— The Versiti Blood Research Institute’s planned expansion in Wauwatosa could bring more than 100 new jobs to the area.
That’s according to Chris Miskel, president and CEO of Versiti. In a recent interview, he discussed the research institute’s plans for adding 65,000 square feet of new space to its Wisconsin footprint and recruiting more blood scientists to the state.
He said the institute currently employs about 27 researchers, and the expansion would make space for up to 20 more scientists. The institute’s existing 90,000-square-foot facility is getting close to capacity, he explained.
“Of course, they would bring their labs with them, so we would envision 100 plus high-paying jobs that would come to Milwaukee,” he told WisBusiness.com. “We’ve historically done blood research in lots of different areas, and we continue on that journey.”
The institute currently has 50 active research grants, according to its website, and published findings in at least 200 medical and research journals last year. Research efforts have focused on blood cancers, bleeding and clotting disorders and more.
“We will of course continue to focus on doubling down in those areas … When you think about the impact that blood has on so many disorders and afflictions, we’re really excited to continue to expand the science there,” he said.
Earlier this month, the Legislature’s Joint Finance Committee approved a $10 million grant for the expansion project as part of the ongoing budget process, Miskel said.
“We’re grateful to the Joint Finance Committee and the governor for prioritizing our work, and we’re pretty proud we have bipartisan support for our efforts here,” he said. “So we’re basically waiting to see how the budget fares as it moves through the two houses of the Wisconsin state Legislature … We’re pretty confident the state will continue to prioritize it.”
Versiti’s fundraising effort for the expansion is underway, with Miskel noting philanthropy “will play a role in augmenting the funding we need” for the project. An earlier estimate for the total project cost put it at $63.5 million, but Miskel said it’s now expected to exceed that due to inflation and other factors. It’s estimated to be completed in 2026.
He also touted the potential economic impact from the project and how it could boost the state’s reputation for innovative research. Over a 30-year period, he said the expanded organization would deliver $19 million in additional state tax revenue, with a total economic impact of over $500 million.
“It’s great for the economy, it’s great for the recognition to elevate the state,” he said.
— Exact Sciences has released new data showing an updated version of its Cologuard screening tool is more effective at detecting colon cancer.
The Madison-based business recently announced findings from the BLUE-C study, a multi-center trial including more than 20,000 adults aged 40 years or older focused on a new version of the Cologuard test.
The updated version features new cancer biomarkers and “improved laboratory processes,” as well as changes to give patients more time to return the sample, which Exact Sciences says will improve the valid test rate. It was developed in partnership with May Clinic.
According to a release, improvements were seen in “every top-line metric” for the new test, including a 30 percent lower false positive rate compared to earlier FDA trial results. It displays greater sensitivity and specificity for cancer, meaning it has a better chance of accurately identifying whether patients have the disease or not.
Kevin Conroy, chairman and CEO of Exact Sciences, says this “next-generation” form of Cologuard will set a new performance standard for non-invasive cancer detection.
“We are harnessing deep scientific insights, advanced technology, and over a decade of research and development to detect colon cancer with greater sensitivity and significantly improve the false positive rate,” he said in a statement.
Exact Sciences plans to release more data from the BLUE-C study over the coming months as it develops its application to the FDA for approval of the updated test.
Cologuard has now been used more than 12 million times, the company says.
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— The WEDC Wisconsin Investment Fund Committee has brought in financial executive Greg Williamson as fund manager while making progress on identifying recipient funds.
During a Wisconsin Economic Development Corp. board meeting this week, Committee Chair Anne Smith introduced Williamson as the manager for the Wisconsin Investment Fund. This $50 million investment pool, funded by the State Small Business Credit Initiative, is designed to support innovative small businesses and boost the state’s economy.
Williamson previously worked as a chief investment officer for British Petroleum and the American National Red Cross and also has had experience in investment banking, entrepreneurship, and asset management. Having just completed his third week with the agency, Williamson said he is “thrilled to be able to help the WEDC with its venture program and in helping to grow opportunities within the state.”
Smith noted the committee has received 31 applications from various funds seeking to get involved with the program, including 19 Wisconsin-based organizations. Those funds collectively manage over $1.5 billion, with seven of them managing over $100 million and eight managing less than $10 million.
Smith expressed confidence that these groups are familiar with Wisconsin’s business landscape, noting “they had invested over $600 million already in Wisconsin businesses, so they know us.”
After reviewing applicants for the fund, committee members have selected 11 for further consideration. Smith said an initial recommendation has been created and will be presented to the Audit and Budget Committee of the WEDC Board on July 11.
Also during the meeting, WEDC Chief Legal Officer Jennifer Cambell gave an overview on the stringent conflict of interest rules established by the U.S. Department of the Treasury, which oversees the SSBCI.
Campbell explained board members of WEDC are considered “insiders” due to their authority in approving and overseeing programs. As a result, the Treasury mandates that no insiders have any financial interest in the funds or businesses in which investments will be made. To ensure no conflict of interest exists, WEDC will conduct a review of investments by board members, their families and business partners.
If a conflict of interest does arise, the WIF would be unable to invest in that fund or business, as the Treasury does not allow for recusals, Campbell said. But it was noted that if a conflicted board member divests their investment, the process could move forward.
Watch a video of the meeting here: https://wiseye.org/2023/06/20/wisconsin-economic-development-corporation-board-of-directors-2/
— Assembly Speaker Robin Vos, who is also president of the National Conference of State Legislatures, will travel to Belgium early next month.
The Rochester Republican will attend a plenary session of the European Committee of the Regions, which represents regional and local authorities across the European Union, in Brussels after the July 4 holiday.
He will also address a general assembly of the committee to talk about legislative bodies and possible collaborations between the NCSL and CoR and meet with CoR President Vasco Alves Cordeiro of Portugal and First Vice-President Apostolos Tzitzikostas of Greece.
The goal of the visit is to “strengthen the ties between the United States and Europe and foster cooperation and understanding among subnational legislative bodies,” according to the NCSL release.
“I look forward to this unique opportunity as we continue to demonstrate our commitment in building bridges between the United States and Europe, and further strengthen ties between NCSL and CoR,” Vos said in a statement.
Meanwhile Vos during a media availability ahead of yesterday’s Assembly session said a delegation of lawmakers will travel to Ireland for a summit at the end of August to discuss trade relations.
See the release:
— Rep. Alex Dallman has introduced a bill to add new regulations for third-party food delivery services, including requiring them to get a restaurant’s consent for listing.
The Green Lake Republican in a release described the changes as “accountability requirements” for these services, referencing UberEats, Doordash and Instacart as examples.
The release notes companies like these can list food and drink delivery options without informing the restaurant or ensuring information on the menu or the restaurant’s hours of operation are accurate. As a result, customers will often leave bad reviews online for the restaurant, rather than the delivery service.
“I think this bill is extremely important for our local restaurant owners,” Dallman said in a statement. “It provides transparency and accountability. This bill will help strengthen relationships between local restaurant owners, their customers, and the third-party services that are helping bond them together.”
Along with barring these services from listing a restaurant’s name, address or logo without getting its consent, the bill would also require food delivery services to have knowledge of “basic food safety rules.” And the delivery services would have to share data with the restaurant about order times and other details.
See the release:
#TOP STORIES#
# Gener8tor’s agtech accelerator brings companies from Wisconsin, Silicon Valley to Alabama
# Wisconsin’s unemployment fund avoided deficit during pandemic, but hasn’t fully recovered
# Child care shortage adds pressure on parents, could get worse
#TOPICS#
# AGRIBUSINESS
– Growers say they’re more often turning to irrigation to avoid stress on fruit and vegetable crops
# CONSTRUCTION
– Summerfest crews to get grounds ready for concert goers in final days ahead of Milwaukee music festival
# ENVIRONMENT
– Matt Quinn named new Waste-To-Energy project developer for Mead and Hunt
# LABOR
– Wisconsin may not have enough in its jobless fund to cover another recession. Here’s what a new report finds
– OSHA investigating death of Lambeau Field construction worker
# MANUFACTURING
– Spectrum Brands completes $4.3 billion sale of business segment
– Perspective Brewing’s first-year growth accelerates business plan: Beer Biz MKE
# POLITICS
– A looming ‘child care cliff’: Parents, providers urge Republicans to continue funding day care grants
– Cities, town ‘might finally be able to make ends meet’: Evers celebrates bipartisan shared revenue law
– Evers signs Dairy Month bill to expand local roads improvement program and focus on improving agricultural roads
# REAL ESTATE
– Homebuilding starts to pick back up as buyers adjust to new pricing norms in tight market
– State buys site on Milwaukee’s northwest side for new youth prison
# REGULATION
– Somers considers liquor license changes after biergarten loses wine license
# RETAIL
– Kohl’s executives granted stock awards, partly for staying with company
# TECHNOLOGY
– Wearable Technologies and MediCardia Health announce strategic partnership
# TRANSPORTATION
– Amtrak Hiawatha closer to expanding service as $17M airport station project begins
– New Bus Rapid Transit line provides 16,800 rides during first week
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
Gov. Evers: Celebrates June Dairy Month by signing bill to support improving agricultural roads
