Akron Relationship with Israeli Incubator, Targetech, Shows Promise

Strategic partnership Forged with BioEnterprise

AKRON, Ohio, and NETANYA, Israel, May 19, 2011 /PRNewswire-USNewswire/ -- The Targetech Innovation Center, supported by a strategic partnership with the City of Akron, Ohio, has a developing pipeline of biomedical device opportunities poised to begin commercialization partnerships in the United States.  

"This is an exciting development in the strategic partnership that we initially formed with Targetech.  From this effort, we will see more companies locating to Akron.  This will provide more jobs for our residents.  I am extremely pleased that this creative step I took several years ago has worked so well," said Mayor Donald L. Plusquellic.

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

"We are very fortunate to have the City of Akron and BioEnterprise as partners," said Azriel Kadim, CEO of Targetech.  "The City of Akron was an early investor in incubator companies at Targetech and we are now positioning our most promising biomedical companies to establish their US presence in Akron.  This new relationship with BioEnterprise will further enhance the likelihood of success of our portfolio companies."  

"BioEnterprise, and our Northeast Ohio economic development partners, have many years of experience in supporting Israeli companies such as NI Medical in establishing their US presence," said Baiju R. Shah, BioEnterprise President and CEO.  "We are pleased to be able to support the City of Akron's partnership with the Targetech incubator through this relationship."  

"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."

About Targetech:

Targetech Innovation Center is a dynamic high technology Incubator located in Netanya, Israel and operating under the Israeli Chief Scientist High-Tech Incubator Program.  Targetech has adopted a commercialization model focused on medical devices and biomaterial applications. Under this 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. By combining early market input and ongoing guidance, access to leading clinical resources in Israel and in the US, the model reduces market and technical risk thereby increasing the likelihood of global success.  For more information, see http://www.targetech.co.il.

About BioEnterprise:

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. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, NorTech, and BioOhio.  The initiative comprises the collective activities of BioEnterprise and its partners' commercialization offices: the Case Office of Technology Transfer, Cleveland Clinic Innovations, University Hospitals Case Medical Center - Center for Clinical Research and Summa Enterprise Group. The combined efforts of these groups has created, recruited, and accelerated more than 100 companies in eight years.  For more information, see www.bioenterprise.com.  

CONTACT: Kobi Elad of Targetech, [email protected], +972.988.5115

SOURCE Targetech Innovation Center