Who will be the next Medtronic? What will be Minnesota's next breakthrough industry? James Walsh will provide the latest information and commentary on the people, companies and trends driving innovation in Minnesota. From visionary entrepreneurs to game changing technologies, this blog offers a window into the future of Minnesota's economy.
Recombinetics, a local company that genetically engineers animals for biomedical and agricultural purposes, announced it has entered into a three-year development and license agreement with a Paris-based firm.
Cellectis bioresearch will provide engineered nucleases to Recombinetics under the agreement. Recombinetics will use the nucleases to create animals with “improved genetic features,” according to a press release. Cellectis could receive up to $50 million if certain sales-based milestones are met and will receive royalties on products made through the agreement.
“Applying our technologies in this new field of application should enable Recombinetics to accelerate its development on this promising market,” said Marc Le Bozec, CEO of Cellectis bioresearch in a statement.
Scott Fahrenkrug, CEO of Recombinetics, said in an e-mail there is “no solid news” on the location of where the livestock will be created. He said the company is looking at South Dakota for cattle and South Dakota and Minnesota for pigs.
Fahrenkrug said on Wednesday the company is still considering having a presence at Elk Run’s biobusiness park. The development in rural Pine Island has undergone several construction delays.