City asks for $220,000 state grant to support Mayo Clinic start-up
The City of Rochester is applying for the Minnesota Investment Fund grant “to assist with the start-up of Nucleus RadioPharma," which is a Mayo Clinic firm.
ROCHESTER – The City of Rochester is applying for a $220,000 state grant to help finance a Mayo Clinic start-up company.
A public hearing is scheduled for the Feb.6, 2023 city council meeting about applying for a Minnesota Investment Fund grant from the Minnesota Department of Employment and Economic Development “to assist with the start-up of Nucleus RadioPharma . The funds will be used for the creation of jobs,” according to the advertisement of the event.
Mayo Clinic and Eclipse , a California-based venture capital firm, launched Nucleus RadioPharma with $6 million in financing in 2022. The focus of Nucleus RadioPharma is to develop technologies for the clinical development and manufacture of radiopharmaceuticals for the treatment of cancer.
When asked about the plans for the company, a Mayo Clinic senior content specialist replied, “An evaluation process is underway regarding the location of the first facility.”
Radiopharmaceuticals or radiotherapies are guided radioactive drugs. Smaller amounts can be used to help diagnose diseases, while larger amounts can be used to treat certain kinds of cancer and other conditions.
During a recent press conference , Mayo Clinic Chief Business Development Officer Jim Rogers III commented on how there is a great need to increase the manufacturing capacity of radiopharmaceuticals, which need to be made just before use.
“If you're an individual needing that therapy, it needs to be manufactured for you…. It needs to be available. Because of this problem, we're now working with investors and third parties to bring manufacturing capability not just to Mayo, but to make it available countrywide,” said Rogers in early January. “That's the type of activity that we really focus on. These are the types of collaborations that we think are important…”
Three companies with facilities in Rochester have received a Minnesota Investment Fund grant in recent years.
- Kerry Biofunctional Ingredients was given a $220,000 grant to support an expansion and retain 22 jobs with an hourly wage of $20.38 in 2018.
- Pace Dairy Co. , which processes and packages retail and specialty cheese products for the Kroger Co. grocery store chain, was presented a $150,000 in 2020 to support the expansion of its production lines and the addition of 20 jobs at an hourly wage of $24.60.
- Crenlo Engineered Cabs was given a $450,000 grant in 2021 to retain 12 jobs with an hourly wage of $16.39.