New York Medical College Lab Approved for Start-Up NY Program
“Through START-UP NY, we are linking the talent base and experience of our faculty with the energy and innovative spirit of the private sector,”
Jennifer Riekert, M.B.A.
Vice President of Communications
New York Medical College
New tax-free zone at the Westchester campus will support local biotech and life sciences entrepreneurs
Valhalla, N.Y. – December 8, 2014 – In a move that will both bolster entrepreneurship and enhance economic development in the Mid-Hudson Valley and beyond, New York Medical College (NYMC) recently joined START-UP NY, designating 11,800 square feet of newly developed research space on campus, including the new biotechnology incubator (BioInc@NYMC), as tax-free under Governor Cuomo’s START-UP NY business development initiative.
“Through START-UP NY, we are linking the talent base and experience of our faculty with the energy and innovative spirit of the private sector,” said Robert W. Amler, M.D., M.B.A., vice president for government affairs and dean of the School of Health Sciences and Practice.
A biomedical research leader, NYMC is ideally positioned to supply the critical support infrastructure that biotech and life sciences companies need to start and grow. The biotech incubator known as BioInc@NYMC will provide clients with access to state-of-the art lab equipment and workforce training suites while fostering collaboration and synergistic relationships between researchers, academics and entrepreneurs.
“The biotech industry is a vital part of the Hudson Valley’s regional economy and this new partnership between New York Medical College and New York State will continue to drive it forward,” said Kenneth Adams, Empire State Development President, CEO and Commissioner. “The BioInc@NYMC incubator’s new status as a tax-free area under START-UP NY demonstrates how Governor Cuomo’s innovative initiative is revitalizing local economies by attracting new jobs and businesses while fostering strategic public-private partnerships and collaborations.”
With the START-UP NY designation, eligible businesses sponsored by NYMC will operate tax-exempt for up to 10 years. Additionally, clients will benefit from the campus’s prime location, with proximity to markets and fellow researchers in New York City and other major Northeastern cities.
For additional information on the benefits START-UP NY provides for businesses, please visit www.startup.ny.gov.
BioInc@NYMC is a public-private enterprise, combining resources from the federal government, New York State, Westchester County and NYMC. In addition to NYMC’s direct investment, New York State provided a total of $7.9 million – from Empire State Development (ESD) and from Generating Employment Through New York Science (GEN*NY*SIS). The project was designated as top priority in 2011, 2012, and 2014 by ESD’s Mid-Hudson Regional Economic Development Council (REDC). In addition, the U.S. Department of Commerce, Economic Development Administration (EDA) provided $328,000 for construction of a science-business training center, cosponsored by the Hudson Valley Economic Development Corporation, in partnership with SUNY-Westchester Community College, Division of Continuing Education and Workforce Development.
About New York Medical College
Founded in 1860, NYMC is one of the oldest and largest health sciences universities in the country with more than 1,400 students, 1,300 residents and clinical fellows, nearly 3,000 faculty members, and 15,000 living alumni. The College, which joined the Touro College and University System in 2011, is located in Westchester County, New York, and offers advanced degrees from the School of Medicine, the Graduate School of Basic Medical Sciences, and the School of Health Sciences and Practice. The College manages more than $36 million in research and other sponsored programs, notably in the areas of cancer, cardiovascular disease, infectious diseases, kidney disease, the neurosciences, disaster medicine, and vaccine development.
With a network of affiliated hospitals that includes large urban medical centers, small suburban clinics and high-tech regional tertiary care facilities, NYMC provides a wide variety of clinical training opportunities throughout the tri-state region for medical students, residents, and other health providers.