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May 24, 2011

Targetech and BioEnterprise Join to Bring Biomedical Devices to Market

The Targetech Innovation Center, supported by a strategic partnership with the City of Akron, Ohio, announced today it is developing a technology pipeline to help companies which produce biomedical devices bring them to market in the United States.

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

The City of Akron and BioEnterprise will work together to establish a U.S. presence for the companies in the pipeline, as just they helped NI Medical, an Israeli company, in establishing its US presence.

“By focusing on markets and technologies where there is a strategic overlap between the incubator's pipeline and our local strengths we increase the likelihood of success and therefore drive IRR for Targetech’s investors,” said Neil Wyant, Targetech’s Akron-based chairman.  “The relationship with BioEnterprise brings strong resources to our effort to commercialize biomedical technologies locally.”

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 health care companies.

BioEnterprise partners are Case Western Reserve University, Cleveland Clinic, University Hospitals, Summa Health System, and the Austen BioInnovation Institute in Akron. The combined efforts of these groups and others working with BioEnterprise has resulted in the creation of more than 100 companies in eight years.

Targetech is a privately held, high technology incubator located in Central Israel. Under its business model Targetech engages US opinion leaders to provide early and ongoing guidance and strategic access to important world markets. In addition, Targetech provides financial and operating resources during the incubator period as well as access to follow-on financing.

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Deborah DiSesa Hirsch is an award-winning health and technology writer who has worked for newspapers, magazines and IBM in her 20-year career. To read more of her articles, please visit her columnist page.

Edited by Jennifer Russell
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