FOR IMMEDIATE RELEASE
April 7, 2008

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that $1.2 million in economic development and roadwork development grants have been awarded to aid in the growth of businesses and the creation and retention of jobs in Ohio. The grants, administered by the Ohio Department of Development, were approved today by the State Controlling Board and are expected to create 93 positions for Ohioans.

"Redevelopment of The Flats and ViewRay's new facility will drive economic development in Northeast Ohio and support emerging technologies," said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development. "ViewRay's commitment to Ohio will continue to strengthen our State's leadership in the biosciences industry and the Cleveland-Cuyahoga County Port Authority is leading the way in re-establishing a once-vibrant entertainment district to draw visitors and attract new business investment."

The Cleveland-Cuyahoga County Port Authority (Cuyahoga County) will receive a $1 million Roadwork Development Grant to complete public roadwork improvements in support of the East Flats redevelopment project. The East Bank of the Flats redevelopment project is a public-private partnership between the Cleveland-Cuyahoga Port Authority and Flats East, a joint venture of the Wolstein Group and Fairmount Properties, created specifically to redevelop the eastern bank of the Flats around the Cuyahoga River. The area is largely vacant and blighted, and the partnership was formed to redevelop approximately 24 acres of the east bank of the Flats neighborhood adjacent to Cleveland’s historic Warehouse District. The Port Authority will move and reconstruct roads and the sanitary sewer system, parts of which are 90 years old. The project involves the addition of asphalt and brick roadway with accompanying utilities within the roads' right-of-way. In addition to this project, the Port Authority and Flats East will build a 560,000-square-foot office building that is -expected to house 1,960 office employees in a legal, financial, or corporate headquarters. The roadwork to be completed includes engineering, excavation, grading, base, pavement, brick-laying, construction of all utilities, and related construction.

ViewRay Incorporated (ViewRay), to be located in Oakwood Village (Cuyahoga County), will receive a $200,000 Rapid Outreach Grant for costs associated with the acquisition of machinery and equipment to support the company’s new facility. ViewRay was founded in 2004 in Gainesville, Florida and currently employs 10 people. This project is backed by “blue-chip” biomedical venture capital investment companies including OrbiMed Advisors, LLC; Fidelity Biosciences; Kearny Venture Partners; and Aisling Capital. The company has recently raised $25 million in Round B financing. The company will invest in machinery and equipment and lease an existing 40,000 square-foot facility for the company's world headquarters for the assembly and testing of the Renaissance(TM) System 1000, ViewRay's Magnetic Resonance Imaging Guided Radiation Therapy technology. ViewRay will contribute to the growing biomedical cluster in Northeast Ohio by partnering with local imaging companies and leading Cancer Centers. The machinery and equipment to be purchased includes: four Magnetic Resonance Imaging-(MRI) guided optimized cobalt radiation therapy units for manufacturing, a high-performance computer development cluster, a water tank scanning phantom, and related equipment. This $13.5 million project is expected to create 93 positions within the first three years of the project's initial operations.

The Rapid Outreach Grant (412) is a grant program to assist companies and communities that are creating or retaining jobs in Ohio. The Roadwork Development Account (629) provides grant assistance to communities for highway and road projects related to job creation and retention. The 629 Program is funded with gas tax dollars and is restricted to public road projects only.

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Media contacts: Melissa Ament at (614) 466-6619 or Kelly Schlissberg at (614) 466-4133