New York Medical College Launches Transformative Biotechnology Incubator (Press Release)
BioInc@NYMC is the only incubator of its kind in the region that is located on a medical school campus
Jennifer Riekert, M.B.A.
Vice President of Communications
New York Medical College
Valhalla, N.Y., October 29, 2014 —Aimed at finding new ways to prevent and treat human disease and disability, New York Medical College (NYMC) has launched a new biotechnology incubator, BioInc@NYMC. BioInc@NYMC is the only incubator of its kind in the region that is located on a medical school campus
Valhalla, N.Y., October 29, 2014 —Aimed at finding new ways to prevent and treat human disease and disability, New York Medical College (NYMC) has launched a new biotechnology incubator, BioInc@NYMC.
A transformational project for both the Hudson Valley region and New York State, BioInc@NYMC is designed to combine entrepreneurship and academia – with the support of the public sector –to improve public health, bolster the health care sector of the region’s economy and support students and other entrepreneurs. BioInc@NYMC, which is currently being considered for START-UP NY designation, will provide incubator space for entrepreneurs and allow clients access to valuable shared resources, including state-of-the art lab equipment, workforce training suites and more. Designated a top regional economic priority in 2011, 2012 and 2013, BioInc@NYMC is a public-private enterprise, combining resources from the federal government, New York State, Westchester County, and NYMC, and is the only incubator of its kind in the region that is directly co-located with a health science's university campus.
In addition to NYMC direct support, 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, co-sponsored by the Hudson Valley Economic Development Corporation, in partnership with SUNY-Westchester Community College, Division of Continuing Education and Workforce Development.
BioInc@NYMC is a vibrant, intellectually supportive platform for innovation and development that encourages collaboration and synergistic relationships among entrepreneurs whose discoveries have the potential to save lives, promote health, and improve quality of life for millions.
“For more than a century, NYMC has brought forth innovations in biomedical science to advance health care for patients and communities,” said President Alan Kadish, M.D. “BioInc@NYMC is the latest milestone in that tradition. We invite the brightest innovators to join us in the quest for better health for all.”
“The incubator is located in a building with an honorable history which portends well for the future,” said NYMC's Chancellor Edward C. Halperin, M.D., M.A. “It was built by the late Dr. Ernst Wynder whose investigations were among the first to link smoking and lung cancer. We look forward to the commercialization of biotechnology emerging from this building to benefit the public.”
“BioInc@NYMC is the product of a great collaborative team, the very best minds in our region,” said Robert W. Amler, M.D., M.B.A., vice president for government affairs and dean of the School of Health Sciences and Practice. “Today the curtain rises on our collective vision for economic development based on attracting, nurturing, and growing the burgeoning biotech sector.”
“The biotechnology sector is thriving in the Hudson Valley and the opening of BioInc@NYMC affirms our region’s status as a hub for this cutting-edge industry,” said Democratic Conference Leader Andrea Stewart-Cousins (D/I/WF - 35th District). “I supported New York Medical College’s vision for a biotech incubator from the very beginning because I knew it represented enormous potential for job-creation and innovation right here in Westchester’s backyard. This is a very proud day for New York Medical College, and I am honored to have played a role in seeing it come to fruition.”
Assemblyman Tom Abinanti (D-Greenburgh/Mt. Pleasant) said, “This collaboration of biotechs with academics will produce not just a better local economy but better science for medical care. Centered at a health science’s university in a vibrant community—part of an exciting metropolitan area—only enhances its attractiveness.”
"I’m very pleased that BioInc@NYMC will be providing both business training and state-of-the-art research facilities for new growth companies,” said Assemblyman David Buchwald (D-White Plains). “I majored in physics in college, and I continue to view my work as a New York State Assemblyman through a scientific lens. New York Medical College has set a high standard in providing a comprehensive education to emerging medical and healthcare professionals for more than 154 years, and I believe BioInc@NYMC is a good investment for New York to create jobs and spur the economy here in the lower Hudson Valley.”
"I am pleased to be a part of the launch of BioInc@NYMC. It represents one of the best examples of collaboration between the public and private sectors,” said Assemblymember Shelley Mayer. “I congratulate BioInc@NYMC and New York Medical College, and look forward to working with them as they grow and contribute to fighting disease and growing the regional economy."
"Congratulations to Biolnc@NYMC and New York Medical College for this great new partnership, which leverages public resources to spur private innovations in science, technology and health care,” said Assemblyman Steven Otis (D-Rye). “This is another example of the state Regional Economic Development Council program creating jobs and innovation here and around the state."
In recognition of this milestone event, NYMC today also co-sponsored the Entrepreneur’s Breakfast Forum with iCAN Global. This forum is a bi-monthly business and technology summit for entrepreneurs, innovators, scientists, academics and investors. iCAN-Global is the premier virtual incubation, acceleration and commercialization network.
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.