Lorain County Community College Foundation’s Innovation Fund issues grants

By: | Tags: | Comments: 0 | October 15th, 2010

By CHUCK SODER
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Five technology-based startup companies have received a total of $275, ed 000 in grants from the Innovation Fund, run by the Lorain County Community College Foundation.

ReQuisite BioMedical LLC and Thermalin Diabetes Inc. each received $100,000 product validation grants. ReQuisite, which is working to commercialize cardiovascular balloons and stents with new coatings, will use the money to establish a Northeast Ohio headquarters and to further studies related to its technology. Thermalin, of Cleveland, will use the money to expand market research efforts and to cover regulatory and manufacturing expenses.

The three other companies each received $25,000 “proof of concept” grants.

ADAP Nanotech LLC of Akron will use the money to finalize a prototype of an adhesive that uses nanotechnology to increase the ability of circuit boards to dissipate heat. AMIDAC Global LLC of Cleveland will use the grant to further patenting and commercialization efforts for a wireless ignition system aimed at improving the safety of welding systems. Lifemedix LLC of Akron will use the money to finalize the design and prototype of and cover patent expenses for a hand-held intravenous pump designed to revive patients suffering from extremely low blood pressure.

The Innovation Fund has invested $2.65 million in 39 companies across Ohio since it formed in 2007.