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Biotech Start-Ups Covet Tax Credit
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"With the stock market and other investments not performing so well recently, angel investors are looking for other investments," Vulcan said.
Even more pressing was that each biotech could grab up to 15 percent of the $6 million pool for its investors.
Correlogic, a Rockville firm that makes diagnostic tests, kicked off the frenzy by standing in line at 4 p.m. on June 30. They booked a nearby hotel room for weary employees and scheduled co-workers to visit and bring dinner for the two dedicated volunteers.
"To go through all the hoops of the application, gather investors and say, 'We're number 25 in line, so we're not going to get funded' did not make sense," said Correlogic chief executive Peter Levine.
An hour later, a Zymetis employee who originally planned on crashing at a hotel and waking up early spotted Correlogic's employees and jumped in line behind them. Three more employees -- including the company's chief executive and chief operating officer -- arrived later to take some shifts, and Zymetis hired an off-duty police officer to stand guard.
Allocco had circled the building a couple of times that day, suspecting people might start early. So when he saw the line forming, he immediately parked.
"I called my team and told them we had to sleep on the street to maintain our position in line," he said.
Then he called his friend Marty Zug, chief financial officer for Sequella in Rockville, which develops products for diagnosing and treating infectious diseases. Zug sent a scientist at 11 p.m. and relieved her at 4 a.m.
About eight to 10 people from these four companies spent the night on the sidewalk, much to the surprise of people arriving in the morning.
"It reminds me of the old days when we'd wait for tickets to the Rolling Stones or, the analogy nowadays, Hannah Montana," said Gerard T. Troy, vice president of operations and finance for 20/20 GeneSystems in Rockville, which works on early disease detection. Troy was the 10th person in line at 7:15 a.m.
And at the end of the wait, they trudged back to the office.
"I've got a full day of work ahead of me, unfortunately," Zug said.
