Ohio borders $42.3m

Ohio’s Third Frontier fund, a state economic development driver that invests in promising startups and new technologies, is investing a total $42.3m in twelve companies and university research projects in the state.
The $42.3m follow the recent $21m awarded to Ohio State University to establish the Neurotechnology Innovations Translator.
Among the recipients is Lorain County Community College Foundation, which was awarded $3m for its Northeast Ohio Innovation Fund. Case Western Reserve University received $75,000 in grants for two projects. The first of these is developing and running clinical trials of a new non-invasive test to enable early detection of Barrett’s oesophagus, a condition that leads to an increased risk of a rare type of cancer. The second project is aiming to develop a non-invasive retina imaging system that could detect disease before damage occurs.
Northeast Ohio Medical University was awarded a $30,000 grant to study osteoactivin. It is a substance that promotes the formation of bone, and could help repair bone damage from, among other ailments, osteoporosis or spinal degeneration.
With $25m, University Hospitals Health Systems received the largest chunk of the money. That investment will be used to create the Harrington Discovery Institute’s Innovation Centre – a $250m national initiative, based in Ohio, to accelerate the development and commercialisation of pharmaceutical breakthroughs.
David Goodman, chair of the Ohio Third Frontier commission, said: “Bringing together the right mix of technology, capital and talent, the world-class centres will continue positioning Ohio has a leader in medical innovation. These partnerships will turn new technology into companies and bring quality jobs to the state.”