Rochester business, Cytotheryx, Inc., is applying for $870,000 in state funding to buy a new lab building and create 22 new jobs in Rochester.
After the Rochester City Council voted on July 15th to serve as a sponsor for the project, Cytotheryx will be applying to the Minnesota Department of Employment and Economic Development (DEED) for a $460,000 loan from the Minnesota Investment Fund Program and a $410,000 grant from the Minnesota Job Creation Fund.
RAEDI, in partnership with Cytotheryx, the City of Rochester, and DEED, assisted with the completion of required due diligence and the submittal of the company’s application for expansion assistance through DEED’s Minnesota Investment Fund and Jobs Creation Fund Programs. The Rochester Economic Development Fund (EDF) has been an investor in the company since 2020. RAEDI, as administrator of the EDF, continues to assist Cytotheryx with their expansion plans, including acquisition of an existing facility in Rochester and application for potential follow-on investment from the EDF.
Cytotheryx is a per-clinical biotechnology company focused on the production of a consistent, high-quality source of human hepatocytes (liver cells), utilizing a proprietary technology developed by the Mayo Clinic, to address liver failure.
