February 20, 200718 yr ^ i know, i know, how debbie downer of me -- but ya cant hide from what ya are up against. did you miss the hopeful remark buried in the middle of that? "Only 24 (3%) of the nation's 750 private firms are domiciled here. Experts say that much of the reason for the dearth in such companies in New York is the challenge to find decent, affordable space — a concern, not surprisingly, that affects many nascent industries here." as you know that is ny's loss (for a lot of things) and could be cleveland's and ohio's gain, new buildings or not.
February 20, 200718 yr ^you expect us to find that?? I really don't read the NY stuff when its in a CLE thread.
March 30, 200718 yr Crain's: Athersys reveals two developments By JEFF STACKLIN 2:57 pm, March 29, 2007 Cleveland biopharmaceutical company Athersys Inc. has received a milestone payment from drugmaker Bristol-Myers Squibb Co. and an investment from a separate stem cell company. However, Athersys did not disclose the amounts of either the payment or investment in a statement this afternoon. Athersys chairman and CEO Gil Van Bokkelen and president and chief operating officer B. J. Lehmann each did not return phone messages left today. Although Athersys once was the poster child for the biotech industry in Cleveland, the company has kept a low profile during recent years. http://www.crainscleveland.com/article/20070329/FREE/70329012
March 30, 200718 yr ^ i know, i know, how debbie downer of me -- but ya cant hide from what ya are up against. did you miss the hopeful remark buried in the middle of that? "Only 24 (3%) of the nation's 750 private firms are domiciled here. Experts say that much of the reason for the dearth in such companies in New York is the challenge to find decent, affordable space a concern, not surprisingly, that affects many nascent industries here." as you know that is ny's loss (for a lot of things) and could be cleveland's and ohio's gain, new buildings or not. I don't think anyone needs to hide from NYC with regards to biotech...it's about as far back from Boston, Cali and the Twin Cities as Cleveland is. And its bio institutional synergies are no stronger than Clevo's. Its one big advantage is the access to capital.
April 10, 200718 yr Clarence, NY is right outside Buffalo, NY.. Those damn Buffalonians -- they're stealing all our babies :wink: Link to Crain's article Biomec deal is done By SCOTT SUTTELL 10:01 am, April 10, 2007 Greatbatch Inc. of Clarence, N.Y., said it has completed the acquisition of substantially all the assets of Cleveland-based medical device maker Biomec Inc. for $11.4 million in cash. The transaction closed April 3 following approval by Biomec shareholders. Greatbatch, a publicly traded developer and manufacturer of critical components used in implantable medical devices, said it will maintain Biomec’s operations in Cleveland, which includes a 25,000-square-foot facility that provides engineering, prototype manufacturing and machining capabilities.
April 24, 200718 yr The good news continues.. Link to Crain's article NE Ohio biotech investment soars By CHUCK SODER 3:09 pm, April 24, 2007 Northeast Ohio biotechnology companies attracted a record $83.5 million in investments during the first quarter of 2007, according to the Midwest Health Care Venture Investment Report released today by BioEnterprise Corp. The money garnered by Northeast Ohio biotech companies was nearly four times the $22 million attracted throughout all of Ohio during the first quarter of 2006. BioEnterprise did not compile how much money Northeast Ohio companies attracted during the first quarter of last year. Ohio biotech companies have raised $93.9 million so far this year, largely because of the success of Northeast Ohio firms.
April 24, 200718 yr ^ Pretty cool ... Comparing with an article above, it looks like Cleveland's first quarter in 2007 has already produced 96% of the total Cleveland investment in 2006. That's a good quarter!
April 24, 200718 yr Now I need to find that other thread that discussed our lack capital investment.......
April 24, 200718 yr If we could continue this pace, that would really be pretty awesome. It would hopefully put us up there with Minneapolis-St. Paul as leaders in the Midwest ($233m in 2006), which would be a big step.
April 24, 200718 yr If we continue this pace for three out of four quarters this year (with $0 in investment in the fourth quarter), we would still outpace Minneapolis' 2006 level of investment. Now if that doesn't make you want to flee to the Cleve, I don't know what will :-)
April 24, 200718 yr What is the difference between this biotech thread and this ---> http://www.urbanohio.com/forum2/index.php?topic=12376.0 ? yes this is specific to biotech, but is the second thread I posted a total of all VC funds? I'm so confused, since the attached thread made it appear that we didn't raise squat! :|
May 8, 200718 yr I sent an e-mail inquiring about why there were reporting differences. Here's what BioEnterprise had to say: In comparing data gathering techniques with Dow Jones (we have not yet been able to have a similar conversation with Thomson Financial, the data company behind the PWC Moneytree report), we have noted a couple of differences that allows our report to have a more complete picture of the Midwest activity. First, Dow Jones gathers information from national business wire services for new deal information. They do not capture deals reported in Midwest dailies or business journals. This leads to missing a lot of venture-funded companies who only announce things with a local media story/press release. Second, we also contact sources across the Midwest that are aware of confidential deals that the investors or the companies are not willing to share with national data sources. Each quarter, we call on bioscience intermediary organizations and venture firms in every Midwest region covered to ensure we have a full list of data and ask them to review all of the information in our list. This captures a considerable number of transactions, many small but even some large financings, that are not a part of the national list. For those deals, Dow Jones will now include the names of companies if revealed to add to their national database. In terms of deal inclusion criteria, each database is different in defining what are "venture" deals and which are not, and the criteria are not always consistently used even within a database. For example, Dow Jones will say angel funded deals are not a part of their database, but at the same time, they include a number of such deals from across the country in their data. Also, the blurring of lines between venture capital, growth equity, private equity, venture "debt" (debt structured like equity), corporate funding, and private placements is handled seemingly differently on a deal-by-deal basis depending upon the company. If the company has "venture" heritage, such financings are always included, or if the firms that back the company have "venture" in their names, the transactions are typically included. But this inevitably is handled on a case-by-case basis by the national data sources. Our system is also case-by-case: we include all of the angel/venture/growth financings of private companies in our data; we do not however include traditional private equity transactions (e.g., recent acquisition of Dental Care Partners by MSD Capital and North Peak Capital of New York) in the data. If we are unsure, we ask the regional data source for their opinion and use that to make a judgment. Finally, we include companies in the Midwest data that have a substantial presence in the Midwest but may not have their headquarters here (e.g., there was a large specialty pharma deal in Michigan last year that is organized as a French company but is substantially co-located in Ann Arbor as the management team was recruited from Esperion). Our objective is to provide the most complete deal activity information for this sector and financing type for the Midwest. In 2006, I think the PWC Moneytree data for Midwest health care investments only captured about 50% of the deals actually completed in the Midwest. Of course, the Dow Jones Venture Source data for 2005 forward is now almost a mirror image of our data as they source the information from our report.
May 8, 200718 yr ^Great information, thank you! Although I've only had limited personal interaction with them, my impression of the BioEnterprise folks is that they're top notch. It does not surprise me that their figures are more robustly investigated and accurate compared to Dow Jones / PWC. If nothing else, I suppose you could say they have a vested interest in find every nickel someone invested in this sector. (I think that's a good thing!)
May 8, 200718 yr yeah that is totally the perfect response. an almost pr-like response. excellent - i guess i am just in awe as they sure "get" it.
May 14, 200718 yr Region on par with peers for invention disclosures By SHANNON MORTLAND Crain's 6:00 am, May 14, 2007 Cleveland might not have the warm weather of Research Triangle, North Carolina, or an Ivy League university like Boston, but its doctors and professors are keeping up with their peers when it comes to inventions. This year is shaping up to be a banner year for some local research institutions as their employees are submitting more ideas than ever for inventions. “The culture of innovation and entrepreneurship is starting to take hold in our region,” said Baiju Shah, president and CEO of BioEnterprise Corp., a nonprofit group that helps Northeast Ohio biotech companies get started. http://www.crainscleveland.com/article/20070514/SUB/70511013
May 14, 200718 yr Despite the obligatory deprecating first sentence, good article. PD had a large front page article Sunday I think about CWRU's new found devotion to tech transfer as well.
July 23, 200717 yr Sounds like biotech is really ramping up in Cleveland! Northeast Ohio gets big venture dollars By CHUCK SODER 3:03 pm, July 23, 2007 Northeast Ohio for the moment is the most active region for health care investing in the Midwest, according to figures from the latest BioEnterprise Midwest Health Care Venture Investment Report. Sixteen health care companies in the region raised $199 million in venture capital during the first half of 2007, beating out every other region in the Midwest — including the often-heralded Minneapolis-St. Paul region, where nine companies raised $126 million. Ohio also placed first in the Midwest in terms of money raised, as health care companies across the state raised $244.3 million, most of which came from Northeast Ohio. The closest states were Minnesota, with $126 million, and Indiana, with $117 million. http://www.crainscleveland.com/article/20070723/FREE/70723010
July 23, 200717 yr So people are investing in health care companies in Northeast Ohio, but as MTS said, what are they doing with the money? Are they bringing on more people to meet increased demand for their service lines provided. What does all of this venture capitalism lead to?
July 23, 200717 yr I'd like to know how that translates into new jobs? Yeah, me too. I would think that most of the investment money would be used to hire more doctors, researchers, and technicians, but it would definitely be nice to know how many.
July 23, 200717 yr So people are investing in health care companies in Northeast Ohio, but as MTS said, what are they doing with the money? Are they bringing on more people to meet increased demand for their service lines provided. What does all of this venture capitalism lead to? If you talk with the smartest economic development guy in the region, he'll tell that this is great news. Governments focus on jobs, private companies focus on profits and bottom lines. You want to create an environment where companies can maximize profit so that they will want to remain and/or expand in your region. Don't focus on the jobs, focus on business expansion. If you do that, then the jobs will come.
July 23, 200717 yr If you talk with the smartest economic development guy in the region, he'll tell that this is great news. Governments focus on jobs, private companies focus on profits and bottom lines. You want to create an environment where companies can maximize profit so that they will want to remain and/or expand in your region. Don't focus on the jobs, focus on business expansion. If you do that, then the jobs will come. Thats precisely why I asked that question! :wink:
July 24, 200717 yr Ohio takes lead in Midwest's private health care investments State bumps Minnesota, lures $244 million in equity Tuesday, July 24, 2007 Mary Vanac, (Cleveland) Plain Dealer Reporter Ohio is the Midwest's hot spot for private-equity investments in health care companies so far this year, attracting nearly twice as much money as perennial leader Minnesota. Since January, Ohio's health care companies have brought home $244 million from investors -- more than double the state's total for all of 2006, according to the quarterly BioEnterprise Midwest Health Care Venture Investment Report released Monday ... ... More at http://www.cleveland.com/news/plaindealer/index.ssf?/base/news/1185278109225010.xml&coll=2
July 24, 200717 yr A link to the press release: http://www.bioenterprise.com/reports/2007/q22007vcactivityrelease.pdf. Among the more interesting additional notes, Cleveland alone had 16 deals financed, representing 25.8% of the deals in the entire Midwest. We were followed by Minneapolis (9), Pittsburgh (8 ), Columbus (6) and Wisconsin (6). Cleveland's $199.1 million also represents the leading investment in any community, representing 27.4% of the investment throughout the Midwest. We were followed by Minneapolis ($126.0 million), Indianapolis ($102.8 ), Pittsburgh ($85.4) and Detroit-Ann Arbor ($63.4). This is great news, and we should all be getting the word out on this to all the Cleveland naysayers. To the best of my knowledge, this is the first time Bioenterprise's survey has showed Cleveland toppling Minneapolis, which positions us very well as a center for biotech / healthcare innovation.
July 24, 200717 yr 8shadesofGray I agree. Looks as though most of the money is being used for new investment/re investment in research, technology. Lets just spin this into "creating new jobs" now and in the future as well as lauding Cleveland "the capital and center for healthcare, medical, biotech & healthcare innovation" ...but again, Cleveland has no strategic PR campaign...sigh. :|
July 24, 200717 yr You mean "Cleveland+" doesn't address things like this? Sarcasm duly noted. Yes, this is the first time that Cleveland has topped Minneapolis. It also culminates the goal of Bioenterprise -to become the Midwest leader in venture cap funding for healthcare ventures. Heart Mr. Shah speak on Friday - he's truly a great asset to this region. I wonder why this wasn't the leading headline in the PD. No, actually, I don't.
July 24, 200717 yr Yes, this is the first time that Cleveland has topped Minneapolis. It also culminates the goal of Bioenterprise -to become the Midwest leader in venture cap funding for healthcare ventures. It's exciting that we had a good half, but we really need to consistently be getting this amount to consider ourselves a leader.
July 25, 200717 yr This is a very dense article...the bold sums it up. Too bad a conference like this couldn't be held here in Cleveland. ---------------------------------------------------------------------------------------------------- http://money.cnn.com/news/newsfeeds/articles/marketwire/0282169.htm cnn.com Cleveland BioLabs to Present Protectan CBLB502 at 2007 BARDA Industry Day Department of Defense RFP Decision Expected in Late 2007 July 25, 2007: 08:15 AM EST Cleveland BioLabs, Inc. (NASDAQ: CBLI) (BOST: CBLI) today announced that it will present its Protectan CBLB502 at the 2007 Biomedical Advanced Research and Development Authority (BARDA) Industry Day, on August 3, in Washington, DC. Cleveland BioLabs Director of Business Development, Alan Wolfman PhD., will give a presentation discussing Protectan CBLB502 as both a protectant and treatment for acute radiation syndrome (ARS) stemming from radiation exposure. The presentation will focus on the most recent research progress demonstrating CBLB502's effectiveness in treating both hematopoietic and gastrointestinal syndromes. The presentation will also highlight developmental aspects of Protectan CBLB502 indicating that it can be rapidly produced and stockpiled as the most versatile compound addressing ARS. Earlier this year, Cleveland BioLabs submitted Protectan CBLB502 to the Department of Defense (DoD) in response to a Request for Proposal (RFP) for medical radiation countermeasures to treat gastrointestinal effects of ARS. The DOD RFP award would provide funding for development of the countermeasure through FDA approval, as well as a commitment to purchase up to 500,000 doses, thereafter.
July 25, 200717 yr They probably want to make a point of having the conference in DC to get all the major political players, lobbyists and doctors in one convienient place. I understand the Cleveland office of the FDA and CFDC are very powerful, but on the surface it makes sense to have the conference in DC. I know, I know...but it is what it is.
July 30, 200717 yr From Crain's: AcelleRX secures $1.5 million in financing By SHANNON MORTLAND 1:16 pm, July 30, 2007 Cleveland Clinic spinoff company AcelleRX Therapeutics Inc. has received $1.5 million in its first round of private financing. Northeast Ohio investment funds Jump Start Inc., North Coast Angel Fund and X-Gen are among the initial investors. Blue Chip Venture Co. of Cincinnati and other angel investors also provided money to the company. More at: http://www.crainscleveland.com/article/20070730/FREE/70730003
August 1, 200717 yr According to advancenortheastohio.org three fuel cell companies have moved their operations to NEO. Any word on which companies relocated here?
August 2, 200717 yr Hadn't heard, but what do fuel cells have to do with biotech? Maybe posting it in one of these threads might be more appropriate: http://www.urbanohio.com/forum2/index.php?topic=3358.0 http://www.urbanohio.com/forum2/index.php?topic=1966.0 http://www.urbanohio.com/forum2/index.php?topic=4932.0 http://www.urbanohio.com/forum2/index.php?topic=6036.0 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 2, 200717 yr There are "biological fuel cells", which incorporate microorganisms and biochemistry. I have no idea if this is the type being discussed above, though.
August 7, 200717 yr More good news in biotech. From Crain's: ChanTest gets equity financing By JEFF STACKLIN 2:52 pm, August 6, 2007 ChanTest Inc., a biomedical company in Garfield Heights, announced it has completed a private-equity financing with Massachusetts-based Ampersand Ventures. In a statement, ChanTest did not reveal how much funding it received from Ampersand, nor did it reveal terms of the deal. More at: http://www.crainscleveland.com/article/20070806/FREE/70806011
August 14, 200717 yr LINK TO ARTICLE Biomec spinoff gets $3 million grant By CHUCK SODER 2:49 pm, August 13, 2007 ElectroSonics Medical Inc., a spinoff of recently-acquired Biomec Inc., has been awarded a $3 million grant to continue developing a device aimed at detecting collapsed lungs, according to a company press release. The Cleveland company will use the money to finalize the design of its “Pneumothorax Detector” and to complete clinical trials on the device. The Small Business Innovation Research Grant was awarded by the National Institutes of Health.
August 14, 200717 yr godzilla vs pneumothorax coming soon to a theater near you. I didn't see that tee, but I'll most def get that!
September 20, 200717 yr http://www.cleveland.com/ Case Western Reserve University wins grant to aid medical breakthroughs in Northeast Ohio University, hospitals to develop drugs, medical devices Wednesday, September 19, 2007 Regina McEnery and Mary Vanac Plain Dealer Reporters Case Western Reserve University will get $64 million the next five years to work with Cleveland's top hospitals to find ways to get new drugs and medical devices from the researcher's work bench to the patient's bedside faster. To reach these Plain Dealer reporters: [email protected], 216-999-5338 [email protected], 216-999-5302 © 2007 The Plain Dealer © 2007 cleveland.com All Rights Reserved.
September 28, 200717 yr Yes. Yes it is. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 17, 200717 yr I hope the powers that be are entertaining some New England Bio Tech companies and venture capitalists who are in town for the ALCS.
October 30, 200717 yr Kind of a weak quarter, but we're still essentially on par with Minneapolis as the top region in the Midwest based on the first three quarters of the year... Biotech investment slows in third quarter By CHUCK SODER 3:14 pm, October 29, 2007 Northeast Ohio health care companies pulled in $13 million in venture capital investments during the third quarter, a down period following two record-setting quarters. The additional money raises the 2007 total to $212 million, according to figures from the BioEnterprise Midwest Health Care Venture Investment Report. More at: http://www.crainscleveland.com/article/20071029/FREE/71029018
October 30, 200717 yr As we become a leader in the Midwest, I'd like to see them begin to track us against national leaders like Boston, SF, and Seattle. That's the next level of competition, and I think we should try use our success as a Midwest leader to compete at that level.
October 30, 200717 yr The PD's take on this: Ohio leads Midwest in health care investments with $261 million Its $261 million is tops in Midwest Tuesday, October 30, 2007 Mary Vanac Plain Dealer Reporter Ohio has joined perennial leader Minnesota in the race to win the most investment dollars for health care companies in the Midwest, according to a BioEnterprise report. To reach this Plain Dealer reporter: [email protected], 216-999-5302 http://www.cleveland.com/
October 30, 200717 yr While its great to see $10 million dollars coming from out of state investors, I'm a little nervous about the details. Are they forming a new company so the the investors can move it to Utah? Arteriocyte joins in forming new company By CHUCK SODER 10:23 am, October 25, 2007 Cleveland stem cell company Arteriocyte Inc. and private equity firm DW Healthcare Partners of Salt Lake City are forming a medical device company called Arteriocyte Medical Systems Inc. DW Healthcare provided a $10 million investment that the new company will use to develop and acquire technologies to deliver biological products into patients following cardiac, orthopedic and vascular surgeries. The new company eventually will have its own employees, but Arteriocyte Inc. CEO Don Brown, who also will be CEO of the new company, said he is unsure how many people it would employ. For the time being it will be located at BioEnterprise Corp., a nonprofit in Cleveland that assists health care companies, but Mr. Brown declined to reveal future plans regarding its location. http://www.crainscleveland.com/article/20071025/FREE/71025018
October 30, 200717 yr It'll be interesting to see how those states feel about universal healthcare which would probably decrease investment in the bio-tech sector. I think most people are ignorant of its effect though.
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