• M.S. degree or equivalent experience
• 2+ yrs. experience in related field, including research in organic synthesis or thin film chemistry
• Advanced analytical skills/knowledge
• Excellent problem-solving skills
• Good project management skills
• Good written and verbal communication skills
• Good interpersonal skills
• Computer skills appropriate for work responsibilities

If interested and qualified, please contact us through our website at isurtec.com, or give Wayne Vander Vort a call at 651-209-9757 extension 12.  We look forward to discussing this opportunity with you.

Under the leadership of Jay Schrankler, University of Minnesota’s Office for Technology Commercialization licensed 12 technologies in fiscal 2012 turning around the university’s tech transfer operation that many considered lackluster even a few years ago.

Among the 12, there are six that play in the healthcare industry or have applications in it.

Ariel Pharmaceuticals
This Denver specialty pharmaceuticals company has licensed a technology from the University of Minnesota by which it will develop and commercialize the Tamiasyn therapy that aims to prevent death in patients who have suffered blood loss from trauma.

Ariel’s licensing this treatment gives Tamiasyn a second shot given that the technology was initially licensed to local startup VitalMedix, which went belly up in early 2010.
CIPAC Ltd.
This Australian company with U.S. subsidiaries will collaborate with University of Minnesota researchers to develop treatments that use live biological preparations to stem c. diff (Clostridium difficile) infections common in hospitals.

Epitopoietic Research Corporation:
This Belgian research and pharmaceutical development company has licensed a technology to develop a vaccine that uses the immune system to treat brain tumors

Omicron Health Systems
Minneapolis-based Omicron has licensed a technology that helps providers improve preventive care, coordination and communication among clinicians, researchers and patients. The technology also enables clinicians to monitor patient progress and improve the process of performing clinical research.

VitalSims
The University of Minnesota and HealthPartners teamed up to develop a technology being licensed by VitalSims, a Minneapolis startup, one application of which is in treating diabetes. The technology simulates an environment where patients may be observed, analyzed thereby helping in the physician decision-making process.

One application called SimCare Health offers simulation to train doctors on a variety of issues including insulin initiation and management, ordering diagnostic tests and other things.

Vytacera Pharma
This San Francisco company has licensed an antidote for the prevention and treatment of cyanide poisoning. The company will develop and market Sulfanegen, which was developed at the University of Minnesota’s Center for Drug Design.

 Above, Mark Kelley, Mechanical Engineer, Ativa, holding one of several pump mounts he recently made in UEL’s machine shop.

A frequent user of the space is Ativa Medical, a UEL tenant company developing diagnostic products.   “The machine shop is a valuable resource for us, both for rapidly creating and testing parts for our instrument and for quickly constructing test fixtures in support of our ongoing diagnostic test development” said Barbara Roth, COO/VP of Manufacturing, Ativa Medical.

UEL will continue to enhance the machine shop as further needs emerge from the users.

July 16, 2012 3:29 pm by Arundhati Parmar | 0 Comments

UNIVERSITY ENTERPRISE LABORATORIES ANNOUNCES NEW FINANCING

Minneapolis, February 13, 2012 – University Enterprise Laboratories (UEL), one of Minnesota’s largest and most successful bioscience incubators, has refinanced its original mortgage, significantly improving its finances to better control the facility’s future operations.

UEL’s original financing was replaced by a $9,462,500 fixed-rate, conventional mortgage at 4.06 percent provided by U.S. Bank National Association.  The City of Saint Paul agreed to continue its guarantee of the mortgage loan, but negotiated that guaranty down to $4 million from the $6 million guaranteed on the original financing.  In addition, the City has achieved a mechanism to further reduce the guarantee amount as the mortgage is paid down.

“We are proud of the success of the University Enterprise Laboratories,” said Saint Paul Mayor Chris Coleman.  “UEL has brought more than 250 high-paying professional jobs to our city, strengthening our economy and our neighborhoods.  In the seven years since the facility opened its doors in 2005, UEL has produced five ‘graduates,’ companies that continue to grow and help power the economic engine of our region.”
The original 2005 financing of approximately $17 million included bonds backed by a letter of credit from Wells Fargo Bank, NA, and New Markets Tax Credits provided by Midwest Minnesota Community Development Corporation and purchased by Wells Fargo CDC.  The University of Minnesota originally provided prepaid rent that the project needed to get the project off the ground.

“This was one of the first projects in Minnesota to use New Markets Tax Credit financing, and is the first Minnesota project to have been ‘unwound’ at the end of the standard seven-year period,” said Norman Jones, special counsel to UEL from Winthrop & Weinstine, P.A., of Minneapolis.  “The unwinding of this transaction, along the lines of what was originally planned seven years ago, helped boost confidence that the New Markets Tax Credit exit mechanisms will work on other projects.”

Other features of the new financing include:

• The accumulation of significant reserves to fund future lease rollovers, as well as a large debt service reserve, both of which significantly improve UEL’s financial strength.
• A projection that the next refinancing should be accomplished without the need for a guarantee of any amount from the City.
• A lot split in anticipation of one or more new expansion buildings.

“This is a watershed event for our facility,” said Tony Carideo, Chairman of the all-volunteer UEL board.  “UEL emerges from this financing stronger, more financially sound and with a brighter future than ever.”

In addition to the financing by US Bank and the City of Saint Paul loan guarantee, key participants in the transaction included Murray Kornberg, senior vice president of CBRE Capital Markets, who was UEL’s mortgage banker in the transaction, Winthrop and Weinstine, which acted as special counsel for the original financing and the new financing, Tapestry (LaSalle) Management of Bloomington, which serves as UEL’s facility manager, as well as Paul Knapp and Andrew LaFrence, current and past UEL board members, respectively, who played an important role in the refinancing process.

For further information contact:

Tony Carideo, President, The Carideo Group, Inc.:  612-317-2880, or tony@carideogroup.com

Joe Campbell, City of Saint Paul Director of Communications: 651-266-8518, or

joe.campbell@ci.stpaul.mn.us.

Murray Kornberg, Senior Vice President, CBRE Capital Markets, Inc.:  612-336-4230, or murray.kornberg@cbre.com.

Norm Jones, Winthrop & Weinstine, P.A.: 612-604-6605, or njones@winthrop.com.

• Article by: WENDY LEE , Star Tribune
• Updated: March 15, 2012 – 9:08 PM

Biotech incubator UEL said it has freed itself from $17 million in high-interest debt. It’s lobbying the Legislature for funds to grow.

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Joanna LaBresh at work at her biotech start-up, Kingfisher Biotech, one of 30 companies housed at St. Paul’s University Enterprise Laboratories.

Photo: Brian Peterson, Star Tribune

 

St. Paul biotech incubator University Enterprise Laboratories has refinanced its loan, overcoming a major financial hurdle that once threatened its survival.

UEL has been key to Minnesota’s start-up community, providing affordable lab space and equipment to biotech and medical device entrepreneurs who lack the funds to buy their own machinery. As an incubator, it supports start-ups until they outgrow the facility.

When it launched in 2005, UEL got a $17 million financing package through Wells Fargo & Co., which included bonds and a federal tax credit that had to be refinanced by Feb. 1. The nonprofit has replaced it with a low-interest, $9.5 million mortgage from U.S. Bank. The city of St. Paul is the loan guarantor, as it was in the original financing deal.

“UEL emerges from this financing stronger, more financially sound and with a brighter future than ever,” said Tony Carideo, UEL’s chairman.

When the nonprofit opened seven years ago, it had hoped it could fill its space with companies that would commercialize University of Minnesota research and technology. But UEL’s business plans changed when there weren’t as many spin-off companies from the U as expected.

That, along with a tight credit market, threatened its chances of getting refinanced. If UEL didn’t get the new financing, Wells Fargo could have repossessed the building and the city of St. Paul could have been liable for up to $6 million, the amount it guaranteed in the original loan.

But UEL eventually found other types of tenants to fill the space and today has 25 life sciences companies, four University of Minnesota affiliates and an association management firm. Its 107,000 square feet of rentable space is full, and several local businesses want move there. St. Paul Mayor Chris Coleman credits the incubator for bringing more than 250 jobs into his city.

“The fact is, we’re a success,” Carideo said. “We created jobs where jobs did not exist.”

The nonprofit said its renewed business strategy is paying off. Last year, UEL had revenue of $2.73 million, up from about 9 percent from 2010.

Kevin Liu, CEO of medical devices firm UMI Inc., said he moved his business into the incubator to be around other entrepreneurs and network with neighboring firms.

“Given the amenities and support I get there, it is valuable,” Liu said.

Officials said demand for its property remains high and they’re eager to expand the building by 40,800 square feet. UEL is asking the Legislature for $12 million to help fund the construction.

If the UEL doesn’t expand, entrepreneurs could move to areas outside the state, said Rep. Tim Mahoney, DFL-St. Paul, a co-author on UEL’s bill.

“These are products and ideas that started up in Minnesota,” Mahoney said. “We would like to keep them so we can grow those companies in Minnesota.”

Officials say that UEL offers sophisticated lab equipment and space, which sets it apart from its competitors. The sleek building has an HVAC system in its labs that cycles in outside air 12 times each hour. And this month, UEL launched a machine shop that will let tenants create prototypes of medical devices. Tenants also get access to educational workshops, conference rooms and share equipment such as postage machines and scanners.

A need to expand

“We work with a lot of early-stage companies that conventional landlords wouldn’t deem creditworthy,” said UEL Property Manager Greg LaSalle. “We’re willing to take on more risk with our tenants.”

Take Kingfisher Biotech, a firm of three full-time and four part-time employees. When it took longer than expected to receive federal grant money, founder Joanna LaBresh struggled to pay rent.

“The choice [was] to pay the rent or pay my employees,” LaBresh said.

LaBresh said she worked with UEL and paid off four months’ worth of rent at a later date. Kingfisher has been a tenant at UEL for roughly five years. LaBresh says she wishes she could stay, but her business would like to move into a larger space, preferably within UEL.

UEL has had five graduates: Twin Star Medical, OrthoCor Medical, Harland Medical Systems, green chemistry firm Segetis and advanced manufacturing equipment supplier Optomec.

Tim Mulcahy, the U’s vice president of research, said there is a need for the UEL to expand, but said the nonprofit should try to develop a business plan that anticipates the graduation of companies so it routinely frees up space for new start-ups that want to move in.

“We do know some of the start-ups that have had an interest in occupying lab space in UEL, but unfortunately the lab is fully subscribed and they haven’t been able to get in,” Mulcahy said.

Wendy Lee • 612-673-1712 Twitter: @striblee

• related content

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  Joanna LaBresh at her biotech start-up, Kingfisher Biotech, which has three full-time and four part-time employees. Now the firm would like to move into a larger space — preferably still at UEL.

  Brian Peterson, Star Tribune