Proxy Biomedical Limited to Select Cleveland for US Headquarters
12/8/2008
Proxy Biomedical Limited, a leading innovator in the development of next generation medical products using proprietary biomaterials technology, was granted Job Creation Tax Credits today by the State of Ohio. Pending additional grant approvals, the company will invest $1.5 million in capital, and $1.8 million in annual payroll to establish 26 highly paid jobs in Cleveland beginning January, 2009. This announcement affirms a trend of leading biomedical firms recently establishing US Headquarters in the Northeast Ohio region.
The new Cleveland Proxy Biomedical facility will be a full service operation that designs, develops, manufactures and markets biomaterials for the repair and regeneration of tissue for advanced surgical procedures. The operation will serve as both a market development site for new product platforms, and a US Headquarters.
Proxy Biomedical also considered other regions with strong life science clusters for this expansion, but ultimately chose Northeast Ohio because of the region’s leading healthcare and educational institutions, such as the Cleveland Clinic and University Hospitals, and because of the State of Ohio’s strong commitment to the biomedical industry.
“Access to partners, customers and workforce is critical to Proxy Biomedical’s success,” says, Peter Gingras, Proxy Biomedical CEO. “Establishing US Operations in Northeast Ohio will allow us to take advantage of critical product development support and clinical trials that will enable our accelerated growth and service to the world’s largest market, the United States.” Proxy has already developed strategic partnerships with a Dayton, Ohio firm, Case Western Reserve University, The Cleveland Clinic, and the Global Cardiovascular Innovation Center (GCIC). The new facility will provide a suite of wound coverings and biologic scaffold to support Cardiology, Urology, Gynecology, Colorectal, and Orthopedic surgical procedures.
Though still in negotiation, the site will likely be located in the Baker Electric Building on the newly renovated Euclid Corridor and Healthline express rapid transit that connects downtown Cleveland to Uptown University Circle where the Cleveland Clinic, University Hospitals, Case Western and many of the community’s top arts institutions reside. “This expansion exemplifies the intended ideal use of Cleveland’s infrastructure and biomedical assets,” says Jay Foran, Senior Vice President of Northeast Ohio business attraction group, Team NEO. “By connecting our community’s rich business base with our healthcare and cultural institutions, companies like Proxy Biomedical can leverage strong partnerships to accelerate growth.”
The Global Cardiovascular Innovation Center (GCIC) was also a key driver in the company’s interest in Northeast Ohio. Funded by the State of Ohio’s Third Frontier Grant, the $250 Million Center launched in 2007 to attract and incubate cardiovascular innovation. Proxy Biomedical has applied for a GCIC grant. “We are delighted that Proxy is considering Cleveland and we look forward to working with them,” said GCIC CEO Mark Low.
The GCIC and its partners have been working with Proxy for more than a year, after initially connecting when Proxy gave a presentation at the Global Healthcare Investing Conference in 2007. A team from the Global Cardiovascular Innovation Center, the Cleveland Clinic and Team NEO visited the company at their Galway Ireland headquarters in September as part of a visit to Ireland organized by Enterprise Ireland. Subsequent visits by Proxy’s leadership to Cleveland solidified the company’s decision. The recruitment of Proxy to Ohio was a true team effort that included the Ohio Department of Development, The City of Cleveland, Team NEO, BioOhio, BioEnterprise, Case Western Reserve University, the GCIC, and the Cleveland Clinic.
This announcement comes on the heels of similar recent decisions by other leading global biomedical companies, such as GammaStar, ViewRay and M2M Imaging, who all chose Northeast Ohio for their US Headquarters in 2008. “Proxy Biomedical Limited’s decision solidifies an accelerating trend of global biomedical companies choosing Northeast Ohio for US market expansion,” said Tom Waltermire, CEO of Team NEO. Similarly, throughout the past eighteen months. “With our region’s world-renowned biomedical and educational institutions coupled with the low cost of doing business, the State of Ohio’s commitment to the industry, and our central location that provides efficient access to US and Canadian markets, Northeast Ohio offers unparalleled competitive advantage for growing biomedical companies.”
About Proxy Biomedical Limited:
Proxy Biomedical Limited is a leading innovator in the development of next generation medical products using proprietary biomaterials technology. The company is part of the vibrant life science cluster in Galway, Ireland and is committed to providing a value added service by assisting in translational research and development. At present, the company is involved in the research, development, and manufacturing of medical devices used in surgery, tissue engineering, and pharmacology.
Contact Information:
+353 91 896900
info@proxybiomedical.com
www.proxybiomedical.com
About the Global Cardiovascular Innovation Center:
The Global Cardiovascular Innovation Center (GCIC) is a $250 million cardiovascular research and product development consortium made possible through a $60 million grant from the State of Ohio's Third Frontier Project. Founded in 2007, GCIC is the first Wright Mega-Center of Innovation under this program. GCIC is led by the Cleveland Clinic and comprised of the following five leading Ohio institutions: Case Western Reserve University, The Ohio State University, The University of Cincinnati, The University of Toledo and University Hospitals of Cleveland. The GCIC is focused on the formation, attraction, expansion and retention of cardiovascular companies to create jobs and facilitate economic development in the State of Ohio.
About Team NEO:
Team NEO markets Northeast Ohio to attract business investment in targeted industry clusters. The organization is a joint venture of the largest metropolitan area chambers, representing 4 million people in 16 counties. Team NEO serves as a central resource, informing and serving those considering investment in Northeast Ohio and is a co-founder of the Cleveland Plus Marketing Alliance, a coalition to drive strategic, long-term marketing for Northeast Ohio. In 2007, Team NEO attracted 95 new qualified business investment leads that led to $46 million in new annual payroll and nearly $100 million in incremental annual economic impact for Northeast Ohio.
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