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City will serve as U.S. headquarters of NI Medical Ltd., which produces cardiac-testing device. Deal with Israeli company could mean 25 to 30 jobs
By Cheryl Powell
Beacon Journal medical writer
Published on Tuesday, Jan 26, 2010
Akron leaders are banking on medical research and development to become the heart of the region's economy.
Those efforts got a boost Monday, when the city announced a cardiac-testing company based in Israel will locate its United States headquarters in Akron.
NI Medical Ltd. plans to set up operations in the Akron Global Business Accelerator on South Main Street in downtown Akron by March.
Representatives from the city, state and regional economic development ventures worked together to land the new company, which is expected to employ 25 to 30 workers by 2013.
Akron's economic development leaders connected with NI Medical while attending a biomedical trade show in Israel, said Zev Gurion, a business development consultant with the city.
''If we can tap into those technologies that are already developed, all these companies need access to the U.S. market,'' Gurion said.
NI Medical Chief Executive Igor Granov said his company was attracted to Akron because it's a central location and offers access to hospitals with well-known heart programs.
The Global Cardiovascular Innovation Center (GCIC), spearheaded by the Cleveland Clinic, was among the partners that helped land the new business.
The GCIC is a multi-institutional, statewide effort to promote and attract companies in the area of cardiovascular medicine. The group is funded with a $60 million grant from the state.
The center is providing a $350,000 forgivable loan to NI Medical to locate in Akron.
''We thought that it was a very interesting new technology for helping to diagnose in a very convenient way and to monitor patients who might have congestive heart failure,'' said Mark Low, managing director of the GCIC. ''Any technologies to help patients manage that disease and to help clinicians diagnose this disease, we thought, were promising tools.''
Ohio and Akron competed with Vermont, Virginia, Georgia and Michigan to attract the biomedical company, Gurion said.
The Ohio Department of Development on Monday awarded the company a job-creation tax incentive worth an estimated $117,623 over the next six years. The company is required to maintain operations in Akron for nine years.
The city also is providing tax incentives worth $50,000 in exchange for the creation of 25 to 30 jobs by 2013.
Akron City Council is considering legislation that would better define the boundaries of the city's biomedical corridor, an area surrounding the three major hospitals that's been designated for medical research and development.
''Hopefully, we can continue to attract these biomedical device companies and biomedical research companies,'' said Robert Bowman, Akron's deputy mayor of economic development.
NI Medical makes a testing product called NICaS, short for Non-Invasive Cardiac System.
The NICaS uses four electrodes that connect to a small unit that can be installed in a laptop. Within minutes, the portable unit can provide results that show how well a patient's heart is supplying blood to the body.
The product has been approved by the U.S. Food and Drug Administration and retails for about $10,000 per unit.
The company plans to market the product to hospital intensive-care and coronary-care units, as well as primary-care physician offices.
The goal is to eventually have the test widely available at doctors' offices as a low-cost, non-invasive way to screen for heart problems, Granov said.
''This is a very accurate, very simple tool,'' he said. ''With the current drive to reduce health-care costs, this device comes in very handy.''
Cheryl Powell can be reached at 330-996-3902 or chpowell@thebeaconjournal.com.
Akron leaders are banking on medical research and development to become the heart of the region's economy.
Get the full article here.
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