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Office of Governor
Scott Walker 
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IMPORTANT: As of July 1st, 2011, functions once performed by the Wisconsin Department of Commerce have been moved to other state agencies and the Wisconsin Economic Development Corporation. The former Commerce web site will continue to exist for the next several months as resources are moved to new web site locations. We will make every attempt possible to direct our users to the new locations as web resources are moved.
Wisconsin Incentives Woo Minnesota Medical Startup Drawn by Wisconsin's tax credits for investments in high-growth companies, Minneapolis-based biotech startup VitalMedix Inc. said in July it is leaving Minnesota. VitalMedix is developing a drug that could be used by first responders to potentially keep trauma victims alive longer. Tamiasyn has been tested in animals and could go into human trials as early as a year from now, said Jeffrey Williams, the company's president and chief executive officer. "This sort of deal is better understood by investors in Wisconsin, and angel groups in Wisconsin are not only more aggressive, there are just a lot more of them," Williams said. According to the Wisconsin Angel Network, the state has 22 organized angel investing groups, up from just a handful five years ago. Also, earlier this year, Wisconsin expanded its so-called Act 255 tax credit program. Minnesota's legislators have attempted but failed to implement a similar program. VitalMedix is negotiating leases in either Hudson or New Richmond and expects to be moved within 90 days, Williams said. An official with LifeScience Alley, a trade group in St. Louis Park for medical and bioscience companies here, said his organization has been pushing for a similar tax credit in Minnesota. -- Article courtesy of Pioneer Press, St. Paul, MN Chris Snowbeck, reporter |
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