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Ill. to help fund new center for medical startups

Published: Tuesday, Jan. 28, 2014 1:00 p.m. CST

CHICAGO (AP) — The state of Illinois will provide a $2.5 million grant to help open a center for medical technology startups in downtown Chicago.

Gov. Pat Quinn is expected to announce the project during his State of the State address Wednesday.

Dave Roeder is a spokesman for the Illinois Department of Commerce and Economic Opportunity. He says the center will be a place for entrepreneurs and prospective investors in medical technology to seed new companies. It's expected to open later this year.

Roeder says the center will be modeled after 1871, a Chicago hub for digital startups that officials say created 800 jobs its first year.

The project also will receive a $1 million loan from either DCEO or the Illinois Finance Authority.

It was first reported by Crain's Chicago Business http://bit.ly/1lkf20C

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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