- Phycin, Inc. secures a grant from the Maryland Stem Cell Research Fund for algae biotech innovation.
- The funding is part of a $4 million round aimed at Maryland-based biotech firms.
- Phycin’s algae-derived growth factors will support regenerative medicine and cultured meat industries.
- The grant will enable the launch of a comprehensive product catalog of sustainable growth factors.
Funding Boost for Biotech Innovation
Phycin, Inc., a biotech startup led by Dr. Jun Wang, has announced a significant grant from the Maryland Stem Cell Research Fund (MSCRF), managed by TEDCO. This financial injection is part of a larger $4 million funding round distributed among several Maryland-based companies. Phycin’s allocation will accelerate the development and commercialization of their groundbreaking algae-derived growth factors.
Revolutionizing Growth Factor Production
These innovative growth factors, which are cost-effective and devoid of animal components and endotoxins, are poised to make a substantial impact in regenerative medicine and the burgeoning cultured meat industry. The MSCRF grant ensures the expansion of Phycin’s product offerings, marking a pivotal step in the company’s growth.
Strategic Location and Leadership Support
Phycin operates from the Frederick Innovative Technology Center, Inc. (FITCI) in Frederick, Maryland. FITCI CEO Kathie Callahan Brady has highlighted the importance of such funding for emerging biotech companies and commends the proactive stance of MSCRF and TEDCO.
A Sustainable and Safe Alternative
Dr. Wang, with over two decades of experience in algae biotechnology, points out the unique nature of Phycin’s approach. Unlike traditional growth factor production that relies on bacteria or mammalian cells, Phycin’s algae-based method offers a sustainable solution free from the risks associated with human pathogens, such as prions.
Broad Applications and Advantages
Phycin’s products serve not only the stem cell community but also provide affordable, food-grade growth factors for the cultivated meat and seafood industry. Additionally, the company is developing regenerative therapies for wound care using these algae-produced factors. The benefits of Phycin’s products include affordability, absence of endotoxins, and freedom from animal and human components, coupled with high activity levels.
Commitment to Innovation and Sustainability
The cost of conventional growth factors can be exorbitant, reaching over a million dollars per gram, which is a barrier for many research and manufacturing entities. Phycin’s mission to transform growth factor production is in line with TEDCO and MSCRF’s goals to promote innovation, scientific advancement, and economic growth.
Acknowledging Support and Looking Forward
Dr. Wang expresses deep appreciation for the support from MSCRF, TEDCO, and FITCI, including guidance from FITCI’s Strategic Growth & Advisory Board, particularly Dr. Jon Rowley of RoosterBio. This grant is celebrated as a significant milestone for Phycin, with algae-based growth factors set to revolutionize the industry and address challenges of quality and sustainability.