State Awards $625K to Silk Road Medical to Expand in Plymouth, Create New Jobs
The Minnesota Department of Employment and Economic Development (DEED) has awarded $625,000 in state grants to assist Sunnyvale, Calif.-based Silk Road Medical in its plans to expand to Plymouth.
The company chose the Twin Cities northwest suburbs because of the area’s large med-tech talent pool.
“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,” said Erica Rogers, the company’s president and chief executive officer in a press release to CCX News.
Silk Road Medical expects to create 67 new jobs in Plymouth over the next two years with an average wage of $40.13 an hour. It was awarded $175,000 from DEED’s Job Creation Fund and $450,000 from the Minnesota Investment Fund.
Named after the ancient trade route that linked the Western world with the Middle East and Asia, Silk Road Medical pioneered a device to treat carotid artery disease. The treatment has proved to reduce the risk of stroke.