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Biovest Expanding in Coon Rapids, Minnesota, to Develop Cancer Vaccine

02/25/2011
Biovest International, a pharmaceutical company that makes cancer vaccines, is investing $1.5 million to expand its facility in Coon Rapids, Minnesota. The Minnesota Department of Employment and Economic Development (DEED) has extended Biovest a $250,000 loan towards the project.

The Coon Rapids Housing and Redevelopment Authority will contribute an additional $100,000 and facility owner JMS Holdings will invest $1.15 million in facility improvements.

"The Minneapolis area is rich with resources vital to a biotechnology company's growth needs, and it is with great appreciation that we thank the state of Minnesota, the city of Coon Rapids, and JMS Holdings for investing in our future," said Biovest President Samuel Duffey.

Biovest will add 14 jobs to its existing work force of 24 employees. It is planning to produce the first cancer vaccine to treat non-Hodgkin's lymphoma. The company has been located in Coon Rapids for nearly 30 years.

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