Minnesota State Senator Carla Nelson (R-Rochester) today congratulated Nucleus Labs, a Rochester business, on receiving two major grants from the Minnesota Department of Employment and Economic Development (DEED). Nucleus Labs will receive $500,000 from the Job Creation Fund and $220,000 from the Minnesota Investment Fund to complete an expansion, add additional office space, and create more than two dozen good-paying jobs.
The grants were part of a round of $5.4 million in grant funding for eight businesses.
“These grants are an incredible recognition of the importance and effectiveness of the work Nucleus Labs is doing right here in southeast Minnesota,” Senator Nelson said. “Their commitment to innovation in the area of radiopharmaceuticals is not only contributing to the fight against cancer but is also one of the reasons Minnesota’s medical reputation is so exceptional around the globe. These grants will go a long way in supporting Nucleus’ research and development, paving the way for even more advancements in their work. I am so proud of their accomplishments and proud that we have so many cutting-edge, life-changing businesses in our region.”
PROJECT DETAILS
Nucleus Labs INC, Rochester
Job Creation Fund Grant: $500,000
Minnesota Investment Fund Grant: $220,000
Nucleus Labs INC, doing business as Nucleus RadioPharma, ensures access to potentially life-saving radiopharmaceuticals by developing technologies to modernize the clinical development, manufacturing, and supply chain of this promising new treatment in the fight against cancer. The proposed project will finish approximately 6,500 square feet of laboratory and manufacturing at the current facility, as well as add an additional 3,500 square feet of office space. The total project cost is $5 million and is expected to create 28 jobs within the first two years at an average wage of $62.95 per hour.
GRANT FUND BACKGROUND INFORMATION
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Eligible companies may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements. In some cases, companies may receive awards of up to $2 million.
The Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs with a focus on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve Minnesota’s economic vitality. Funds are awarded to local units of government who provide loans to assist expanding businesses.