BlinkBio’s relocation to South Florida is another win for the Business Development Board of Palm Beach County as it aims to foster a thriving biotech community. The privately held biotech firm moved to Jupiter from Long Island, New York, and entered into an agreement with the Scripps Research Institute, also located in Jupiter.
“The Scripps laid out a compelling case for their strong institutional commitment to supporting an emerging Biotech Cluster,” said BlinkBio CEO Colin Goddard. BlinkBio’s relocation was part of an incentive deal predicated upon the company making an investment of over $1.65 million and hiring 25 news employees with an average wage of $94,880 — targets Goddard called “appropriately modest.” “We were also impressed with the regional commitment to the [bioscience] industry, the favorable tax environment in the state … all of which paved the way for our relocation decision,” he said.
The finalization of the incentives coincides with BlinkBio’s recently sealed Series A funding round, which reportedly raised about $11 million. The capital, Goddard said, landed as proof-of-concept research on the company’s proprietary platform, called SiLinker. SiLinker is part of BlinkBio’s ongoing goal to create new therapeutics for the treatment of cancer and other deadly conditions, including autoimmune diseases. The company will occupy 1,800 square feet at 130 Scripps Way. Its agreement with Scripps gives BlinkBio access to world-class facilities and services.
“Florida is home to one of the nation’s largest biotech R&D industries and we’re excited to welcome BlinkBio to South Florida’s strong life sciences cluster,” said Crystal Sircy, Enterprise Florida executive VP.