Applied Bioprocess Containers LLC has raised $1.03 million from the sale of equity, about $30,000 shy of its goal, according to documents filed with the Securities and Exchange Commission.
The company, based in Plymouth, Minnesota, makes specially designed bags to hold materials during the manufacture of biotech-based pharmaceuticals.
While Minnesota has long lacked an industry that creates and develops new drug therapies, the state is home to a mini-cluster of companies that specializes in manufacturing pharmaceuticals, including biotechnology containers and reactors.
DCI International Inc. is one of the world’s largest makers of storage and processing tanks for the pharmaceutical and bioscience industries. The company operates a 100,000-plus square foot headquarters and production facility in St. Cloud, Minnesota. DCI also boasts plants in Missouri and France.
ATMI Inc. (NASDAQ:ATMI), based in Danbury, Connecticut, recently completed a two-year, multimillion dollar effort to establish its manufacturing facility in Bloomington, Minnesota, as its North American hub for making storage, mixing, and reactor tanks demanded by pharmaceutical and lifescience companies.
The University of Minnesota also boasts a respected chemical engineering department that produces graduates competent in reaction processes and chemical synthesis.
It’s good news for companies earning such a figure. Being just third parties for pharmaceutical firms, not all of them can be as successful as the drug giants. Obviously, this would mean an economic development for Minnesota itself. I like reading press releases like this instead of those that are saying goodbye to their industry.