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    Abeona Therapeutics —Newest Addition to Cleveland's Health-Tech Corridor


    Abeona Therapeutics is the newest addition to the developing cluster of high tech and health tech companies locating in Cleveland’s Health-Tech Corridor. Abeona is focused on developing and delivering gene therapy and plasma-based products for severe and life-threatening rare diseases. Currently, Abeona is developing a gene therapy treatment for Sanfilippo Syndrome Type A and B.
     
    Sanfilippo is a genetic metabolism disorder that affects approximately 1 child in every 70,000 births. Sanfilippo is a progressive disorder that occurs due to improper cell function within the central nervous system (CNS), resulting in cognitive decline, motor dysfunction, and eventual death within 10-20 years. Abeona in partnership with researchers at Nationwide Children’s Hospital are currently conducting Phase I & II clinical trials.
     
    Abeona will occupy the approximate 16,000 square feet on the fourth floor of Midtown Tech Park’s 6555 Carnegie Avenue building, and will become Abeona’s operational headquarters. Abeona was recently acquired by Dallas-based PlasmaTech BioPharmaceuticals who adopted the Abeona Therapeutics name and installed Dr. Tim Miller as the CEO.  Dr. Tim Miller is dedicated to the Cleveland area as a graduate of John Carroll University and Case Western Reserve, and believes gene therapy is the future of medicine and that Cleveland is uniquely positioned to leverage the institutional assets of the Health-Tech Corridor and will become a leader of gene therapy research and production. 
     
    Abeona will also be building in Cleveland one of the first private gene manufacturing facilities, outside of research institutions, in the world. This will aid in advancing Abeona to the forefront of gene therapy research and manufacturing. Abeona is currently in design review with the Federal Drug Administration, and expects to receive approval early in 2016.
     
    The City of Cleveland is supporting the estimated $6.8 million project with a $180,000 Vacant Property Initiative Forgivable Loan and a $250,000 EDA Machinery Equipment Loan. Abeona expects to grow to approximately 37 full-time employees with a payroll of $2.4 million.

    To find out more about this project or how a VPI Loan or EDA Loan can assist your business please contact Zach Fela at 216.664.3605.
     
    Photo: 6555 Carnegie provided by Geis Companies