ROCHESTER — The growing popularity of an anti-aging skin serum is spurring the rapid growth of Rion , a start-up medical regenerative firm. The wrinkle is that success means it now needs more space.
Rion , founded in 2017 by Mayo Clinic Drs. Andre Terzic and Atta Behfar with Scott Rosenow, is working with Rochester Area Economic Development, Inc., the city and the state of Minnesota to finance more space to house the labs and manufacturing facilities for its aesthetics division.
To drive that process, the company is looking to two state economic development funds — Minnesota Investment Fund and the Minnesota Job Creation Fund — for help financing the needed expansion.
The Rochester City Council will hear about Rion’s plans at its Monday meeting. The council needs to sign off on the request for money from the funds managed by the Minnesota Dept. of Employment and Economic Development. Rion could receive grants of up to $175,000 from each of the funds.
Rion, which launched under Mayo Clinic’s Employee Entrepreneurship Program, has grown from six employees in 2020 to now employing 40 people.
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Rosenow, Rion’s chief administrative officer, expects the company will hire at least 22 more employees to be paid between $31.25 to $96.15 per hour within the next two years. He anticipates the company could make at $7.3 million in capital investment in Rochester in the coming years.
RAEDI President John Wade and Rosenow described the process of applying for state economic development money as an investment to keep the growing company from expanding elsewhere.
“There have been a number of great business success stories that didn’t happen here, even though the science happened here. I think that we, as a community and as a state, need to really step up to keep companies like Rion here,” said Wade.
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The company currently occupies two downtown Rochester spaces — one on the first floor of the Minnesota BioBusiness Center at 221 First Ave. SW and another on the fourth floor of One Discovery Square at 202 Fourth St. SW.
The Minnesota BioBusiness site is where the Plated anti-aging skin serum is made. Plated is sold online and at med-spas for $267 for an ounce of the “Daily” serum or $267 for a half ounce of the “Intensive” serum.
Given the growing sales of the skin care products, Rosenow said the company needs to find a 10,000- to 15,000-square-foot space in Rochester to expand its laboratories and manufacturing facilities that develop and make the Plated products.
While the skin serum is popular, it is only one of the regenerative therapies that Rion is developing using the exosome-based research licensed from Mayo Clinic. Rosenow explained that the Rion labs in the One Discovery Square building are working on therapies for wound care, cardiac medicine, urinary incontinence and pulmonary conditions.
Exosomes are small vesicles released by human cells that can be used to spur growth and healing. In recent years, exosomes have become the focus of many medical companies working on new therapies.
“Everyone knows regenerative medicine really started with stem cells. Now exosomes are the hottest new technology in the regenerative space. Rion is a global leader in exosome medicine,” said Rosenow.
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August 06, 2023 at 03:15AM
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State development grants could smooth the growth of med-tech start-up Rion and help keep it in Rochester - Rochester Post Bulletin
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