The chairman of Maryland's Technology Development Corporation, which oversees the state's stem cell fund, has resigned his position on the board, effective Friday.
"We have a new administration and it seemed like an appropriate time to give fresh leadership a chance," said Frank Adams, who has been a member of TEDCO's board since its inception in 1998, appointed first by Democratic Gov. Parris N. Glendening, then reappointed by Republican Gov. Robert L. Ehrlich Jr.
Adams originally planned to leave his post last month, when his second four-year term expired. He sent a letter to Gov. Martin O'Malley to that effect in May, but he didn't receive acknowledgement of the resignation until yesterday afternoon.
"It was just a matter of working through the process there," said O'Malley spokesman Sasha Leonhardt.
Leonhardt added that O'Malley will officially accept the resignation at the end of the week, after Adams serves during one more board meeting scheduled for tomorrow.
Now, O'Malley, a Democrat, will have name a replacement for Adams on the 15-member volunteer board.
TEDCO was created to stimulate the state economy and help move technology from Maryland's universities and federal labs into the marketplace.
It generally led a quiet existence, doling out small loans and grants to state startups. But that changed last year when Ehrlich put the partially public agency in charge of the state's first stem cell fund, which was designed to further scientific research and bolster Maryland's image as friendly to the biotechnology industry.
The responsibility elevated TEDCO's profile and put it in the political spotlight as lawmakers battled over whether work on controversial embryonic cells should be allowed as well as how much state money should be spent on such research.
Initially, the fund was set at $15 million, but O'Malley increased the amount to $23 million this year.
After the hoopla died down, so did the focus on TEDCO.
"We haven't had a lot of attention at the governor's office," said Adams, who's also chief executive of Grotech Capital Group, a venture capital firm in Timonium.
But TEDCO Vice Chairman Theodore O. Poehler, who's also vice provost for research at the Johns Hopkins University, said that was to be expected.
"I think TEDCO is an important activity, but I think, you know, in terms of the priorities of the state and the governor, it doesn't rise to some of the other major issues that confront the governor and the state government," Poehler said.
He praised Adams' two years spent as chairman of the board, which acts as TEDCO's manager, setting its goals and directions and making major decisions on initiatives.
"Frank's been great, he's been very strong and helpful to TEDCO during some very key periods here, like when we were getting involved with the stem cell program," said Poehler, who's not yet sure if the chairman job is one he would take if elected by his fellow members in September.
He has served on the panel as long as Adams - nine years.
"We all have to examine how long we have to stay on a board like this," Poehler said. "In the short term, obviously somebody is going to have to stay."
tricia.bishop@baltsun.com