A biotechnology company that got its start in Florida is returning to St. Petersburg, Gov. Rick Scott announced Thursday.
The relocation of IRX Therapeutics Inc. from New York City by the years end will bring more than 280 jobs within five years, the governor said.
To land the company, the state awarded IRX $600,000 from its Innovation Incentive Fund, which targets R&D catalyst projects. Local provisions included $275,000 from Pinellas County, a $275,000 credit toward land owned by the city of St. Petersburg in the Dome Industrial Park (for future expansion), and $50,000 from the University of South Florida. The Florida High Tech Corridor Council and Pinellas County Economic Development were also partner organizations in the economic development project.
The deal was consummated within 60 days, capped by a personal visit from Scott.
In exchange, the company pledged to pay projected minimum average wages of $90,000 annually.
IRXs move marks its return to the Tampa Bay region, where, at the University of South Florida, the company developed its technology.
IRX develops therapies to treat cancer and infectious diseases. The company has raised $90 million to fund preclinical research, manufacturing and clinical development of IRX-2, a cancer treatment and IRXs chief product.
Initially, IRX will employ 40 people to begin a Phase 3 trial. The additional staff will work in commercial-scale manufacturing and expanded development functions in anticipation of a potential commercial product launch.
IRXs choice of Florida confirms that our state has set the stage successfully for a future thats rich in science, research and innovation, Scott said in a statement.
I am pleased to support the companys continuing growth and job creation, which puts us one step closer to creating the jobs needed to get our state back to work.
Florida Secretary of Commerce Gray Swoope said, This homecoming exemplifies the strength of Floridas research and development capabilities and the rising stature of the state's life sciences sector.
"I credit the effective collaboration of our academic, economic development, government and community partners for bringing this visionary project to fruition," said Swoope, who heads Enterprise Florida, the states primary economic development organization.
An unofficial tally of new private-sector jobs in Florida since Scott took office in January stands at nearly 88,000. During his gubernatorial campaign, Scott pledged to preside over the creation of 700,000 private-sector jobs in seven years.
Contact Kenric Ward at kward@sunshinestatenews.com or at (772) 801-5341.
