"The Third Frontier Program is eager to invest in innovative technologies like Arteriocyte's that advance the biomedical industry in the state," said Norm Chagnon, Executive Director for the Ohio Third Frontier for the Ohio Third Frontier. "The company has a proven track record of developing world-class technologies and growing the talent-base in the region, while creating jobs and revenue for the State of Ohio."
Arteriocyte CEO Don Brown said, "Ohio's Third Frontier Program has been one of Arteriocyte's earliest and most consistent investment partners. Their support has been a driving force contributing to the growth of our company and rapid development of these novel technologies. Today's award will enable Arteriocyte to advance our NANEX™ products forward to clinically relevant cellular therapy products here in Northeast Ohio."
Arteriocyte, a leading clinical stage biotechnology company, is dedicated in developing novel stem cell products and medical devices for unmet clinical needs. Arteriocyte leverages its expertise in stem cell and tissue engineering in order to develop a broad portfolio of cell based therapeutics to improve patient outcomes. In October of 2007, Arteriocyte partnered with DW Healthcare Partners and Comerica to create Arteriocyte Medical Systems Inc., in order to commercialize and distribute novel medical devices and point of care surgical solutions to address serious unmet medical needs in cardiac, orthopedic and vascular surgeries. Arteriocyte Medical Systems manufactures and distributes the Magellan® Autologous Platelet Separator System.
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