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Ex-St. Jude exec to head U spinoff
Taytech will try to commercialize the regenerative-tissue research of Dr. Doris Taylor.
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A high-profile biomedical start-up that will soon spin off from the University of Minnesota has chosen a former St. Jude Medical executive as CEO.
The company, which seeks to commercialize the work of university regenerative-tissue researcher Dr. Doris Taylor, is expected to name Robert Cohen as CEO next week. Cohen, 52, was a vice president of business and technology development at St. Jude Medical and a former CEO of Travanti Pharma Inc. in Mendota Heights that was recently sold to a large Japanese pharmaceutical firm.
Cohen, who has yet to sign a contract, declined to comment Tuesday.
University officials also say the spinoff, temporarily called Taytech, will complete its initial round of financing by the end of the year and will most likely remain in Minnesota. The university and local biotech leaders have touted Taylor's work as a blockbuster technology that could reap millions of dollars for the school. It could also push the Twin Cities beyond its core mechanical heart devices toward cutting-edge treatments that use both devices and biomaterial.
Last year, Taylor gained worldwide recognition by successfully growing a rat's heart in a jar. Taytech seeks to create organs for patients who need transplants. For instance, researchers could use stem cells to grow a liver, strip the organ of its cells, and replace them with the patient's cells. As a result, the patient's body will more readily accept the new organ, precluding the need for anti-rejection drugs.
The technology's promise has attracted the attention of Gov. Tim Pawlenty's administration, which is trying to provide the start-up with local financing so that it will stay in Minnesota. Other promising U start-ups, like VitalMedix Inc., have moved to Wisconsin because of a lack of local investors.
Cohen, a New York native, spent several years in top positions at Pfizer Hospital Products Group Inc. and Sulzer Medica before moving to the Twin Cities 11 years ago. After leaving St. Jude, Cohen was CEO of Advanced Circulatory Systems Inc. in Roseville and Travanti Pharma, which specialized in drug-delivery platforms that would ease potential side effects in patients. Teikoku Pharma Inc. of Japan purchased Travanti last year for an undisclosed sum.
The company conducted a national search for a CEO because it knew local biotech talent would be hard to find in a state that leans heavily on mechanical devices. But U officials said they are confident Cohen is right for the job.
"We hired him because of his extensive experience, his knowledge of the area, his proven track record, business savvy and ability to collaborate," said Jay Schrankler, head of the university's Office of Technology Commercialization.
Thomas Lee • 612-673-7744
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