Contacts: Laura Smith, Office of the Governor, 608-261-2162
Tony Hozeny, Department of Commerce, 608-267-9661
MADISON – Governor Jim Doyle announced today that Minitube of America, Inc. of Verona will receive a $370,000 Technology Development Loan from the Department of Commerce. The loan will help create 136 new full-time positions in addition to the 120 employees already employed at Minitube in Wisconsin.
“We’ve worked very hard to build on Wisconsin’s strengths in biotechnology,” Governor Doyle said. “And we’ve seen more and more bioscience companies expanding and relocating to Wisconsin because we are able to provide the resources and infrastructure necessary to help this industry to grow. We are pleased to provide this assistance to Minitube to help them create 136 new jobs.”
Bioscience in Wisconsin is an $8.7 billion industry with 400 companies and 34,000 employees. Bioscience is the fastest growing segment of the Wisconsin economy, with an annual growth rate of nearly 7 percent. In just the past four months, Governor Doyle has welcomed eight biotechnology companies to Wisconsin from other states.
Governor Doyle has worked hard to spur creation of risk capital in Wisconsin, including investor tax credits, the formation of the Wisconsin Angel Network, and providing tax credits to businesses that increase their research and development activities. Last February, the Governor expanded the investor tax credit law as part of an early economic recovery bill.
These initiatives have added to the world class biotechnology environment in Wisconsin that Governor Doyle has worked hard to develop, including a university system that includes one of the world’s leading research institutions, first class resources for scientists, a supportive entrepreneurial environment, access to capital, and a quality of life in a state that is second to none.
Minitube will utilize the new funds for working capital to prepare animal sperm sexing technology for commercialization. The company will create 136 new full-time positions. The total project cost is $2.7 million. Minitube is a biotechnology company specializing in advanced reproduction technologies and molecular biology. Minitube was founded in Germany in 1970 by Drs. Ludwig and Irmingard Simmet, two years after they secured a patent for the Minitube artificial insemination system. Dr. Simmet’s son, Ludwig Simmet, Jr., founded Minitube of America, Inc. in 1986. The company is active in the fields of animal production, companion and sport animal breeding, clinical research, advanced medical model development and cellular diagnostics.