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IMPORTANT: As of July 1st, 2011, functions once performed by the Wisconsin Department of Commerce have been moved to other state agencies and the Wisconsin Economic Development Corporation. The former Commerce web site will continue to exist for the next several months as resources are moved to new web site locations. We will make every attempt possible to direct our users to the new locations as web resources are moved.

Governor Doyle Announces $150,000 Loan to Flex Biomedical, Inc.

For Immediate Release: August 12, 2009
Contact: Tony Hozeny, Department of Commerce, 608-267-9661
Carla Vigue, Office of the Governor, 608-261-2162

Biotech Company Planning to Relocate to Madison, Creating Jobs for Wisconsin Families

MADISON - Governor Jim Doyle today announced that Flex Biomedical, Inc. will receive a $150,000 loan from the Technology Venture Fund in the Department of Commerce, aiding the company in its plans to relocate from Boston to Madison.

"Flex Biomedical is exactly the type of company our state should be investing in - companies that are developing innovative products that will create jobs for hardworking Wisconsin families," Governor Doyle said. "I am pleased to welcome Flex Biomedical to Madison and to support the company's efforts in advancing the treatment of osteoarthritis."

"We look forward to growing our operations in Wisconsin," said Flex Biomedical CEO Sal Braico. "I would like to thank Governor Doyle and his team for working hard to make the state an attractive location to start and grow biotech and medical device companies."

The Technology Venture Fund provides low-interest loans to Wisconsin high-technology companies to facilitate the search for angel or other seed capital investment.

Flex Biomedical, Inc. was founded in October 2007. The company develops innovative products for the treatment of musculoskeletal injuries and diseases. Its lead product is a polymer-based treatment for osteoarthritis. It will use the loan for further research and development and for the purchase of equipment. Total project cost is $2,750,000.

For more information on Commerce programs and services, contact the Commerce Area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html.

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