Read More UMBC News Blog Stories
March 7, 2000
RECEPTOR BIOLOGY ACQUIRED BY NEN LIFE SCIENCE PRODUCTS
BELTSVILLE, MD -Receptor Biology, Inc., an area biotech firm with roots in the University of Maryland, Baltimore County (UMBC) business incubator program, has been acquired by a Boston-based international life science company. Terms of the transaction were not disclosed but the UMBC program has a minor equity stake in Receptor.
Beltsville-based Receptor Biology (www.receptorbiology.com.) will become a wholly owned subsidiary of NEN Life Science Products, Inc. The company and its staff of 20 will remain in its Beltsville location while expanding its operations. Receptor has been growing steadily and prior to the acquisition projected adding four to six employees by year's end.
Founded in 1994 by President Jesse Baumgold, Ph.D., Receptor identifies and markets cloned receptor products for use in drug discovery and testing by pharmaceutical and biotechnology companies, medical research centers, and universities worldwide. Baumgold was an Assistant Professor at the George Washington University Medical School prior to founding the company.
The firm got its start in the UMBC business incubator program and grew quickly. By 1995 the company had established fast track distribution to the Japanese market. Receptor graduated from the business incubator program at UMBC in 1997 but remained an affiliate company of the UMBC Technology Center.
"Receptor Biology is a classic entrepreneurial bootstrap and this is wonderful news for both companies, the UMBC business incubator and Maryland's high-tech community," said Ellen Wiggins, director of UMBC's Research Park and Technology Center. "We are delighted to see one of our incubator companies do so well and especially to see job growth in Maryland being fueled by out-of-state investment."
Company Contacts:Alex Friend
M2 Life Sciences Communications
202 726 4800
Posted by dwinds1 at March 7, 2000 12:00 AM