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863 posts categorized "Mayo Clinic"

May 05, 2015

Tech security chief leaves Mayo Clinic for new job

Mayo Clinic's chief information security officer is leaving Rochester to join a Colorado technology firm.

3a01a19James Carder made the announcement on Twitter Tuesday saying, "It's with mixed emotions to announce that I have officially left Mayo Clinic and taken a new role as CISO (chief information security officer) @LogRhythm & VP of @LogRhythmLabs."

Carder was Mayo's technology security chief from June 2013 until this week. Described as "a frequent speaker at industry events and noted author of several security publications," Carder managed the security of the 250,000 to 300,000 devices connected to Mayo Clinic's network, according to the Wall Street Journal.

While at Mayo Clinic, the Wall Street Journal said he also created "an incident response infrastructure" and as well as Mayo Clinic’s first cyber threat intelligence organization.

At LogRhythm, Carder will serve as the chief information security officer and vice president of LogRhythm Labs. The Boulder, Colo.-based firm stated in the announcement of the hiring that Carder will set "the vision for and direct the company’s global information security program." He will manage 12 employees.

Carder told the Wall Street Journal that his primary reason for the move is "speed."

“The main difference is that things you do have a ripple effect quickly,” he explained to the WSJ.

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 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 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. 

10 years of blogging Rochester

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

It was my siPhoto on 2015-03-03 at 18.11xth 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 business in southeastern Minnesota.

It's you, 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.  

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. 

March 02, 2015

Mayo Clinic-linked NeoChord looking to drum up $1.5 million

NeoChord, a medical device firm I first wrote about in 2007, filed with the SEC in February to raise $1.5 million in funding. So far it has pulled in $457,000 or so of that.

I need to give a nod to the intrepid Katharine Grayson of the Minneapolis/St. Paul Business Journal for first pointing this out. I'm always impressed by how closely she tracks Form D filings for financing.Portfolio-neochord-260x138

The Eden Prairie-based NeoChord surfaced locally in 2007, when it licensed technology designed by Mayo Clinic cardiac surgeons Dr. Richard Daly and Dr. Giovanni Speziali. Speziali was named as the company's chief medical officer in 2013. 

Beside licensing its technology, Mayo Clinic has also previously invested in NeoChord. I'm checking to to see if that is still the case.

Neochord deviceThe NeoChord DS1000 device is used to treat a heart condition called mitral regurgitation. Mitral regurgitation means the valve or leaflet that controls the flow of blood from the left atrium to the left ventricle is not working properly.

Treatment typically consists of “cracking the chest,” stopping the heart and doing surgery. NeoChord's approach is much less invasive and can be done on a beating heart.

A tool is inserted between the ribs and into the heart. Then it is used to attach a chord to the faulty valve leaflet, which is tethered to the heart.

The market for less invasive techniques for mitral valve repair has been estimated at more than $2 billion. There are 50,000 surgeries done in the U.S. each year. An estimated 2 million patients are treated due to the risks of surgery.

Since it formed in 2007, NeoChord's lifeblood has been venture capital funding. By 2008, it had raised $3 million. It raised another $5.1 million in 2011 to finance the European clinical trial. In March 2013, it raised $3 million through the sale of its series B-2 preferred stock.