Frederick biotech Veralox Therapeutics raises $5.4 million seed round

Frederick biotechnology firm Veralox Therapeutics has raised a $5.4 million seed round of funding, to help push its first drug candidate toward clinical trials. The round was led by the JDRF T1D Fund, a venture fund dedicated to accelerating tech to treat, prevent and cure type 1 diabetes (T1D). well as Massachusetts-based Sanofi Ventures, and the VTC Innovation and VTC Seed Fund. The University System of Maryland's Momentum Fund, the University of Vermont Health Network and Maryland Technology Development Corp. (TEDCO) also participated. (Balt. Bus. Journal)

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Maryland banks' profit growth slows in 2Q

Maryland's banking industry continued to see profits rise in the second quarter albeit at a slower pace than in prior quarters. The state's 43 federally insured financial institutions reported a collective profit of $282 million, up 14.6% from $246 million in the prior-year quarter. That's slower than 28% profit growth Maryland banks experienced in the year-ago quarter and the 23% increase in the first quarter. (Balt. Bus. Journal)

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Lockheed Martin donates $3M to UMD engineering school

Bethesda-based global security and aerospace company Lockheed Martin Thursday signed a $3 million charitable commitment to the University of Maryland A. James Clark School of Engineering. The three-year contribution will fund vertical takeoff and landing research conducted at the university’s rotorcraft lab, and high-speed flight experiments up to Mach 8, or 6,000 mph, at the school’s hypersonic wind tunnel. It will also underwrite programs overseen by the Clark School’s Center for Minorities in Science and Engineering that aim to increase the enrollment of women and under-represented minorities in Science, Technology, Engineering and Math (STEM) disciplines. (Daily Record)

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Gaithersburg’s OpGen to combine with German molecular diagnostic company

Local biotech OpGen Inc. has reached a deal to join forces with a German molecular diagnostic company, creating a combined business worth about $24 million. The Gaithersburg-based precision medicine company announced Thursday a definitive agreement to take over Curetis GmbH, a subsidiary of Curetis N.V. (Euronext: CURE), which focuses on tests to diagnose infectious diseases. OpGen will acquire all of Curetis GmbH’ shares, and its name, assets and liabilities, making Curetis its wholly owned subsidiary. (Wash. Bus. Journal)

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Shimadzu Scientific Instruments opens new office, lab in Md.

The American subsidiary of a Japanese maker of precision instruments has opened a new mid-Atlantic regional office in Columbia. Shimadzu Scientific Instruments Inc., a subsidiary of Shimadzu Corp., announced the opening of the 5,000-square-foot office and laboratory on Old Columbia Road on Thursday. The new location is near an older location, which the company outgrew. (Daily Record)

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BB&T and SunTrust will become Truist. That means a leadership change in Greater Washington.

The $66 billion merger of Atlanta-based SunTrust Banks Inc. (NYSE: STI) and Winston-Salem, North Carolina-based BB&T Corp. (NYSE: BBT) into Truist Bank will also mean a leadership shuffle in Greater Washington. BB&T and SunTrust continue making plans for Truist and internal announcements will be made as new leadership teams and organizational structures are developed," Crosson said in an email. "Until the proposed merger of equals closes, BB&T and SunTrust will operate as separate, individual companies."

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It doesn’t matter if it’s sugary or diet: New study links all soda to an early death

Hold up, diet soda drinkers. Regular consumption of soft drinks — both sugar-sweetened and artificially sweetened — was associated with a greater risk of all causes of death, according to research published this week in JAMA Internal Medicine. Participants who drank two or more glasses of soft drinks per day had a higher risk of mortality than those who consumed less than one glass per month. (Wash.Post) 

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Queen Anne’s business leaders, enviros unite to oppose 3rd Bay span

 

Business and environmental leaders don’t always find themselves rowing in the same direction. But in Queen Anne’s County, they are united in opposition to Gov. Lawrence J. Hogan Jr.’s push for a third Chesapeake Bay crossing. Hogan’s stated preference for a new span next to the existing Bay Bridge has stoked fears that traffic — already life-altering — will worsen, first-responders will continue to be hampered, pollution will increase, and property values will tumble. The leaders see little, if any, potential upside to an additional crossing between Anne Arundel County and Queen Anne’s. (WTOP)

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