Oregon's biotech cred continues to slide with the departure of a goodly chunk of AVI BioPharma from Corvallis to the Seattle area. The Beaver State's chase of this industry has always seemed quixotic, and it's becoming an exercise in futility.
Comments (8)
AVI's news release could translate into "our exec's get to keep more of their paycheck when we move"
Remember Vestas, the wind turbine company, well they are opening an assembly plant in Colorado. Katz and crew put a lot of words into luring them here, but nothing happened. Wonder what the problem was, or maybe is?
It's not just this industry, it's all industry, and most of the people on the blog support the policies that create the incentives for businesses to move elsewhere.
I'd ask exactly what kind of incentives were used to attract those biotech industries. I'm reminded of when former Interior Secretary James Watt gave away such great deals on mining off the Oregon coast (out on the Juan de Fuca Ridge) that even mining companies willing to consider silver and gold deposits under a mile of seawater were backing away slowly and looking for a weapon. Offer too much of a tax break, the way I suspect Vera and crew did, and the only companies willing to relocate are ones that make more money off the tax breaks than they'd ever make from revenue.
After a while, though, even the tax breaks aren't enough to make it worthwhile, especially when potential employees would rather set themselves on fire than move out there. A beautiful example is with Mississippi's efforts to expand its industrial base: cheap land and a friendly business climate means nothing when the popular perception of Mississippi is so poor, and let's say nothing of the real possibility of going to jail for watching movies or buying beverages that are perfectly legal in civilized areas.
This is AVI posturing to get a handout for its Corvallis labs.
Their HQ office space was in downtown Portland for years. They fired their secretary in that office a year ago, and you'd see their executives working the front desk phone in weekly rotation, right about the time their stock was tanking, so you know things weren't going well. Then they moved out of their downtown Portland HQ office about 6 months ago to their Corvallis lab. Note how 50% of corporate managers don't move with their companies when they move to Corvallis?
Now, the big news is they're moving their HQ to Seattle? Well, they already moved it from Portland. I'm sure their Corvallis lab wasn't an ideal office location. So what's the big deal now?
There was no good reason to issue a press release when they left Portland, because by that time, they had to move. Portland didn't do anything wrong to make them leave, other than the fact that Portland will never ever be a biotech center, and Portland couldn't do anything to make them stay. If city flew in like an angel and paid their lease, they would have had to disclose that on their SEC filings, which would have been the sword through their genetically-engineered corporate heart.
But now, they have something to gain with a press release. Now, they've invoked the spectre of "83 employees" leaving their Corvallis lab, just like their (50% new) management team. They're looking for a handout, which means... that anyone who wants to make a few bucks should short AVII!
If You See Kay, Red 2011
Turnbull, Old Bull Red 2010
Cherry Tart, Cherry Pie Pinot Noir 2012
Trader Joe's Grand Reserve Cabernet, Oakville 2012
Benton Lane, Pinot Gris 2012
Campo Viejo, Rioja, Reserva 2008
Haden Fig, Pinot Noir 2012
Pendulum Red 2011
Vina Real, Plata, Crianza Rioja 2009
Edmunds St. John, Bone/Jolly, Gamay Noir Rose 2013
Bookwalter, Subplot No. 26
Ayna, Tempranillo 2011
Pete's Mountain, Pinot Noir, Haley's Block 2010
Apaltagua, Reserva Camenere 2012
Lugana, San Benedetto 2012
Argyle Brut 2007
Wildewood Pinot Gris 2012
Anciano, Tempranillo Reserva 2007
Santa Rita, Reserva Cabernet 2009
Casone, Toscana 2008
Fonseca Porto, Bin No. 27
Louis Jadot, Pouilly-Fuissé 2011
Trader Joe's, Grower's Reserve Pinot Noir 2012
Zenato, Lugana San Benedetto 2012
Vintjs, Cabernet 2010
14 Hands, Hot to Trot White 2012
Rainstorm, Oregon Pinot Gris 2012
Silver Palm, North Coast Cabernet 2011
Andrew Rich, Gewurtztraminer 2008
Rodney Strong, Charlotte's Home Sauvignon Blanc 2012
Canoe Ridge, Pinot Gris, Expedition 2012
Edmunds St. John, Bone-Jolly Gamay Noir Rose 2012
Dark Horse, Big Red Blend No. 01A
Elk Cove, Pinot Noir Rose 2012
Fletcher, Shiraz 2010
Picollo, Gavi 2011
Domaine Eugene Carrel, Jongieux 2012
Eyrie, Pinot Blanc 2010
Atticus, Pinot Noir 2010
Walter Scott, Pinot Noir, Holstein 2011
Shingleback, Cabernet, Davey Estate 2010
Coppola, Sofia Rose 2012
Joel Gott, 851 Cabernet 2010
Pol Roget Reserve Sparkling Wine
Mount Eden Chardonnay, Santa Cruz Mountains 2009
Rombauer Chardonnay, Napa Valley 2011
Beringer, Chardonnay, Napa Reserve 2011
Kim Crawford, Sauvignon Blanc 2011
Schloss Vollrads, Spaetlese Rheingau 2010
Belle Glos, Pinot Noir, Clark & Telephone 2010
WillaKenzie, Pinot Noir, Estate Cuvee 2010
Blackbird Vineyards, Arise, Red 2010
Chauteau de Beaucastel, Chateauneuf-du-Pape 2005
Northstar, Merlot 2008
Feather, Cabernet 2007
Silver Oak, Cabernet, Alexander Valley 2002
Silver Oak, Cabernet, Napa Valley 2002
Trader Joe's, Chardonnay, Grower's Reserve 2012
Silver Palm, Cabernet, North Coast 2010
Shingleback, Cabernet, Davey Estate 2010
E. Guigal, Cotes du Rhone 2009
Santa Margherita, Pinot Grigio 2011
Alamos, Cabernet 2011
Cousino Macul, Cabernet, Anitguas Reservas 2009
Dreaming Tree Cabernet 2010
1967, Toscana 2009
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
Famille Perrin, Cotes du Rhone Villages 2010
Columbia Crest, Les Chevaux Red 2010
14 Hands, Hot to Trot White Blend
Familia Bianchi, Malbec 2009
Terrapin Cellars, Pinot Gris 2011
Columbia Crest, Walter Clore Private Reserve 2009
Campo Viejo, Rioja, Termpranillo 2010
Ravenswood, Cabernet Sauvignon 2009
Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
Chateau Lajarre, Bordeaux 2009
La Vielle Ferme, Rose 2011
Benvolio, Pinot Grigio 2011
Nobilo Icon, Pinot Noir 2009
The Occasional Book
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt
Road Work
Miles run year to date: 212
At this date last year: 60
Total run in 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269
Comments (8)
AVI's news release could translate into "our exec's get to keep more of their paycheck when we move"
Posted by David E Gilmore | July 31, 2009 6:53 AM
Remember Vestas, the wind turbine company, well they are opening an assembly plant in Colorado. Katz and crew put a lot of words into luring them here, but nothing happened. Wonder what the problem was, or maybe is?
Posted by M. W. | July 31, 2009 7:08 AM
It's not just this industry, it's all industry, and most of the people on the blog support the policies that create the incentives for businesses to move elsewhere.
Posted by Joey Link | July 31, 2009 8:32 AM
http://jobs.businessweek.com/a/all-jobs/list/q-Vgti+Florida
PLEASE NOTE: This position is located in Port St. Lucie, Florida
Posted by Ben | July 31, 2009 8:39 AM
unfortunately, local government switches Dulcineas all the time--and like the novel, Dulcinea never actually appears.
Posted by ecohuman | July 31, 2009 8:50 AM
Weird comment from article:
AVI BioPharma has racked up losses of about $251 million since its inception in 1980, and the business remains unprofitable.
Posted by PJB | July 31, 2009 10:05 AM
I'd ask exactly what kind of incentives were used to attract those biotech industries. I'm reminded of when former Interior Secretary James Watt gave away such great deals on mining off the Oregon coast (out on the Juan de Fuca Ridge) that even mining companies willing to consider silver and gold deposits under a mile of seawater were backing away slowly and looking for a weapon. Offer too much of a tax break, the way I suspect Vera and crew did, and the only companies willing to relocate are ones that make more money off the tax breaks than they'd ever make from revenue.
After a while, though, even the tax breaks aren't enough to make it worthwhile, especially when potential employees would rather set themselves on fire than move out there. A beautiful example is with Mississippi's efforts to expand its industrial base: cheap land and a friendly business climate means nothing when the popular perception of Mississippi is so poor, and let's say nothing of the real possibility of going to jail for watching movies or buying beverages that are perfectly legal in civilized areas.
Posted by Texas Triffid Ranch | July 31, 2009 10:44 AM
This is AVI posturing to get a handout for its Corvallis labs.
Their HQ office space was in downtown Portland for years. They fired their secretary in that office a year ago, and you'd see their executives working the front desk phone in weekly rotation, right about the time their stock was tanking, so you know things weren't going well. Then they moved out of their downtown Portland HQ office about 6 months ago to their Corvallis lab. Note how 50% of corporate managers don't move with their companies when they move to Corvallis?
Now, the big news is they're moving their HQ to Seattle? Well, they already moved it from Portland. I'm sure their Corvallis lab wasn't an ideal office location. So what's the big deal now?
There was no good reason to issue a press release when they left Portland, because by that time, they had to move. Portland didn't do anything wrong to make them leave, other than the fact that Portland will never ever be a biotech center, and Portland couldn't do anything to make them stay. If city flew in like an angel and paid their lease, they would have had to disclose that on their SEC filings, which would have been the sword through their genetically-engineered corporate heart.
But now, they have something to gain with a press release. Now, they've invoked the spectre of "83 employees" leaving their Corvallis lab, just like their (50% new) management team. They're looking for a handout, which means... that anyone who wants to make a few bucks should short AVII!
Posted by anonymous | July 31, 2009 11:33 AM