NYC to Launch $100 Million Biotech Fund
In an effort to boost the New York City life sciences industry, the mayor’s office announced plans for the city to launch a $100 million venture fund for life sciences research. The public-private project is named the City of New York Early-Stage Life Sciences Funding Initiative; the goal is to initiate 15 to 20 early-stage research and development companies by 2020 and make NYC an epicenter for life science companies and research. According to the New York City Economic Development Corp. (NYCEDC), the fund is “designed to support the development of new technologies and products for patients and researchers, including therapeutics, medical devices, diagnostics, research and development instrumentation, and digital life sciences technologies.”
The public funding will come from the NYCEDC, who will contribute $10 million. On the private side, corporate sponsors Celgene, GE Ventures and Eli Lilly & Co. plan to seed $40 million. Eight institutional venture capital firms are under consideration for the remaining $50 million via venture capital partnerships, which will ultimately create a $100 million fund to be dispensed among the city’s science-focused research universities.
Additionally, the city announced a new technological institute focusing on medical technology. Mount Sinai Institute of Technology’s Icahn School of Medicine will partner with Rensselaer Polytechnic Institute to construct on MSIT’s East Harlem campus. The academic program is expected to begin in Fall 2014.