The program is called "InvestMaryland" and it will be run by the Maryland Department of Business and Economic Development.
The governor called it "a public-private partnership to fuel venture capital investment in our innovation economy, such as bioscience companies," according to prepared remarks given to The Baltimore Sun.
How will it work? According to O'Malley:
I expect to get more details today on this plan from the officials at DBED. Stay tuned.