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TCM News
For Immediate Release Contact:
Rick Harris
TCM
Tech Alliance Division, Executive Director
240-243-4070
The Tech Council of Maryland, Toucan Capital and Cognate Therapeutics Step Forward to Support Maryland Stem Cell Initiatives
(Rockville, MD)- January 27, 2006 -The Tech Council of Maryland (TCM) joined its members Toucan Capital and Cognate Therapeutics in Annapolis, MD Wednesday, to testify in support of HB 1 -- legislation that paves the way for state funding of stem cell research in Maryland.
Speaking for more than 100 of its biotechnology and life science members throughout Maryland, Julie Coons, President of TCM, applauded both houses for their forward thinking on new stem cell research funding initiatives. In addition she testified that funding should be unbiased as to the type of stem cells, whether adult or embryonic; emphasized the need to support translational research in addition to basic stem cell research; urged that funding only go to Maryland based companies and academic institutions; and requested that the grant program be structured and administered in a cost-effective manner to avoid critical draining in funding.
TCM member Linda Powers, co-founder and managing partner of Toucan Capital Fund II, L.P. supported HB 1 and echoed the importance of making all types of stem cells equally eligible for the state funding, and "letting the best cells win" for each specific use. Ms. Powers further supported Ms. Coons' testimony on the importance of confirming that "translational" research is eligible for the state funding along with basic research. Ms. Powers explained that it is translational research that achieves two of the three main goals of the state stem cell program: bringing actual medical treatments to patients, and building biotech jobs in Maryland. Toucan Capital is a leading U.S. investor in adult stem cells and regenerative medicine, funding a family of seven stem cell companies, including two in Maryland.
Brandon J. Price, Chief Executive Officer of Cognate Therapeutics, Inc. drew on his more than 30 years in academia and the biotechnology profession and testified that the state should establish a private/public partnership to create an appropriate FDA-compliant cell manufacturing facility. He said, "A model for this type of arrangement that has already worked well in Maryland was the establishment of the BioScience Contract Production Corporation in Baltimore in the mid-1990's. That facility put Maryland firmly on the biotechnology manufacturing map."
Ms. Coons, Ms. Powers and Mr. Price singled out the efforts of Delegate Sandy Rosenberg and Senator Paula Hollinger for their continued leadership on the stem cell issue, and Governor Robert L. Ehrlich, Jr. for including funding for a stem cell initiative in his FY2007 budget.
To find out more about the HB 1 and the TCM's official position on the issue, please contact Julie Coons, President of TCM at 240-243-4080 or e-mail her. For more information on Toucan Capital Corp., and its portfolio of life sciences and technology companies, please visit the website.
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The Tech Council of Maryland's mission is to serve as the preeminent technology think-tank where executives discuss ideas, innovate, and solve technology issues that lead to bigger business.. Tech Council of Maryland members are from industry, government, academia and the service provider industry and provide environment where technology companies meet, learn and collaborate and to be Maryland's best technology networking organization. The Tech council has more than 600 member companies representing more than 200,000 forward thinkers throughout the state. The Tech Council of Maryland is supported in part by a grant from Maryland's Department of Business and Economic Development (DBED).
Toucan Capital Fund II, L.P., is a $120 million venture capital fund based in Bethesda, Maryland, that invests nationwide and is especially active in the mid-Atlantic region. Toucan's life sciences portfolio includes extensive investments in stem cells and tissue engineering, biologics and immunotherapies, as well as small molecule drugs and medical devices. Toucan's non-life science portfolio includes nanotechnology and certain other advanced technologies. Portfolio companies in the Metro Washington DC area include Cognate Therapeutics, RNT, and Trophogen.