Clinic spins off biotechnology firm; hospital will split a 10% equity stake in company with NIH. (Cleveland Clinic Foundation; Cellect Therapeutics Inc.; National Institute of Health)

Crain's Cleveland Business | June 6, 1994| | Copyright

The Cleveland Clinic is forming a biotechnology company that it hopes will lead to new drugs for treating cancer, heart disease and viral infections, including AIDS.

The company, the first to be spun off by the Clinic, is called Cellect Therapeutics Inc. The Clinic's partners in the venture are the National Institutes of Health in Bethesda, Md., and the Castle Group Ltd., a venture capital company in New York.

The Clinic and the NIH will divide a 10% equity stake in the company and will share licensing fees and royalties. The Castle Group will try to sell the ...

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