NYCEDC Hosts Fourth Funding Grant Workshop For Small Biotech Companies

New York City Economic Development Corporation (NYCEDC) hosted its fourth National Institutes of Health (NIH) Small Business Innovative Research (SBIR) Proposal Preparation Workshop today. Over 130 bioscience companies and academic researchers attended the one-day workshop aimed at helping them learn how to access the federal funding available to advance their bioscience research. Issues covered included proposal development; strategic planning and better understanding of the NIH system; avoiding common pitfalls; commercialization components; and electronic proposal submission.

“Today’s workshop, designed to help New York City-based entrepreneurs tap into billions of dollars in federal funds, represents another way that we are working to give our bioscience companies a leg up versus their national and international competitors,” said New York City Economic Development Corporation President Seth W. Pinsky. “By providing resources and training like this workshop, the City is continuing to support the growth of our critical bioscience sector.”

Small Business Innovative Research (SBIR) and Small Business Technology Transfer (STTR) programs are federal programs designed to stimulate technological innovation and research by providing $2.5 billion in federal funding for bioscience companies and academic researchers with a commercial interest.

The SBIR Proposal Presentation Workshop was led by Lisa Kurek, M.S. Managing Partner at Biotechnology Business Consultants, LLC, and was attended by Deputy Mayor for Economic Development Robert K. Steel.

The workshop series has previously helped companies like NexGenix, a privately-held biotechnology company that develops novel protein-folding molecules to treat oncology and neurodegenerative disorders such as brain tumors and other cancers, Lou Gehrig’s disease, and Parkinson’s disease. After participating in NYCEDC’s SBIR sessions, NexGenix applied for and received a Phase I SBIR grant of $118,000 for the proof of concept study for the drug. The company is now applying for a Phase II SBIR grant.
“Receiving the SBIR grant last year provided private investors the confidence to fund NexGenix during a tough economic climate,” said CEO Allan Rubenstein.

About SBIR and STTR Programs
The U.S. Small Business Administration (SBA) Office of Technology administers the Small Business Innovation Research (SBIR) Program and the Small Business Technology Transfer (STTR) Program. Through these two competitive programs, SBA ensures that the nation's small, high-tech, innovative businesses are a significant part of the federal government's research and development efforts. For more information about the Federal SBIR/STTR program, please visit: www.sbir.gov.

About NYCEDCNew York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook to learn more about NYCEDC projects and initiatives.