Biohealth Innovation Inc
- Assets
- $5.8m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 14
- Location
- Rockville, MD
- Founding
- 10/2012
- Data as of
- 12/2023
- EIN
- 45-3824067
Organization Overview
Biohealth Innovation Inc is located in Rockville, MD. The organization was established in 2012. According to its NTEE Classification (H02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Medical Research and related organizations. As of 12/2023, Biohealth Innovation Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Biohealth Innovation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Biohealth Innovation Inc generated $4.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $4.4m during the year ending 12/2023. While expenses have increased by 3.9% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CONNECTS MARKET RELEVANT RESEARCH ASSETS TO APPROPRIATE FINDING, MANAGEMENT, AND MARKETS TO FACILITATE THE DEVELOPMENT OF COMMERCIALLY VIABLE BIO HEALTH PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENTREPRENEUR-IN-RESIDENCE/SMALL BUSINESS INNOVATIVE RESEARCH (SBIR): THE BHI SBIR/STTR FEDERAL FUNDING ASSISTANCE OFFERS BIOHEALTH COMPANIES SUPPORT IN PREPARING APPLICATIONS FOR FEDERAL FUNDING INCLUSIVE OF SBIRS, STTRS, AND OTHER FEDERAL GOVERNMENT AWARDS. BHI'S ENTREPRENEUR-IN-RESIDENCE (EIR) PROGRAM IS DESIGNED TO BE AN ACTIVE PARTNER WITH RESEARCH INSTITUTIONS TO SOURCE, FUND, AND GROW HIGH-POTENTIAL, EARLY-STAGE PRODUCTS THROUGH PROJECT-FOCUSED COMPANIES. THE ENTREPRENEURS IN THE PROGRAM SUPPORT THE FORMATION OF NEW COMPANIES BASED UPON INNOVATIVE DISCOVERIES IN THE AREAS OF DRUGS, VACCINES, THERAPEUTICS, DIAGNOSTICS, AND MEDICAL DEVICES FROM THE INTRAMURAL RESEARCH PROGRAMS AT PARTNER ORGANIZATIONS, AS WELL AS FROM UNIVERSITIES AND BUSINESSES. THE EIR WILL FIND, EVALUATE, AND SUPPORT THE DEVELOPMENT OF NEW START-UP COMPANIES BASED UPON TECHNOLOGY LICENSE AGREEMENTS FROM TECHNOLOGY TRANSFER OFFICES OR EQUIVALENT UNITS WITHIN THE RESEARCH INSTITUTIONS. UNDER AN NIH/OTT PARTNERSHIP INTERMEDIARY AGREEMENT, BHI WILL EMPLOY AND PLACE ENTREPRENEURS-IN-RESIDENCE (EIR) WITHIN OTT TO EVALUATE, IDENTIFY AND LICENSE INTRAMURAL TECHNOLOGIES IN THE AREAS OF DRUGS, VACCINES, THERAPEUTICS, DIAGNOSTICS AND MEDICAL DEVICES FROM THE INTRAMURAL RESEARCH PROGRAMS AT BOTH THE NIH AND THE FOOD AND DRUG ADMINISTRATION (FDA). AN NIH EIR IS AN INDUSTRY EXPERT WITH SCIENTIFIC, ENTREPRENEURIAL/MANAGERIAL AND FINANCIAL EXPERIENCE WHO WORKS SIDE BY SIDE WITH NIH SCIENTISTS TO IDENTIFY, EVALUATE AND SUPPORT THE DEVELOPMENT OF NEW START-UP COMPANIES BASED UPON TECHNOLOGY LICENSE AGREEMENTS FROM OTT. THE INNOVATE UMBC PROGRAM PROVIDES APPLIED TRAINING FOR POST-DOCTORAL FELLOWS, RESEARCH SCIENTISTS, AND OTHER PROFESSIONALS WHO WANT TO START LIFE SCIENCE-BASED COMPANIES. THE PROGRAM WAS LAUNCHED IN 2010 WITH A 3-YEAR FUNDING GRANT FROM THE NATIONAL SCIENCE FOUNDATION (NSF). THE UNIVERSITY OF MARYLAND, BALTIMORE COUNTY (UMBC) WILL OFFER THE PROGRAM AT THE UNIVERSITIES AT SHADY GROVE'S CAMPUS IN MONTGOMERY COUNTY, MARYLAND. THE PROGRAM IS INTENDED FOR SCIENTISTS INTERESTED IN COMMERCIALIZING BIOMEDICAL TECHNOLOGY. PARTNERS IN THE PROGRAM ARE BIOHEALTH INNOVATION, INC. AND THE MONTGOMERY COUNTY DEPARTMENT OF ECONOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Bendis President & CEO | OfficerTrustee | 40 | $523,278 |
Pete Briskman Chair | OfficerTrustee | 2 | $0 |
Christine Dingivan Vice Chair | OfficerTrustee | 2 | $0 |
Charles Morton Secretary | OfficerTrustee | 2 | $0 |
Dave Lemus Treasurer | OfficerTrustee | 2 | $0 |
Sally Allain Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Luis Gutierrez Entrepreneur In Residence | 12/30/21 | $0 |
Healthedge Entrepreneur In Residence | 12/30/21 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,861,347 |
| Government grants | $136,576 |
| All other contributions, gifts, grants, and similar amounts not included above | $978,731 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,976,654 |
| Total Program Service Revenue | $667,298 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,643,952 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $523,279 |
| Compensation of current officers, directors, key employees. | $76,422 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,340,165 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $196,044 |
| Payroll taxes | $110,661 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,600 |
| Fees for services: Accounting | $38,238 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,606,173 |
| Advertising and promotion | $124,041 |
| Office expenses | $0 |
| Information technology | $115,399 |
| Royalties | $0 |
| Occupancy | $84,040 |
| Travel | $14,653 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $90,244 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $12,815 |
| All other expenses | $0 |
| Total functional expenses | $4,364,948 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $545,852 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $404,059 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $450,100 |
| Intangible assets | $0 |
| Other assets | $4,407,102 |
| Total assets | $5,807,113 |
| Accounts payable and accrued expenses | $264,892 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $168,160 |
| Total liabilities | $433,052 |
| Net assets without donor restrictions | $5,374,061 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,807,113 |