In The News
By CHUCK SODER
Five technology-based startup companies have received a total of $275, ed 000 in grants from the Innovation Fund, run by the Lorain County Community College Foundation.
ReQuisite BioMedical LLC and Thermalin Diabetes Inc. each received $100,000 product validation grants. ReQuisite, which is working to commercialize cardiovascular balloons and stents with new coatings, will use the money to establish a Northeast Ohio headquarters and to further studies related to its technology. Thermalin, of Cleveland, will use the money to expand market research efforts and to cover regulatory and manufacturing expenses.
The three other companies each received $25,000 “proof of concept” grants.
ADAP Nanotech LLC of Akron will use the money to finalize a prototype of an adhesive that uses nanotechnology to increase the ability of circuit boards to dissipate heat. AMIDAC Global LLC of Cleveland will use the grant to further patenting and commercialization efforts for a wireless ignition system aimed at improving the safety of welding systems. Lifemedix LLC of Akron will use the money to finalize the design and prototype of and cover patent expenses for a hand-held intravenous pump designed to revive patients suffering from extremely low blood pressure.
The Innovation Fund has invested $2.65 million in 39 companies across Ohio since it formed in 2007.
By Morning Journal Staff
ELYRIA — Five companies shared in $275,000 awarded from the Lorain County Community College Foundation Innovation Fund yesterday.
It was the ninth round of funding from the Innovation fund, which has invested more than $2.65 million in 39 companies in Northeast Ohio, according to an LCCC release.
* ReQuisite, of Cleveland, received $100,000 to develop balloons and stents from non-toxic natural compounds to release drugs in diseased cardiac blood vessels to promote healing.
* Thermalin Diabetes, of Cleveland, received $100,000 to create a new generation of insulin-like treatments for diabetes.
* ADAP Nanotech, of Akron, received $25,000 for its work on a conductive adhesive for metals.
* AMIDAC Global, of Cleveland, received $25,000 to develop a wireless welding ignition system.
* Lifemedix, of Akron, received $25,000 to create a hand-held intravenous pump to resuscitate patients suffering from low blood pressure due to shock.
The Innovation Fund awards are made with money from Ohio’s Third Frontier Program, the Ohio Department of Development, the University of Akron, Youngstown State University, the Youngstown Business Incubator, the Great Lakes Innovation and Development Enterprise, JumpStart, Techlift and the Lorain County Commissioners.