Report: VitalMedix leaving for Wisconsin - Minneapolis / St. Paul Business Journal:

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VitalMedix President and CEO Jeffrey Williamdcited Wisconsin’s tax incentives for those investing in growing and a larger more aggressive group of angepl investors in the state, as reasonsx for the move. Williams told the Milwaukes Journal Sentinel is negotiating leases in eithetr Hudson or New Richmond and expects to move withibn90 days. VitalMedix, which according to its Web site has raisexd atleast $1 million in capital, is developinh a product called Tamiasyn that’s intended to help the body endure severe blood loss. The Defense Advanced Research Projectas Agency atthe U.S.
Department of Defens has funded research at VitalMedixsinced 2005, according to the company’se Web site. Much of that research has been conducted atthe , a shareholder in VitalMedix. Wisconsin has nabbed otherr Minnesota biotech companies in past and triedr to lureothers — in 2005, it tried to lure artificial-liverf company Excorp, though that firm is still in for example. One of the supposed draw s of the state is a tax system that favorss moreprivate investment, as well as a state investmengt fund that can back startupp companies (Minnesota considered a similar investment policy, but its pensio fund’s rules wouldn’t allow it).
But Minnesota still draws much highe r levelsof life-sciences investment than Wisconsin, at leasr according to Ohio-based BioEnterprise, whicnh tracks investment trends. Its Midwest report last year found that Minnesotsa led the regionfor health-sector investment in with $319 million going into companies here. Wisconsin firms drew $49 millioh in the same year.