State invests in biotech startup firm
The state of Minnesota will lend $250,000 to a biotech company that's attempting to capitalize on scientific advances pioneered at the University of Minnesota.
The state Agricultural and Economic Development Board will provide the money as seed capital to Miromatrix Medical, which is trying to produce human replacement organs in the laboratory.
Miromatrix grew out of research led by Dr. Doris Taylor, whose U of M team created an entirely new rat heart in the lab.
"Miromatrix has the potential to revolutionize medicine," said Dan McElroy, commissioner of the Minnesota Department of Employment and Economic Development and chair of the Ag Board, in a statement. "The state is aggressively pursuing policies to make sure that companies like Miromatrix gain access to crucial funding to help them succeed and stay in Minnesota."
Under the terms of the loan, private investors must match the state's contribution.
The state Ag Board has traditionally helped manufacturing firms grow, but a statement says the panel is expanding its commitment to include emerging high-tech businesses.
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