New York City's $100 Million Investment In Life Sciences
We are thrilled to announce three exciting biotech initiatives that will help cement New York City's position as a destination for early-stage life science companies.
- The City of New York Early-Stage Life Sciences Funding Initiative: NYCEDC will commit $10 Million to the Life Sciences Fund, along with an additional $40 Million from private sector partners Celgene, General Electric Ventures, and Eli Lilly. $50 Million in matching funding from top venture capital partners will bring the total to $100 Million. The fund seeks to launch 15 to 20 breakthrough life science ventures by 2020.
- Mount Sinai Institute of Technology (MSIT): A partnership between Mount Sinai's Icahn School of Medicine and Rensselaer Polytechnic Institute (RPI), MSIT will create new academic pathways for a strong biotech talent base here in NYC. The program will focus on tech-based biomedical disciplines. "MSIT will allow us to address major challenges in the biomedical sciences through the development of novel, cost-effective, technology-based solutions," said Geoffrey Smith, Director of the Center for Technology, Innovation, and Entrepreneurship at Mount Sinai Hospital. Construction for the new campus will begin later this month in existing buildings on the Upper East Side/East Harlem campus.
- Harlem Biospace: Last month's opening of Harlem Biospace (pictured below at a bustling cross section of Harlem) is a vibrant example of how the life sciences are contributing to a revitalization of Harlem. Harlem Biospace joins our citywide network of 16 current and forthcoming incubators and is already providing 20 emerging life science companies with affordable wet lab space.
We look forward to seeing NYC expand as a premier capital of innovation in life sciences. Read more about each initiative in the official release.