CLEVELAND, Nov. 15 /PRNewswire/ -- Cleveland's BioEnterprise Corporation
will lead a formal program to attract bioscience companies to Northeast Ohio,
announced company President Matt Jennings.  The multi-faceted program is
expected to be the source of a significant number of the eight to twelve
client partnerships the company will enter into each year.
    "In its business planning process, BioEnterprise identified three
potential sources of business partnerships: The existing entrepreneur and
company base in Northeast Ohio, spin-outs from our research institutions, and
company recruitment," said Jennings.
    "While the local and institutional pipeline builds, we have made one of
our primary objectives the recruitment of promising bioscience companies --
and investment capital -- to the region, from both domestic and international
locations."
    Recruitment targets will include companies that match local research and
market strengths and seek mission-critical management and support services in
entering the U.S. market, which is the single largest in the world, said
Jennings.
    "We will be working through several channels, including the Cleveland
Foreign Consular Corps (CFCC), and other community foreign affairs leaders,"
he continued.  "They will assist us in identifying the proper contacts -- both
in the venture capital and bioscience business communities -- in our targeted
areas.  We will then establish relationships with these key bioscience
individuals and organizations. We expect that the result will be the infusion
of both companies and capital into the Greater Cleveland area."
    Michael Miller, Honorary Consul with the Consulate of Sweden in Cleveland,
noted that the Swedish government has targeted the biosciences industry as an
area of significant potential interaction with American companies.  "I believe
that a relationship with BioEnterprise and its recruitment program will
advance our mutual goals in this area," he said.   "I am quite certain my
counterparts from other nations will also be enthusiastic participants."
    As a critical component of the recruitment effort, BioEnterprise will
continue to work with the Ohio-Israel Chamber of Commerce (OICC), the Greater
Cleveland Growth Association, and other Cleveland organizations to attract
bioscience technology companies to the region from Israel.  Earlier effort
directed toward Israeli companies has already resulted in two firms --
Simbionix and Quark Biotech -- establishing operations in Cleveland, and
BioEnterprise is helping to lead a "reverse" trade mission that will bring
Israeli company representatives to Cleveland in January 2003.
    Another early focus will target technologies from the former Soviet Union
("FSU").  One company based on FSU technology -- Imalux -- has already located
to Cleveland.
    Later efforts will be directed to Singapore, Taiwan, and India.
    "We expect some of the recruitment efforts to produce results quickly,
building the pipeline of technologies and companies in the region," stated
Jennings.  "As a secondary benefit, we expect to see an increase in external
investment in the community not only for companies that might choose to
relocate here, but for our existing company base as well."
    "The BioEnterprise recruitment program is a win-win situation for
companies that are already here," said Athersys President & CEO Gil Van
Bokkelen.  "As they build interest and attract capital to the region, we'll
all gain additional visibility in the international capital and bioscience
communities."
    BioEnterprise Corporation is a business formation and acceleration company
committed to supporting the growth of bioscience companies.  BioEnterprise
provides mission-critical senior management and support services to early
stage companies. The BioEnterprise management team is unique in that it is
comprised of executives with extensive experience in growing bioscience and
technology companies.
    Located in Cleveland, Ohio, its founders and equal partners are Case
Western Reserve University, The Cleveland Clinic Foundation, and University
Hospitals Health System, Inc.  Additional regional technology partners include
the NASA Glenn Research Center and Cleveland State University.

Link to this page: