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December 31, 2009

Biotech, RAEDI, Burrill, Elk Run and raising money

I've already reported here on the blog that G. Steven Burrill, national biotech guru, will speak at the upcoming RAEDI meeting.

Here's some from the Biz buzz in today's print column that covers some about Burrill's efforts to raise $1 billion for the proposed massive Elk Run community by Pine Island.

Burrill At the Rochester Area Economic Development’s past several annual meetings, biobusiness was the hot topic.

And it will be again at the next meeting on Feb. 12.

G. Steven Burrill, one of the top biotechnology evangelists in the U.S. and a backer of the proposed Elk Run biobusiness park by Pine Island, is headlining the meeting.

In May, Burrill joined forces with Tower Investment, Elk Run’s developer. He pledged to raise $1 billion in funding.

Last week, the medical and bioscience Web site, Medcity News, reported that Burrill in not making progress on his goal.“… Sources say he’s nowhere near $1 billion. Depending on whom you ask, Burrill has secured anywhere from zero dollars to $250 million,” wrote Thomas Lee, former Star Tribune reporter now working for Medcity News.

Lee went on to write that he doubts Burrill will be able to raise that much.

“But in some ways, the amount of money is beside the point. Where it comes from matters far more. To build local support for such an audacious project, Burrill needs local money. Good luck with that one.”

Maybe Burrill will able to say just how much he has raised at the RAEDI meeting.

Comments

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Burrill and RAEDI would be better starting off trying to find the first legitimate tenant for the Minnesota BioBusiness Center. Why develop hundreds of acres when they can't even find one bioscience company to occupy a 1-year-old structure?

I tend to believe its close to $0.00.

nomoretax is a bright guy.

Its amazing that a billion can be raised for projects that further the political agenda but what is the direct benefit to the little guy...How much is actually raised as aggressively for the typical average American Joe?

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