Philips Healthcare injects $33 million into Cleveland medical imaging center

June 4, 2010 by MedCity News

Philips Healthcare investing at least $33 million in a medical imaging research and development center at University Hospitals Case Medical Center in Cleveland, Ohio.

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By Mary Vanac

Philips Healthcare is investing more than $33 million in the first phase of a medical imaging research and development center at University Hospitals Case Medical Center in Cleveland.

The investment by the Dutch imaging technology company — which could double if a second phase follows — was announced at an afternoon press conference along with the $5 million Ohio Third Frontier grant that landed it.

Ohio is putting $5.25 million toward two projects — including the Philips project — to develop healthcare and biomedical device technology organizations in Cleveland and Northeast Ohio, Gov. Ted Strickland announced during the conference.

The remaining $250,000 will go to a grant administered by the Ohio Department of Development to support Cleveland Health-Tech Corridor partners as they attempt to attract more biomedical, healthcare services and technology companies to the area along Euclid Avenue between East 22nd Street and University Circle.

That grant was part of the Ohio Hub of Innovation and Opportunity designation, which Strickland bestowed on the corridor during the press conference.

The Ohio Hub program is aimed at helping regions attract clusters of connected businesses, landing investments and workers to create growth in Ohio’s key industries. The first hub is in Dayton, Ohio. Cleveland is the second hub.

The corridor starts at East 22nd Street and extends east, roughly following Euclid Avenue, to University Circle ’ near the main campuses of the Cleveland Clinic and University Hospitals. The corridor includes seven institutions, seven incubators for young companies, and more than 75 biomedical and 45 technology companies.

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