and life sciences communities in Maryland and the
region by providing outstanding education, advocacy
and business networking opportunities.
Maryland Health Care Product Development Corporation (MHCPDC)
Finding the Technology
Since its inception in 1994, MHCPDC has worked aggressively to identify promising technology investment candidates through a focused outreach program. In keeping with its first mission – to invest in early stage biomedical companies whose technology had history of Federal/defense funding – the Corporation has established working relationships with State, Federal and academic officials familiar with new technologies and the entrepreneurs driving their development.
To complete MHCPDC’s First Portfolio in March 1999, Maryland Health Care reviewed well over 500 business plans and executive summaries, completed due diligence on 20 of those submitted, and built a diversified portfolio of 8 companies. From 1996 – 1999, MHCPDC invested $5.245 million and co-invested with $20 million of other private capital.
Successful exits from the First Portfolio include Essex Corporation (Columbia, MD),HT Medical (acquired by Immersion Corporation, San Jose, CA), Intellivax (acquired by ID Biomedical, Vancouver, BC, Canada), and Iomai (Gaithersburg, MD; trading Nasdaq: IOMI).
Returns on investment have supported MHCPDC operations, were redeployed as follow-on investments in several First Portfolio companies, and serve as a funding source for MHCPDC’s Second Portfolio.
After a period of dormancy, MHCPDC is once again actively seeking new investment candidates and in 2007 made one investment in its Second Portfolio. In sourcing deal flow, the fund has ongoing dialogue with the region’s business incubator companies, State funding sources, the area’s key academic institutions, angel investor networks, and the venture capital community.