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Health and Medicine

NEOMED is redirecting Austen BioInnovation money into scholarships
Second of the founding members explains the change in funding

Courtesy of Austen BioInnovation Institute
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The second of two founding members who are downsizing their investment in the Austen BioInnovation Institute says it will be putting the bulk of its money into med-school scholarships instead. 

The head of the Northeast Ohio Medical University, Jay Gershen, says the school and the Akron-based medical research organization are developing a new relationship.

LISTEN: More money for scholarships

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“We made a decision to do some realignment. And we’re very proud of the fact that $4 million went to the ABIA and helped them start their activity during their start up phase. But now they’re getting to a growth phase and during this phase, we’re realigning our resources. We’re going to provide up to $100,000 in a fee-for-service relationship with the ABIA.”

Akron General Health System – another of the five founding partners of the BioInnovation Institute – is also ratcheting back. 

The head of the institute, Dr. Frank Douglas, says it is seeking new partners and clients for its services. The institute started back in 2008, and has helped launch eight companies. But the Beacon Journal is reporting that its expenses outstripped revenues by nearly $7 million in 2012. 

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