicated to investing in small businesses in the technology and life science industries throughout Maryland,” said Katherine Hill Ritchie, senior director, Venture Funds at TEDCO. “KaloCyte is a fitting example of the cutting-edge life science companies that we like to see. Their innovative thinking and product could save lives and has great potential to impact the world.”
TEDCO’s evergreen Venture Funds are dedicated to supporting and growing the next generation of early-state businesses in Maryland and provide investments anywhere from $500,000 to $1.5M. For more information on the application process, visit our page here https://www.tedcomd.com/funding/venture-funds.