The Global Cardiovascular Innovation Center: The Heart of Northeast Ohio’s Biomedical Sector
Posted by ThePlus - 06.01.2010
Home to celebrated institutions like the Cleveland Clinic, University Hospitals, and Case Western Reserve University, Northeast Ohio is leveraging its position as a leader in the cardiovascular industry. The Global Cardiovascular Innovation Center (GCIC), “a multi-million dollar cardiovascular research and product development consortium,” is a key component to The Plus region’s success in the cardiovascular field. Focused on the formation, attraction, retention and expansion of cardiovascular companies, GCIC is helping develop Northeast Ohio’s economy by creating jobs and innovative cardiovascular techniques.
Founded in 2007, GCIC was made possible thanks to a $60 million grant from Ohio’s Third Frontier Program. Led by the Cleveland Clinic, GCIC is comprised of institutions throughout Ohio, which include: Case Western Reserve University, The Ohio State University, The University of Cincinnati, The University of Toledo and University Hospitals of Cleveland.
Over the last three years, GCIC has attracted more than a dozen companies to Ohio and granted more than $14 million in funding. “GCIC-funded companies and projects have gone on to raise more than $174 million in additional grants and financing”.
To develop cardiovascular companies, GCIC offers a number of services, which include:
• Funding, to help young companies move out of the lab and on the road to commercialization;
• Attraction, to help attract bioscience businesses to Ohio; and
• Product acceleration, which includes availability of industry experts to consult with new companies to help them determine an effective timeline, navigate regulatory agencies, run clinical trials and obtain follow-up funding.
Source: CardiovascularBusiness
A key component of GCIC is its new incubator, which will help companies develop cardiovascular devices and therapies. Offering 50,000 sq. ft. of space, the incubator is strategically located near the Cleveland Clinic, Case Western Reserve University and University Hospitals. Those at GCIC expect the incubator to be fully occupied by the end of 2010.
Tenants of the incubator are developing innovative products that are helping to revolutionize the cardiovascular industry. “Products of these companies include drugs to treat heart disease, stem cell and regenerative medicine therapies, cardiac diagnostic biomarkers to help predict those that might suffer from various types of heart disease, scaffolding devices to treat peripheral arterial disease and ventricular assist devices.”
Click here to view a complete list of start-up companies supported by GCIC. For more information on the work of GCIC, please follow the links below.
+Global Cardiovascular Innovation Center
+Cleveland Clinic leads kick off for start-up incubator
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