SUBSCRIBE NOW Just 99¢ for your first month

ADVERTISEMENT

ADVERTISEMENT

Heard on the Street: Mayo Clinic-spawned biotech firm opening lab in One Discovery Square

We are part of The Trust Project.

A young biotech firm, founded by two Mayo Clinic doctors, announced Wednesday that it will be moving into the new One Discovery Squarecomplex in downtown Rochester.

Rion LLC, created by Dr. Atta Behfar and Dr. Andre Terzic, will focus on "advancing regeneration through innovations related to its exosome biotherapeutic platform, development of novel off-the-shelf biologics, technologies and biomanufacturing."

Wednesday's announcement by One Discovery Square developer Mortensondoes not say how large of a space Rion will occupy, how many employees will work there or when Rion is expected to start operating in the 89,000-square-foot complex, on the corner of Fourth Street and Second Avenue Southwest.

Rion, which Behfar and Terzic launched through Mayo Clinic's Employee Entrepreneurship Program, already leases a 2,000-square-foot office in the Minnesota Biobusiness Center, which is owned by the City of Rochester.

It took over space previously occupied by Sri Lanka-based Brandix i3. Rion signed a three year lease with the city in 2017.

ADVERTISEMENT

No one from Rion was available to ask if the firm is closing its current Rochester space to move to One Discovery Square or if it will be a second location.

In today's announcement, Rion CEO Scott Rosenowwas quoted as stating, "While currently Minnesota is one of the leading medical device hubs in the country, Rion, with its focus in regenerative medicine, can develop and expand the biotechnology sector in Minnesota, leading to larger and more diversified medical products industry in the state."

This is the latest tenant announced for the high-profile center built as part of the Destination Medical Centerinitiative.

Mayo Clinic will anchor the building by leasing 30,000 square feet spread over the upper levels of the four-story complex. B oston Scientific, Royal Philips, Epic Systems, WuXi Diagnostics, the University of Minnesota Rochester and Cafe Steamare also tenants.

Related Topics: MAYO CLINIC
What to read next
Members Only
On Thursday, Mayo Clinic posted an unaudited consolidated financial report from the first quarter on the Electronic Municipal Market Access website. The report showed revenue was up 6.9% over the same quarter in 2021, when Mayo Clinic reported $3.67 billion in revenue. However, the operating margin for Q1 2022 is 3.6%, which is well below the 6.6% margin that Mayo Clinic posted in the first quarter of 2021.
In today's world, stress is everywhere. Sometimes your to-do list becomes overwhelming. Meditation — even just 30 seconds a day— can help. In this episode of NewsMD's "Health Fusion," Viv Williams talks with a meditation expert who explains how it works, gives a shout out to a study that about how meditation helps US Marines recover from stress and gives tips on how to fit meditation into your day. Give the practice a try on World Meditation Day, which happens yearly on Saturday, May 21.
See the latest COVID-19 numbers updated daily.
State leaders said the situation was expected to improve within four to six weeks as additional varieties come to market.