NY firm relocates to St. Pete

ST. PETERSBURG — IRX Therapeutics, a biotechnology firm that develops drugs to treat cancer and infectious diseases, has announced plans to relocate from New York City to St. Petersburg in response incentives, according to a news release from Gov. Rick Scott's office.

IRX Therapeutics, which uses technology originally developed at the University of South Florida, will hire 280 during the five years following relocation and pay an average wage of $90,000 to qualify for incentives, the release indicates.

The incentive package is worth more than $1 million, with $600,000 coming from the Florida Innovation Incentive Fund and $50,000 from USF. Pinellas County will provide $275,000 and the city of St. Petersburg has offered a $275,000 credit toward land it owns.