LA PORTE, Ind.-The La Porte Hospital Foundation has invested $250,000 in a community foundation that will continue to help several healthcare projects in northwest Indiana's La Porte County. As a result of the hospital foundation's investment into the Unity Foundation of La Porte County, the Unity Foundation will get $125,000 in matching funds from the Lilly Foundation, the philanthropic arm of Indianapolis-based Eli Lilly Pharmaceutical Co. "Eli Lilly's donations have typically been in the Indianapolis area and this is their effort to spread out their foundation into the northwest part of the state," said Sue Lawrence, director of development for 172-bed La Porte Hospital. In the past, the Unity Foundation's grants have gone to the Open Door Clinic of Michigan City, Ind., and the La Porte Hospital Community Health Center. Since its inception in 1978, the La Porte Hospital Foundation has received more than $3 million in annual memberships, gifts, and corporate and individual donations that have helped build the endowment fund. The fund has provided more than 50 pieces of clinical equipment and funded some 60 scholarships for people training in healthcare careers.
TRENTON, Mich.-A $4.2 million expansion and renovation project began last month as 185-bed Riverside Osteopathic Hospital readied itself for another half-century of service. The project, announced at a 50th anniversary celebration, includes adding third and fourth floors to the hospital's existing two-story ambulatory-care building. About 26,000 square feet will be added and expanded. Among the projects are: construction of facilities for a new obstetric service, expansion of outpatient services and construction of a women's health and resource center. About $750,000 of the project was funded through donations from the hospital's employees, board members, volunteers, medical staff and local businesses. The balance of the venture's financing will come from hospital operations, executives said.
CLEVELAND-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. The clinic's partners in the venture are the National Institutes of Health in Bethesda, Md., and the Castle Group, a venture capital company in New York. The clinic and 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 remaining equity to outside investors, according to J. Frederick Cornhill, the head of the clinic's technology transfer office. Initially, Castle will seek to raise $5 million to get Cellect up and running, Mr. Cornhill said.