Understanding the impact COVID-19 has had on many of our small businesses, including some in the research and development sector, Maryland Technology Development Corporation (TEDCO) is able to provide funding through a State resource developed as an economic relief initiative to benefit socially and economically disadvantaged and rural early-state technology-based businesses hit hardest by the COVID-19 pandemic. HBVtech is one of their recipients.
HBVtech is a biotechnology company founded in 2015 by Yong-Yuan Zhang and located at FITCI (Frederick Innovative Technology Center, Inc.). They are developing a single injection to cure Hepatitis B and although his project is on track, the company has been through some challenges associated with the COVID-19 pandemic. Because of situations like this, new State emergency funding administered by TEDCO was awarded to the company through the Rural and Underserved Business Recovery from Impact of COVID-19 (RUBRIC) program.
This funding comes as an economic relief for the company, as it would function as a catalyst for their business and their Investigational New Drug (IND). “We are so happy to have received this funding and very grateful for the support from TEDCO for our business”, shared Yong-Yuan Zhang – Founder and CSO. HBVtech has previously been awarded with a research contract from the National Institute of Health (NIH) and has received additional support from the Department of Defense (DoD). This promising company will continue their hard work to develop a Hepatitis B cure drug. “This exciting development can impact thousands of people, and improve their quality of life. The fact that is all happening here in Frederick County, and being able to support projects like this is what truly excites us.” shared Solash Aviles-Montanez, Senior Business Development Manager.
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