In 1972, the Florida Sea Grant was established as a partnership of academia, government, and industry focused on coastal and marine resources. Funding for the program came from the National Oceanic and Atmospheric Administration (NOAA) and encouraged research into the conservation of marine resources as well as potential biomedical uses.

Since its inception, the Florida Sea Grant program has developed and licensed a potent anti-cancer compound and a process to manufacture anti-inflammatory agents from sea corals.