New York steals South Florida biotech company

0
722

Author: Celia Ampel
Publisher: South Florida Business Journal
Date: September 11, 2014

A Jupiter-based life sciences company will move its headquarters to New York after the state offered a half-million dollars in tax incentives.

BioRestorative Therapies (OTCBB: BRTX), which focuses on stem cell-based therapies, will receive up to $646,000 to move to Melville, Long Island, including $500,000 in state tax credits and $146,000 from Suffolk County.

The company’s revenues were $1.6 million in 2013, with a net loss of $5.7 million. Read more here.