Gov & Business

Top Business Highlights From Montgomery County (July 10, 2020)

MBS Staff

1. Chevy Chase Investment Firm Goes Hollywood

Chevy Chase-based New Enterprise Associates (NEA) has teamed up with Los Angeles-based Creative Artists Agency (CAA) to form an investment partnership called Connect Ventures. NEA is a global venture capital firm and will work with CAA’s expertise in the global entertainment and sports landscape to invest in related early-stage companies.

2. County Executive Marc Elrich Wants To Give Preference To Local Businesses For County Contracts

Bill 25-19 was passed by the County Council. The bill will give a 10 percent price preference to companies with headquarters in Montgomery County if the firm is bidding on County contracts. The price preference is capped at $200,000. The bill is intended to give a competitive edge to County-based companies when competing against firms from outside the jurisdiction.

3. Rockville Biotech Forms Collaboration With San Diego Life Sciences Company

Rockville-based Replicate Bioscience, Inc has teamed up with San Diego-based Immunomic Therapeutics, Inc. to combine their platform technologies that’s used to fight infectious diseases and cancers.

The two privately-held companies said they would develop candidates towards fighting COVID-19, HPV, and EBV. Immunomic looks to be having most of the control in the deal, fronting the costs as well as investing in Replicate.

4. Bethesda Wealth Management Company Expands To Hunt Valley

Bethesda-based Seventy2 Capital has expanded into the Hunt Valley area of Baltimore County. Led by Troy Elser and Ryan Gutowski of Elser Wealth, the office at 303 International Circle will be Seventy2 Capital’s fourth location.

5. Rockville Biotech Sues Canadian Company For Patent Infringement

Rockville-based Supernus Pharmaceuticals, Inc. has filed a lawsuit against an Ontario, Canada-based generic drug maker. Supernus said Apotex Inc infringed on its Oxtellar XR patents when it submitted an Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration (FDA) in Silver Spring. Supernus filed a complaint with the FDA which allowed an automatic stay that prevents the FDA from approving Apotex's application for 30 months. Apotex intended to create a generic version of a drug based on Supernus’s Oxtellar XR patents.