Belgium biotech company investing $1.5 million in downtown Rochester
(THE MED CITY BEAT) - Cardio3 BioSciences, a Belgium-based company that develops biopharmaceutical therapies to treat heart diseases, is moving into the fifth floor of the Minnesota BioBusiness Center in downtown Rochester.
The company made the announcement Tuesday, according to a news release from the Minnesota Department of Employment and Economic Development.
It plans to invest $1.5 million and hire 33 people to work at the new 15,000-square-foot facility. The average wages of the new jobs will be $21.52 an hour, the company said.
In exchange for its investment, the state awarded the company $357,000 from its job creation fund. The Rochester location will be Cardio3's first in the U.S.
“This project was seven years in the making,” said Rochester Mayor Ardell Brede. "It's gratifying to see the hard work put into our annual BIO International trade show attendance pay off. Cardio3 will be a great addition to our business community.”
The Mayo Clinic, which has been working with Cardio3 for several years to develop the heart therapy, has a small ownership stake in the company, according to the DEED.
(Cover photo: The Med City Beat)