BioEnterprise

 

About:  

BioEnterprise is a business formation, recruitment and acceleration initiative designed to grow health care companies and commercialize bioscience technologies. Based in Cleveland, BioEnterprise's founders and partners are Cleveland Clinic, University Hospitals, Case Western Reserve University, Summa Health System and the Austen BioInnovation Institute in Akron.

Fund Support:

$9.95 million

Performance:

BioEnterprise helped establish Northeast Ohio as a global bioscience center. The region's bioscience companies now raise, on average, more than $150 million in venture capital raised annually. Northeast Ohio is now home to more than a half dozen bioscience venture investors. The region is one of the most attractive markets for bioscience venture firms between the coasts.

2010 Update:

  • Seventeen Northeast Ohio health care companies raised $36.7 million in the first half of 2010, up 20% from a year ago but down from pre-Great Recession numbers. Read more.
  • Akron was named an “Ohio Hub of Innovation and Opportunity” for Biomaterials Commercialization. Read more.
  • BioEnterprise was featured in Fast Company magazine for its role in making Cleveland and Northeast Ohio an attractive market for venture capital investments. Read the story.
  • BioEnterprise joined with other partners to launch Cleveland Health-Tech Corridor, an effort to attract, retain and grow medical related enterprises between University Circle and downtown Cleveland. Visit the Health-Tech Corridor web site to learn more about the project.
  • OrthoHelix of Medina announced in April that it had raised $16 million.
  • CardioInsight, a Case Western Reserve University spinout company focused on diagnosing and treating cardiac arrhythmia raised $6 million in a venture round led by Draper Triangle Ventures in the first quarter; CardioInsight previously received investment from JumpStart.
  • Synapse Medical, a neurostimulation device company, recently reported raising $1.2 million.
  • Spinal implant developer AxioMed Spine Corp. of Garfield Heights raised $14.5 million to expand sales in Europe and continue patient studies.