Montgomery County officials gave a Gaithersburg company a $1.5 million taxpayer-funded grant based on support for the startup by a venture capitalist who leads it.
County Executive Ike Leggett also asked the County Council to support state funding for Zyngenia, writing in a letter that the venture capitalist, David Mott, "supports the funding of this company."
Mott was named chairman of Zyngenia in November when the Maryland venture capital firm where he is a partner, New Enterprise Associates, announced that it was investing $10 million in the company. Zyngenia, which was founded in 2008, seeks to develop new anti-cancer and autoimmune drugs.
To read the full, original article click on this link: Biotech startup lands $1.5M in public funds | Washington Examiner
Author: Alan
Suderman
