Biotech Company Moving To St. Croix County
Encouraging news was reported last week when VitalMedix Inc. announced its move from Minnesota to St. Croix County. The company is working on a drug that seeks to aid first responders in keeping trauma victims alive.
VitalMedix was attracted to Wisconsin due to our state’s favorable environment for angel investments. Angel investments are when an individual or group provides significant capital investment in a business start-up. Legislation that I supported created an angel investment tax credit in Wisconsin in 2003, which provides tax incentives for angel investors. Wisconsin now has 22 angel investment groups, whereby individuals pool their investment funds to provide angel investments to businesses.
Minnesota currently does not have such tax incentives, although legislators there are considering enacting such laws due to the success of Wisconsin’s programs.
This news follows the move of Rapid Diagnostek last year to Hudson from Minnesota, which was also the beneficiary of Wisconsin investments due to our tax incentives for angel investments and early stage seed investments. It is encouraging to see this pro-growth legislation helping to attract jobs and businesses to Wisconsin. Expanding on these successes and recognizing the impact of tax structures on business growth should be priorities of the Wisconsin Legislature.