Strategic location and cross-collaboration throughout bioscience industry
COLUMBUS, Ohio, Aug. 14 /PRNewswire/ -- A new report ranks Ohio best in the Midwest for venture capital investments in biotech innovation and business growth, according to the Ohio Business Development Coalition (OBDC), the nonprofit organization that markets the state for capital investment. The report, released by BioEnterprise, a Cleveland, Ohio-based bioscience incubator, shows Ohio led all other Midwestern states with $244.3 million in health care related biotech investments in 24 companies.
"National investors are beginning to recognize that Ohio's strategic location in the Midwest region is ideal for growing businesses in the bioscience industry," said Baiju Shah, president of BioEnterprise. "Ohio has always been rich in research and industry assets. That rich base is now translating into a growing stream of high quality business growth due to progressive policies and programs through state investments in research and development."
Health care startups across the Midwest saw the largest growth, reporting a stunning $742 million in total investments across 64 companies in the first half of 2007 - nearly the same amount in total investments for all of 2006. Ohio far exceeded all competitors both in venture capital funding, number of investments and dollar amount of investment deals.
"In all aspects of biotech, from life sciences to health-care
technologies to agriculture and food science, Ohio is at the heart of
development and innovation in bioscience," said Ed Burghard, executive
director for the Ohio Business Development Coalition. "The state is also
attractive to executives because of its unique mix of micropolitan and
metropolitan city structures. This
|SOURCE Ohio Business Development Coalition|
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