April 15, 201510 yr A couple years ago, IBM acquired UrbanCode (a tech startup in Cleveland), and they have continued to maintain and add jobs in UrbanCode's offices in Cleveland. So IBM appears to be comfortable with Cleveland's workforce. Reassuring to hear that. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 16, 201510 yr An update on the Explorys acquisition: http://www.cleveland.com/business/index.ssf/2015/04/ibm_buys_cleveland-based_explo.html#comments From the article: Terms of the sale were not disclosed. The fast-growing company has about 145 employees. None of their jobs will be affected. In fact, the company wants to hire 80 people this year, said Stephen McHale, CEO and co-founder of Explorys. Looks like Explorys's growth will continue in Cleveland :) I do wonder if they ever plan on moving to a new building, or perhaps building a new local HQ. Their current office is kind of awkward, being in the former Cleveland Playhouse space.
April 16, 201510 yr ^Aren't they in the old Sears warehouse/MOCA space? Adjacent to the old Playhouse, but I would have guessed it's very flexible open floor space.
April 17, 201510 yr ^^Yes that is encouraging to read. I hope nuCLEus, FEB and Intesa are keeping an eye on this in case they are looking to move.
April 17, 201510 yr ^Aren't they in the old Sears warehouse/MOCA space? Adjacent to the old Playhouse, but I would have guessed it's very flexible open floor space. I'm pretty sure that they are outgrowing as we speak.
April 17, 201510 yr Global Center for Health Innovation Executive Advisory Council Cuyahoga County executive Armond Budish seems intent on advancing the region's biotech industry. His intent is to turn urn "Northeast Ohio into the Silicon Valley of health care". He has enlisted a horde of high-profile health care, business and education leaders to chart a business plan for the Global Center for Health Innovation, which Budish said Wednesday night, April 15, during his State of the County address “has not yet come close to achieving its full potential.” http://www.crainscleveland.com/article/20150416/FREE/150419879/armond-budish-creates-global-center-for-health-innovation-executive Additionally, Armond Budish unveils plan to make Cuyahoga County a 'hub for innovation, creativity and entrepreneurship'. http://www.crainscleveland.com/article/20150416/FREE/150419898/armond-budish-unveils-plan-to-make-cuyahoga-county-a-hub-for
May 11, 201510 yr State-of-the-art cancer care spurs construction boom in CLE @ClevelandClinic @npr http://www.npr.org/blogs/health/2015/05/08/403523980/cancer-spawns-a-construction-boom-in-cleveland … "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 11, 201510 yr ^Correct. Lots of renderings and discussion in the Clinic development thread starting on this page: http://www.urbanohio.com/forum2/index.php/topic,3261.770.html
June 20, 20159 yr Medtronic (MDT) Acquires CardioInsight Technologies in Net $93M + Performance Bonuses Deal Medtronic (NYSE: MDT) announced that it has acquired CardioInsight Technologies, Inc. ("CardioInsight"), a privately-held, Cleveland-based medical device company that has developed a new approach to improve the mapping of electrical disorders of the heart. CardioInsight will become part of the Medtronic Atrial Fibrillation Solutions business in the Cardiac Rhythm and Heart Failure division. Medtronic completed its acquisition of CardioInsight on a debt-free basis in a transaction valued at approximately $93 million, net of CardioInsight's cash of $7 million, plus performance-based contingent consideration that may be paid post-closing. Consideration consisted of an initial cash payment of $75 million and retirement of a Medtronic loan outstanding to CardioInsight in the amount of $25 million. Additional terms of the deal were not disclosed. http://www.streetinsider.com/Corporate+News/Medtronic+(MDT)+Acquires+CardioInsight+Technologies+in+Net+$93M+%2B+Performance+Bonuses+Deal/10665548.html ------- Medtronic acquires CardioInsight of Cleveland in $93 million deal By CHUCK SODER Medtronic has acquired CardioInsight of Cleveland in a deal valued at $93 million. The local company’s technology is designed to diagnose electrical abnormalities affecting the heart. Thus, CardioInsight will become part of Medtronic’s Atrial Fibrillation Solutions business, according to a news release from Medtronic. The medical technology giant plans to maintain CardioInsight’s presence in Cleveland, according to an email statement attributed to Reggie Groves, vice president and general manager of the Atrial Fibrillation unit at Medtronic. The company bought CardioInsight for its “talent and technology,” she stated. Medtronic paid $75 million in cash, and it retired “a Medtronic loan outstanding to CardioInsight,” the release stated. The value of the deal could grow: It also includes “performance-based contingent consideration that may be paid post-closing,” the release stated. CardioInsight has raised money from several local investors over the years. Among those investors are the nonprofit economic development group JumpStart, Case Technology Ventures and Draper Triangle Ventures, which is based in Pittsburgh but is active in Northeast Ohio. Members of the company’s management team have chipped in, too, according to this 2010 news release. CardioInsight’s technology was developed at Case Western Reserve University. Its system includes a vest that reads electrical data from a patient’s torso. The system’s software then converts that data into a map showing the electrical activity of the heart, as it beats. Medtronic technically is based in Dublin, Ireland, though its main offices are in Minneapolis. http://www.crainscleveland.com/article/20150619/NEWS/150619755/medtronic-acquires-cardioinsight-of-cleveland-in-93-million-deal
January 25, 20169 yr Bioscience employment shrinks in the CLE but investments surge @ChuckSoder explains in @CrainsCleveland https://t.co/vYkoN5zgez "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 23, 20169 yr WOW. $200m in new healthcare investment last year: https://t.co/K775pyIEU0 @STERIS @OhioDevelopment @BioECorp @DowntownCLE "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 23, 20169 yr ^Wow---that's HORRIBLE--a HUGE drop from the preceding year. We went from 2nd place, almost beating Minneapolis to now being 3rd--and below Chicago. CLE: 2014: $398.3M 2015: 200.85M Chicago: 2014: $189.3M 2015: 216.68M Minneapolis: 2014: 402.7M 2015: 418.1 M Data here: http://www.bioenterprise.com/homepage-features/Midwest-Healthcare-Companies
February 23, 20169 yr Yeah I was going to mention that. Its definitely tapering off. If we are to continue to have hope for this region, that number needs to go back up.
February 23, 20169 yr Venture capital flows are extremely lumpy. No real reason to worry about a single year-to-year dip, especially if it's after the biggest year on record. There's no downward "trend." Minneapolis is one of the country's giants, and we were never going to catch up anytime soon.
February 23, 20169 yr The more telling thing is the trend. The last four years we have been above $200 million.
February 23, 20169 yr "Minneapolis is one of the country's giants, and we were never going to catch up anytime soon." What are you talking about? We were 1% away in 2014.
February 23, 20169 yr ^We were never going to catch Minneapolis in any sustained way. They are one of the established medical device centers of the U.S. (the world, really). 2014 was probably a random spike for us (due to a couple especially large deals, I suspect) and probably a random dip for them. It looks like the numbers in 2015 just regressed back to the overall trend, nothing more. Along the same lines, we shouldn't believe that Chicago has caught us in any meaningful way, just because of the 2015 numbers. In a few years we can look back and see if these YtY changes were particularly meaningful in establishing the eventual trend, but until then, we can't separate noise from signal.
February 23, 20169 yr "Minneapolis is one of the country's giants, and we were never going to catch up anytime soon." What are you talking about? We were 1% away in 2014. listen to the people who know what they're talking about.
February 23, 20169 yr Guys, be nice. Pugu, I certainly do agree with you that the "Wow" was silly. That was in the Tweet KJP copied, not from KJP himself. FreshWater is just regional promo, so positivity is just the editorial slant.
August 8, 20168 yr For first half of 2016, Ohio is at $134 million raised in new equity investments. Still good numbers. Cleveland is fifth among regions at midpoint due to three huge deals...Chicago, Minneapolis and St. Louis. http://www.bioenterprise.com/reports
August 9, 20168 yr For first half of 2016, Ohio is at $134 million raised in new equity investments. Still good numbers. Cleveland is fifth among regions at midpoint due to three huge deals...Chicago, Minneapolis and St. Louis. http://www.bioenterprise.com/reports What's interesting to me is Ohio's and Cleveland's relative consistency in raising equity over the years compared to the radical ups and downs in other jurisdictions. It speaks well for the long-term effort. Remember: It's the Year of the Snake
August 9, 20168 yr For first half of 2016, Ohio is at $134 million raised in new equity investments. Still good numbers. Cleveland is fifth among regions at midpoint due to three huge deals...Chicago, Minneapolis and St. Louis. http://www.bioenterprise.com/reports What's interesting to me is Ohio's and Cleveland's relative consistency in raising equity over the years compared to the radical ups and downs in other jurisdictions. It speaks well for the long-term effort. I am not sure about that. While the other big players in the region have seen their investment grow significantly since the Q1 of 2012 to Q1 2016, Cleveland and Ohio have seen investment either barely grow or decline. Not good.
August 24, 20168 yr That the above ^^^^poster thinks $200 million is a lot of money in an industry with Trillions in market cap. That you are new here and your first post is rude.
August 24, 20168 yr That the above ^^^^poster thinks $200 million is a lot of money in an industry with Trillions in market cap. That you are new here and your first post is rude. Seems to be gone? I'm glad, I hate unconstructive one-upmanship. If you can't articulate your point that either means you don't understand it well enough or are too lazy - either way, keep that out of here :mrgreen:
October 11, 20168 yr cities ranked by size of biotech industry: Ranking: 1. Boston 2. SF Bay 3. Raleigh-Durham 4. San Diego 5. Seattle 6. DC / Suburban Maryland 7. Philadelphia 8. LA / Orange County 9. NY / Westchester County 10. NY / New Jersey 11. NY / NYC 12. Minneapolis 13. Denver 14. Chicago 15. Central & Southern Florida 16. NY / Long Island http://www.us.jll.com/united-states/en-us/research/life-sciences-companies/trends
October 11, 20168 yr cities ranked by size of biotech industry: Ranking: 1. Boston 2. SF Bay 3. Raleigh-Durham 4. San Diego 5. Seattle 6. DC / Suburban Maryland 7. Philadelphia 8. LA / Orange County 9. NY / Westchester County 10. NY / New Jersey 11. NY / NYC 12. Minneapolis 13. Denver 14. Chicago 15. Central & Southern Florida 16. NY / Long Island http://www.us.jll.com/united-states/en-us/research/life-sciences-companies/trends something is wrong with this. We're talking about money raised. JLL real estate division is posting this info. Something is missing and can't quite put my finger on it.
February 21, 20178 yr NEO is now a 'predator' in biomedical industry February 20, 2017 UPDATED 12 HOURS AGO By LYDIA COUTRÉ Northeast Ohio has reached — and maybe even passed — a key tipping point in the region's efforts to grow the biomedical industry, said Aram Nerpouni, president and CEO of BioEnterprise. Not only is the region seeing more acquisition activity, but there's also been an increase in companies staying here and adding to the economy, he said. "We're no longer just the prey. We're also the predator when it comes to the biomedical space," Nerpouni said. BioEnterprise, a local nonprofit tasked with helping health care startups, began in 2002, bringing Northeast Ohio institutions around the table to figure out how to grow the region's biomedical sector. That sector grew 59% between 2000 and 2016 to become a $5.6 billion industry, according to a report from BioEnterprise and Team Northeast Ohio, the regional business attraction nonprofit. MORE: http://www.crainscleveland.com/article/20170220/NEWS/170229999/neo-is-now-a-predator-in-biomedical-industry "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 29, 20177 yr September 28, 2017 11:44 am UPDATED 6 HOURS AGO Medtech firm Thermalin raises $17.5 million, announces partnership with Sanofi to develop insulin therapies By SCOTT SUTTELL Thermalin Inc. of Cleveland said it has raised $17.5 million in Series A financing and has formed a partnership with French pharmaceutical company Sanofi, which led the funding round, to develop insulin therapies for people with diabetes. The funding round includes participation from Tokyo fund JSR mblVC LifeScience Investment Limited Partnership; Green Park & Golf Ventures of Dallas; Thermalin's existing investors; and other undisclosed investors, Thermalin said in a news release issued on Thursday, Sept. 28. Thermalin said it will "use the new funds to expand its R&D team in Cleveland and will be recruiting from around the Midwest and elsewhere." MORE: http://www.crainscleveland.com/article/20170928/news/137031/medtech-firm-thermalin-raises-175-million-announces-partnership-sanofi "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 28, 20177 yr Maybe the biggest news of the last two weeks in Cleveland: Originally Published: October 22, 2017 6:00 AM Updated: 6 days ago Silicon Valley company plugs into Cleveland By Lydia Coutré A renowned Silicon Valley innovation company is coming to Cleveland to help create an accelerator focused on biotech and digital health innovation and attract companies and startups from around the world. Cleveland Clinic and JumpStart Inc. are teaming up with Plug and Play, the largest accelerator program in the world, in a three-year partnership that will enable the trio to work together in the hopes of attracting dozens of U.S. and international health care startups to Cleveland every year, according to a news release. The collaboration, which will benefit from the support of The Ohio Third Frontier and other institutions and corporations, is set to be announced this week during Cleveland Clinic's 2017 Medical Innovation Summit. "We think and believe that this collaboration between Plug and Play, which is considered one of the world's most successful accelerators, and the Cleveland Clinic, which is obviously a world-renowned brand, and then JumpStart, is another example of a super meaningful activity that will support entrepreneurs here, but also attract entrepreneurs from all over the world and solidify or continue to build on the brand of Northeast Ohio being such an incredibly meaningful startup ecosystem in addition to having this capability around biotech and digital health," said JumpStart CEO Ray Leach. http://www.crainscleveland.com/article/20171022/news/139611/silicon-valley-company-plugs-cleveland
October 31, 20177 yr ^ WOW. This is absolutely tremendous news. Bravo to all involved. Here's from Ideastream: http://www.ideastream.org/programs/ideas/plug-and-play-focused-on-biotech-and-digital-health-innovation
October 31, 20177 yr BTW...scroll down a bit and you'll see Cleveland on their world map: http://plugandplaytechcenter.com
October 31, 20177 yr OK downtime over. Back to work! BTW...scroll down a bit and you'll see Cleveland on their world map: http://plugandplaytechcenter.com Yes very cool.
November 5, 20177 yr October 28, 2017 4:00 am Abeona's momentum continues as work on NEO facility begins By LYDIA COUTRé Abeona Therapeutics hopes to be creating life-saving treatments out of its own manufacturing facility next year. The clinical-stage biopharmaceutical company, which focuses on developing novel gene and cell therapies for life-threatening rare diseases, held a ceremony earlier this month for the start of construction on a commercial gene therapy manufacturing facility — believed to be the first in Ohio. The 6,000-square-foot Elisa Linton Center for Rare Disease Therapies, housed within the offices where Abeona is located in the Health-Tech Corridor on Cleveland's eastern rim, will be built out and validated over the next year. The center is named for Elisa Linton, who was born with Sanfilippo syndrome, a rare genetic condition that causes fatal brain damage. MORE: http://www.crainscleveland.com/article/20171028/news/140376/abeonas-momentum-continues-work-neo-facility-begins "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 5, 20177 yr ^ It wasn't clear to me whether the 6,000 sq ft was a new-construction addition to their building or taking up currently vacant space in 6555 Carnegie. Either way, it's good news. Remember: It's the Year of the Snake
November 5, 20177 yr ^ It wasn't clear to me whether the 6,000 sq ft was a new-construction addition to their building or taking up currently vacant space in 6555 Carnegie. Either way, it's good news. They will be taking up additional vacant space.
February 11, 20187 yr Philips Healthcare to shift focus, stop manufacturing at Highland Heights location https://articles.cleveland.com/hillcrest/index.ssf/2018/02/philips_healthcare_to_shift_fo.amp "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 12, 20187 yr I can't tell if that's bad news or good. The lead certainly makes it sound like a loss. But the article makes it sound like it could lead to more and/or more innovation oriented jobs.
February 12, 20187 yr Thats a mixed bag of news for sure. I bet those assembly jobs pay pretty well. Its hard to get excited either way until we hear about head count.
February 12, 20187 yr It's very good news they aren't just closing the facility and moving its functions to the giant new campus they're planning to occupy in Cambridge.
February 12, 20187 yr It's very good news they aren't just closing the facility and moving its functions to the giant new campus they're planning to occupy in Cambridge. Very true. If they increase the R&D presence there from a jobs perspective, this will be a net positive. The company I work for shifted its manufacturing out of Cleveland several years ago. However, most of the non-acquisition growth of the company has been sales, marketing, and engineering positions which pay well.
February 12, 20187 yr It's very good news they aren't just closing the facility and moving its functions to the giant new campus they're planning to occupy in Cambridge. Very true. If they increase the R&D presence there from a jobs perspective, this will be a net positive. The company I work for shifted its manufacturing out of Cleveland several years ago. However, most of the non-acquisition growth of the company has been sales, marketing, and engineering positions which pay well. The training aspect is a good deal also for Cleveland, and better yet if they expand it. They bring a LOT of people to town for operator and repair training on their machines; at one point they were planning to do some of the training at the Center for Health Innovation on the Mall. I don't know how much of that is currently taking place. Remember: It's the Year of the Snake
February 12, 20187 yr Now Crain's says about 380 jobs of 850 will be lost initially. Remember: It's the Year of the Snake
May 25, 20187 yr Blech. IBM Watson Health to lay off a significant number of local employees http://www.crainscleveland.com/article/20180525/news/163106/ibm-watson-health-lay-significant-number-local-employees IBM Watson Health is laying off a significant number of employees in Cleveland as part of broader staff cuts within the health care analytics unit.
May 25, 20187 yr Any good news out there?? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 21, 20196 yr NE Ohio is third-largest region in Midwest for healthcare investments in 2018: BioEnterprise report Updated 2:49 PM; Today 2:11 PM By Julie Washington, The Plain Dealer CLEVELAND, Ohio -- Northeast Ohio is the third-largest region in the Midwest for total healthcare investment. Nearly $294 million was invested in 71 companies last year, according to the 2018 Midwest Healthcare Growth Capital Report, which tracks capital investments made in biomedical companies across in Midwestern states in medical device, biotechnology and pharmaceuticals, and health IT sectors. https://www.cleveland.com/business/2019/03/ne-ohio-is-third-largest-region-in-us-for-healthcare-investments-in-2018-bioenterprise-report.html Edited March 21, 20196 yr by MuRrAy HiLL
March 9, 20205 yr Cleveland Clinic spinoff Athersys, whose stock had been putting along around $1.20 down a bit lately, shot up earlier today to $1.93 and then backed off to $1.40 - up 17% Maybe, at last, the FDA has approved a product for them to sell. Edit: Reason for the bump: It is speculated that the coronavirus will spur the approval of Athersys's ARDS treatment. ARDS is the terminal stage of the coronavirus-caused pneumonia. Some Wall Street sage has prediicted $6 for the stock. Edited March 9, 20205 yr by Dougal Remember: It's the Year of the Snake
March 9, 20205 yr 1 hour ago, freefourur said: ^ Thanks for the tip. I just picked up some shares. Careful. ATHX has raised and dashed hopes more than once since going public. Remember: It's the Year of the Snake
Create an account or sign in to comment