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Here's some from my 2nd Mayo Clinic Business Accelerator story of the week. I'll have more in seperate post soon.
The just-opened Mayo Clinic Business Accelerator is already bursting
at the seams with companies, including some local start-ups that are
ready to aim high.
"We want to be the Amgen (the largest biotechnology company in the
world) of Rochester," says Dr. John Burnett Jr., who with Dr. Horng Chen
founded Zumbro Discovery just a few weeks ago.
The pair develop peptides to help treat medical conditions and two of
their previous creations were licensed by out-of-state companies.
"We really had the desire to set something up here," says Chen. And as
the inventors, they believe they will be able to better direct the
course of the product as well as do it faster.
Their first patented peptide is designed to treat a condition known as
Resistant Hypertension. It is generally defined as high blood pressure
that standard treatments can't lower. About 10 to 20 percent of people
diagnosed with hypertension are believed to be resistant.
It can lead to heart failure, myocardial infarction, stroke as well as kidney failure.
The Federal Drug Administration has already given the doctors the
greenlight to begin testing on patients with Resistant Hypertension and
they hope to do that by the end of the year.
"Being in the Accelerator is great for a young, virtual company like us.
It gives a chance to interact with venture capitalists and network with
other businesses," says Burnett. "And it is just a short walk from our
The Accelerator offices in the Minnesota BioBusiness Center were packed
this morning as crowds of Mayo Clinic administrators, city officials and
community leaders packed into the just-completed space to christian is
open for business.
It's "business" is to speed up local business development and ultimately create new jobs.
“The Accelerator is an example of the strength of a strong partnership
between Mayo Clinic and the community to make it easier and more
affordable for companies to start and locate in Rochester,” says Mayo
Clinic CEO Dr. John Noseworthy.
A collaboration between Mayo Clinic, the City of Rochester and Rochester
Area Economic Development Inc., the Accelerator is starting out with a
full boat of tenants that include biotech businesses, medical device
makers, software start-ups, venture capitalists and health care
Funded by $100,000 from Mayo Clinic and $100,000 from local sales tax
money, the 2,500-square-foot cluster of offices is located on the second
floor of the city-owned Minnesota BioBusiness Center. RAEDI is handling
the management and leasing of the space.
“We hope to provide a nurturing space for new company formation in Rochester,” says Jim Rogers of Mayo Clinic Ventures.