{"id":26745,"date":"2015-04-01T11:06:49","date_gmt":"2015-04-01T15:06:49","guid":{"rendered":"http:\/\/sciencebusiness.technewslit.com\/?p=26745"},"modified":"2016-06-11T12:34:38","modified_gmt":"2016-06-11T16:34:38","slug":"150-million-raised-for-nyc-life-science-start-ups","status":"publish","type":"post","link":"https:\/\/technewslit.com\/sciencebusiness\/?p=26745","title":{"rendered":"$150 Million Raised for NYC Life Science Start-Ups"},"content":{"rendered":"
\"New<\/a>
(A. Kotok)<\/figcaption><\/figure>\n

1 April 2015. A consortium of public and private funding sources raised $150 million to invest in new life science companies located in New York City. The Early Stage Life Sciences Funding Initiative exceeded its original $100 million goal by half, and seeks to start 15 to 20 new businesses in New York by 2020, adding some 2,000 new jobs.<\/p>\n

The initiative<\/a>, begun in 2013, includes $10 million from New York City Economic Development Corporation, with contributions from Celgene Corporation, GE Ventures, and Eli Lilly and Company. Two venture capital companies — Flagship Ventures and ARCH Venture Partners — are also contributing to the fund, as well as directing investments in therapeutics and non-therapeutics enterprises respectively. Both venture companies are expected to establish branch offices in New York.<\/p>\n

The fund aims to encourage researchers at New York area universities, research institutes, foundations, and medical centers to spin-off enterprises that commercialize their discoveries. Investments will support companies in their early stages — with seed and first-round financing — that develop new therapies, medical devices, diagnostics, research instruments, and digital life science solutions.<\/p>\n

Celgene, GE Ventures, and Eli Lilly will provide an advisory network with the venture capital firms to help get the new companies off the ground, as well as attract longer-term financing for future growth. The life sciences business cluster created by these investments is also expected to attract new research and development funding from public and private sources.<\/p>\n

“For over a century,\u00a0New York City has been a world leader for basic biomedical research and clinical care,” says deputy mayor Alicia Glen in a New York City Economic Development Corporation statement<\/a>. “The return on the City’s investment here isn’t purely financial\u2014it\u2019s also the thousands of 21st century quality jobs, economic diversification, and increased tax revenue these efforts will bring.”<\/p>\n

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