NI Medical gets $350,000 loan from Ohio's GCIC

The company will open an office in Akron.

Israeli medical device maker NI Medical Ltd. has obtained a $350,000 forgivable loan from the Global Cardiovascular Innovation Center (GCIC), a development consortium led by the Cleveland Clinic, and will open an office in the Akron Global Business Accelerator. The city and state of Ohio will also $150,000 in provide job-creation tax credit incentives.

NI Medical has developed the NICaS, a new impedance medical laptop, which the US Food and Drug Administration (FDA) has approved for cardiac diagnosis.

Akron City Hall said that NI Medical is the second Israeli company open an office in Akron since the city acquired the controlling interest in Targetech Innovation Center in 2006, said Robert Bowman, the city’s deputy mayor of economic development.

In May 2009, GCIC invested in three Israeli cardiovascular start-ups to develop their products in Ohio: CardioStar Inc., Sensible Medical Innovations Ltd., and VasoStar Inc.

Published by Globes [online], Israel business news - - on January 31, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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