The Ohio Third Frontier Commission on Thursday awarded University Hospitals a $500,000 grant to help speed up the development of promising biomedical technologies.
UH will match the grant from the Ohio Third Frontier Technology Validation and Start-up Fund to bolster the hospital system’s technology venture fund, and expects to be able to fund eight to 10 projects with the money.
“This support from the State of Ohio is very important in helping us move new biomedical devices, technologies and services that have the potential to improve medical care from the concept phase to the testing and prototyping phases,” Dr. Daniel Simon, UH Cleveland Medical Center’s president, said in a news release.
The Third Frontier, founded in 2002 by former Ohio Gov. Bob Taft, is run out of the state’s Department of Development and has invested $77 million in 315 companies. The technology validation and start-up fund awards money to support technologies developed at Ohio research institutions and spin-off companies that license the technologies.
“These funds will help us with the work needed to make tomorrow’s technologies a reality,” Stephen Behm, project director for the fund, said in a written statement.