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Thursday, November 18, 2010

Israeli Biotechnology Start-Ups Flock to Ohio on State Incentives, Experts

David Walner
Bloomberg

As the Tel Aviv representative of the Ohio Department of Development, Rick Schottenstein said he’s barely able to keep up with his e-mail.

“It’s a total avalanche,” Schottenstein said, as Israeli biotechnology companies seek to link up with Ohio medical experts, clinics, and investors, Bloomberg Businessweek reports in its Nov. 19 edition. “Each week I meet two, three companies interested in finding a connection. It just doesn’t stop.”

Buttressed by state incentives and an Ohio venture capital fund dedicated to investing in Israel, biotechnology companies from that nation are flocking to Ohio, the seventh-most-populous state in the U.S. In the past eight years, at least 14 Israeli technology start-ups raised funds from Ohio-based backers, and at least six of these opened offices in the state, said Michael Goldberg, founder and managing partner of Cleveland-based Bridge Investment Fund LP.

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