Posted: Monday, November 22, 2010
Chinese investors are sinking millions of dollars into a start-up medical technology company in Akron. ideastream's Bill Rice reports it's being touted as one of the largest single investments in Northeast Ohio's growing biomedical manufacturing sector.
The deal brings an infusion of 18 million dollars to FMI Technologies to design and manufacture new high-tech medical imaging devices in Akron’s Biomedical Corridor. It was finalized during a recent trip to China by Akron Mayor Don Plusquellic and several other city officials, including Deputy Mayor for Economic Development Bob Bowman, who describes the device this way.
BOWMAN: “It combines three types of imaging that are now used - what we call CT scanning, PET scanning and SPECT scanning all into one.”
That, Bowman says, allows doctors to not only see parts of the body - specifically, the heart, the brain, breast and bone - but also how well they are functioning. It will provide a superior and more cost effective way method of early detection and monitoring of a wide variety of diseases and disorders, from heart disease to breast cancer, alzheimers disease and even schizophrenia, according to FMI’s website.
FMI, hatched in Akron’s Global Business Accelorator, has had little luck in attracting American investors, Bowman says. Chinese investment in American technology companies has so far been rare in Northeast Ohio, says Beju Shaw, CEO of the regional biomedical business development group BioEnterprise.
SHAH: “We’ve had companies that have raised money from Singapore-based investors, from Hong Kong-based investors, from Japanese investors…”
But aside from the source, this investment, Shah says, is especially noteworthy.
SHAH: “No one has raised such a significant sum in one traunch from Asia as FMI has just received from their Chinese investment.”
FMI expects to add 20 employees in the short run, with as many as 100 to be added by 2013. The company may manufacture the imaging device in China for the Chinese market down the road, but CEO William McCroskey says it will be made in exclusively in Akron for now, and that he will use Akron area companies as suppliers whenever possible.
Bill Rice, 90.3
Economy, Regional Economy/Business - Analysis and Trends, Regional Economy/Business - News, Government/Politics, Health, Other, Technology
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