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Maryland Department of Housing and Community Development Announces Investment in North East Biotech Company
Investment in North East Biotech Company
$500,000 Partnership to Help Spur Investment in Cecil County Opportunity Zone
NEW CARROLLTON, MD (March 7, 2019) – The Maryland Department of Housing and Community Development today announced a $500,000 Neighborhood BusinessWorks loan to Clene Nanomedicine, a Cecil County biopharmaceutical company developing technology solutions for drug development.
“Clene Nanomedicine is exactly the kind of innovative, forward-thinking business we are trying to attract to Maryland’s Opportunity Zones,” said Secretary Kenneth C. Holt. “This loan will help spur outside investment in Cecil County, and ensure an environment of economic opportunity that will transform and revitalize our most challenged communities.”
Clene Nanomedicine has created a manufacturing platform for a pipeline of new drug candidates with application across a spectrum of diseases with unmet medical needs, including Parkinson’s, multiple sclerosis (MS) and amyotrophic lateral sclerosis (ALS).
The company’s 21,0000-square-foot manufacturing facility is located in North East, MD, and they anticipate increasing their workforce by more than 15 percent in 2019.
The department’s $500,000 investment in Clene, Inc., follows a series of initiatives and legislation announced by Governor Larry Hogan to further expand the thriving Maryland Opportunity Zone program, including the Opportunity Zone Leadership Task Force chaired by Lieutenant Governor Rutherford. A total of $56.5 million will be dedicated to business development and improved job training.
The first Maryland Opportunity Zone Leadership Task Force Regional Summit will be held on March 14, 2019, at 4:30 PM at the Truitt Street Community Center in Salisbury, located within a Wicomico County Opportunity Zone.
For more information, visit http://dhcd.maryland.gov/OpportunityZones.
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