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Kauten Puts Commerce in the Spotlight

Commerce on Receiving End ...

Department of Financial Institutions Secretary Lorie Keating Heinemann accepts a check from Quintessence owner Ralph Kauten in the amount of $7,771.00 representing the company’s first payment on a loan granted to Kauten’s latest start-up company in 2003. Several of Kauten’s earlier companies have been sold to large pharmaceutical companies.
Department of Financial Institutions Secretary Lorie Keating Heinemann accepts a check from Quintessence owner Ralph Kauten in the amount of $7,771.00 representing the company's first payment on a loan granted to Kauten's latest start-up company in 2003. Several of Kauten's earlier companies have been sold to large pharmaceutical companies.

Keating Heinemann and Kauten (center) are pictured above with key members of the Quintessence product development team including (from left to right): Baigen Mei, John Kink, Laura Strong, Mark Shahan
Keating Heinemann and Kauten (center) are pictured above with key members of the Quintessence product development team including (from left to right): Baigen Mei, John Kink, Laura Strong, Mark Shahan

The Department of Commerce (Commerce) is generally on the giving side of a check presentation. That is why it was a rather unusual circumstance when on July 18, Quintessence Biosciences, Inc., a Madison-based biotech company, turned the tables by presenting the Department with a check representing the first payment from the company back to the state for the start-up funds loaned through Commerce.

Quintessence Biosciences, Inc. is a biopharmaceutical company focused on the development of novel protein-based therapeutics as anti-cancer agents. The company's products are based on the EVade™ Ribonuclease Technology, which allows for the engineering of human proteins (ribonucleases) for the treatment of human diseases. Human clinical trials are expected to begin sometime in late 2008 or early 2009.

Accepting the ceremonial payment (in the amount of $7,711 – the first payment of a $350,000 Technology Development fund loan) for Commerce was Department of Financial Institution Secretary Lorrie Keating Heinemann, who noted that it was indeed a rare pleasure. In fact, to the best of anyone's knowledge, no other CEO has made their first loan repayment publicly – in the hopes, according to Quintessence CEO Ralph Kauten - that other entrepreneurs in the biotech industry will learn what a tremendous asset Commerce is in assisting fledgling companies bring their innovative ideas and products to the marketplace.

Quintessence entered in the agreement with Commerce in January of 2003. The loan will be completed on June 1, 2013.

-- Barbro McGinn