Company with ties to the Mayo Clinic changing its name ahead of IPO
(THE MED CITY BEAT) - A Belgium-based company with ties to the Mayo Clinic is changing its name ahead of its initial public offering in the U.S.
Cardio3 BioSciences announced Thursday it is changing its name to “Celyad." The company plans to use the name for commercial purposes effective immediately, according to a news release. It will seek formal approval from shareholders at a meeting on May 5.
The company formally announced plans last month to build a manufacturing facility on the fifth floor of the Minnesota BioBiobusiness Center in downtown Rochester.
Celyad plans to invest $1.5 million and hire 33 people to work at the new 11,000-square-foot facility. In exchange for its investment, the state awarded the company $357,000 from its job creation fund.
The company's stock is already publicly traded on the European stock markets of NYSE Euronext Brussels and NYSE Euronext Paris. The timing, number of shares and price of an IPO in the U.S. have not yet been announced.
The Mayo Clinic, which has been working with Cardio3 for several years to develop a heart therapy, has a small ownership stake in the company.
Development of a strong biobusiness sector is an integral component of the Destination Medical Center initiative. The "Discovery Square" district — which will provide space for new science and technology companies to locate in Rochester— has consistently been mentioned as a top priority.
(Cover graphic: The Med City Beat / Celyad)