Biomedical Industry

ClevelandPlus offers incomparable access to world-class research and clinical institutions, a talented workforce, and a supportive funding environment including programs to accelerate the development of biomedical companies.

Why Northeast Ohio

The biomedical medical industry is a driving force in Cleveland+. Today, the region is home to 600+ biomedical businesses with over 230,000 health care and bioscience workers. Biomedical businesses have attracted $975 million+ in new investment since 2003, and the region’s biomedical industry has grown by 34% in the same period.

Cleveland+ is home to world-class, nationally ranked medical institutions, including Cleveland Clinic, University Hospitals, and Summa health System – all recognized for providing exceptional patient care and conducting leading-edge clinical research.

The rapid growth of the biomedical industry in Cleveland+ is fueled by innovative regional collaborations, a diverse range of sources for funding companies, and major biomedical real estate projects:

  • BIOMEDICAL ENGINES OF INNOVATION,: Cleveland+ leaders, research and clinical institutions, venture capital, commercialization and talent development programs collaborate on major biomedical initiatives in the region, including: BioEnterprise Corporation and the Austen BioInnovation Institute in Akron.

    • DIVERSE BIOMEDICAL FUNDING SOURCES: Northeast Ohio’s innovation network has generated a nationally recognized biomedical start-up environment, with companies and product lines acquired by such firms as Medtronic, Integra, GE Healthcare, St. Jude Medical and Greatbatch. Biomedical companies looking to fund and grow their business in Cleveland+ can access a large number of area investors, including: Cleveland+ seed funds, angel funds and networks, and venture capital and growth equity funds.

      • BIOMEDICAL REAL ESTATE DEVELOPMENT: Three major projects are transforming Cleveland+ into a globally competitive location for attracting and growing biomedical companies: the Cleveland Health-Tech Corridor; Akron Biomedical Corridor; and Cleveland Medical Mart and Convention Center. The Medical Mart will be one of the only facilities in the nation targeted specially to the medical and health care industries, housing 120,000 sq. ft. of permanent showrooms for major medical manufacturers and service providers.
      • CLEVELAND PLUS HEALTHCARE COMMUNICATORS' EVENT: It’s imperative now that, as a region, we start communicating and reiterating the wealth of knowledge, innovation and expertise we possess within the institutions and organizations that reside right here in Northeast Ohio, so that we can complement the aggressive work we are doing to bring additional funding, entrepreneurs and established organizations to this region.   

      BioMedical News

      Vascular imaging firm headed back to Ohio, thanks to state grant
      August 26, 2010
      Summary: One that got away is coming back. After defecting to Bethlehem, Pennsylvania, about three years ago from Columbus, InfraRed Imaging Systems Inc. is planning a move back to Ohio after securing an $812,000 Third Frontier grant (pdf) in June. CEO Dale Siegel just doesn’t know where yet. The resident of Central Ohio town Marysville is considering his hometown, the Columbus area or Cleveland suburb Eastlake. It’s been a long and winding road for the company founded in 2001 after licensing technology discovered at Dayton’s Wright-Patterson Air Force Base, but one theme has defined InfraRed Imaging since its inception: a difficulty in securing funding.
      Continue Reading Vascular imaging firm headed back to Ohio, thanks to state grant
      ViewRay Inc. secures $20 million investment led by Siemens Venture Capital
      August 25, 2010
      Summary: A medical imaging company that moved to Northeast Ohio from Florida two years ago has secured a $20 million investment led by Siemens Venture Capital Gmbh. ViewRay Inc. of Oakwood Village will use the money to move its technology from the late stages of development to the market. The company is developing a product called the Renaissance System 1000 that uses magnetic resonance imaging in an effort to improve the accuracy of radiation used to kill cancerous tissue. The system initially will be used for nonclinical research at Barnes-Jewish Hospital at Washington University Medical Center in St. Louis.
      Continue Reading ViewRay Inc. secures $20 million investment led by Siemens Venture Capital
      Radiation therapy firm ViewRay grabs $20M Series C investment
      August 25, 2010
      Summary: ViewRay Inc., which is developing MRI-based technology to deliver radiation therapy to cancer patients, has secured a $20 million Series C funding round. The company is in the late stages of developing its technology, and the funding will be used to further product development, complete the first few installations of the company’s technology and beef up its sales and marketing efforts, according to CEO Greg Ayres. The funding round was led by new investor Siemens Venture Capital GmbH and joined by existing investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors, according to a statement from ViewRay.
      Continue Reading Radiation therapy firm ViewRay grabs $20M Series C investment

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