Scripps Florida sees first biotech spinoff take root

Scripps Florida is heralding its first private spinoff, a tangible return on the investment the state has made in wooing research institutes to the state. Xcovery has licensed the lab work of Chris Liang with designs on new therapies for cancer and inflammation. Liang has concentrated much of his work on kinase inhibitors; finding ways to block the activity of enzymes that play a role in diseases like rheumatoid arthritis. Biocatalyst International has agreed to provide about a million dollars in seed money to get the company on its feet. Scripps Florida also recently executed a $100 million research deal with Pfizer, helping to justify the $310 million Florida has invested in the Scripps project. And Florida officials expect many more private biotech spinoffs in the years to come.

- here's the Sun-Sentinel's report on the startup