Rockville Biotech Firm Gets $500K in Grants, Venture Capital

A Rockville biotech company received $500,000 in state venture capital and business grant funds, Maryland Department of Business and Economic Development Secrtary Dominick Murray announced Wednesday.

Adlyfe—which develops diagnostic tests for the early detection of Alzheimer’s disease and other degenerative brain conditions—received $300,000 in venture capital from the state-run InvestMaryland program. The company also received a $200,000 grant from the Maryland Biotechnology Center, part of the Department of Business and Economic Development.

Founded in 2003, Adlyfe plans to combine its own technology platform with existing imaging capabilities in order to detect the disease when low levels of altered proteins are present—leading to earlier detection.

“Improved diagnosis would benefit patients and the healthcare community by allowing earlier treatment prior to onset of this devastating disease,” Adlyfe CEO Ann Hanham said in a press release announcing the funding.

InvestMaryland is a venture capital investment initiative administered through the Maryland Venture Fund and DBED. Over its 17-year history, the MVF has invested $25 million into more than 100 startup and early-stage technology and life sciences companies, generating a $67 million return, 2,000 jobs and more than $1 billion in private investment, according to DBED.