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Ohio city sets up $1.5M fund seeking biomed jobs

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The Associated Press 9:31 AM Wednesday, October 26, 2011

AKRON, Ohio — A northeast Ohio city known for its long history of tire manufacturing now hopes to attract biomedical companies with a $1.5 million fund.

Akron BioInvestments Funds will soon begin accepting applications. The money will target companies that focus on orthopedics, wound healing, cardiovascular science, biomaterials, medical information technology and medical devices.

The fund was created by the city of Akron and got a boost with initial investments from companies including Medical Mutual and FirstEnergy.

Mayor Don Plusquellic (pluhs-KWEHL'-ihk) said Tuesday that he wants the fund to respond quickly to investment opportunities.

Companies receiving loans or grants must commit to keeping an Akron headquarters or plan to establish a presence in the city.

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Information from: Akron Beacon Journal, http://www.ohio.com

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October 26, 2011 01:28 PM EDT

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