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MID-HUDSON REGIONAL ECONOMIC DEVELOPMENT COUNCIL AND NEW YORK MEDICAL COLLEGE ANNOUNCE LAUNCH OF CONSTRUCTION OF IBIO-NY

 

MHREDC priority project will grow Hudson Valley’s biotech industry and provide boost to regional economy

iBIO

NYMC

Valhalla, NY, December 21, 2012— MHREDC priority project will grow Hudson Valley’s biotech industry and provide boost to regional economy

The Mid-Hudson Regional Economic Development Council (MHREDC) and New York Medical College (NYMC) today announced the formal launch of the construction of iBio-NY(SM), a biotechnology incubator located on NYMC’s campus in Valhalla, N.Y. This is the first phase of a major construction project that when completed is expected to create 140 full-time jobs and an additional 75 part-time jobs in the Hudson Valley and give a boost to the biotechnology industry throughout the region.

The College held a ceremony on campus today for the formal launch of construction, and was joined for the occasion by MHREDC Co-chair Leonard S. Schleifer, Empire State Development President, CEO & Commissioner Kenneth Adams, State and local officials, and members of the College.

“Under the leadership of Governor Cuomo, it is now possible to see important economic development projects move from concept to construction at a remarkably fast pace,” said MHREDC Co-chairs Leonard S. Schleifer, M.D., Ph.D., President & CEO, Regeneron Pharmaceuticals, Inc. and Dennis Murray, President, Marist College. “The Hudson Valley is home to one the nation's most important biotechnology clusters and New York Medical College is now providing innovative entrepreneurs with the tools and resources they need to succeed. This incubator project creates much-needed jobs now and will hopefully contribute to high quality job creation and economic growth for years to come. Congratulations to New York Medical College on advancing this important project, and we look forward to seeing its completion.”

“This new biotechnology center is an ideal repurposing of a solid facility with a stellar history,” said Alan Kadish, M.D., President of New York Medical College, President & CEO of Touro College & University System. “It elevates the quality of our teaching and research while stimulating the regional economy through a novel interface with the private biotech industry. We are thankful to Governor Cuomo, the Mid-Hudson Regional Economic Development Council, and all of our partners, for their support.”

The incubator will allow small start-up biotechnology firms to discover candidate drugs and vaccines for advance development and commercialization, in support of New York’s BioHudValley initiative. The initial stages of the project, expected to cost $14 million for all currently funded projects, are being supported by a grant from Empire State Development (ESD), which was secured by the MHREDC, as well as the New York Generating Employment through New York Science (GenNYsis) program, New York’s Higher Education Capital Matching Grant Program (HECap), and private institutional funds from NYMC.

Empire State Development President, CEO & Commissioner Kenneth Adams said, “The biotechnology industry is a cornerstone of the Hudson Valley’s regional economy, and thanks to initiatives like iBio it will only continue to grow and drive this area forward. Governor Cuomo’s innovative approach to economic development is working – projects are moving forward, creating jobs and producing real results for New Yorkers. The incubator being established at New York Medical College will turn concepts into companies, and that is great news for everyone. Congratulations to New York Medical College on the launch of iBio, and they are to be commended for their commitment to improving the economy and quality of life in the Hudson Valley and across New York State.”

Senate Democratic Conference Leader Andrea Stewart-Cousins said, “I was honored to help support the development of the Hudson Valley Biotechnology Center at New York Medical College through a targeted grant, because I knew the key to rebuilding the economy was long term planning and investing in our future. We need to incentivize growth and give entrepreneurs and innovators the tools they needs to succeed in the new economy. I commend Governor Cuomo for his continued investment in New York State's economic prosperity and I look forward to working with them in the future as we turn the state’s economy around and put New Yorkers back to work.”

The renovated facility also will house a regional biotech business training center, funded by the U.S. Department of Commerce’s Economic Development Administration (EDA), and will be operated collaboratively with the Hudson Valley Economic Development Corporation and Westchester Community College.

Future phases of the project will establish a clinical skills and simulation center, where medical students will train with human body simulator mannequins and trained professional actors. The center will also house a specialized training facility for the College’s Center for Disaster Medicine, which collaboratively supports disaster preparedness with agencies of the U.S. Government, New York State and the counties of the Hudson Valley.

The College has retained Ellenzweig Associates, Inc., Lothrop Associates, LLP, of White Plains, N.Y., and Whiting-Turner, Inc., to develop designs for the new center, which include using renewable materials and designing systems to be energy efficient and sustainable.

Robert W. Amler, M.D., NYMC’s Dean of the School of Health Sciences and Practice and Vice President of Government Affairs, said, “We are working with the New York State Energy Research and Development Authority (NYSERDA) to create a building that reduces energy consumption, draws from renewable energy sources, and protects the environment.”

Francis J. Murray Jr., President and CEO, NYSERDA said, “Congratulations to New York Medical College on the construction of their new biotechnology incubator. NYMC’s iBio-NY incubator will not only stimulate economic development in the region and create jobs but will showcase its commitment to environmental stewardship through its investment in an energy efficient building.”

The first phase of renovated spaces is expected to be open and ready for use later in 2013. In addition to the construction jobs the project will create, it is expected that iBio-NYSM alone could create 140 full-time jobs and an additional 75 part-time jobs in the Hudson Valley when complete.

Senator Greg Ball said, “This project is exactly what the Hudson Valley needs to continue strengthening our biotechnology industry. Business incubators are critical to helping emerging companies develop smart plans that transform ideas into action and produce results for New Yorkers. New York Medical College is to be commended for their commitment to growing our economy. I thank Governor Cuomo and the Mid-Hudson Regional Council for making smart investments like this to drive our economy forward.”

Assemblyman Tom Abinanti said, “The state grant will be the catalyst for expanding our community’s well respected biotech presence by offering a state of the art facility in the middle of a well respected academic community. The synergy between Westchester’s sophisticated biotech industry and the medical college’s leading researchers promises significant advances not just for our community but also for our country.”

To learn more about the MHREDC’s economic development plans, visit http://regionalcouncils.ny.gov/content/mid-hudson.

Contact:
Jason Conwall (ESD) | jconwall@esd.ny.gov | (347) 714-0875 | (800) 260-7313

Austin Shafran (ESD) | ashafran@esd.ny.gov | (800) 260-7313

Donna Moriarty (NYMC) | donna_moriarty@nymc.edu | (914) 439-5989| (914) 594-4536