COLUMBUS (December 3, 2001) — Governor Bob Taft today announced state assistance for NeoMed Technologies, a start-up company committed to becoming the nation’s leading provider of early diagnostic services for coronary artery disease. The $6 million project to be located in Cleveland, is expected to result in the creation of 50 high-paying jobs within the first three years of operation. Today, the Ohio Tax Credit Authority approved a 60 percent, six-year tax credit for the proposed facility, which will initially be housed at Case Western Reserve University, before relocating to Cleveland’s Midtown Corridor within the next six years. NeoMed will offer high-quality cardiac diagnostic tests using patent-pending technology. These efforts will result in improved heart health for patients, increased awareness and identification of coronary artery disease, and cost savings for third-party payers by eliminating unnecessary testing for patients who test negative with the NeoMed exam. “This project promises to clearly demonstrate Ohio’s commitment to new technology and will ultimately make a tremendous difference in the lives of individuals in Ohio and around the world,” Taft said. “I am encouraged to see a project of this magnitude taking place within the state.” NeoMed plans to construct a patent-pending device that shows dynamic cardiac function, the cause of coronary artery disease. The initial prototype has yielded a detection rate of coronary artery disease with 98 percent accuracy, an improvement over current machines that yield only 70 percent accuracy. Ohio was in competition with Virginia for this project.