Life Science Company and Industry News Briefs

OSU Received $21 Million in Investment to Create Neurotechnology Hub

Posted by Anita Zhang on Mon, Jun 23, 2014

Ohio State University received a $21 million investment from the Ohio Third Frontier to create a consortium of groups, termed the Neurotechnology Innovations Translator, or NIT, to help create neurotechnology companies and high-tech jobs in Ohio. This four-year funding from the Ohio Third Frontier has brought the total commitment for the NIT to more than $140 million toward establishing a neurotechnology hub in the State of Ohio.

Neurological disorders affect more than one billion people across the globe and cost more than $2 trillion to treat each year. Neurotechnologies address and treat neurological disorders including:

  • Epilepsy
  • Alzheimer’s disease and other dementias
  • Cerebrovascular diseases, including stroke, migraine and other headache disorders
  • Autism
  • Psychiatric disorders
  • Chronic pain
  • Multiple sclerosis
  • Parkinson’s disease
  • Brain tumors
  • Traumatic brain injury

The collaboration between Ohio State University and the Ohio Third Frontier will leverage new knowledge and research to create a pipeline of innovative and compelling solutions for those with neurological disorders. The $21 million in research funding will establish Ohio State University as a global leader in neuroscience technology development, and will help the State of Ohio create more high-tech jobs and companies.

The Neurotechnology Innovations Translator, which will be based in Columbus, will identify and move technologies rapidly from concept to clinic, supporting new company formations to bring neurotechnologies to the marketplace.

The global neurotechnology market surpassed $5.8 billion in 2012, and has been projected to grow to $11.4 billion by 2016. The Neurotechnology Innovations Translator in Ohio State University is presenting a clear example of the power of partnerships to improve people’s lives. As Dr. Ali Rezai states, who is director of the Neuroscience Program at Ohio State University and an international leader in developing neuromodulation technologies, “Advances in neuroscience are rapidly changing the practice of medicine, yet we have only just scratched the surface as we continue to unlock the mysteries of the brain and nervous system, providing virtually limitless opportunities for discoveries and innovation to help adult and pediatric patients.”

This month Ohio State University also received an additional $1 million gift from the Ross Family to further advance nursing programs in the Richard M. Ross Heart Hospital, which is one of three Ohio State University’s hospitals. This gift is among the largest single gifts to nursing care in the country. The Ross family has donated approximately $13 million to various areas of Ohio State University.

Ohio State University is a richly funded research market for life sciences. The university has been ranked 3rd among all American universities for private industry sponsored research, and it spends at least $600 million in research each year. In 2013 Ohio State University has received more than $131 million in research funding from the National Institutes of Health and more than $66 million as of June 2014.

With a significant number of research programs ongoing, researchers at Ohio State University are seeking the best tools and equipment to help develop research progress and spare valuable research time. Laboratory supply companies cannot afford to miss the opportunity to network with academic researchers at Ohio State University. If you are a lab supply company and would like to demonstrate your products and services to Ohio researchers, Biotechnology Calendar, Inc. invites you to the 15th Annual BioResearch Product Faire™ Event at Ohio State University on August 7th 2014.

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Last year, the BioResearch Product Faire™ Event at Ohio State University attracted 364 attendees. Of these attendees:

  • 107 were purchasing agents, professors and post docs.
  • 48 were lab managers.
  • These attendees came from 35 different research buildings and 50 on-campus departments.

If you are interested in participation in the BioResearch Product Faire™ Event at Ohio State University on August 7th 2014, please click the button below:



Visit Here to Get More Info About Ohio State University Event


Biotechnology Calendar, Inc. is organizing more than 60 on-campus tradeshows at different institutions across the country, please read the Show Schedule for 2014.


Tags: 2014, Ohio State University, OhStu, Neurotechnology

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