Minnesota is lending hundreds of thousands of dollars to a California company to expand its presence here.
On Wednesday, the Minnesota Department of Employment and Economic Development (DEED) announced that it’s providing $625,000 in financial assistance to Sunnyvale, Calif.-based Silk Road Medical Inc. The med-tech firm will use the funds to establish an office in Plymouth, where it expects to add nearly 70 jobs, according to DEED.
Silk Road Medical’s speciality is treating carotid artery disease. In patients who have the disease, blood vessels that carry blood to the brain become clogged with plaque, which can lead to strokes. Silk Road has developed a new form of treatment known as TransCarotid Artery Revascularization, which the company says is less invasive and carries less risks than the typical method of surgically removing plaque.
The company’s new method instead involves inserting a stent in the artery for “long-term plaque stabilization and stroke prevention,” according to its website.
Silk Road Medical’s Plymouth expansion will boost its research-and-development infrastructure, the company said in its own announcement. The move is also intended to expand Silk Road’s manufacturing capabilities.
“We continue to invest in our long-term growth and are excited to expand our operations to include a facility in Plymouth,” said Erica Rogers, president and CEO of Silk Road Medical. “Minnesota’s Medical Alley has a rich history of technological innovation and serves as a great complement to our continued and growing presence in Silicon Valley.”
Silk Road is receiving a $450,000 in loans through the Minnesota Investment Fund, which provides money for industrial, manufacturing, or technology-focused companies. The company also took another $175,000 in grants from the state’s Job Creation Fund.
In 2020, Silk Road reported annual revenue of $75.2 million, along with a net loss of $47.3 million. Founded in 2007, the company went public on Nasdaq in 2019.