Ohio Development Initiative Awards More Than $12.8 Million to Local Biotechs

In an effort to deepen Ohio’s biotech footprint, a state economic development initiative is pouring more $12.8 million into cutting-edge biomedical companies, startups and entrepreneurs to support innovation in the state.

The awards are divided among three different TFC programs:

• The Commercial Acceleration Loan Fund, which aims to accelerate growth of key technology industries in the state;
• The Incubation Program, which works to increase market outcomes for budding technology companies and reduce the time to economic impact; and
• The Industrial Research and Development Center Program, which gives funding to companies that do applied research, industry-directed problem solving and/or develop technology marketed in partnership with a state for-profit company.

Recipients include Synapse Biomedical, Nanofiber Solutions, Intellirod Spine, Cleveland Medical Devices, BioEnterprise Corp. and the Cleveland Clinic.

The Third Frontier Commission, which is providing the funds, operates under the auspices of the Ohio Development Services Agency. View the complete list of recipients at http://development.ohio.gov/files/media/pressrelease/12.11.13%20-%20Ohio%20Third%20Frontier%20Advisory%20Board%20and%20Commission.pdf. — Lena Freund