By Christine imbs
People are
living longer and healthier lives today thanks in part to advances
in medical technology. But exactly how does scientific research
become mainstream medical care? For many St. Louis start-up companies
based in new technology, the answer lies at the area's nationally
recognized campus of innovationÑthe Center for Emerging
Technologies (CET).
CET opened its doors in Midtown St. Louis in 1998 with the goal of helping young start-up companies develop technological breakthroughs with commercial potential. Marcia Mellitz, president and founder of CET, says creating the Center was a vital step not only in the development of these companies, but of St. Louis as a biotech contender.
"We are
incredibly lucky to have one of the top medical schools in the
country and one of the top NIH-funded academic medical centers
in Washington University," she explains. "And certainly
Saint Louis University and UM-St. Louis has some very noteworthy
areas of research that they're doing on an international level.
But without a place to continue development of that research,
preferably on the doorstep where that research originated, there's
a good chance that companies won't be created out of these technologies.
Either that or they just won't be created here. So this is a very
important piece of the puzzle."
CET works
with the region's public-private-university partnerships to create
the infrastructure needed to nurture and grow these companies.
This not only includes an actual space for them to work in that's
customized to meet their needs, but assistance with growing their
company, developing their technology to become market ready, creating
strategic alliances, and raising the tens of millions in funds
they will need.
"We do
prefer medical companies here, but they don't necessarily have
to be medical," Mellitz comments. "What we want is someone
who is actually doing research and development that's a proprietary
technology. It must be patented or they must have applied for
a patent. And, of course, the technology has to be breakthrough."
Currently,
CET operates a two-building complex totaling 92,000 square feet
designed to support life science and other research companies
with a range of laboratories. However they plan to build a new
60,000-square-foot building in which they hope to have 60 percent
wet labs and other specialized core facilities. It's something
Mellitz says is sorely needed in the St. Louis area.
"We find
that there isn't a lot of space to lease in this community if
you need wet labs," she explains. "And companies still
at the stage where they are living off venture capital aren't
exactly considered bankable. So they can't borrow money to set
up lab space. The banks will support us because they understand
our model and we've been successful. The other part of it is that
we have a lot of public subsidy in our facilities. So when a bank
loans us money, theyÕre not the only money in the deal."
Over the past ten years, CET has been a major contributor to the growth of the
St. Louis economy as well as the development of Midtown St. Louis.
"When
we first came to the Midtown area it was a bunch of old warehouses.
But once we showed that you could successfully develop advanced
technology companies that attract high quality employees, then
it made it more realistic to move ahead with the whole idea of
the CORTEX district here," Mellitz says.
The Center of Research, Technology, and Entrepreneurial Expertise, or CORTEX, is a life science research and development district developed through a collaboration between Washington University, Saint Louis University, the Barnes-Jewish Hospital Foundation, the University of Missouri-St. Louis, the Missouri Botanical Garden, the City of St. Louis, RCGA, and Civic Progress. So far, CORTEX has attracted over $100 million in real estate investment, including the new headquarters of Solae Company. WhatÕs more, it serves as a magnet for life science companies to relocate to St. Louis.
"So we're
helping to revitalize the Midtown area and we're helping create
new companies and new jobs. But that's only one piece of this,"
Mellitz comments. "These are high-growth companies. And because
of the kind of resources that it takes to develop their kinds
of technology, they are huge wealth attractors."
While housed
under CET's roof, tenant companies have attracted over $600 million
in funding. If you include graduates of CET, that amount rises
to about $900 million. And for the most part that money came from
outside the St. Louis region.
"So there
is a huge economic impact of well over a billion dollars in the
community from these companies," Mellitz says. "And
with our new building we stand to double the number of these companies,
particularly the medical companies. That's why we're moving ahead
with it. It would be a shame for the community if these companies
weren't created because we lacked the appropriate space to house
them. So this is absolutely critical to the development of industry
here."
Currently,
13 of the 16 tenant companies at CET are life science companies
and three are IT/engineering companies. Of the life science companies,
eight are involved with diagnostics, two are focused on process
improvement in pharmaceutical manufacturing, one is in cattle
tracking, one uses viruses to destroy cancer tumors, and one is
a surgical instrument company. And of the ten companies focused
on human health, six are working in cancer, four in heart disease,
three in diabetes, and one in Alzheimer's.
"These
are the people who are going to help cure major diseases,"
says Michele Rutledge, CET vice president for resource development.
"It's phenomenal. And it's great from a strategic standpoint
in terms of the linkage of the leading research universities and
medical schools. So it's an exciting time for medical advances
in St. Louis. And CET is right in the middle of it all."
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