Score one for Wisconsin's biotech economic development team. Dangling close to a million dollars in new investment capital and a loan, the state hooked the Boston-based biotech Flex Biomedical, which will now move from the big biotech hub in Bean Town to Madison.
Wisconsin Investment Partners of Madison, NEW Capital Fund of Appleton, and the Marquette Golden Angels of Milwaukee led an $800,000 round with the Wisconsin Department of Commerce Technology Venture Fund providing a $150,000 loan. The money will be used to advance Flex's work on a new polymer-based therapy for osteoarthritis.
"This investment by three of Wisconsin's leading early stage investment groups and the state in this difficult financial climate speaks volumes about our technologies, market opportunity, and company," said Sal Braico, CEO of Flex Biomedical. "Wisconsin is fast becoming a player in the biotech and medical device sectors. We look forward to growing our operations here."
- read the report from the Milwaukee Business Journal