Maryland Life Science Trend Analysis 2023

Maryland’s life science private equity investment landscape in 2022 shifted back to levels seen prior to the exceptional growth experienced in 2021. The total value of life science venture financing in Maryland dropped from USD 1.2 billion in 2021 to half that amount in 2022, with USD 558 million invested. Looking at the top venture financing rounds for Maryland biotech companies in 2022, Delfi Diagnostics, Inc., a Baltimore-based biotech company developing a new class of liquid biopsy tests for cancer detection using machine learning algorithms, raised the highest amount at USD 225 million in a Series B round.

In terms of key activities within the biotech sector, small molecule therapeutics lead the way, accounting for 15% of the sector. Immunotherapy and anti-infectives follow at 11% each. For medical technology companies, the top subsectors are diagnostic devices, which represent 15% of the sector, reusable instruments and electromechanical devices (12% each).

We would like to thank our partner, the Maryland Department of Commerce, for collaborating closely with us on this report on the trends in Maryland’s dynamic life sciences industry.