Governor Larry Hogan Kicks Off Israel Trade Mission, Highlights Israeli Biotech Growth in Maryland
VAYA Pharma Recently Moved U.S. Headquarters to University of Maryland BioPark
ANNAPOLIS, MD – Governor Larry Hogan today arrived in Tel Aviv, Israel launching a weeklong economic development mission in the country. The governor is joined by a delegation of state officials, business executives, higher education officials and Jewish community leaders. During the trade mission, the governor will meet with numerous companies and elected officials in an effort to strengthen cultural ties and promote Maryland as a gateway for Israeli companies seeking to establish U.S. operations.
Today, Governor Hogan met with executives at Enzymotec and its subsidiary VAYA Pharma, which recently relocated its U.S. headquarters to the University of Maryland BioPark. With more than 85 employees, VAYA Pharma is an innovator of lipid-based medical foods that are used to manage nutritional imbalances associated with certain diseases and health conditions. VAYA Pharma has a year-over-year growth rate of more than 83 percent with net revenues of $3.4 million in the second quarter of 2016. Steven Dubin, former CEO of Martek Biosciences and a member of the Maryland delegation, is chairman of Enzymotec’s board of directors.
“We are honored to welcome Governor Hogan and his delegation to Israel, which is home to headquarters of Enzymotec, parent company of Baltimore-based VAYA Pharma,” said Dr. Ariel Katz, president and CEO of Enzymotec. “We made a strategic decision to relocate VAYA Pharma’s headquarters to Maryland because of the state’s reputation of being a catalyst for biotech and life science innovation. As VAYA Pharma is a primary growth engine for Enzymotec, this has been a great opportunity for us to share more information about the company with Governor Hogan.”
“Maryland and Israel share many strengths, including a commitment to entrepreneurship, innovation and high-growth industries like cybersecurity, life sciences and aerospace and defense that create high-paying jobs for Marylanders. We are confident this mission will strengthen our partnerships and encourage even more collaboration and investment between Maryland and Israel,” said Governor Hogan. “I enjoyed meeting with Enzymotec and learning about their innovative products and their growth plans for VAYA Pharma in Maryland.”
Throughout the mission, Governor Hogan will promote Maryland as an ideal location for Israeli businesses seeking to have a U.S. presence while connecting Maryland businesses with Israeli partners. The governor is scheduled to meet one-on-one with Israeli companies throughout the mission and address the Freeminds 2016 business conference for high-tech entrepreneurs; visit CyberSpark, the new Israeli Cyber Innovation Arena; attend a reception for the Jerusalem business community, and meet with high-ranking Israeli government leaders.
Maryland has long maintained ties with Israel, building on shared strengths in biotechnology, information technology, aerospace and defense. Approximately 24 Israeli companies currently maintain offices in Maryland, including Rafael Advanced Defense Systems Ltd., Medispec and IMI Services (a subsidiary of Israel Military Industries). In 2015, Israel was Maryland’s 43rd largest trading partner with $145.1 million in product exports, primarily consisting of chemicals, transportation equipment, and computer and electronic products.
About VAYA Pharma
VAYA Pharma, a division of Enzymotec Ltd (NASDAQ: ENZY), is the innovator of lipid-based medical foods that are used to manage nutritional imbalances associated with certain diseases and health conditions, including attention deficit hyperactivity disorder (ADHD), early memory impairment (EMI) and hypertriglyceridemia. Committed to safety and efficacy, VAYA Pharma’s innovations – Vayarin®, Vayacog® and Vayarol® – are backed by years of clinical research. Its products are available in the U.S. by prescription for use under the supervision of a physician. VAYA Pharma is headquartered in Baltimore, Maryland.