Austen BioInnovation Institute and Lubrizol Announce New Strategic Innovation Partnership

AKRON, Ohio, Dec. 21, 2011 /PRNewswire-USNewswire/ -- The Austen BioInnovation Institute in Akron (ABIA) and The Lubrizol Corporation in Wickliffe jointly announce today a strategic partnership to share expertise while discovering, developing and commercializing novel and emerging technologies.

The partnership combines the polymer science and clinical orthopedic and wound care expertise of ABIA with Lubrizol, a key medical polymer innovator, globally recognized as a leader in the specialty chemical industry.  Participation in the ABIA program is meant to enhance the pace of innovation across a wide range of healthcare organizations, with the potential to increase research and development funding and employment in high-tech and high-growth sectors.

The partnership will provide Lubrizol opportunities for collaborative research and product development among industry, academia, clinical care and government; the ability to pursue 'big ideas' in pre-competitive research and development; and access to materials and biomaterials expertise and resources for future applications. In return, ABIA and those in its founding member institutions will have access to the expertise of an innovative and diverse corporation that has a global footprint and a history of chemistry, engineered polymers and consumer specialty products advancements in Europe, Asia and North America.

Deb Langer, Lubrizol general manager-lifescience polymers says, "Developing this relationship with ABIA will provide Lubrizol the opportunity to better understand a patient's needs in order to design and develop effective polymer solutions."

"Partnering with Lubrizol is strategically important for the Austen BioInnovation Institute and our region," says Dr. Frank L. Douglas, ABIA President and CEO. "It provides an opportunity to not only enhance new product development efforts in biomaterial applications in orthopedics and wound care, but also allows two Ohio-based entities to add to the regional and state economic capabilities and reach."

About the Austen BioInnovation Institute in Akron
The Austen BioInnovation Institute in Akron (ABIA) – an exceptional collaboration of Akron Children's Hospital, Akron General Health System, Northeast Ohio Medical University, Summa Health System, The University of Akron and the John S. and James L. Knight Foundation – is focused on patient-centered innovation and commercialization at the intersection of biomaterials and medicine. The strategic alignment of public and private support, accompanied with Akron's rich legacy in materials science, is working to pioneer the next generation of life-enhancing and life-saving innovation that will transform Akron into a model for biomedical discovery and enterprise and move the region toward a secure economic future by accelerating the creation of more than 2,000 jobs during the next decade. For more information about ABIA, please visit www.abiakron.org.

About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is an innovative specialty chemical company that produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.

With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 7,000 employees worldwide. Revenues for 2010 were $5.4 billion. For more information, visit www.lubrizol.com.

Media Contacts
Lubrizol: Laura Hall, 216-447-6782, [email protected]
ABIA: Scott Rainone, 330-572-7581, [email protected] 

SOURCE Austen BioInnovation Institute in Akron