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April 24, 2015

Shorewood senior complex to add health, wellness center

A senior living complex in southwest Rochester is adding a more than $2 million health and wellness center to its complex.
Shorewood
Construction started this week at Shorewood Senior Campus, at 2115 Second St. SW, on the more than 11,000-square-foot center, which will include a warm-water pool, exercise areas and therapy rooms. It's being added on the south side of the complex, near the main entrance.

Campus Director Eric Huntoon estimates the new addition should be completed by late September or October.
 
"We're going to try to incorporate some interdisciplinary type therapies, like acupuncture, massage therapy, podiatry, physical therapy and things of that nature," he said. "This is an opportunity to provide an additional outlet for our residents."

Huntoon said it also could help Shorewood residents prevent falls, since pool therapy helps improve balance, strength and range of motion.

The new center also will include a very specialized therapy pool called Hydroworx, which includes a platform treadmill that lowers into the water. Many professional athletes use it to recover from knee injuries. Shorewood plans to reach out to area high schools about possibly allowing high school athletes to use it.

Shorewood, which is managed by Minneapolis-based Silvercrest, has 229 apartments — 155 for senior living, 61 for assisted living and 13 for memory care.

Huntoon acknowledged the senior-housing market is becoming much more competitive in Rochester with the recent openings of Waters on Mayowood and River Bend Assisted Living. However, Shorewood has been full to capacity for the past 18 months and has a waiting list.

"With so many people turning 65 in the U.S., demand is certainly going to be outpacing the supply," he said.

April 22, 2015

Mayo Clinic to expand Saint Marys power plant

As part of Mayo Clinic's ongoing growth in Rochester, work has started on a project to expand the Saint Marys Campus' power plant. St_Marys_Hospital,_Rochester,_stone_marker

“The project will include a 5,000-square-foot addition onto the south side of the power plant at the Saint Marys Campus to increase plant cooling capacity," according to Kelley Luckstein, of Mayo Clinic.

The addition is needed to create space for a chiller and associated pumps and piping.

Grading for the project began recently. Luckstein estimates it will be completed by February 2016.

April 16, 2015

Cardio3 changes name to better fit new focus

The Mayo Clinic-linked firm Cardio3 Biosciences, which is building a manufacturing facility in downtown Rochester, has abruptly decided to change its name to better fit its widening focus in the growing area of cell-based therapies.

Cardiobioscience_jpegThe Belgium-based biotech firm announced Wednesday that it changed its name to Celyad. It started using the new name immediately, though shareholders will not vote on the change until its annual meeting May 5.

This sudden move comes as the company is preparing for an initial public offering on the U.S. stock exchange. Celyad has not released a date for the IPO.

CEO Dr. Christian Homsy was quoted in a company statement saying this new name fits with the firm's new direction following its recent $10 million acquisition of Celdara Medical's oncology division, OnCyte. That signals an expansion beyond its stem-cell-based cardiac regeneration therapy into immuno-oncology. The regenerative stem cell therapy is based on research done by Dr. Andre Terzic and Dr. Atta Behfar, licensed from the Mayo Cli6a00d83451cc8269e201a511d8e824970c-250winic.

“We believe that the name change better aligns our identity with our core activities and overall unified objective of identifying and translating innovative cell-based therapies into therapeutics, not only in cardiology, but now also in oncology and potentially in other areas in the future,” Homsy stated in the announcement of the new name.

Celyad's U.S. communication staff said Wednesday that no one from the company could publicly comment on the name change, other than through the press release. Celyad spokeswoman Kirsten Thomas, of The Ruth Group, explained the silence was due to the U.S Securities Exchange Commission's imposed "quiet period" on promotional publicity during the buildup to the IPO.

Mayo Clinic and Celyad have collaborated since 2007 on the cardiopoiesis technology that the company uses to repair patients' hearts by re-programming their own stem cells to regenerate cardiac tissue. Mayo Clinic owned 2.69 percent of the company as of March 3. Mayo Clinic also is participating in a Celyad clinical trial.
Celyad
If the stem cell therapy makes it to the market, Celyad will pay Mayo Clinic $1 million a year for four years for research as well a 2 percent royalty on sales for 15 years, the press release says.

5503a0ea8a679.image"We are excited that Celyad is branching out beyond cardiology into areas such as oncology," stated Jim Rogers, the chairman of Mayo Clinic Ventures. "Our hope is that they are building a robust capability to deliver breakthrough therapies in the area of regenerative medicine, which is a significant priority for Mayo as well."

The name change comes before new signs have gone up in the city of Rochester's Minnesota Biobusiness Center. The city signed a lease with Celyad earlier this year for it to develop a prototype manufacturing facility in the 14,963 square feet of space on the fifth floor of the downtown building. The five-year lease calls for Celyad 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.

The Minnesota Department of Employment and Economic Development also signed a deal with Celyad on Jan. 12 to receive a Minnesota Job Creation Fund award of $357,000. To collect the money, it must invest $1.5 million in Rochester within a year, plus hire 33 employees within two years.

The ultimate goal of the project is for the city, state and Rochester Area Economic Development Inc. to eventually convince Celyad to build a 100,000-square-foot manufacturing facility with 350 employees in Rochester, according to RAEDI officials.

However, Rochester is not the only city wooing the Belgium company. While the Rochester facility is the company's first official U.S. location, it also has plans to build a U.S. headquarters in Boston.

It seems as though Celyad is at a turning point. The company has worked on developing its cardiac regenerative therapy since 2007. While it has seen many positive results from trials in Europe and research in the United States, it has no products currently on the market.

The company lost $18.1 million in 2014, up from $15.9 million in losses in 2013. While the cardiopoiesis technology developed by Mayo Clinic appears to be promising, the company seems to be embracing the new CAR T-Cell cancer-fighting approach — essentially, a cancer vaccine — that it purchased from Celdara Medical for $10 million earlier this year.

"Our acquisition of the OnCyte CAR T-Cell portfolio in early 2015 heralds the first major step in our strategy to leverage our unique expertise in cell therapies and drug development to expand beyond the cardiac arena to develop breakthrough treatments to change the outcome of disease," stated Homsy last month.

"We are excited to be expanding our product offering into the prominent area of immuno-oncology and anticipate the initiation of the Phase I trial of our lead immuno-oncology candidate, CAR-NKG2D in the first half of 2015 and look forward to sharing details of our progress as we evaluate its clinical potential," Homsy said. "We intend to leverage our cell therapy know-how and infrastructure to quickly progress those assets into later stage clinical trials in 2016, aiming at more than five trials in liquid and solid tumors in the USA and Europe."

Many companies are vying for a spot in the hot CAR T-Cell area to be the one to develop the breakthrough cancer vaccine. The worldwide market for such vaccines was recently estimated to $8.4 billion in 2020.

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 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 04, 2015

Rutgers hires away Mayo Medical School dean

Remember Dr. Frank Cockerill, the former CEO of the for-profit (and wildly profitable) Get_photo Mayo Medical Labs? Mayo Clinic accused the well-respected and long-time Mayo exec of taking trade secrets and misrepresenting his departure from Mayo as a retirement.

He took a job at Quest Diagnostics, a competitor of the successful Mayo Medical Labs. Mayo Clinic sued and eventually Cockerill resigned from his new position at Quest.

Cockerill's wife, Sherine Gabriel, is the dean of the Mayo Medical School. Now she's in the news by being hired away by Rutgers.

Rutgers seems particularly gleeful about being able to "steal people from the Mayo Clinic."

Here's a staff and wire story on this:

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The dean of the Mayo Medical School in Rochester has been hired as the new dean of Rutgers University's Robert Wood Johnson Medical School.

Gabriel orig C hi resSherine Gabriel, 57, will take over as head of the New Brunswick, N.J.,-based medical school in August, Rutgers officials announced, according to NJ Advance Media.

"Rutgers can now steal people from the Mayo Clinic," Brian Strom, chancellor of Rutgers Biomedical and Health Sciences, said when he announced the appointment to the university's board of governors Thursday.

Gabriel has worked at the Mayo Clinic for nearly 30 years, serving as a professor of medicine and epidemiology and as a federally-funded researcher of rheumatic diseases.

She will be paid $560,000 a year at Rutgers, a university spokesman said. That will make her one of the highest-paid administrators at the state university, according to the NJ Advance Media article.

Medical school deans are traditionally one of the highest-paid academic positions at universities and their salaries have been rising, the NJ Advance Media article says.

This year, the median salary for medical school deans is $492,213 nationwide and $525,966 at research universities, according to a survey by the College and University Professional Association for Human Resources, a national group that tracks salaries.

Rutgers acquired two medical schools — Robert Wood Johnson Medical School and New Jersey Medical School in Newark — when it took over most of the former schools of the University of Medicine and Dentistry of New Jersey in 2013.

Gabriel was selected as dean of Robert Wood Johnson Medical School after a national search.

"Our search committee recognized the combination of assets that Sherine Gabriel brings," Strom said. "She has exceptional strengths in medical school education administration and instruction. In addition, she is a noted researcher with a strong background in research administration and has played significant roles in the success of Mayo Clinic's business development activities."

Gabriel has been dean of the Mayo Medical School since 2012.

As a researcher, she has focused on the risks of connective tissue diseases among women with breast implants, as well as studies on rheumatic diseases and the economic impact of rheumatoid arthritis.

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 26, 2015

Cardio3 reports losing $18 million in 2014

Cardio3 released a financial report today with a lot of interesting tidbits like it's building in the Minnesota BioBusiness Center due to an agreement with Mayo Clinic.

Also it's developing a U.S. headquarters… in Boston.

Here's most of my article on this:

The Belgium-based biotech firm building a manufacturing facility in downtown Rochester reported today that it lost $18.1 million in 2014, up from the $15.9 milCardiobioscience_jpeglion it lost in 2013.

Cardio3 BioSciences, which works closely with Mayo Clinic and is taking over the fifth floor of the Minnesota BioBusiness Center, reported its financials for 2014, plus some highlights of its activities in 2015.

Cardio3 is publicly listed on the European stock markets of NYSE Euronext Brussels and NYSE Euronext Paris, although it is not traded publicly in the United States.

Mayo Clinic 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.

6a00d83451cc8269e201a511d8e824970c-250wiThe Hong Kong-based Medisun, which is opening an office in Rochester, owned 7.2 percent of Cardio3 on March 3.

In the years since 2007, Mayo Clinic has developed a close working relationship with the Belgian company. Mayo Clinic is participating the U.S. clinical trial of Cardio3.

"We made significant strategic, operational and financial advancements in 2014 as we seek to build C3BS into a global specialty therapeutics company," stated Cardio3 CEO Dr. Christian Homsy in the announcement.

The annual report 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 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.

Cardio3's prototype manufacturing facility will occupy 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. Cardio3's five-year lease calls for it to pay a rent of $18 per square foot, or $22,444.50, per month. The city agreed to pay for $600,000 in equipment and improvements to the space.

The Minnesota Department of Employment and Economic Development also agreed to give Cardio3 a Minnesota Job Creation Fund award of $357,000, if the company invests $1.5 million in Rochester within a year and hires 33 employees within two years.

The ultimate goal of this project is for the city and RAEDI to eventually convince Cardio3 to build a 100,000-square-foot manufacturing facility with 350 employees in Rochester, according to officials at RAEDI.

However, Rochester is not the only city wooing the Belgium company. While the Rochester facility is Cardio3's first official U.S. location, the company's report show that it also has plans to build a U.S. headquarters in Boston, Mass.
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The company also reported that it's re-stating its 2013 financial reports "to reflect errors" found by PriceWaterhouseCoopers.

"After due consideration with its auditors, we decided that the shareholders convertible loans should have been accounted for as a financial debt instead of equity (previously called 'quasi equity') as originally posted in our 2013 financial statements, because the loans were convertible into a variable number of shares," according to today's statement from the company.

March 13, 2015

A New Age shop opens in Rochester's Cooke Park Design District

The owner of a new Rochester shop hopes to fill a spiritual void in this area.

Brinn McManus opened the doors of A Beautiful Soul on Friday at 619 6th Ave. NW. That's where Culligan water used to operate until it moved to Woodlake Drive Southeast in 2006.

Beautifulsoul1McManus describes her new business as "Rochester's first New Age Metaphysical gift store." It carries a variety of things like, healing herbs, gems, crystal, jewelry and aromatherapy materials.

"There is definitely a need for this," she said. "That's obvious by how many people have been stopping by even before were ready to open."

A Beautiful Soul is also more than just a gift shop. It also has Reiki master Teri Anderson on staff to offer Reiki, reflexology and acupressure treatments on site. McManus also plans to offer individual and group mediation classes as well as hosting visiting psychic practitioners and healers for weekend events.
Bautifulsoul2
"This is something I've wanted to do for some time, but it was never the right time or the right spot," she said. "Now I feel good that we've found the right spot."

A Beautiful Soul is the latest in a string of small artistic and unique businesses that have opened recently in that once faded neighborhood. Paul Bennett opened Dwell Local,a design and art shop in the former Paw and Claws building at 602 Seventh St. NW. The Urban Easel art studio soon opened next door at 608 Seventh St. NW. A European auto repair shop, Werkstatt 533, then came in and renovated an empty brick warehouse just up the street at 533 Sixth Ave NW.

The word is that a well-known floral arts designer may also be moving into the area soon.

All of that activity is leading people like McManus and Bennett to start dubbing the northwest neighborhood as the Cooke Park Design District.

It seems like a Renaissance of sorts is underway in the Cooke Park area, so the new name seems to fit pretty well at this point.

March 06, 2015

10 years of blogging Rochester

On March 4, 2005, I wrote my first blog post. Kiger's Notebook blogo 2x

It was my sixth year at the Post-Bulletin. I created the "Heard on the Street" column about three years before the blog began. 

More  than 6,200 posts, stacks of columns, mountains of tweets and many gray hairs later, I'm still here writing about business and things vaguely related to businesPhoto on 2015-03-03 at 18.11s in southeastern Minnesota.

It'syou, the readers, who make this career such a fulfilling and entertaining one. Thank you everyone for your feedback, criticism and support over these past 10 years.