Ohio state commits $21m to OSU spin-out

Ohio State University has secured a $21m investment from Ohio government’s Third Frontier fund. The money will be used to establish the Neurotechnology Innovations Translator (NIT) in the state capital Columbus, with the exact location yet to be determined. NIT will commercialise neurotechnology-related innovations developed at the university.
It is hoped that the research will lead to improved quality of life for people affected by Parkinson’s disease, Alzheimer’s disease, autism, epilepsy and other neurological disorders. The investment will be spread out over four years, and potentially create as many as 160 new jobs.
Further to this investment, the university has also managed to attract another $120m in outside capital. Medtronic, the world’s largest medical technology company, is investing $8.47m, and Cardinal Health is investing $2.15m. Other partners in the project include Battelle, MetroHealth, the Air Force Research Laboratory at Wright-Patterson Air Force Base, Wright State University, North American Science Associates, Summa Health System and Advratech.
Ohio is working towards establishing itself as a neuroscience hub. The Ohio Third Frontier fund is a $2.1bn initiative by the government, which has also recently awarded $25m to the Harrington Discovery Institute, to be led by University Hospitals in Cleveland.