After some legislative back and forth, a new round of
Ohio Third Frontier funding is headed for voter approval. Voters in May will decide whether to put $700 million into the high-tech job growth program. Lawmakers passed legislation sending the funding measure to the ballot last week.
The 10-year $1.6 billion state initiative aims to grow Ohio's economy by investing in key competitive economic sectors: advanced and alternative energy, biomedical, advanced materials, instruments, controls, electronics and advanced propulsion. The effort launched in 2002.
An Ohio Business Roundtable study in December reported a 22 percent annual return on Ohio Third Frontier investment. The study found that since 2005, 50 percent of the investment had already been repaid in increased sales and income tax collection, and estimated the entire amount would be repaid by 2014.
In Cincinnati,
CincyTech's seed-stage venture capital fund was launched with $14.8 million from Ohio Third Frontier and has invested $3.7 million so far in 12 Southwest Ohio start-up technology companies.
CincyTech portfolio company
AssureRx is just one of the region's early success stories. Last fall, the Mason-based company announced a full launch of its first commercial product, GeneSightRx.
The lab-developed, pharmacogenetic test will measure and analyze genetic variants in psychiatric medicine and assess how individuals respond to the drugs they receive. The test will help doctors determine the appropriate drug and dosage for each patient's individual needs, which could lessen side effects in patients taking them.
"We are pleased with the outcome of legislators' vote on Ohio Third Frontier. The compromise was bi-partisanship at its best, in support of a program that is stimulating the growth of new technology-based industries and companies in Ohio," said Bob Coy, president of CincyTech.
Writer: Feoshia Henderson
Source: Carolyn Pione, CincyTech Communications Director and Third Frontier
Follow Feoshia on Twitter
@feoshiasoapbox.com
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