State cuts off funding for S. Florida biotech center

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The state has cut off incentive funding slated to go to a South Florida biotech center lured to the state a decade ago because of failure to meet job-creation goals over three consecutive years.

The state Department of Economic Opportunity on Monday advised Torrey Pines Institute for Molecular Studies in Port St. Lucie that it intends to move the remaining incentive money of about $3.5 million into the state general-revenue fund. Read more here.