CleveX has been awarded $637,500 from the Innovation Ohio Loan Fund. The loan will be used for development and acquisition of tooling, molds, and machinery and equipment.
This project will allow the company to develop the new ExiClip-L, increase production capacity, improve quality, and lower production.
The development will result in new medical device jobs. This $850,000 project is expected to create 10 jobs and assist in retaining three positions.
The development emerged as Ohio Governor Ted Strickland and Director of the Ohio Department of Development Lisa Patt-McDaniel confirmed that loans valued at more than $41.5 million have been recommended by the Development Financing Advisory Council. The loans support six economic development projects that are expected to leverage more than $59.6 million in capital investment. CleveX’s project is one among the ones that Development Financing Advisory Council has approved for financing for additional expansion projects.
The Development Financing Advisory Council approves all low-interest, long-term, fixed-asset loans for companies considering expanding in or relocating to Ohio.
CleveX is a medical device company, founded in 2003 in collaboration with Cleveland Clinic, which specialises in the development of innovative skin biopsy, closure and repair solutions for use in primary care, family, OB/GYN and dermatology physician practices.
The company’s flagship product, ExiClip, is a disposable single-step skin lesion removal and sutureless closure device. ExiClip is a sutureless and bloodless skin biopsy procedure that Reduces procedure time to less than 10 minutes vs. 20 to 30 minutes, according to the company. It saves procedure time and improves physician office workflow and workload, reducing a 20-30 minute procedure to 10 minutes or less. The closure optimises cosmetic patient outcomes – virtual elimination of scar tissue.
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