The Cleveland-based biomedical business incubator Bioenterprise will be dissolved and taken over by Case Western Reserve University (CWRU), the Cleveland Clinic and University Hospitals.
CWRU will continue to operate the business incubator and will purchase BioEnterprises’ real estate, including two floors of a condominium at 11000 Cedar Ave. in University Circle, according to a university media release.
"The university expects to develop plans for a revitalization and reimagination of biotechnology business incubation in the current space or elsewhere," the release said. CWRU is also developing a broader strategy around early-stage business development and said it is excited to have BioEnterprise as part of this important initiative.
Since its founding in 2022, BioEnterprises said it raised $2 billion in capital for around 350 companies.
Bioenterprise was hired to promote Cuyahoga County’s Global Center for Health Innovation, an arrangement that resulted in litigation over accusations of double billing in 2020.
