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Akron, Ohio

Netherlands Biomedical Company Opens US Operations in the Akron Biomedical Corridor

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Quest Medical Imaging to join the Growing Medical Imaging Cluster in NEO

City of Akron Press Release
Published: 09-09-2013

          Akron, Ohio (September 9, 2013) –  The City’s Akron Development Corporation, through its Akron BioInvestment Funds, LLC, and Team NEO, have announced that Quest Medical Imaging (Quest), a biomedical company from the Netherlands, is locating its U.S. headquarters in the Akron Global Business Accelerator, an initiative of the City of Akron.

          Quest (http://www.quest-mi.com) has received Akron BioInvestment funding to commercialize its Artemis Handheld System, the worlds’ first simultaneous full-color and fluorescent medical imaging system. This innovative imaging device allows surgeons to see a real-time view of tissue and images that were previously unattainable enabling surgeons to more accurately perform surgery on tumors which reduces damage to healthy tissue and nerves.  Artemis applications include oncology, cardiovascular, plastic surgery and more.

          The Akron BioInvestment funding will help Quest in further product development and in commercializing its technologies in North America. 

          “This is exactly why the City created the Akron BioInvestment Funds, LLC -- to attract companies like Quest -- companies that help expand our biomedical infrastructure, creating more jobs for our citizens,” said Mayor Don Plusquellic. 

          Quest Medical is part of the Quest Group, a company that “develops and manufactures high quality multi-spectral cameras and dedicated software for advanced imaging applications…for defense & security, science & life science, medical industry, agriculture and industry,” according to the company’s website. (www.quest-innovations.com)

           “Akron is an ideal location for our US headquarters,” noted Richard Meester, President/CEO of Quest Medical Imaging.  “The ability to be within a few miles of several major hospitals, a short flight from our key customers and a large potential customer base, and within close proximity to the skilled students coming out of the local Universities, makes Akron a perfect landing spot.”

           “Quest considered many locations nationally during the two years that we worked with them,” said Tom Waltermire, CEO of Team Northeast Ohio (Team NEO).  “In the end they chose Northeast Ohio, which underscores our region’s ability to compete for and win foreign investments.”

           “This collaborative effort further reinforces the Technology Bridge Initiative of the City of Akron and its ability to attract cutting edge technology to Akron,” said Bob Bowman, Akron’s Deputy Mayor for Economic Development, Chairman of the Akron Development Corporation/Chairman of the Akron BioInvestments Funds, LLC.

About:

The Akron BioMedical Corridor public-private partnership is a unique cluster of hospitals, universities, biomaterials R&D organizations, and startup biomedical companies that merges the city’s established expertise in biomaterials science with strong healthcare assets and cutting-edge technology. For more information, visit http://www.akronbiomedicalcorridor.com

Akron BioInvestments Funds, LLC, an initiative of the Akron Biomedical Corridor, was established by Mayor Plusquellic in 2011 with capitalization of over $1.5 million in the first Fund (Funds I). The goal of the Fund is to support growth and attraction of national and international companies that focus on orthopedics, wound healing, imaging, cardiovascular science, the use of biomaterials, the use of medical information technology, and the development of medical devices.   Investors in the Funds I include Medical Mutual, First Energy, NEOMED and Cascade Capital. Plans are in progress to start raising funds for Funds II.

The Akron Global Business Accelerator, an initiative of the City of Akron, provides entrepreneurial support to technology-based start-ups in diverse fields, including biomedical, energy, advanced materials, IT, instruments, controls and electronics.  The Accelerator has been nationally recognized for its innovation, having assisted client companies in securing $115 million in investment, and generating 639 new high-paying jobs, $295 million in sales, and $104.5 million in payroll since 2008. For more information, visit http://www.AkronAccelerator.com

Team NEOis a nonprofit business attraction and growth organization that markets Northeast Ohio to the world, attracts new businesses and helps those that are here grow.  We are the Northeast Ohio regional partner for JobsOhio, a private, nonprofit corporation that drives economic development and job creation for the state. We also work closely with economic development organizations across our 18 counties. Since 2007, we have attracted 72 new company operations, more than 6,200 new jobs and $266 million in annual payroll to Northeast Ohio. Since becoming a JobsOhio regional partner in 2011, we also have helped 162 companies within Northeast Ohio create or retain almost 45,000 jobs and add more than $3 billion in capital investment. For more information, visit www.clevelandplusbusiness.com.

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Mayor Don  Plusquellic

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