April 25, 2015

Florida Biotech

Financial Lifeline for Biotech Companies in Florida

The federal government funds the startup research of most biotechs. After that, private investors step in with R&D funding.

Lilly Rockwell | 2/27/2012

State Programs

» Florida Growth Fund: In 2008, the Legislature created the Florida Growth Fund, a portfolio within the Florida Retirement System. The fund — which has invested $176.5 million to date — is required to invest in Florida companies and private equity funds likely to invest in the state. Last year, it gave $3 million to a Miramar-based biotech company and $15 million to a Florida venture capital fund focused on biotech.

» Florida Opportunity Fund: Started in the spring of 2009, the program invests in venture funds that are likely to target industries such as biotech. To date, the fund has committed $27 million to seven venture funds. One of the firms, 5AM Ventures, has invested in a Scripps spinoff company.

» Institute for Commercialization of Public Research: Created by the Legislature in 2007, the institute has spent $3 million on a matching grant program started in 2010 that is aimed at startups developing technology from state universities. Thirteen companies have received matching grants. The institute also has a Seed Capital Accelerator Program, which lends between $50,000 and $300,000 to companies developing technology from state universities.

» The state spent $2.3 million in 2011 to attract and encourage growth of biotech and medical device companies through programs like the Qualified Target Industry Tax Refund, the Quick Action Closing Fund and the Innovation Incentive Program.

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Chipola Feather Fest Preview
Chipola Feather Fest Preview

Between April 24-26 the Great Florida Birding & Wildlife Trail festival will take place in the Chipola area of the Florida Panhandle. See what the birders are looking for.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

About the Everglades, we should...

  • Increase efforts toward restoration, esp. in light of rising sea level
  • Status quo - keep trying to fix it, as we have been
  • Get realistic. We will never restore it with millions living in South Florida.

See Results

Ballot Box
Subscribe