September 28, 2011 -- Newsummit Pharmaceutical Group teamed up with the Cleveland Bio Fund in a $100 million effort to help US biomedical device companies to commercialize their products in China. The funds were raised in China, where Newsummit is located. Cleveland Bio Fund will identify Cleveland-area medical device companies with US-approved products. These companies will be small-to-medium sized entities that have not been able to bring their products to China. Once all the candidates in the Cleveland area have been examined, the fund will widen its search to include companies from elsewhere in the US.
