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An Ijamsville biotech is among 17 Maryland companies receiving matching grants from Department of Business and Economic Development's Export MD program.
BioAssay Works focuses on antibody- and antigen-based technologies. The company holds substantial intellectual property for "gold sols" and "gold conjugates."
Its technology allows for fast, onsite testing for custom needs — from salmonella on tomatoes to contamination in water. Emergency crews can test for anthrax in minutes, instead waiting for lab results or a physician can test a patient for HIV in 15 minutes. BioAssay's major local clients include the Food and Drug Administration, National Institutes of Health and agencies at Fort Detrick.
The matching grants, which total $85,000, were awarded to small businesses to help offset the cost of international marketing initiatives such as trade show fees, travel expenses, brochures and Web site development.
BioAssay will use its $5,000 to offset costs to a medical conference in Germany, said vice president Stephen Mefferd. The attendance fee is $7,000, which excludes airfare and other costs.
"As a Maryland company, if we want to have international success, we almost have to go to a meeting like this," Mefferd said. "We really appreciate the grant. Quite honestly, it helps us bring home more business."
Mefferd, along with Leslie Kirkegaard and Glen Ford, founded BioAssay Works in 2005 and began exporting to companies in Europe, Asia and Australia the following year. The company occupies three bays in the Ijamsville plaza and has eight employees.
"If you want success these days, you just have to look outside your country," said Mefferd, who declined to release revenues for the privately held company. "We have a really steady trend of growth and we feel this meeting in Germany is going to be a real step up for us. We're doing pretty good for a little company."
In 2007, Maryland exports climbed to a record $8.9 billion, an almost 18 percent increase over $7.6 billion in 2006. The state exported globally to more than 200 foreign countries, with Canada continuing to be the top destination for Maryland goods, receiving $1.4 billion in exports, while exports to the European countries totaled more than $1.6 billion.
Established in 1999, the Export MD program provides matching grants on a quarterly basis that are capped at $5,000. Companies may also take advantage of up to 80 hours of marketing consulting.
In fiscal 2008, the Export MD program awarded $105,000 in grants, a record amount, and has seen an increasing demand for the funds, according to DBED.
"In today's global economy, Maryland companies need to be looking closely at foreign markets," Gov. Martin O'Malley (D) said in a statement. "By helping to identify export-friendly markets and minimizing the cost and risk of market entry, this program is a powerful tool for Maryland's small businesses."
Frederick County is enjoying growth in its bioscience industry sector, according to the Frederick County Office of Economic Development. There are more than 60 bioscience companies in the county, accounting for more than 15 percent of the total bioscience and federal research institutions in Maryland.