|
|
|
|
|
|
|
|
|
|
||||||||||||||||
 |
|||||||||||||||||||||||||
Case Studies
Athersys, Inc.
Athersys, Inc. is a Biopharmaceutical company formed in December 1995 to research and develop products for the treatment of human diseases. Athersys’ mission is to lead the biopharmaceutical industry in the identification, development and commercialization of therapeutics that extend and enhance human life. The company’s research and development programs are focused on its two technologies: the RAGE technology and the Synthetic Microchromosome Vector System. Since its inception, Athersys has attracted more than $85 million in funding through institutional financings and strategic partnerships.
Athersys’ current objective is to use its technologies to become a leading provider of functional genomics capabilities and drug development tools. The long-term goal is to develop and commercialize therapeutics. Athersys intends to leverage its technology through strategic partnerships to become a leading provider of functional genomics resources and identify therapeutic product development opportunities. Athersys has alliances with leading biotechnology and pharmaceutical companies, as well as clinical research centers including: Bristol-Myers Squibb, Medarex, 3-Dimensional Pharmaceuticals, Elan, Acorda Therapeutics, Molecumetics, The Cleveland Clinic Foundation, Case Western Reserve University, and the University of Alabama at Birmingham.
After being located in the Enterprise Development Inc. Biotechnology incubator from 1996 to early 2000, Athersys expanded into new facilities in the downtown Cleveland. The original project included improvements for the 32,574- square-foot leased building at 3201 Carnegie Avenue in Cleveland, and the purchase of laboratory furniture, equipment and fixtures. The property previously was used by Acromed, a biomedical device company that had been acquired and subsequently relocated to New Jersey. With the assistance of National City Bank and Growth Capital Corp. through the Ohio 166 loan program, the project was completed in 2000.
At the start of the project, Athersys employed 31 people. By the end of 2000, the company had created 37 jobs, which exceeded the 20 new jobs committed to when the loan was prepared. As of Oct. 2001 Athersys employs 128 people.
“The assistance of Growth Capital permitted Athersys to complete our business expansion with reasonable interest costs and provided a five year term for our expansion financing,” says Gil Van Bokkelen, President and CEO of Athersys. “Growth Capital and the Ohio Department of Development have permitted us to use our venture capital funding more efficiently, and as a result, we have created many additional high quality jobs right here in Cleveland.”
For more information on the services of Growth Capital Corp., contact (216) 592-2233.
"Providing Creative Financing Solutions for Small Businesses"
Home
About UsCase StudiesExamplesStaff ProfilesCalculatorProgramsNews