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New York Medical College Biotech Incubator Receives Innovation Spot Award

“This announcement caps off an exciting week for BioInc@NYMC,” said Chancellor Edward C. Halperin, M.D., M.A.

Date: December 12, 2014
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BioInc@NYMC funded to help improve New York’s competitiveness in growing new technology based companies 

Valhalla, N.Y. – December 12, 2014 – BioInc@NYMC, the new biotech incubator at New York Medical College (NYMC), has received the multi-year Mid-Hudson Innovation Hot Spot award granted by the New York State Regional Economic Development Council (REDC). NYMC has partnered with other entities in the region to provide a variety of services through its partners, but will focus on the diverse needs of the fast-growing biotechnology and life sciences industries in the Mid-Hudson region. Five regions across the State were awarded funding to launch Innovation Hot Spot programs. A new facet of the REDC initiative that was introduced last year by Governor Andrew Cuomo, the Innovation Hot Spots Competition is designed to make New York State a leader in growing new technology based companies by attracting venture capital and industry-sponsored research spending. The Hot Spots will foster innovation by offering start-ups valuable business support services to help commercialize academic research and promote further collaboration between business and academia.

“This announcement caps off an exciting week for BioInc@NYMC,” said Chancellor Edward C. Halperin, M.D., M.A. “Earlier this week, the incubator was named a tax-free zone in the Empire State Development’s START-UP NY business development initiative. This designation, coupled with the financial support that the Innovation Host Spot Award will allow us to grow and enhance BioInc@NYMC. We thank the New York State Regional Economic Development Council for this honor.” 

“Coming in close succession, these two NY State awards position our new biotech incubator at the heart of a region-wide effort to grow an innovative and job-creating biotech corridor right here in the Hudson Valley” said Robert W. Amler, M.D., M.B.A., vice president for government affairs and dean of the School of Health Sciences and Practice quote. “The award follows our incubator's designation, in two consecutive years, as the region’s top economic development priority And we especially congratulate Les Neumann, CEO of iCanNY, our partner in this award.”

“These funds will help to nurture innovation at BioInc@NYMC by offering critical business support services, further promoting research and collaboration among our tenants and academic community,” said Randi Schwartz, M.B.A., interim director, BioInc@NYMC, associate dean for academic administration.

NYMC and each of the other Hot Spots will receive up to $250,000 annually in financial support from the State to expand their direct assistance to young firms, including legal, technical and business support services.

BioInc@NYMC is the Hudson Valley’s only biotechnology incubator offering shared resources, turn-key wet lab space, and sponsored professional services to promising, high-potential entrepreneurs and start-ups. An exceptional feature is the direct location on the NYMC campus, with ready access to biomedical faculty, graduate students, library facilities, and existing research in heart disease, cancer, vaccine development, disaster preparedness and medical countermeasures. 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.

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.