Press Release

GOED’s REDI Fund Loan to Assist Vermillion Technology Center Reach Full Capacity

March 8, 2016

VERMILLION, S.D. – Vermillion’s 32,000-square-foot state-of-the-art technology center will be operating at full capacity thanks to a REDI (Revolving Economic Development and Initiative) Fund loan, approved last month by the Board of Economic Development. The approved financing will assist the Vermillion Area Chamber & Development Company (VCDC) lease space to two companies, Biotest Pharmaceuticals Corporation (“Biotest”), whose headquarters are based in Boca Raton, Fla., and Navigant Cymetrix Corporation (Navigant Cymetrix), based in Irvine, Calif.

“It’s a pleasure to welcome Biotest to South Dakota, and I’d like to congratulate both companies on their decisions to move into the Vermillion Technology Center (VTC),” Gov. Dennis Daugaard said. “The VTC is a great facility, and I’m pleased to hear the REDI Fund can assist with securing two quality companies.”

Navigant Cymetrix, which now includes the former Alleviant LLC operations following a merger of those two entities, provides healthcare organizations and physician practices with comprehensive business process outsourcing solutions. The company initially opened a facility in Vermillion in 2013 and currently employs approximately 70 professionals at that location.

Biotest is a leader in the collection of source plasma. The plasma collected is used to manufacture critical care therapies that treat life-threatening disorders in a variety of therapeutic areas. Biotest expects to bring approximately 50 jobs to the area with an expected average annual payroll of $1.8 million. Biotest owns and operates 18 plasmapheresis centers across the country and plans on expanding to a total of 22 facilities by the end of 2016.

“We’ve worked hard to bring and retain innovative businesses to Vermillion,” said Nate Welch, VCDC executive director. “We’d really like to thank the GOED and the Board of Economic Development for partnering with us on this project. The support we’ve received from the VCDC board of directors and the community has helped us fully capitalize on for this beautiful building.”

Welch says after completing minor renovations, Navigant Cymetrix will be fully moved into the VTC by May. The space Biotest will occupy requires some remodeling and the company should be moved in and operating by October.

For more information about the REDI Fund program and other GOED finance programs, please visit www.sdreadytowork.com/finance.



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