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Akron Relationship with Israeli Incubator, Targetech, Shows Promise
Date:5/19/2011

AKRON, Ohio, and NETANYA, Israel, May 19, 2011 /PRNewswire-USNewswire/ -- The Targetech Innovation Center, supported by a strategic partnership with the City of Akron, Ohio, has a developing pipeline of biomedical device opportunities poised to begin commercialization partnerships in the United States.  

"This is an exciting development in the strategic partnership that we initially formed with Targetech.  From this effort, we will see more companies locating to Akron.  This will provide more jobs for our residents.  I am extremely pleased that this creative step I took several years ago has worked so well," said Mayor Donald L. Plusquellic.

To assist developing companies in the Targetech pipeline, the incubator has broadened its strategic relationships in the Akron and Cleveland regions through a new relationship with BioEnterprise, the region's biomedical business development initiative.  BioEnterprise will assist select Targetech portfolio firms in developing their U.S. strategies and supporting the establishment of their U.S. operations in Ohio.

"We are very fortunate to have the City of Akron and BioEnterprise as partners," said Azriel Kadim, CEO of Targetech.  "The City of Akron was an early investor in incubator companies at Targetech and we are now positioning our most promising biomedical companies to establish their US presence in Akron.  This new relationship with BioEnterprise will further enhance the likelihood of success of our portfolio companies."  

"BioEnterprise, and our Northeast Ohio economic development partners, have many years of experience in supporting Israeli companies such as NI Medical in establishing their US presence," said Baiju R. Shah, BioEnterprise President and CEO.  "We are pleased to be able to support the City of Akron's partnership with the Targetech incubator through this relationship."  

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SOURCE Targetech Innovation Center
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