Israeli Biomedical Company to Locate in Central Ohio

Three Israeli heart companies have announced they will set up shop in Ohio as part of investments from the Global Cardiovascular Innovation Center (GCIC), a program sponsored by Ohio’s Third Frontier.  One of the companies, Sensible Medical, is likely to locate in Columbus by the end of the summer to work with OSU’s Dr. William Abraham, an international researcher in heart failure.  Sensible Medical’s device quickly detects fluid in the lungs, a leading symptom of congestive heart failure.  GCIC officials report Sensible Medical already has received a terms sheet from a “large venture fund.” 

The other two Israeli companies who received GCIC funding are Cardiostar Ltd., which is developing a non-invasive way to monitor blood pressure beat-to-beat and Vasostar which is developing a catheter that would better break up artery blockages known as total chronic occlusion.  These companies have entered a joint venture arrangement with the Frantz Group out of Mentor, Ohio.

GCIC invested a total of $1 million in the three Israeli companies. The center invested an additional $500,000 in two other biomedical companies including Central Ohio’s EXCMR which is developing a treadmill capable of working alongside MRIs.  Cleveland’s Navis Medical also received GCIC funding. 

GCIC, a statewide consortium of companies and institutions dedicated to developing, incubating and commercializing cardiovascular technology in the State of Ohio, is the state’s first Mega Wright Center of Innovation. It was founded in 2007 through a $60 million Third Frontier grant and represents a product commercialization effort in the neighborhood of $250 million. GCIC represents an exciting opportunity for the state to establish itself as a leader in cardiovascular technology and reap the rewards of the high paying jobs associated with this distinction. 

Proposals for GCIC’s next round of funding are due July 2, 2009.

For more information, see www.gcic.org