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Lee County hopes biotech bet will pay off

Lee County plunged millions of dollars deep into the expensive and ultra-competitive life-science industry last week.

Local officials hope to make Southwest Florida the next biotech hub. That’s a long shot, says a national expert who studies strategies for governments to attract similar tech businesses. A state accountability report shows massive state investments in life-science industries show promise, but have not yet paid off.

Commissioners on Tuesday shelled out $10 million to Algenol Biofuels Inc. for a new laboratory, headquarters and algae farm to convert the plants to ethanol. Algenol’s contract requires it add at least 120 jobs.Read Full Article

posted in: Florida, News

$1.5B for biotech so far and more needed

ix years ago Florida began a spending spree on biotechnology, paying out $1.5 billion to eight companies that employ a combined 1,100 people — or an average of $1.4 million per job.

That’s an eye-popping figure to be sure. Even more jarring, though, is that we’re not done yet. The reality is that the state will need to continue to heavily invest in this sector if it ever hopes to become home to a collection of true biotechnology clusters.

A new report by the state’s Office of Program Policy Analysis & Government Accountability confirmed what many already suspected: the economic downturn has severely hampered the already arduous process of cluster development.Read Full Article

posted in: Florida, News

Protection for biotech innovation key to economic development

The recent opening of the Shady Grove Life Sciences Park in Rockville provides another sign that Montgomery County is ready to become what some already call a “biotech version of Silicon Valley.” The county where researchers helped decode the human genome is already home to more than 200 biotechnology companies, including many that make high-tech medicines called biologics.

Last year, biotech in the county generated combined revenues of $2.36 billion, according to the county’s department of economic development, and employed more than 58,000 workers in private and public sectors. Yet the great promise of medical biotech for patients and for the Maryland economy is threatened by a little-noticed provision of health care reform: a provision that outlines the means for companies to sell similar versions of innovative biologics, called “biosimilars.” In attempting to create a pathway for biosimilars, Congress must be careful not to kill the innovation behind the development of original new drugs.Read Full Article

posted in: Florida, News

State urged to seek biotech venture capital

Biotechnolgy research is on the rise in Florida, but the state needs to lure venture capital away from other well-known tech corridors, like Boston, Austin, Texas and the Silicon Valley in order to become an industry powerhouse.

The Greater Miami Chamber of Commerce and Gunster Attorneys at Law hosted a luncheon at Jungle Island in Miami Wednesday to spread that idea to more than 500 business leaders from around the state. Groups like the Burnham Institute for Medical Research in Orlando, Max Planck Florida Institute and Scripps Florida in Jupiter, and the University of Miami’s Miller School of Medicine boasted about their accomplishments and growth forecasts and rallied the audience to collaborate to grow the sector.Read Full Article

posted in: Florida, News

Florida Releases Report ON Biotech Competitiveness

Governor Charlie Crist today announced the publication of the Task Force on the Study of Biotech Competitiveness Final Report and Recommendations.

The Task Force was charged with studying economic policies necessary for increasing Florida’s competitiveness in attracting and retaining biotech manufacturing and distribution businesses.Read Full Article

posted in: Florida, News

Fla. biotech report urges funding, law changes

Florida should spend more money and change tax, environmental and other laws to help grow, attract and retain biotechnology industries, according to a report issued Monday.

The Task Force on the Study of Biotech Competitiveness, created by the Legislature two years ago, submitted its final report to Gov. Charlie Crist. He took no immediate position but said he supports expanding the industry in Florida.

“In these tough economic times, it is critical to ensure Florida maintains a competitive edge,” Crist said.Read Full Article

posted in: Florida, News

Start-up biotech with Nobel founder, $8M lands in Florida Read more: http://www.fiercebiotech.com/s

A start-up biotech that counts a Nobel laureate among its founders has settled in Jupiter, FL with $8 million in venture cash in the bank. Landing the fledgling biotech company is a win for Florida economic development officials, who have been anxious to built a new cluster around the research institutions which have moved to the state.

Envoy Therapeutics has set out to discover new drugs that can target proteins in the brain. And the Palm Beach Post says that Envoy intends to build a pipeline of new therapies for schizophrenia, Parkinson’s, Alzheimer’s, drug addiction, epilepsy, anxiety and depression and other disorders.Read Full Article

posted in: Florida, News

Florida applauds expansion of Orlando medical community

The Governor highlighted the importance of fostering Florida’s status as one of the country’s leading innovative biotechnology hubs, while also retaining workforce talent and increasing the quality of health care.

“Florida’s business friendly reputation continues to attract the biotechnology industry as it continues to thrive and prosper,” said Governor Crist. “This industry not only contributes invaluable medical knowledge which improves Floridians health and quality of life, but also has a tremendous financial economic impact and creates jobs.”Read Full Article

posted in: Florida, News

Stimulus money boosts biotech

Scripps Florida scientist Claes Wahlestedt has landed grants worth $1.4 million from a federal economic stimulus package, and he knows how he’ll spend the money.

Wahlestedt plans to hire eight researchers at Scripps Florida’s Jupiter campus to study Alzheimer’s disease and alcoholism.Read Full Article

posted in: Florida, News

HCC plans Suncoast’s first biotech program

Starting in January, Hillsborough Community College plans to offer a new program for people who want to work in biotechnology.

The program is based partly on the results of a survey of high-tech companies on the Suncoast last year. It showed that these companies need more educated workers from all levels, from/ Ph.D.s to community college graduates.

“They need people with lab experience,” said Kim Wilson, who supervised the project at HCC.Read Full Article

posted in: Florida, News

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