Florida coffers going dry as lawmakers deny funds

Lawmakers in Florida have opted against pumping a fresh $25 million into its Innovation Incentive Fund, one of the most singularly successful economic development programs in the world. The Fund has shelled out $450 million in just two years, funding an astonishing range of programs: a genomics institute at the University of Miami, satellite campuses for the Burnham Institute for Medical Research, bringing SRI International to Tampa, luring the Max Planck Society as well as the Torrey Pines Institute for Molecular Studies and the Vaccine and Gene Therapy Institute.

There has been some growing resentment that the fund is too focused on biotechnology. But the research groups that have been wooed with a combination of state and local cash say that unique focus will pay off with a new generation of biotech companies that will grow up in the Sunshine state.

- read the story in the Miami Herald

Related Articles:
Florida--Top Five Regions Targeting Biotech Companies, 2008
Florida lawmakers look to cap biotech investment
Researchers urge new round of Florida incentives
Florida moves up the charts in tech spin-offs
Can Florida woo biotechs?

Suggested Articles

Across its 15-year history, Omega Funds has a hand in a clutch of high-profile biotechs such as Editas Medicine and Juno Therapeutics.

After Novartis’ near $10 billion buyout of The Medicines Company, many thought cardiovascular therapies were hot again.

Mutations in RIPK1 can cause uncontrolled cell death and inflammation, researchers discovered by studying families with an autoimmune disorder.