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State leads 12 Midwest states as new investments total $261 million in '07
By Paula Schleis Beacon Journal business writer
Published on Wednesday, Oct 31, 2007
Ohio is still leading a record-setting investment year for Midwest medical company startups.
Through the first three quarters of 2007, young Ohio medical companies have attracted $261 million in new investments. That's first among 12 Midwest states, according to the Midwest Health Care Venture Investment Report.
Last year at this time, Ohio had lured $68 million to new medical companies, putting it third behind Minnesota and Illinois.
Minnesota has seen $213 million investments this year, up from $182 million in the same period of 2006. Illinois attracted $100.5 million in three quarters this year, about $1 million less than last year.
Overall, the $1 billion attracted by 104 companies in the Midwest this year outpaces the $783 million received in the first nine months of 2006, the report said.
Northeast Ohio has collected $212 million. That's about $1 million less than the Minneapolis area and far ahead of the $52 million that Northeast Ohio attracted through the third quarter in 2006.
Akron-area companies in this year's figure include Spine-Matrix (spinal imaging system, $8 million) and Orthohelix Surgical (tools for small bone surgery, an undisclosed investment.)
BioEnterprise, with offices in Cleveland and Akron, works to attract investments to medical companies in a corridor that stretches from Northeast Ohio to Pittsburgh.
''This year continues trends that have been developing over the past few years,'' said BioEnterprise President Baiju Shah.
''There are more Midwestern deals each year that draw investment, the investment rounds are becoming larger, and the companies are attracting both regional and national investors for the financing,'' he said.
Biopharmaceutical companies have attracted the most money in the Midwest in 2007: $591 million. Medical devices drew $251 million in investments, and health care software and service companies attracted $158 million.
To see the entire report, visit www.bioenterprise.com/reports/index.html.
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com.
Ohio is still leading a record-setting investment year for Midwest medical company startups.
Get the full article here.
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