The University of Maryland BioPark
Less than a year after relocating its headquarters to Baltimore, biotech company KaloCyte has raised new funding from Maryland-based investors and expanded its local team.
On Monday, the company announced that it raised $300,000 from the Maryland Momentum Fund, which is a venture fund created by the University System of Maryland that invests in affiliated companies. It is part of a larger funding round for the preclinical-stage company, which is developing an artificial red blood cell substitute. Called ErythroMer, it can be used in situations where stored red blood cells are not available, such as treating trauma when patients have a need for blood.
“Blood cell substitutes have been desired for decades, given that fresh blood lasts only a few hours unrefrigerated. KaloCyte’s unique approach to engineering a blood substitute, and the team itself, is world-class. The USM is lucky to have recruited such innovative and entrepreneurial faculty as well as their startup,” said Claire Broido Johnson, managing director of the Maryland Momentum Fund, in a statement. “If KaloCyte is a win, it will be a huge win.”
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