Cloning big possibilities
Lucigen develops tools for research, energy production
By KATHLEEN GALLAGHER
Posted: June 2, 2005
A cloning product that David A. Mead developed at the University of Wisconsin-Madison is generating about $40 million of annual revenue for California-based Invitrogen Corp.
Mead now is trying to keep revenue from his ideas a little closer to home.
Lucigen Corp. expects to nearly double its sales this year to $700,000, up from $400,000 in 2004, said Mead, the company's president. He founded the Middleton-based company in 1998.
One of five finalists for the Governor's Small Business Technology Transfer Award, Lucigen has 15 employees and what observers say is tremendous growth potential.
"Their basic technology has been used to establish a viable business selling molecular cloning tools to research facilities to generate revenue in the short term," said Alvin Vitangcol, vice president at Einhorn Associates, a Wauwatosa investment banking firm working to raise funding for Lucigen.