The University of Florida planted the seeds in 1995, when it opened the Sid Martin Biotechnology Incubator. Since then, 30 of the 40 biotech spinoffs hosted by the incubator have succeeded, including RTI Biologics, now a 1,100-employee public company; Verenium, a cellulosic ethanol firm that is selling its biofuels business to BP Biofuels North America for $98 million; and Novamin, an oral healthcare company acquired last year by GlaxoSmithKline for $135 million.
The Gainesville/Alachua area ranks third in the state, after southeast Florida and Tampa Bay, for biotechnology firms, says Michael Schmidt, editor of Florida BioDatabase, which tracks the state’s biomedical companies and investments. But he says Alachua’s incubator is unmatched in its high degree of specialization and its concentration of biotech startups. "Other incubators in the state have biotech going on, but Alachua is the only one devoted to biotech alone," he says. "That makes it very unique."
Continue Reading Biotech Niche.