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1624 posts categorized "Early info/ more to come"

October 13, 2014

Mayo, Cardio3 sign deal to expand collaboration

Mayo Clinic has deepened its long-time relationship with Cardio3 Biosciences by giving the Belgium firm "preferred access" to new regenerative-medicine discoveries.

Having preferred access means staff from Mayo Clinic Center for Regenerative Medicine meet with Cardio3 on a quarterly basis to discuss technologies and research that are in the "pipeline," according to Michael Pfenning, center administrator. This gives Cardio3 the first chance to ask to license, purchase or otherwise work with the center's regenerative-medicine research.

008661829The access began on Oct. 1 and runs to December 2017. It then could be extended, if both parties agree.

Mayo Clinic and Cardio3 have collaborated for many years on the cardiopoiesis technology the company uses to repair patients' hearts by re-programming their own stem cell to regenerate cardiac tissue. Cardiopoiesis is a process that "re-programs" stem cells taken from a patient's bone marrow from their hip. Those re-programmed cells then are injected back into the patient's heart to repair damaged tissue.

Cardio3 BioSciences has licensed Mayo Clinic's research in this area, since 2007. That research was led by Mayo Clinic's Dr. Andre Terzic and Dr. Atta Behfar. Dr. Terzic, who along with Mayo Clinic has a financial interest in Cardio3, also is the director of Mayo Clinic's Center for Regenerative Medicine.

Mayo Clinic is helping Cardio3 with its new phase III clinical trial of its regenerative therapy. The trial is approved to recruit up to 240 patients and it is expected to begin in January. Rochester Area Economic Development Inc., the City of Rochester and Mayo Clinic are establishing a 2,000-square-foot facility in the Minnesota Biobusiness Center to freeze and prepare patient samples for shipping to Belgium.

"We have a great relationship with them from a commercialization perspective," said Timothy Argo, a technology licensing manager of Mayo Clinic Ventures. "From our perspective, this is all about finding ways to get things from our labs to patients faster."

Cardio3 sees the new relationship as a win-win.

“Mayo will continue to invent new concepts, while Cardio3 will offer its development expertise to those technologies, as well as guidance in the early development phases to the Mayo research teams," stated Cardio3 CEO Dr. Christian Homsy in the announcement of the deal. "This agreement is in line with our business development strategy defined earlier this year, and enables our company to rapidly and significantly enlarge its product portfolio with high quality research programs across multiple therapeutic areas.”

September 23, 2014

Paint store, coffee/bagel shop may be coming to N.W. Rochester

If a few final details can be hammered out, a Sherwin-Williams paint store and combination Dunn Bros Coffee/Bruegger's Bagels shop could be coming for northwest Rochester.

TJL Development of St. Paul is planning to build a 4,000-square-foot building for Sherwin-Williams and a 2,500-square-foot building for the co-branded Dunn Bros/Bruegger's. They are slated for a parcel near Kwik Trip and Costco in the 108-acre commercial development at 19th Street and West Circle Drive. The development plans include other businesses, such as McDonald's, two hotels, an Aldi's grocery store and an Associated Bank branch.

This is not TJL's first foray into Rochester. It built a 4,000-square-foot paint store in 2013 for Sherwin-Williams in south Rochester, in front of the south ShopKo and Menards stores. That store replaced Sherwin-Williams' former south store, which was located in the defunct Rochester Market Square, which later became Rochester Public School's Alternative Learning Center.

If the northwest project moves ahead as planned, it is expected to replace Sherwin-Williams' current location at 19 Seventh St. N.E.

While TJL Principal Jim Lavalle says there are some aspects of the project that still need to be finalized, the company is moving ahead and has filed building plans with the City of Rochester.

"We're hopeful to start construction yet this fall," he said.

August 05, 2014

Remodel, new building on way for Eastwood Plaza

A major makeover plus a new retail building are on the way for a shopping center on a prominent southeast Rochester corner. 

EastwoodplazaAri Kolas is planning to build a 5,000-square-foot building next to the existing Eastwood Plaza shopping center at 1513 12 St. S.E. It will stand on the far southeast corner of the Eastwood lot near the Big Lots store.

If everything goes according to plan, HartCo Construction should start work on the project yet this month.

"I expect to have two to three tenants in there. One is signed and another one is really close. It'll be mostly retail," said Kolas, who is an owner of Eastwood Plaza under the name of Athena 2004 LLC. He is also an owner of Rochester-based Apollo Wine & Spirits, which has one of its six Rochester stores based in Eastwood Plaza. It also has a franchised store in the Shoppes on Maine development in the southwest quadrant and a store in Austin.

This Eastwood project is one that Kolas has been thinking about for a long time.

I always wanted to do something on the outlot. I was just waiting for the proper opportunity to do it. The climate is good for it now with the growth of Rochester," he said. "It's been in the back of my head forever. It's got awesome visibility."

In addition to adding the new building, Kolas plans to do a complete remodel and upgrade of the existing 44-year-old center, which houses tenants including El Carambas, China Star and Subway. Both projects represent a total investment of more than $500,000, he says.

Kolas is enthusiastic about the intersection of 12th Street Southeast and Marion Road, which Athena 2004 bought for $1.6 million in 2004.

"It's a great corner that people forget about. It really is a great neighborhood," he said.

July 05, 2014

Courtesy Inn going down = Fairfield Inn going up

Demolition of the Courtesy Inn is picking up speed to clear the way for a new hotel to be built in northwest Rochester.

07042014courtesyinnOnce the old 44-room Courtesy Inn is torn down, a group of local investors will start construction of a 91-room, four-story Fairfield Inn & Suites hotel on the site at 510 17th Ave. N.W. That's near the Miracle Mile Shopping Center.

Parts of the Courtesy Inn date to 1952, when Marcel Prow opened Prow's Hotel.

The local investors are led by Nick Pompeian and Harshal Patel.

Construction of the Fairfield Inn is expected to take between six to eight months.

June 24, 2014

Prosthetic Laboratories of Rochester sold to Texas company

After 30 years under local ownership, a Rochester prosthetic firm has been bought out by an Austin, Texas-based company.

Prosthetic Laboratories of Rochester, Inc., founded here by former Mayo Clinic technicians Steve Amundson and Mike Gozola in 1984, has been acquired by Hanger Inc.

Exterior_rochester3Darren Overton of Prosthetic Labs confirmed the sale, but didn't say when it occurred or what it might mean for the about 85 employees that work at Prosthetic Lab's offices in Minnesota, Wisconsin and South Dakota.

Hangarlogo"We aren't at liberty to disclose details of the acquisition, but what we can share is that we are pleased our company has joined the Hanger family," he stated in an email response to questions. "Hanger provides more opportunities and resources to our staff and patients than we could as an independent facility."

A media representative for Hanger said they could not discuss the purchase yet. The publicly traded company describes itself as the largest owner and operator of orthotic and prosthetic patient care clinics in the United States.

In 2009, the majority owner of Prosthetic Labs was Rochester developer Gus Chafoulias. He owned the private company along with Gozola and Amundson. It's unclear if those three were still the owners, when Hangar bought the firm.

Its main Rochester facility is located at 121 23rd Ave. S.W., in front of the Shorewood Senior Campus along Second Street Southwest. Prosthetic Labs' corporate family also includes Lair’s Shoes, the Silhouette Shoppe and Ortho Innovations. Its staff saw an average of 10,000 patients a year at its Rochester office in 2009.

While Prosthetic Labs has been very successful locally, it's much smaller than its new new owner. Hanger reports that it has an annual net income of about $60 million and makes about $1 billion of sales a year. It has more than 5,000 employees working at 740 clinic locations.

Acquiring mid-sized firms like Prosthetic Labs is not a new thing for Hanger. In 2012, it bought six companies.

In May, Hanger reported earnings for the first quarter that did not rise to the levels analysts had expected. The company reported an earning per share of 19 cents, missing the estimate of 24 cents. Its quarterly revenue of $235.60 million was below the anticipated $243.60 million

May 28, 2014

Analyst speculates that Hormel may be target of takeover bid

There's a lot of merger and acquistion activity cooking in the meatier aisles of the financial markets these days.

Spammy2The latest was Pilgrim Pride's surprise move to buy Hillshire Brands. Lots of investors with stock options profited from the $6.4 billion deal and that's leading to speculation about the next meat deal to hit the grill might be.

I spotted a very speculative column today on Barron's website by Scott H. Fullman of investment research firm, Increasing Alpha, on that topic. Fullman focused Austin's favorite Fortune 500 company and the creator of Spam, Hormel Foods, as a takeover candidate.

I have no idea if his theories make sense.

Here's some from Fullman's piece:

"Often when such an acquisition takes place, we look for other candidates. One stock seeing increased interest re Spamproductscently is Hormel Foods Corp, which rose back above its 100-day moving average Tuesday and was attempting to break above its 50-day moving average, but ended the day just below it. Momentum is rising sharply and volume is higher as well.

We are seeing a slight increase in implied volatility for Hormel, even as the shares jumped. The 30-day implied volatility is up more than 0.7% for calls, and down 0.8% for puts, indicating a sharp shift in bullish sentiment.

Despite the rise, those risk premiums are still close to their 52-week lows. Clearly, other traders are having the same thought as we are.

If you are looking for a low-cost, low-dollar-risk entry, consider purchasing the Hormel July $50 calls, which are offered at 40 cents. The delta on that option, which shows the current relationship between the movement of the stock and the option, is 23%, but it is expected to rise as the call becomes closer to being at-the-money, thereby increasing the leverage of the option. If the stock rises 10% from here to $52.58, the options will be worth $2.58, for a gain of $2.18 per share, or 545%. If the shares fail to rise, you will lose 40 cents per share, or 100% of your investment.

That compares, however, to a potential loss of $1.14 for those purchasing shares if the stock reverts to Friday's closing price.

Our suggestion is to purchase an equivalent number of calls to the amount of stock you can afford to buy, thereby keeping your risk in check.

May 14, 2014

Lost Cajun restaurant plans grand opening

Construction is cooking along at Joe and Theresa Peplinski's Lost Cajun eatery and the new Rochester restaurateurs have set a target date for their grand opening.
04142014lostcajunconstruction
The Peplinskis are optimistic that their new Southern food place should be ready for a grand opening on June 28.

"It might be tight. There's still a lot of construction to do, but we think June 28 will work," says Joe Peplinski.

They are in the midst of transforming a 19-year-old former SuperAmerica convenience store at 2025 South Broadway into a Cajun-flavored cafe. The husband and wife also are working on hiring the restaurant's team of the employees to staff their new place.

Joe estimates that they'll have between 30 to 40 people on staff for the opening. They hope to be training employees at least by June. While they are starting to interview job candidates, the Lost Cajun still is accepting applications, which can be downloaded from its website.

05142014lostcajun2The menu will bring the taste of down-home Louisiana cooking to Rochester's cold-blasted taste buds. That means gumbo, chicory coffee, po' boy sandwiches, crawfish etouffe, shrimp bisque, fried okra and the sweet dessert pastry beignet.

The 1,900-square-foot restaurant will be able to seat up to about 55 inside and possibly 30 more outside.

After working at IBM for 28 years, Joe is finding the experience of opening a new restaurant very educational.

"It's a very exciting new adventure for us," he says.

May 13, 2014

LSI becomes Avago, impact on Roch. office uncertain

05132014avagomainsignLSI Corp., which designs semiconductors and software, officially became part of Avago Technologies last week as the $6.6 billion acquistion officially closed.

That change reportedly has LSI/Avago employees in Rochester wondering about their future.

05132014avagoinsidesignUnofficial buzz around the change is that a decision is being made this week about keeping the Rochester jobs here or moving them out of state.

It's unclear how many people currently work at the site here at 3033 41st St. N.W., though LSI has employed between 10 to 30 people here at different times over the years. LSI also has Minnesota facilities in Bloomington and Mendota Heights.

LSI has had an "on again, off again relationship" with Rochester dating back to 2002, when it leased 20,000 square feet of space in the Valley Business Center II at 3425 40th Ave. N.W. It had about 29 employees.

On June 30, 2006, LSI closed its Rochester site. It had 11 employees, when it closed.

AgeremailboxThen in November 2006, Allentown, Penn.-based Agere Systems opened a 6,000-square-foot office at 3033 41st St. N.W. Agere hired a team of 10 local storage design engineers that formerly worked for Maxtor Corp.’s Rochester office. That office closed in 2006 when Maxtor was acquired by Seagate Technologies.

LSI re-appeared in Rochester in December 2006, when it bought Agere Systems. Soon the signs at 3033 41st St. N.W. turned into LSI.

That's where everything stood until the arrival of Avago. In the press release announcing the acquistions, Avago stated that it anticipates saving $200 million by Nov. 1, 2015. That might be interpretated as plans to close some of LSI's 26 facilities.

I'll do my best to keep an eye on this to see what happens next. If anyone has information, official or otherwise, about this, I'm interested in hearing it.

May 09, 2014

DMCC board meeting canceled

The nonprofit organization orchestrating Mayo Clinic's Destination Medical Center initiative has canceled its scheduled monthly public meeting for March.

The DMC Corp. sent out a notice this morning that the board meeting scheduled for Tuesday has been canceled. No explanation for the cancellation was mentioned in the statement. Inquiries were answered that a scheduling conflict spurred the cancellation of the meeting.

The announcement of the cancellation did state that a notice for the rescheduling of the meeting will be posted "as soon as possible."

The DMC Corp. works with its associated Economic Development Development Agency to steer the $6 billion DMC project to re-develop the city of Rochester. As a public-private group, it holds regularly scheduled monthly board meetings that are open to the public.

The board has scheduled meetings coming up on July 10, Sept. 11 and Nov. 13.

April 15, 2014

Doubletree's Rochester Club to stop serving lunch

RochclubletterTitan Development's Doubletree by Hilton hotel sent out a letter to the members of its exclusive Rochester Club to notify them that the club will soon stop serving lunch.

These club members have access to the Doubletree's Executive Lounge, which it accessible only from the two executive level floors. It serves a hot breakfast buffet, a light hot dinner and cocktails with the Doubletree cookies and milk later in the evening.

Rochester clubNot sure how many people are members of the Rochester Club, but I believe a lot of local business leaders use this service.

The letter, which was forwarded to me from multiple members, mentions how much Titan has on its plate right now with its two downtown developments. It didn't explain how those projects connect to the Rochester Club and exactly why the lunch is going away.

I have a call in to the hotel to try to get more details.