Thursday, June 24, 2010

Dublin’s Cardiox awarded 3rd Frontier grant - Business First of Columbus

Dublin’s Cardiox awarded 3rd Frontier grant - Business First of Columbus

Nearly $2 million in funding through Ohio’s Third Frontier program could help a Dublin biomedical company bring technology closer to the market and establish a Columbus office for an out-of-state firm.

The Third Frontier Commission on Wednesday recommended about $4.9 million in funding for several projects statewide through its biomedical program. The awards, which require final approval from the state Controlling Board, are expected to leverage about $11 million in investments in the state.

The two projects that could benefit Central Ohio are:

• A $986,373 award for Cardiox Corp. of Dublin. The company is working on a project to finalize design and testing protocol for a device that detects shunts, or holes in the heart. Detecting the congenital defect, which in some cases can increase the risk of stroke, requires an expensive and elaborate procedure, but the state said Cardiox’s technology is a low-cost alternative.

• A $1 million award to Broomfield, Colo.-based Lanx Inc., which is looking to form a Columbus-based Ohio division to move toward commercializing a device that measures range of lumbar motion in patients with back injuries. The state says the technology could lead to more effective treatment. Among Lanx’s several collaborators is Ohio State University.

The Third Frontier program has created or commercialized more than 600 companies and attracted nearly $5 billion in private investment since its launch in 2002.


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