Posted June 8, 2020
USM Maryland Momentum Fund Invests $300K in KaloCyte
University of Maryland School of Medicine faculty are developing an artificial red blood cell substitute that can potentially provide therapeutic oxygenation when whole blood or red blood cells are not available
BALTIMORE, MD. (June 8, 2020) – KaloCyte, Inc., a preclinical-stage healthcare biotechnology company developing ErythroMer™, a synthetic, bio-inspired red blood cell substitute for use in settings when stored red blood cells are not available, received a $300K investment from the University System of Maryland (USM) Momentum Fund. The Momentum Fund investment is part of a $750K to $1M target funding round with more than $600K raised to-date, including investment from a major current investor who will join KaloCyte’s board of directors.
“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 Momentum Fund. “If KaloCyte is a win, it will be a huge win.”
Read the full release from the University System of Maryland.