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Posted 12-6-00
CLEVELAND -- The representatives of the three institutions that are the founding members of the Cleveland Biotechnology Park ("BioPark") held the first meeting of the organization's Board of Trustees December 5. The BioPark is envisioned as a technology park in or near Cleveland's University Circle that will promote the region's economy by bringing together researchers from the participating institutions with their counterparts from industry. The focus of BioPark will be technology development and commercialization, and the development of biomedical business opportunities for the region.
The founding members and their representatives on the Board of Trustees for the Cleveland Biotechnology Park are:
Cleveland Clinic Foundation:
- A. Malachi Mixon III (chairman of the Cleveland Clinic Board of Trustees)
Chairman and chief executive officer, Invacare Corporation- Delos M. Cosgrove III
Chairman, Department of Thoracic and Cardiovascular SurgeryUniversity Hospitals of Cleveland:
- Henry L. Meyer III (Chairman of the University Hospitals Board of Trustees)
President and chief operating officer, KeyCorp- Farah M. Walters
President and chief executive officerCase Western Reserve University:
- John F. Lewis (Chairman of the University's Board of Trustees)
Managing partner-Cleveland, Squire, Sanders & Dempsey- David H. Auston
President of the University
The member representatives considered several measures related to the governance of the new, nonprofit entity that will develop and operate the BioPark. Among these were adoption of Articles of Incorporation, which will be filed with the Secretary of the State of Ohio in order to launch the new corporation.
The representatives also discussed the election of additional persons to serve as at-large trustees of the organization. The members agreed to invite representatives of Cleveland State University, the Northeast Ohio Technology Coalition (NorTech), and the NASA Glenn Research Center to serve as at-large trustees. In addition, John D. Wheeler, a partner in the law firm of Calfee, Halter & Griswold, was elected an at-large trustee.
All trustees will serve three-year terms or until their successors are elected, although a trustee may be re-elected at the end of his or her term.
The trustees also elected persons to serve as Officers of the Corporation for the coming year. They are:
The trustees agreed to request a six-month contract with the Edison BioTechnology Center, Inc., to provide for management of the new organization during its early development, and to furnish staffing and other assistance.
The initial charge to EBTC would be to develop a business plan for BioPark. Under such a contract, Dorothy Baunach, interim president of EBTC, would work with the officers of the Board of Trustees. EBTC will review a contract proposal at its next board meeting.
Founded in 1987, EBTC is a nonprofit consortium devoted to accelerating the growth of Ohio's biomedical industry. Each of the BioPark's founding member institutions is a charter member of EBTC.
To underscore their commitment to this joint venture, the member institutions collectively pledged $1,000,000 to underwrite in part the early funding requirements of the project.
The final item of discussion during the meeting focused on the future location of the BioPark. The trustees did not make a determination of a site to be used, and this discussion will continue at future meetings.