Paradigm Spine Closes on $21.5M

On July 27, NYC based Paradigm Spine completed a $21.5M funding round. Paradigm Spine, which develops non-fusion spinal implant solutions, will use the financing to strengthen the US sales infrastructure, fund the Company’s ongoing US clinical trial of the coflex™ device, and increase international expansion of the company’s portfolio.

Eli Lilly is First Tenant of NYC’s Newest Research Park

Eli Lilly and Company will become the anchor tenant of the new Alexandria Center for Science and Technology at East River Science Park. Developed on City-owned land by Alexandria Real Estate Equities, the science park is expected to open in 2010. Lilly's presence in NYC will provide access to the City’s vast scientific resources including the largest concentration of academic medical centers in the US and the country's largest base of scientific talent. The site will house ImClone’s Research Division, which includes 125 ImClone scientists to support expansion of the ImClone pipeline.

NYCEDC's NYC Tech Transfer Dinner

Deputy Mayor Bob Lieber and NYCEDC recently hosted a Roundtable Dinner to discuss current issues and opportunities facing the entrepreneurial efforts of university technology transfer offices in NYC. Attendees included representatives from New York University, Columbia University, The Rockefeller University, City University of New York, Albert Einstein College of Medicine, Memorial Sloan Kettering Cancer Center, Mount Sinai School of Medicine, Weill Cornell Medical College, Hospital for Special Surgery, and the State University of New York. The dinner provided a critical opportunity to shape the city’s life sciences agenda and exchanged ideas for how the City can help build stronger commercial bioscience community.

VC Funding Increases in 2Q 2009 for Biotech

According to the MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association, based upon data from Thomson Reuters, the Life Sciences sector (Biotechnology and Medical Device industries combined) experienced a significant 47 percent increase in venture investing compared to the first quarter of 2009. Investment in Life Sciences companies represented 41 percent of all investment dollars and 26 percent of all deals in the second quarter. Second quarter new funding totaled $1.22 Billion. The Biotechnology industry received the highest level of funding for all industries in the quarter, jumping 54 percent over the first quarter with $888M going into 85 deals.

NYSCF’s Translational Stem Cell Research Conference

The Fourth Annual Translational Stem Cell Research Conference brings together world-renowned stem cell scientists and researchers to address recent scientific advances, current industry and public policy issues affecting stem cell research. The Conference also provides a platform for speakers and panelists to present new and unpublished research.