TEDCO defends stem-cell and innovation investments as panel hears patient testimony and budget details

The Maryland Technology Development Corporation (TEDCO) and affiliated programs told the Education and Economic Development Subcommittee on Oct. 27 that the state’s investments in stem-cell research and university commercialization have produced economic activity, company formation and clinical advances while the governor’s fiscal 2026 allowance includes a $5 million reduction for the Maryland Stem Cell Research Fund (MSCRF).

Elizabeth Bridal of the Department of Legislative Services presented a budget analysis that showed TEDCO’s fiscal 2026 allowance decreases by about $5 million to roughly $53 million, largely because of the reduced appropriation for the Stem Cell Research Fund. Bridal said the Stem Cell Research Fund has received about $242 million since 2007, almost entirely in general funds, and that the fund’s annual level has varied because there is no mandated funding floor.

Troy Lamel Stovall, TEDCO’s CEO, described TEDCO as a venture-development and economic-development entity that supports early-stage technology and life-science companies. “We act as an economic development, venture…