October 6, 2008
Global Cardiovascular Innovation Center Awards $496,000 to Arteriocyte
Arteriocyte, a clinical stage biotechnology company announced today that the company has been awarded $496,000 through the Global Cardiovascular Innovation Center (GCIC), to continue clinical research on its lead stem cell therapy (ACY001) for use in chronic coronary ischemia. This funding is in addition to the first year GCIC support received in 2007, to accelerate the company's cardiac stem cell therapy development. Under the GCIC project, Arteriocyte participates as one of a number of companies working as research partners with the Cleveland Clinic.
Arteriocyte, a clinical stage Biotechnology Company with facilities in Cleveland, Ohio and Hopkinton, Massachusetts, is developing proprietary stem cell therapies for human clinical applications. Arteriocyte's goal is to develop commercially available stem cell based therapies using multiple sources of adult derived stem cells (marrow, peripheral and cord blood, and cartilage). In October of 2007, Arteriocyte partnered with DW Healthcare Partners and Comerica to create Arteriocyte Medical Systems Inc., in order to commercialize and distribute novel medical devices and point of care surgical solutions to improve patient outcomes. Arteriocyte Medical Systems has a strategic partnership with Medtronic that includes a worldwide exclusive distribution agreement for Arteriocyte Medical System's Magellan(TM) Autologous platelet separation device by Medronic's Cardiac Surgery division. The Magellan(TM) system is in use in over 400 surgical centers worldwide.
The Global Cardiovascular Innovation Center (GCIC) is a $250 million research and product development consortium made possible through a $60 million grant from the State of Ohio's Third Frontier Project. Founded in 2007, the consortium is led by the Cleveland Clinic and is comprised of Case Western Reserve University, The Ohio State University, The University of Cincinnati, The University of Toledo and University Hospitals of Cleveland along with leading industry and economic development partners. GCIC is focused on developing, incubating, and commercializing innovative cardiovascular technology for the benefit of patients worldwide and to facilitate economic development in the State of Ohio. http://www.gcic.org
About the Third Frontier Project
Ohio's Third Frontier Project is the state's largest-ever commitment to expanding Ohio's high-tech research capabilities and promoting innovation and company formation while creating high-paying jobs. The 10-year, $1.6 billion initiative is designed to build world-class research capacity, to support early stage capital formation and the development of new products, and to finance advanced manufacturing technologies to help existing industries become more productive. Through Ohio's Third Frontier Project, additional federal and private sector support can boost the total investment to more than $6 billion.