Intercept Pharmaceuticals Raises $41 Million in Private Placement

Innovive Pharmaceuticals Completes $13.5 Million A-Round Financing

New York City Among The Top Cities for NIH Funding

Nine Common Intellectual Property Mistakes And How They Can Be Corrected

Hospital for Special Surgery Among America's Best Hospitals

R&D Funding For New York's Bioscience Companies

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The New York City Economic Development Corporation (NYCEDC) is committed to building a strong bioscience community in New York City. Through the New York City Bioscience Initiative, our partnership with the New York City Investment Fund, NYCEDC is connecting bioscience businesses with resources here and around the globe. We welcome your suggestions for newsletter topics and your feedback at the New York City Bioscience Initiative website. For more information on the latest bioscience activities in New York City, please contact Bill Fair or Lenzie Harcum.

Intercept Pharmaceuticals Raises $41 Million

Intercept Pharmaceuticals, a New York City-based clinical stage biopharmaceutical company focused on developing small molecule drugs for the treatment of chronic liver and metabolic diseases, received a $41 million private placement led by Genextra SpA of Italy, Balyasny Asset Management, and JAFCO Life Science Investment.

The company is currently advancing its lead drug candidate, INT-747(6ECDCA), for the treatment of a group of life-threatening fibrotic and cholestatic liver diseases.

Innovive Pharmaceuticals Completes $13.5 Million A-Round Financing

Innovive Pharmaceuticals, Inc., a biopharmaceutical company headquartered in Manhattan, completed a Series A Convertible Preferred Stock private placement offering with gross proceeds of approximately $13.5 million.

In July, Innovive put these funds to use when it enrolled the first patients in a Phase I study of a compound (INNO-406) for chronic myelogenous leukemias, moving the compound from license to clinic in approximately six months. Innovive will soon begin a Phase I study of INNO-305 as a treatment for patients with acute myelogenous leukemia, and myelodysplastic syndrome (MDS), as well as patients with non-small cell lung cancer (NSCLC) and mesothelioma. The study is planned to begin in the third quarter of 2006 at the Memorial Sloan Kettering Center in New York City.

NYC Among Top Cities for NIH Funding

According to the State Science & Technology Institute's latest data, New York City held the number two spot in total NIH funding, ranking a close second behind Boston. New York City received almost $1.3 billion from the NIH.

Baltimore moved up to third place after receiving a significant increase in NIH funding, dropping Philadelphia to fourth place. Seattle, La Jolla, Los Angeles, San Diego, Chicago and San Francisco rounded out the top 10.

See the SSTI table of the most recent rankings of the top 100 cities for NIH funding.

Nine Common Intellectual Property Mistakes And How They Can Be Corrected

The work and planning necessary to successfully launch a new company or invest in a start-up is prodigious. Yet with all the financial plans, marketing strategies and product development, entrepreneurs and investors often skip an important step: Protecting their valued assets through the proper application of patents, trademarks and copy rights. Read this LabToWallStreet article written by Mark Kesslen of Lowenstein Sandler PC to learn how to protect intellectual property.

Hospital for Special Surgery Among America's Best Hospitals

Hospital for Special Surgery (HSS) has been ranked as second in the nation in orthopedics and third in rheumatology by U.S. News & World Report in their 2006 America's Best Hospitals survey. For the 16th consecutive year, HSS has ranked above all other hospitals in the Northeast in orthopedics and rheumatology.

R&D Funding For New York's Bioscience Companies

The Small Business Innovation Research (SBIR) program is a $2 billion program that provides qualified small technology businesses with research and development funding. The SBIR program has proven to be a terrific source of R&D funding for early stage bioscience companies.

SBIR websites of interest:
    -  New York City's SBIR resources
    -  NYSTAR's SBIR Wesbite
    -  The SBIR HelpDesk
    -  The SBIR Gateway

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