Ohio officials are hoping that a multi-million award to the biotechnology industry will help boost innovation and education in order to create more jobs in the field. The move comes in the wake of a new report that second quarter earnings for the sector rose despite a stalled economic rebound.
The Ohio Third Frontier recently announced the award package that will go toward state healthcare and biotechnology programs to accelerate growth in the biomedical and medical imaging fields.
Under the initiative, the biomedial and imaging sector will receive $8 million including almost $1 million to the Cleveland-based Arteriocyte Incorporated, which is working with Ohio State University to develop stem cell expansion for clinical applications, and the West Chester-based ArtiCure Incorporated, which was given $1 million to make and market clips used in open heart surgery.
Financial analysts said that the biotechnology field is proving to be a top performer on Wall Street after some top stocks fell on news of deflated sales.
The Record reports that overall stocks fell an average of 0.4 percent in the second quarter of this year, while biotechnology and healthcare stocks saw an average gain of 7.3 percent during the same time period.

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