On March 4, 2014, Governor Martin O'Malley announced that the State of Maryland through the BioMaryland Center, had awarded $1.5 million to eight companies including Harpoon Medical Inc. and Otomagnetics, startups from UM Baltimore and UM College Park, respectively. Harpoon Medical is a development stage medical device company commercializing a minimally invasive, image guided surgical tool for beating heart mitral valve repair. The technology was developed in the division of Cardiac Surgery at The University of Maryland School of Medicine.

Otomagnetics is a University of Maryland College Park spin-out who is developing a non-invasive method to effectively deliver drugs and other therapeutic payloads to the inner and middle ear.