Medical device startup Corvida Medical is planning a $3.1 million manufacturing facility expansion in Eagan, Minnesota. The company will produce closed-system drug transfer products.
Closed-system drug transfer devices protect health care workers when they prepare and administer chemotherapy medications and other hazardous drugs. “Corvida is addressing a critical need in the health care industry by creating a product that will protect workers,” said DEED Commissioner Shawntera Hardy. “This is a promising company that will be a great addition to Minnesota’s growing medical device sector.”
"Corvida Medical is excited to receive the support of Minnesota and the city of Eagan,” said Dana Schramm, Corvida Medical COO, who oversees manufacturing for the company. “Our high-volume business requires that we look well into the future and put in place the resources necessary to support our long-term growth. Minnesota is well known for its strong medical manufacturing industry, and Corvida is pleased to make our commitment with this investment."
As an incentive, Minnesota Department of Employment and Economic Development is supporting the project with a $360,000 loan from the Minnesota Investment Fund. The Minnesota Investment Fund awards loans that businesses can use for improving their operations and hiring additional workers. Program funds are disbursed to local governments and then provided as loans to businesses.
“Corvida Medical’s decision to expand in our region is a testament to the strength of our medical manufacturing sector,” said Michael Langley, CEO of GREATER MSP (Minneapolis Saint Paul Regional Economic Development Partnership). “It’s also thanks to the great partnership formed by the company as well as the city of Eagan, the state of Minnesota and other officials, leading to these high-paying new jobs in our region.”