| OVERVIEW |
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NYC Bioscience Bulletin provides the latest news and information on the thriving bioscience cluster in New York City. The New Year kicks off with this month's issue featuring several major funding agreements and high-profile event announcements.
Visit www.nycbiotech.org or contact us for more information on how New York City Economic Development Corporation can assist your business. |
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| IN THE NEWS |
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New York City Companies Receive $385 Million
Fifty-seven companies in the New York City Metro area received $385 million in venture capital funds during the third quarter of 2007, according to a recent MoneyTree Report. Metro New York and New York State were both ranked third in the nation for number of deals. View the rankings for investments in venture backed companies by state. |
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Stem Cell Summit Coming to New York City
The Third Annual Stem Cell Summit, the most comprehensive stem cell meeting of the year, will be held on February 26th and will showcase investment opportunities in the stem cell marketplace, groundbreaking stem cell products, and more. NYCEDC will be present at this event that will feature 40 companies and four panels of experts, as well as a reception and networking opportunities. For more information visit www.stemcellsummit.com. |
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Immtech Receives $5.1 Million
New York City based Immtech Pharmaceuticals, Inc. announced it received $5.1 million from a scientific consortium led by the University of North Carolina at Chapel Hill to develop drugs for fighting African Sleeping Sickness. The Gates Foundation has also made previous grants of $15.1 million and $2.8 million to the Consortium, of which Immtech is the drug development member. |
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Neuro-Hitech Receives $1 Million Grant
New York City based Neuro-Hitech, Inc. recently announced a member of its Scientific Advisory Board had been awarded a $1 million grant to fund research on compounds licensed to the company. Neuro-Hitech is a biopharmaceutical company developing and commercializing compounds against neurodegenerative diseases. In May 2007, Neuro-Hitech announced a $5.6 million private placement. |
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New York Ranked 2nd in University R & D
According to a State Science & Technology Institute (SSTI) article, federally funded academic R&D exceeded $30 billion in fiscal 2006, with New York State ranking #2 in university research expenditures. To see how each state fared, visit SSTI's table. |
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IAVI Offers Funding to Commercial Biotechs
The International Aids Vaccine Initiative (IAVI) recently announced an R&D Funding program to stimulate innovation in AIDS vaccine research. IAVI has created a $10 million dollar Innovation Fund targeted primarily to small and medium-sized commercial biotech companies that are developing pioneering technologies with applications for the AIDS vaccine field. |
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