– BHI Entrepreneurs-in-Resident Help Drive Client Progress –
ROCKVILLE AND BALTIMORE, MARYLAND, December 16, 2014 – BioHealth Innovation, Inc. (BHI), a regional private-public partnership focusing on commercializing market-relevant biohealth innovations and increasing access to early-stage funding in Central Maryland, today announced recent highlights of funding achievements for clients, BeneVir Biopharm, Inc., and Perceptive Navigation, LLC. The significant progress poises both companies for clinical and/or commercial advancement in 2015.
BeneVir Biopharm, recently announced that it closed a Series A investment round with Pansend, LLC, an indirect wholly owned subsidiary of HC2 Holdings, Inc. (OTCQB: HCHC). BeneVir is a Maryland-based company founded in 2011. Based on technology developed by New York University, BeneVir is developing an advanced immunotherapeutic platform for the treatment of solid tumors that can both directly kill tumor cells and also activate the human immune system to target tumor metastases and prevent recurrence of tumors. Currently, the company is focused on advancing its lead program into human trials for ovarian, breast, and bladder cancer. BHI’s Entrepreneur-in-Residence Ram Aiyar, Ph.D., worked as a member of the BeneVir team to enhance the commercial potential of the company by building novel intellectual property, expanding the therapeutic pipeline and identifying potential development partners.
“BeneVir’s Series A financing round is a testament that others also see the promise of the breakthrough technologies within BeneVir, as we do,” said Dr. Aiyar. “Helping BHI’s partner companies reach their goals is rewarding on many levels for our organization.”
Proceeds of BeneVir’s financing will be used to conduct initial proof-of-concept clinical studies of BeneVir’s lead program, further develop the pipeline, and establish partnerships to test promising combination therapies in a diverse set of metastatic solid tumors.
“We are grateful for the valuable business development services BHI provided as we sought our Series A round," said Matthew Mulvey, Ph.D., founder and CEO of BeneVir. “The partnership with BHI was integral to marketing BeneVir as an attractive early-stage investment opportunity for venture capital.”
In addition to BeneVir’s recent financial progress, BHI client Perceptive Navigation, LLC, a medical device company that is developing forward-viewing, image-guided, minimally invasive medical devices for the cardiology, interventional radiology, and urology markets, has also received funding. BHI Entrepreneur-in-Residence Todd Chappell has supported Perceptive in its business and product strategy development. Perceptive Navigation recently secured a Small Business Innovation Research (SBIR) Phase 2 grant to support the preclinical, manufacturing, and clinical development for Perceptive’s first generation ultrasound system.
“We are excited about the future of BHI and our contributions to the Maryland biohealth economy, as we are working to help usher in and support the most innovative emerging therapeutics, medical device, diagnostics, and health IT companies in the State,” said Rich Bendis, BHI’s president and CEO. “Our clients are getting the visibility and funding they deserve. We believe in the promise of each and every client we serve and will continue to look to support the best-of-the-best in Maryland.”
About BioHealth Innovation, Inc.
BioHealth Innovation, Inc., is a regional innovation intermediary focused on commercializing market-relevant bio-health innovations and increasing access to early-stage funding in Maryland. Learn more at www.biohealthinnovation.org.