Biotech company expects to expand in Stow, add 400 jobs – Akron Beacon Journal

Jim Mackinnon|Akron Beacon Journal

Biomedical technology firm Athersys Inc. plans to expand in Stow and create the equivalent of 400 new jobs over the next five years.

The Ohio Tax Credit Authority on Monday approved a 2.484% 10-yeartax credit to Athersys that will allow the company to expand and create hundreds of new jobs.

Athersys said the expansion will create $34.8 million in new annual payroll while retaining $10.8 million in current payroll. To get the tax credits, the company will be required to maintain its operations in Stow for at least 13 years.

The company, based in Cleveland,develops therapeutic products, including products using adult stem cells, aimed at helping treatneurological, inflammatory, cardiovascular and other conditions.

Jim Mackinnon covers business. He can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or http://www.facebook.com/JimMackinnonABJ.

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Biotech company expects to expand in Stow, add 400 jobs - Akron Beacon Journal