Posted October 16, 2019
NeoProgen Completes $1.5M Seed Financing With $245K Investment From USM Maryland Momentum Fund
University of Maryland, Baltimore (UMB), University of Maryland (UM) Ventures, and TEDCO’s Maryland Venture Fund have also invested in NeoProgen’s innovative cell-based therapy for cardiovascular disease.
NeoProgen, Inc., a preclinical stage therapeutics company located in Baltimore, has received a $245,000 investment from the University System of Maryland (USM) Maryland Momentum Fund to complete the company’s $1.5M seed funding round, which also includes participation from UMB, TEDCO (Maryland Venture Partners, L.P.) and UM Ventures.
“I am pleased that this is my first investment as Managing Director at the Momentum Fund. The NeoProgen team is strong with seasoned entrepreneurs and scientists, access to rare tissues, and a novel solution to heart failure. If they are successful, the company will pioneer a new treatment paradigm in heart failure, create jobs, and provide economic development to Baltimore,” said Claire Broido Johnson, Managing Director of the USM Maryland Momentum Fund.