CLEVELAND, Ohio — The Global Cardiovascular Innovation Center in Cleveland is looking for young companies that need financial and developmental help to take their heart-related products to market.
The GCIC, as it is commonly known, is a consortium of research and medical institutions, economic development organizations and companies headed by the Cleveland Clinic. The center is aiming to help launch medical devices, drugs, therapies, equipment and other cardiovascular products that can treat patients’ hearts.
It’s also aiming to create jobs and is planning a building at the Clinic’s main campus on the East Side of Cleveland. Many of the companies that receive grants from the center are expected to take up at least temporary residence at the building.
Already, the GCIC has made nearly $12 million-worth of grants to 35 companies for 40 projects, said Tom Sudow, director of business development for the center.
The largest grant was for $1 million and the smallest, $25,000, Sudow said. But grants average around $300,000.
Though most of its grants go to Ohio-based companies — and companies must have a presence in the state to qualify for grants — the GCIC has granted money to companies in Israel and Switzerland, as well as in North Carolina, Massachusetts and Maryland, Sudow said.
The next grant round starts on May 8 when the GCIC expects to post a request for proposals at its Web site. Interested companies can find information and apply online. The proposals are due by July 2.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The GCICÂ was started in late 2006 with a $60 million grant (pdf) from Ohio’s Third Frontier project.
