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62 posts categorized "Destination Medical Center news"

July 23, 2015

Quiet period to end for Celyad (former Cardio3) on July 29

Here's an interesting update from a site called Marketbeat.com about the former Cardio3, now trading in U.S. as Celyad. This Belgium firm has deep ties to Mayo Clinic and will soon occupy an entire floor of the Minnesota Biobusiness Center in downtown Rochester.

 Celyad SA’s  quiet period is set to expire on Wednesday, July 29th. Celyad SA had issued 1,460,000 shares in its initial public offering on June 19th, Market Beat reports.

CelyadThe total size of the offering was $100,097,600 based on an initial share price of $68.56. During Celyad SA’s quiet period, insiders and underwriters involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

 

CYAD has been the subject of a number of recent recent research reports. Analysts at Piper Jaffray initiated coverage on shares of Celyad SA in a research note on Tuesday, July 14th. They set an “overweight” rating and a $95.00 price target on the stock. Separately, analysts at Maxim Group reiterated a “buy” rating on shares of Celyad SA in a research note on Sunday, June 21st.

Celyad SA remained flat at $60.44 during during mid-day trading trading on Wednesday. 126 shares of the company’s stock traded hands. Celyad SA has a one year low of $47.52 and a one year high of $67.94. The stock’s 50-day moving average is $54.65 and its 200-day moving average is $54.65.

 

July 17, 2015

Downtown tower's construction waiting on financing

Construction on a 23-story downtown Rochester tower has yet to begin because the developer has not finalized financing for the project, according to a city official.

In May, the City of Rochester pledged $6.5 million in assistance to developer Gus Chafoulias to build his long-planned $140 million Broadway at Center tower. Chafoulias, with limited assistance from his son Andrew Chafoulias and Titan Development and Investments, has been working on different versions of this project since 2007.

TowerBroadway at Center will house a 264-room Hilton Hotel, 33 apartment units and space for office, retail and restaurant use. More than $14 million — including the city's $6.5 million assistance to the developer and the remainder of infrastructure costs — is planned to be reported as Destination Medical Center local contributions and credited toward the city's $128 million commitment.

The tower is to be built on South Broadway and East Center Street, just north of Broadway Residence and Suites by BridgeStreet. Since early last year, buildings that previously housed CJ's Midtown Lounge, Ginny's Fine Fabrics and Jakobson Management Co. have sat empty on the site. When the tenants were asked to vacate, Titan officials estimated that the buildings would be demolished during the summer of 2014.

When approving the project, the city agreed to work in conjunction with the developers to build an attached public parking ramp. But city officials said they have to wait on final paperwork from Titan Development before construction can start.

"Chafoulias indicated a while back that they are still reviewing some of their financing options for the project, so they have not provided us with that signed development agreement as of yet. I'm anticipating it should be fairly soon," City Redevelopment Director Terry Spaeth said. "I know they are looking at a couple different financing options."

The development agreement includes a number of provisions about vacating an alley, conveying properties and approving easements.

Spaeth said it's estimated it will take 22 months, from start to finish, to build Broadway at Center. The city's portion of the project is expected to take nine to 12 months to complete. The plan is for the city work to be completed to coincide with the opening of the overall project.

"Once they get going, I suspect things will get moving pretty rapidly," he said. "The first step is to get the development assistance agreement signed."

When asked about the status of the Broadway at Center project, Titan Marketing and Communications Manager Sheila Thoma said there wasn't much to report.

"I do not have a new/significant update. The project is still on course. With a major project like this, there are a lot of moving parts and it takes time to solidify all details," she wrote in response to inquiries about when the CJ's and Ginny's Fine Fabrics buildings would be demolished.

On May 4, the city approved a development assistance agreement with Titan about Broadway at Center. The Rochester Economic Development Authority, a board comprised of the seven Rochester City Council members, approved $6.5 million in tax increment financing and land write-downs. The EDA had put its development assistance agreement on hold until the Destination Medical Center Corp. board of directors named Broadway at Center as a DMC project. That happened on April 30.

Broadway at Center is reminiscent of a previous project called Time Square that Gus Chafoulias proposed for that block 15 years ago. When Mayo Clinic opted not to lease office space in the $200 million project, Chafoulias withdrew it in 2000.

"This is the single biggest disappointment of my career," Chafoulias said after making the announcement. "It never feels good when you fail. It didn't work out, but it's not the end of the world."

After Chafoulias withdrew, Dubai-based investors stepped in and built a 26-story tower, the tallest building in Rochester, on that corner. That tower, now known as Broadway Residence and Suites, stands next door to the proposed Broadway at Center project.

 

June 15, 2015

Former Cardio3 launching $99 million IPO in US and worldwide

Celyad, formerly Cardio3 Biosciences, announced the terms for its $99 million stock offering this morning.

The Belgium-based Celyad, which is building a manufacturing facility in downtown Rochester and has close ties with Mayo Clinic, hopes to raise $99 million by offering 1.4 million shares at $70.98 per share.

CelyadWhile Celyad has traded on the European stock markets of NYSE Euronext Brussels and NYSE Euronext Paris for some time, this stock offering would introduce the regenerative medicine firm directly to the U.S. market. It has applied to make the U.S. offering on the Nasdaq stock market under the symbol CYAD.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. It cannot sell or accept offers to buy until the SEC OKs the registration.

This move could benefit Mayo Clinic, which owned 2.69 percent of Celyad as of March 3. Mayo Clinic first acquired equity in Cardio3 in 2007, when it licensed stem-cell research by Mayo Clinic's Dr. Andre Terzic and Dr. Atta Behfar. Its cardiopoiesis technology repairs patients' hearts by re-programming their own stem cells to regenerate cardiac tissue.

Earlier this year, the Rochester City Council recently approved a lease for Celyad to take over the entire fifth floor of Rochester's Minnesota BioBusiness Center. Rochester Area Economic Development Inc. and the Minnesota Department of Employment and Economic Development also are involved in the deal.

Celyad is building a prototype manufacturing facility in the 14,963-square-feet of space on the fifth floor of the downtown building. Mayo, which leases the fourth through eighth floors, moved its employees out of the fifth floor earlier this year. The five-year lease calls for it to pay a rent of $18 per square foot, or $22,444.50, per month. The city agreed in the lease to pay for $600,000 in equipment and improvements to the space.

DEED is offering Ceylad a $357,000 Minnesota Job Creation Fund award if it invests $1.5 million in Rochester within a year and hires 33 employees within two years. The average wages of the new jobs will be $21.52 per hour.

May 28, 2015

Mayo hires consultant to map out Discovery Square

To help fire up Discovery Square as "a catalyst" to create jobs in downtown Rochester, Mayo Clinic has contracted a feasibility study, independent of the Destination Medical Center Corp.

Mayo Clinic has hired the DMC development manager, Hammes Co. of Madison, Wis., to analyze the Discovery Square piece of the DMC vision and offer a market plan of how DiscoverySquarethe medical and technology research area might be developed. Mayo is paying Hammes $1.5 million to conduct the study, which is expected to be completed by the end of the year.

One expected tenant is Epic, a Madison-based software system that recently signed a contract to help build an electronic health record system for Mayo Clinic. It's planning on having many employees based in Rochester.

"They've indicated a strong interest in the Discovery Square concept, and we're exploring ways they may participate in that," said Bolton.

Discovery Square is described as "the focal point" for Mayo Clinic's expansion of its science and technology institutes, and it's designed as a place for private companies and others to work with Mayo on research and other projects. It's marked on the DMC map as being central to the Gonda Building and the Mayo Medical School.

"The Square is designed to be playful and artful, similar to the Google Commons in order to, quite simply, attract the best and the brightest, the most creative minds in the world," according to the DMC plan.

Mayo Clinic owns about 35 percent of the property within the proposed Discovery Square area.

The goal of the new study is to map out the area more specifically and identify potential partners and funding streams to make it sustainable.

Jeff Bolton, Mayo's chief administrative officer and the chair of DMC's Economic Development Agency, said Mayo funded the study because it's not part of the DMC EDA's scope.

"The EDA budget is really to provide staffing to support the DMCC board, to work with developers and help market the DMC concept," he said. "Mayo Clinic views this as area where we could serve as an important catalyst to advance the DMC vision. That's why we stepped up and are making this investment."

Mayo Clinic's relationship with Hammes dates back to the very early days of the DMC concept in 2008 before it became public. Mayo Clinic first officially contracted with the company about DMC in 2011. When the EDA signed its own contract with Hammes last year for $2.3 million a year, it had no ongoing Mayo contracts.

Bob Dunn, president of Hammes, explained that this study will be similar to his company's work on the overall DMC plan but will be much more detailed.

This study will include a master plan, a conceptual design, preliminary engineering, financial analysis, financing plan, a market analysis, a review of effective land use and operational aspects for Discovery Square.

"This will be a block-by-block plan," he said. "But we're not starting at ground zero. Mayo, which owns a good portion of the land in Discovery Square, has already thought a lot about this development."

Meanwhile, Mayo is actively working with companies to try to get them to locate there, Bolton said.

"We're out marketing the concept," said Mayo's Bolton. "Obviously, we have an interest in terms of attracting groups to collaborate with us."

The project's success likely will be driven by what partners want to work with Mayo Clinic.

"If I were to forecast, I'd say there will be multiple of owners of facilities in Discovery Square. Many will probably be owned by private developers," predicted Bolton. "There won't be a monolithic owner of the facilities. The free market will play out in this environment."

He added that Mayo Clinic may participate "directly or indirectly" in some of the development.

The multimillion dollar question is when actual development of this new job generator area will begin.

"We'll need a critical mass of corporate engagement in order to have a developer to put that first shovel in the ground," said Bolton.

Dunn said this is a fascinating feature of what is already a unique project.

"DMC and Discovery Square, to me, is one of the most interesting things that I can think of nationally in terms of major economic development," he said. "It's unique because impact Mayo Clinic can bring to something like this in a market that's now beginning to mature and evolve very quickly."

April 30, 2015

Lisa Clarke to officially become leader of DMC's EDA

More than a year after starting a national search for an executive director to lead the Destination Medical Center's Economic Development Agency, Mayo Clinic's Lisa Clarke has been hired to fill that role.

As DMC's board secretary and Mayo Clinic's Community Engagement head, Clarke has filled the interim role of leading the EDA from the organization's start.

The DMC group originally posted advertisements for the position in February 2014, in hopes of hiring someone by April of that year. This hiring is solely the responsibility of the EDA and doesn't involve the DMC Corp. board or the Rochester City Council.

Clarke previously described her role as the first executive director of the EDA as building the organization and creating the processes as well as getting approval of the DMC master plan. The next director has a different job ahead of them.

"The first full time executive director's role will be to execute the plan," she said. "The important thing is to get someone who has the experience in economic development and in development, in general. The most important thing is to get the right person with the right skill set."

While Lisa Clarke will step into the role of EDA director, she will remain connected to Mayo Clinic.

"The technical answer is that she's 100 percent an employee of the EDA," said Jeff Bolton, Mayo Clinic's Chief Administrative Officer and chair of the EDA . "However, we did not want her to lose the benefit of being a Mayo employee."

Bolton explained that all of the personnel costs related to Clarke will be covered by Mayo Clinic from that $585,000 annual contribution to the EDA.

"I'm part of the package," said Clarke with a grin.

When asked about Mayo Clinic's relationship with the EDA, Bolton said, "The EDA is a separate legal entity. It is separate from Mayo."

Clarke plans to set up an office for the EDA staff in the roughly 6,000-square-foot former Red Lobster space at 195 S. Broadway.

The space is on the street level of the 60-year-old Rosa Parks Pavilion building. Mayo bought the building for $2.37 million in 1997, and Red Lobster leased space there from 1987 until it closed in 2011 and opened in a new building by Apache Mall.

With the hiring of Clarke and the EDA moving into Mayo Clinic office, is Mayo Clinic concerned about the possible appearance that it is controlling the EDA?

"I do think the EDA an independent agency is the right approach, the right structure. This is a many part orchestra, if you will. I do see Mayo having one voice in this with the city, county  and the state," Bolton said. "I think there's a good separation without making it independent of the entire process. Everything is really tightly connected, really tightly coordinated."

Clarke echoed Bolton's sentiments about the relationship between Mayo and the EDA.

"It truly has been a very positive thing to have all of these players around the table to represent the diversity of the community and its diverse businesses with Mayo Clinic being the largest," she said.

Lisa Smith, the lieutenant governor of Minnesota and chair of the DMCCorp. board of directors said that Mayo's role is important to the big picture.

"From the perspective of the state, it's great to have a really, really strong anchored tenant in the private sector. We've got four strong partners with very specific ideas about moving this forward," she said. "There are a lot of strong opinions around the table. I think it works very well."

April 10, 2015

FDA gives green light to Rochester medical software start-up

A Rochester medical software start-up with financial ties to Mayo Clinic says getting approval from the U.S. Food and Drug Administration is a major milestone for the company.

"It's tough to get. It's a big deal for us. Historically been rare in the software industry to have these type of devices to fall into that class," said Al Berning, CEO of Ambient Clinical Analytics.

Berning is known in Rochester as a former IBMer, a co-founder of Pemstar and former CEO of Hardcore Computers/LiquidCool Solutions.

Ambient, which was founded in 2013, makes analytical software that helps physicians make decisions about patient treatment in emergency room and intensive care situations. The FDA gave 510(k) clearance for Ambient's AWARE software platform as a Class 2 device this week.

The FDA has three classes with highest level being Class 3, which is typically used for implantable devices like pacemakers and heart valves. Dental floss is categorized as a Class 1 device. An example of a device with a Class 2 ranking is a condom.

Ambient, which licenses the core of the AWARE software from Mayo Clinic, describes it as "a clinical decision support tool."

Berning explained that means it uses algorithms to shift through massive amounts patient data, prescription reports and more to select the most important information for the clinical staff to consider during real-time treatment of patients.

"It takes a lot of administrative and IT drudgery off of the physician to allow them to focus on medical care," he said.

Ambient has 10 employees and it's based in the Mayo Clinic Biobusiness Accelerator in the Minnesota Biobusiness Center. Berning says the firm plans to add more employees within the next several months.

"We could need to double or triple our staff," he said.

Berning plans to announce the commercial availability of AWARE at the top health care software industry conference next week in Chicago.

"That's where we'll let everyone know that we are open for business," he said.

April 09, 2015

Future downtown Rochester eatery starting to hire staff

Rochester's latest Italian restaurant is starting to heat up by opening a hiring office in the empty Paine Furniture building.

The Nova Restaurant Group, led by Chef Scott Foster and Pat Woodring, is crafting its latest downtown Rochester eatery to be calledTerzhiringsign1 Terza on the ground floor of the new H3 Plaza building. They are also cooking up La Vetta, a rooftop lounge and club on seventh floor of the building.

Foster and Woodring are also the creative forces behind the nearby Pescara and Chester’s Kitchen & Bar.
Terzhiringsign2
Terza is not expected to be ready to open until after Memorial Day, though a pre-opening dinner is rumored to scheduled for late May. In preparation, Nova has launched a major hiring campaign in the Paine building across Broadway from the H3 Plaza.

They are interviewing job candidates as sous chefs, line chefs and servers. The office is open from 10 a.m. to 5 p.m. through the week and noon to 4 p.m. on Saturday.

Woodring and Foster are known for their top shelf employees. They say the goal is to hire people with the "hospitality gene" and then train them well. Prior to opening of Chester's, they spent an estimated $50,000 to $60,000 on training.

April 06, 2015

Mayo Clinic's Noseworthy makes top physicians list, though down from 2014

Mayo Clinic CEO Dr. John Noseworthy made Modern Healthcare magazine's 2015 list of most influential physicians, though he dropped down four places from the previous year.

Noseworthy was ranked at 6th in the 11th annual 50 Most  influential Physician Executives and Leaders. That's up from down from his previous ranking of second in the 2014 and 2013 lists. He was listed at 11th in 2011 and 31st in 2010. He was named president and CEO of Mayo Clinic in 2009.

Noseworthy-730The magazine describes the criteria of making the 50 Most Influential Physician Executives and Leaders list as "physicians working in the healthcare industry who are deemed by their peers and an expert panel to be the most influential in terms of demonstrating leadership and impact."

In recent years, Noseworthy has also made the magazine's annual list of 100 most influential people in healthcare. In 2014, he was ranked at No. 16. That list typically comes out in August.

That list also included the salaries of the leaders. The 63-year-old Noseworthy's salary was $1.75 million in 2012. It increased to $1.9 million in 2013.

The leaders of Mayo Clinic's perennial competitors, Cleveland Clinic and John Hopkins, also made the 2015 influential physicians list. However, they were much further down than Noseworthy. Cleveland Clinic's CEO Delos “Toby” Cosgrove was listed at 13th and Johns Hopkins Medicine CEO Paul Rothman came in at number 20.

Modern Healthcare named Dr. Robert Wachter as the most influential physician in 2015. He's the chief of the medical service at University of California San Francisco Medical Center and chief of the division of hospital medicine.

Richard Gilfillan, president and CEO of Trinity Health in Livonia, Mich., was ranked second. The Director of the Centers for Disease Control and Prevention in Atlanta, Thomas Frieden, was third.

April 02, 2015

Cardio3 announces plans for IPO in the U.S.

Cardio3 Biosciences, the Belgium-based biotech firm building a manufacturing facility in downtown Rochester, has announced plans to issue stock in the U.S. Logo cardio 3

Cardio3 BioSciences, which works closely with Mayo Clinic and has its U.S. headquarters in Boston, Mass., confidentially filed  "a draft registration statement" with the U.S. Securities and Exchange Commission this  week about its intention.

The eight-year-old regenerative medicine company  is already publicly listed on the European stock markets of NYSE Euronext Brussels and NYSE Euronext Paris. However, issuing an IPO in the U.S. would significantly boost its finances and garner the firm a lot more attention.

Such a move could benefit Mayo Clinic, which owned 2.69 percent of Cardio3, as of March 3. Mayo Clinic first acquired equity in Cardio3  in 2007, when it licensed stem cell research by Mayo Clinic's Dr. Andre Terzic and Dr. Atta Behfar. Its cardiopoiesis technology repairs patients' hearts by re-programming their own stem cell to regenerate cardiac tissue.

This week's  statement stressed that the possibility of a Cardio3 IPO is still in the very early stages.

"The timing, number of shares and price of the proposed offering have not yet been determined," according to the firm.

This filing follows last week's financial report that showed it lost $18.1 million in 2014, up from the $15.9 million it lost in 2013.

That annual report also highlighted "a non-exclusive preferred access agreement" signed with Mayo Clinic in October that cleared the way for Cardio3 to build a facility in the City of Rochester's Minnesota BioBusiness Center building.

"With this agreement, Cardio3 BioSciences agreed to give preferred consideration for Rochester, Minnesota to the U.S. to build a manufacturing facility for the production of C-Cure, at a facility located adjacent to the campus of the Mayo Clinic, and the Mayo Clinic agreed to periodically review with Cardio3 BioSciences its portfolio of regenerative medicine technologies, including in the areas of cardiology and oncology, with a view towards future potential licensing," according to the Cardio3 report.

March 05, 2015

Three local biotech start-ups win funding

A regional economic development fund is giving three local medical technology start-ups a financial boost.

Southern Minnesota Initiative Foundation recently announced it's giving funding to three local companies: Ambient Clinical Analytics, a Mayo Clinic spin-off software firm in Rochester; Xcede Technologies Inc., a Rochester company that makes surgical sealants; and Sonex Health, a Byron-based company that markets a carpal tunnel surgery device device called Stealth Microknife.

G_southern-minnesota-initiative-foundation-1395-1410186849.1865SMIF, which typically doesn't release the amounts of its economic development investments, is tapping its new $3 million Southern Minnesota Equity Fund for the capital for these three companies. The fund was created to to invest up to $600,000 per year for five years. The maximum investment is $100,000, according to SMIF.

The fund provides capital and expertise to early-stage and start-up companies. SMIF partners with organizations and individual investors to leverage capital and expertise to grow these companies to provide economic opportunities for Southern Minnesota.

"We're pleased to invest in these high-tech businesses through our newly-created equity fund program. Our Foundation remains committed to providing resources to grow local businesses," stated SMIF President/CEO Tim Penny in the announcement of the investments.

Ambient Clinic: Ambient Clinical is based in the newly opened expansion of the Mayo Clinic Biobusiness Accelerator in the Minnesota Biobusiness Center. It's CEO is Al Berning, who previously led Pemstar, Hardcore Computing and other Rochester companies. Drew Flaada, a former Rochester IBM executive, serves as chief technology officer.

Ambient raised $1.18 million in funding in early 2014.

Xcede Technologies Inc.: Xcede, subsidiary of Watertown, Mass.-based Dynasil Corp. of America, designs, develops and manufactures innovative hemostatic (bleeding prevention) and sealant products for surgical application.

Xcede is based at 1815 14th St. NW. Ambient's Berning was listed as an executive director in 2014.

Dynasil acquired Mayo Clinic technology initially invented by Dr. Daniel Ericson in 2011.

Sonex Health: Sonex Health is the creator of the Stealth MicroKnife. The Stealth MicroKnife is a medical device that allows clinicians to perform carpal tunnel release surgery under ultrasound guidance in the office

Sonex is listed as being based in Byron as well as having a presence in Mayo Clinic Mayo Clinic Biobusiness Accelerator.