Prism will start out with about 18 employees, including nurses and research assistants. Charles Halstenson, chief executive officer of Prism Research, says there is a pressing need for clinical research facilities.
Prism Research is expected to be a key resource for the biotech start-up companies that will locate in the same building and its long-term lease helped solidify the $24.2-million financing for the project, a deal that closed shortly after Prism signed on as tenant, says Pete Bianco, the chief executive of the non-profit University Enterprise Labs.
The proceeds of the financing, arranged through Wells Fargo, will pay off the city of St. Paul's ownership interest in the 120,000-sf facility, as well as renovation and operating costs. The complicated financing includes $5.3 million in federal income tax credits.
UEL had not planned to land an anchor tenant until next year, so the lease puts the enterprise a year ahead of schedule, Bianco says. Finding start-up biotech companies to fill its 22 lab spaces--accounting for 50,000 sf of space--has also gone well, with 14 of them already spoken for and rising interest in the remaining labs. UEL is close to filling 40,000 sf of office space.
Prism will specialize in early phase clinical trials for new drug companies. Once the biotech companies get their medical products to the point of human testing, however, Prism will likely serve as their clinical research arm. In addition, Bianco expects that some of Prism's drug company clients may be interested in the research and development going on in the adjacent incubator space.
Prism's facilities in the UEL building at Highway 280 and Territorial Avenue will consist of a 52-bed inpatient research facility with semi-private rooms, recreation areas, examination rooms, food services and around-the-clock medical monitoring. Prism, a company being started by three clinical researchers, liked the labs' central location, accessible by car and bus lines.
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