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Grant to Advance Biomedical Industry

CLEVELAND--Dec. 4, 2013--The Fund for Our Economic Future announced it has awarded a one-year grant of up to $550,000 to BioEnterprise to advance efforts to strengthen the growing bioscience industry in Northeast Ohio. The grant award was made on Tuesday, Dec. 3, by a vote of the Funders Committee, the Fund’s governing board.

The Fund is a philanthropic collaboration of more than 50 foundations and organizations committed to advancing a growing, opportunity-rich economy for the people of Northeast Ohio.

The grant will support efforts by BioEnterprise to accelerate the region’s biomedical industry. Since July 2002, BioEnterprise and its partners have created, recruited, and accelerated more than 170 companies and assisted those companies in attracting more than $1.6 billion in new funding.

BioEnterprise is a non-profit supported by the region’s leading medical institutions and the State of Ohio.

“The bioscience industry promises to be an important driver of our region’s economy in the future and BioEnterprise has played a critical role in helping our region’s young bioscience companies attract the capital they need to grow,” said Deborah Hoover, chair of the Fund and chief executive of the Burton D. Morgan Foundation based in Hudson, Ohio. “Thanks to the hard work of BioEnterprise and their partners Northeast Ohio is becoming the top Midwest market for bioscience investors, and that is resulting in more jobs and increased opportunity for our region’s residents. Our Fund is pleased to continue to provide support for this important work.” The Fund first awarded a grant to BioEnterprise in 2004.

The Funders Committee meets quarterly to consider grants and review the Fund’s efforts to promote business growth, elevate talent and enhance the quality of place in Northeast Ohio. Since 2004, members of the Fund have committed more than $88 million and thousands of hours of their time to help transform our region’s economy.

“The Fund’s continuing commitment to the support of biomedical innovation and commercialization is instrumental to the growth of the industry,” said BioEnterprise CEO Aram Nerpouni. “In the past ten years the Northeast Ohio biomedical industry has grown from approximately 350 companies to over 700, and direct employment has grown from 15,000 to over 21,000.  In 2012, 43 Northeast Ohio biomedical companies attracted $226 million in investment. This was the largest amount of funding attracted by any Midwest region in 2012.”

About the Fund for Our Economic Future: The Fund is a philanthropic collaboration of more than 50 organizations and institutions committed to advancing a growing, opportunity-rich economy for the people of Northeast Ohio. Learn more about our Fund at www.thefundneo.org and follow us at @thefundneo on Twitter.

About BioEnterprise: BioEnterprise is a business formation, recruitment, and acceleration effort designed to support the growth of bioscience companies. Located in Cleveland, BioEnterprise provides management counsel and support services to healthcare companies. BioEnterprise partners are Case Western Reserve University, Cleveland Clinic, University Hospitals, Summa Health System, and the Austen BioInnovation Institute in Akron.