NYMC Biotechnology Incubator Receives More Than One Million Dollars in State Funding To Support Innovation Hot Spot
Empire State Development has awarded BioInc@NYMC $1.25M in operational funds to support the school’s commitment to fostering innovation and prosperity
Jennifer Riekert, M.B.A.
Vice President of Communications
New York Medical College
BioInc@NYMC has seen phenomenal growth and success in its short three-year history
Valhalla, N.Y. – December 22, 2017 – New York Medical College (NYMC) has received $1.25 million, awarded by Empire State Development (ESD) and the Mid-Hudson Regional Development Council (REDC) to support operations of BioInc@NYMC — NYMC’s biotechnology incubator and NY State-designated Innovation Hot Spot. The second largest award in the region this year, it follows earlier ESD awards in which the REDC recognized BioInc@NYMC as a regional priority.
“This investment affirms the reputation of the flourishing BioInc@NYMC program and supports our mission to spur economic growth in the Mid-Hudson region,” said David Raab, Executive Vice President of Touro College and University System (TCUS). “BioInc@NYMC will be able to continue offering entrepreneurs industry-grade equipment, space to develop their ideas, and a network of mentors to help navigate the competitive biopharmaceutical market. We thank Governor Cuomo for creating the REDC to prioritize job growth in the region and will use these funds to do just that.”
“BioInc@NYMC is composed of some of the most talented entrepreneurs I have ever had the privilege of working with,” said Lawrence Krule, Interim Director of BioInc@NYMC. “These additional resources will help us bring even more startups into the program and continue supporting innovation and economic development in our community.”
“BioInc@NYMC has seen phenomenal growth and success in its short three-year history, and we appreciate the investment of ESD and the Mid-Hudson REDC in our vision,” said Robert W. Amler, MD, MBA, NYMC’s Vice President for Government Affairs and Dean of the School of Health Sciences and Practice. “Our diverse client firms have generated an environment of great energy and excitement, and we take much pleasure in their every success.”
Launched in October 2014, BioInc@NYMC is the Hudson Valley’s only biotechnology incubator offering shared resources, turnkey wet lab space, and sponsored professional services to promising, high-potential entrepreneurs and start-ups. In addition to providing best-in-class infrastructure and operational services, BioInc@NYMC assists its members in refining their business strategies, conserving capital, building strong teams, and achieving development and funding milestones. BioInc@NYMC occupies a 10,000-square-foot wing of a 129,000-square-foot campus building.
BioInc@NYMC’s tenants include:
- Accent BioSystems: Developing new technologies in protein production, analysis, crystallization and structure determination
- Conversion Energy Enterprises: Developing and prototyping innovative laser products for medical applications
- Four LLC: Creating a new category in sustainable nutrition with products that instantly curb cravings
- MediSprout: Providing physicians and patients with tools to instantly connect and schedule virtual visits
- MOE Medical Devices LLC: Creating cold electrical plasma therapeutics
- Philips Intellispace Genomics: Developing oncology genomics and collaborative computational genomics of large data sets
- Sapience: Advancing novel therapeutics for major unmet medical needs
- SHY Therapeutics: Researching and developing therapeutic oncology products
New York Medical College
Founded in 1860, NYMC is one of the oldest and largest health sciences colleges in the country with more than 1,400 students, 1,300 residents and clinical fellows, nearly 3,000 faculty members, and 19,000 living alumni. The College, which joined the Touro College and University System in 2011, is located in Westchester County, New York, and offers degrees from the School of Medicine, the Graduate School of Basic Medical Sciences, the School of Health Sciences and Practice, a School of Dental Medicine and a School of Nursing. NYMC provides a wide variety of clinical training opportunities for students, residents, and practitioners.