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June 14, 2002

Strong Showing for UMBC Companies at Maryland TEDCO Incubator Awards

Two of four nominated TechCenter@UMBC companies won honors at the Maryland Technology Development Corporation's (TEDCO) Incubator of the Year Awards at a June 12 ceremony hosted by UMBC President Freeman Hrabowski.

In Vitro Technologies (IVT) was named best incubator graduate and Columbia Technologies was recognized for its innovative technology. Tech Center firms Epitaxial Technologies and Accelics were nominated in the best graduate and information technology company of the year categories, respectively.

IVT provides custom, in-test-tube R&D products and services to the pharmaceutical and biotech markets. Since graduating from the UMBC Incubator, In Vitro has grown to 75 employees and projects 2002 annual revenues of $11 million. IVT has doubled in size over the past two years and just enjoyed a record first quarter for 2002. IVT also recently launched StelSys, LLC, a joint venture with Fisk Ventures, Inc., to develop applications of NASA bioreactor technology.

Columbia Technologies' award focused on their innovative probe-sensor technology that provides real-time analysis, mapping and tracking of contaminants at environmental cleanup sites. Since starting the UMBC incubator program, Columbia has grown to 23 employees and projects 2002 revenues of $3.5 million. Columbia's customers include 26 of the top 100 international consulting engineering firms.

A selection committee made up of venture capitalists and public and private sector leaders chose the award winners. The awards were sponsored by Maryland TEDCO, American Express Tax and Business Services, and Saul Ewing, a multi-practice law firm focusing on emerging high tech businesses. TEDCO was established by the Maryland General Assembly to maintain and enhance the state's reputation as a leader in technology.

Best graduate nominee Epitaxial Technologies develops and makes semiconductor chip products for the telecommunications industry. Epitaxial Technologies has been granted two patents with three pending for its innovations and has secured over $2 million in federal contracts. Other Epitaxial customers include Motorola, B.A.E. Systems and Lucent.

IT company of the year nominee Accelics is a software and services company specializing in accelerating the discovery and development cycle time for R&D in the chemical, pharmaceutical and biotech industries. Accelics' clients include Exxon Mobil and the U.S. Department of Defense.

Posted by dwinds1 at June 14, 2002 12:00 AM