MADISON, Wis. -- Gov. Jim Doyle on Thursday announced that eight biotechnology companies were relocating to Wisconsin from other states, including five companies moving to the Madison area.

The companies moving to the Madison area are: Aldevron, Flex Biomedical, Inc., Inviragen, Inc., Exact Sciences Corporation and NanoMedex.

In a news release, Doyle said that Wisconsin is competing around the globe to bring biotechnology to the state. He said he has been working as governor to build on Wisconsin's strengths in biotechnology and to provide the resources and the infrastructure necessary for the industry to grow and prosper.

Doyle said the creation of risk capital in Wisconsin, including investor tax credits, the formation of the Wisconsin Angel Network and the Wisconsin Venture Fund were some initiatives that helped draw the companies to Wisconsin.

Biotechnology in Wisconsin is an $8.7 billion industry with 400 companies and 34,000 employees. Biotechnology is the fastest growing segment of the Wisconsin economy, with an annualized growth rate of nearly 7 percent, according to a news release from the governor's office.

The eight companies relocating to Wisconsin are:

RJA Dispersions, LLC, a manufacturer of nano-particle and pigment dispersions for major OEM accounts worldwide, will relocate its operations to Hudson, Wis., from Maplewood, Minn. effective Nov. 1.

VitalMedix is a developing a drug for treating hemorrhagic shock, which occurs when blood loss exceeds the body's ability to compensate, as from gunshot or auto crash. Commerce certified the company as a qualified new business venture eligible for up to $1 million in angel or early stage investment. The company is moving to Hudson because it could not find financing in Minnesota.

Rapid Diagnostek, is developing a portable device to quickly diagnose disease by analyzing bodily fluids. It decided to move to Hudson from St. Paul, Minn., because Wisconsin’s Qualified New Business Venture program would help it raise more investment capital.

Aldevron from Fargo, ND, is the leading provider of plasmid DNA for use in research, diagnostic and clinical applications. It will expand into Madison with a new operation located in the University Research Park. The new division will develop and sell contract research and manufacturing services marketed under the Aldevron brand.

Flex Biomedical, Inc. was founded in Boston in October 2007. The company develops innovative products for the treatment of musculoskeletal injuries and diseases. It received a $150,000 Commerce loan for further research and development and for relocation costs to Madison.

Inviragen, Inc. was founded in 2003 in Fort Collins, Colo., to develop vaccines for emerging infectious diseases. The company will use a $250,000 Commerce loan to lease a 4,000-square-foot laboratory and office space in Madison.

Exact Sciences Corporation from Marlboro, Mass., received a $1 million Commerce loan to relocate its headquarters and operations to Madison. It is a molecular diagnostics company focused on colorectal cancer. The company said it expects to make a significant investment in its relocated operations.

NanoMedex, a Florida-based firm, has developed a nanotechnology formulation for generic drugs that are poorly soluble in water. This formulation promotes solubility so that drugs that are not currently injectible can be injected when necessary for treatment. Commerce provided a $275,000 grant to help the company relocate to Fitchburg.