Business Facilities - March 2008 - (Page 14)

COVER STORY Outside the Biotechnology Clusters “Our BioGenerator works very closely with the tech transfer department at the local universities in trying to identify technologies that can be successfully commercialized,” says Susan Pais, director of operations at the Nidus Center. The Nidus Center has helped create over 100 jobs in the region, and due to the generally higher wages of life sciences jobs, the incubator contributes over $5 million in wages. To further attract biotechnology start-ups, several prominent St. Louis schools and other organizations formed CORTEX, the Center for Research, Technology and Entrepreneurial Exchange. The $55 million non-profit organization plans to develop biotechnology office and research buildings on 246 acres in the Midtown St. Louis area. CORTEX projects its efforts will lead to the creation of more than 12,000 jobs over the next 25 years and new city tax revenues in excess of $400 million. “The biotechnology industry is a geometrically growing industry,” says John Dubinsky, founder and CEO of CORTEX. “Four or five years ago, it became obvious that in order for St. Louis to build a biotechnology industry, we needed to make space available for upand-coming commercial biotechnology companies.” Two tenants, Washington University Medical School and Stereotaxis, Inc. have already leased more than 50% of the space. Stereotaxis designs, manufactures, and markets a cardiology instrument control system used to treat coronary artery disease and arrhythmias. In 2006, Solae Co., a joint venture formed by DuPont and Bunge Ltd. to develop soy-based foods, announced it will build its $40 million headquarters in the CORTEX area. Downtown St. Louis, MO “There’s no question that communities like Boston, San Diego, and San Francisco have a head start to St. Louis, but if you look at 10 to 12 other cities interested in growing, St. Louis would be at the top of that list in terms of assets that can be built on,” says Dubinsky. “The growth of biotechnology is one of the top two priorities of the state. We have a lot of financial and intellectual resources available for biotechnology companies that want to come to St. Louis and be in this market.” POWERING BIOTECHNOLOGY IN THE LONE STAR STATE The state of Texas has launched two major funds to help grow its biotechnology industry. One of the funds, the Texas Emerging Technology Fund (ETF), provides $200 million in grants to biotechnology companies, while the Cancer Initiative, passed by the Texas legislature in November 2007, will provide $3 billion for cancer research. Dr. John Mendelsohn, president of the M.D. Anderson Cancer Center in Houston, says the Cancer Initiative will pump in much needed funds to recruit world-class scientists to Houston. “Over half of cancer research goes on in the greater Houston area,” says Mendelsohn. “The initiative will expand research on cancer to bring opportunities to develop intellectual property, will attract entrepreneurs and venture capitalists to the community, and convert discoveries that are economically useful to hopefully treat and prevent cancer.” M.D. Anderson is located on the campus of the Texas Medical Center, the largest collection of medical institutions in the country. Over five 14 MARCH 2008 PHOTO CREDIT: STOCK.XCHNG.COM

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Business Facilities - March 2008 Contents First Word Snapshots California Seeks Immigration Reform To Spur Economic Growth Outside the Biotechnology Clusters Global Biotech Competition Heats Up Location Is Key To Your Bottom Line New Incentives For New Hampshire Metro Spotlight: Jersey City, NJ Europe's Center For Goods, Real and Virtual Access Your Markets From Pennsylvania Corporate Moves: Illinois Louisiana Upgrades Important Port Road Projects To Accelerate Michigan's Economy Corporate Moves: South Carolina Metro Spotlight: Salt Lake City, UT Advertiser Index Inside LiveXchange

Business Facilities - March 2008

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