The Northeastern Ohio Universities Colleges of Medicine and Pharmacy is moving forward with plans for a 77,000-square-foot research facility on its Rootstown, Ohio, campus after a state board gave the thumbs-up to a $42-million bond issue to finance the project.
The Ohio Board of Regents, the agency that coordinates higher education in the state, has posted for public comment NEOUCOM’s proposal (pdf). The proposal will be posted for two weeks, then the board’s chancellor expects to approve the application to issue the bonds, according to a statement from the Board of Regents.
“Barring any unseen circumstances, this should help NEOUCOM grow and support the fast-growing biomedical industry in Ohio,” said Chancellor Eric Fingerhut, who directs the Board of Regents.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
The bonds will be paid off by using tuition and fee revenue with no additional cost to students, according to the statement. NEOUCOM’s board of trustees approved the proposal in September.
NEOUCOM will hire 60 permanent research faculty and staff to operate the new facility, according to the statement.
The 77,000-square-foot facility would increase support for research on the treatment of a number of conditions, including cardiovascular diseases, obesity, diabetes, osteoarthritis, Alzheimer’s disease and cancer.
“Educating students is our first priority, but we believe research really supplements or augments that experience because it allows our faculty to be able to share the work they do,” a NEOUCOM spokeswoman told Crain’s Cleveland Business.
NEOUCOM recently began the process of changing and shortening its name. In the future, it’ll be known as Northeast Ohio Medical University, assuming the state signs off on the change.
