Minneapolis Biotech Company Moving to Wis

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Updated: 9:04 PM Jul 10, 2009 Minneapolis Biotech Company Moving to Wis A Minneapolis biotech startup company says it's moving to Wisconsin. Posted: 9:32 AM Jul 10, 2009 Reporter: Associated Press Minneapolis Biotech Company Moving to Wis

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MILWAUKEE (AP) -- A Minneapolis biotech startup company says it's moving to Wisconsin.

VitalMedix is negotiating leases in Hudson or New Richmond and expects to move within 90 days.

VitalMedix lead investor Charlie Goff says Wisconsin's investment tax credits "had everything to do with" the move.

The company is developing a drug that has the potential to allow humans to endure severe blood loss and deter organ damage during resuscitation. The drug could be tested on humans as early as a year from now.

Chief executive Jeffrey Williams says VitalMedix has raised $4.5 million from investors and U.S. Defense Department grants.

Despite a huge budget deficit, Wisconsin expanded the state investment tax credit in February. It doubled the cap on the amount of credits to $8 million, raised the cap on eligible angel investments to $4 million and tripled the total credits available each year to $37 million.

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