Gemstone Biotherapeutics Receives Maryland Momentum Fund Investment
Baltimore, MD (Aug. 28, 2019) – Gemstone Biotherapeutics, a clinical stage biotech company developing innovative, evidence-based products for scar-free skin regeneration, has received a $250,000 investment from the University System of Maryland (USM) Maryland Momentum Fund. The investment is part of Gemstone’s bridge funding round.
Each year, more than 30 million patients in the U.S. need a skin biopsy or excision to diagnose or treat skin disease. Gemstone’s products work with the body’s natural healing mechanisms to restore healthy, stretchy, scar-free skin. The platform technology has the potential to transform the dermatology market with high-impact, functional, and aesthetic benefits for patients and cost savings for the health care industry.
“Gemstone’s platform of technologies is targeting a growing market in a field where advancement has remained largely stagnant for the past few decades,” said Claire Broido Johnson, managing director of the Maryland Momentum Fund. “In supporting this startup we’re investing in entrepreneurship in Maryland and the future of healthcare.”
“We are pleased to welcome the Maryland Momentum Fund as a partner in Gemstone’s growth,” said Emily P. English, PhD, Chief Executive Officer, Gemstone Biotherapeutics and University of Maryland, College Park alumna. “As a Maryland alum, I value the connection to and support from the University System as we transition from a preclinical company to a clinical-stage company.”
Gemstone Biotherapeutics Chief Executive Officer Emily P. English, PhD earned her Bachelor of Science in Chemistry from University of Maryland, College Park, and Chairman of the Board, David Oros, earned his Bachelor of Science in Mathematics from the University of Maryland, Baltimore County. Founded in 2013, the Baltimore-based company is built on an exclusive intellectual property license with Johns Hopkins University.
The $10 million Maryland Momentum Fund, which was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses, has previously invested in six other startups: MF Fire, NextStep Robotics, the North American Wave Engine Corporation, PaverGuide, Retrium, and Zest Tea. The Fund is designed to fill gaps in the funding pipeline to push USM’s most innovative ideas into the marketplace.
About Gemstone Biotherapeutics
Gemstone Biotherapeutics is a clinical stage biotech company developing innovative, evidence-based products for scar-free skin regeneration. Gemstone’s products have been bioengineered to target the healing cascade that stimulates rapid skin regeneration to restore healthy, stretchy, scar-free skin. The Company’s platform technology has the potential to transform the dermatology market with high-impact, functional and aesthetic benefits for patients and cost savings for the health care industry. For additional information, please visit www.gemstonebio.com.
About the USM Maryland Momentum Fund
The Maryland Momentum Fund is a new initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the twelve constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $10 million commitment from the System already in place, the Fund co-invests with venture capitalists, foundations, and angel investors.
Contact – Maryland Momentum Fund
Claire Broido Johnson
Contact – Gemstone Biotherapeutics
Contact: Mike Lurie