A venture capital firm is relocating its headquarters from New York City to the University of Cincinnati 1819 Innovation Hub, the Cincinnati Enquirer reported.
Orange Grove Bio, which invests mainly in therapeutic drug companies, cited several reasons for moving to Cincinnati including proximity to other research hubs in the Midwest, the cost of living and quality of life in the area, said Ryan Fox, Orange Grove's chief business operations officer.
In Cincinnati, Orange Grove will partner with UC to help cultivate "the increasingly robust Cincinnati biotech landscape."
The company plans to start with six to eight employees in Cincinnati. It expects to hire as many as 30 to 50 employees over the next several years, Fox said.
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