On November 7 and 8, 2013, FLH attorneys Brian J. Malkin, Charlie J. Raubicheck, and Scot B. Pittman attended and participated as sponsors of the 3rd Annual Korea-Maryland, USA Bio Expo. The Expo hosted leading Korean pharmaceutical, biotechnology, and medical device companies at the Universities at Shady Grove Conference Center in Rockville, Maryland. The event provided networking opportunities and seminars from industry professionals with the goal to encourage collaboration of Korean biotechnology businesses utilizing the resources in the Washington, D.C. area.
The opening ceremonies featured presentations by a variety of local and Korean representatives committed to helping Korean business set up operations in the United States, particularly Maryland, and specifically Montgomery County. The speakers included:
- Ambassador for Green Growth & Environment, Kyungryul An
- Embassy of the Republic of Korea, Consul-General Do-ho Kang
- Maryland Secretary of State, John P. McDonough
- BioMaryland Center Executive, Director Judy Britz
- Montgomery County Executive, Isiah Leggett
- Montgomery County Department of Economic Development Director, Steve Silverman
- Hanbat National University Graduate School, Dean Byung Wook Ahn
- George Washington University, Department Chair of East Asian Languages and Literatures Young-Key Kim-Renaud.
The Maryland representatives highlighted some of the advantages for doing business in Maryland. For example, Maryland offers income tax credits equal to 50% of an eligible investment for investors in Qualified Maryland Biotechnology Companies (“QMBCs”). This tax credit program offers incentives for investment in seed and early stage, biotech companies, up to $250,000. To qualify, companies are required to: be less than 15 years old; have their headquarters and base of operations in Maryland; employ fewer than 50 people, and have a valid certification from the Department of Business and Economic Development (“DBED”). Investors are required to submit applications prior to making an investment. DBED reviews the applications and issues initial credit certifications within 30 calendar days.(http://www.choosemaryland.org/businessresources/pages/biotechnologyinvestmenttaxcredit.aspx ). Chevy Chase, Maryland also is home to a branch of NEA, one of the country’s largest venture capital funds, with the potential to help support Maryland businesses such as those in the biotechnology field.