Publisher: Bloomberg Businessweek
Date: October 20, 2011
Biotechnology company IRX Therapeutics Inc., which makes treatments for cancer and infectious diseases, said Thursday that it is moving to St. Petersburg, Fla., eventually adding about 280 jobs.
IRX, which is relocating from New York City starting at the end of the year, has already licensed a broad patent portfolio from the University of South Florida, where early technology was developed. Under a letter of intent signed by the parties involved, IRX and the Florida High Tech Corridor Council will fund $2.5 million in research to be performed at USF for developing therapeutic vaccines and clinical trials.
“This is exactly what ought to be happening in St. Pete and in Florida,” said Gov. Rick Scott, who attended the announcement. “Florida is second in the nation in biotech research facilities.”
IRX has raised $90 million in capital for research, manufacturing and clinical development. The company’s lead product, IRX-2, is an active immunotherapy designed to treat cancer by restoring the patient’s immune system and enabling an immune attack on tumors. Read more here.