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New York will soon host a $100 million fund for life sciences research along with a new institute focusing on medical technology, Crain’s New York Business reported.
New York will soon host a $100 million fund for life sciences research along with a new institute focusing on medical technology, Crain’s New York Business reported.
As quoted in the market news:
During a press conference at Rockefeller University, [Deputy Mayor Robert] Steel unveiled the City of New York Early-Stage Life Sciences Funding Initiative, a public-private effort that will be seeded by $10 million from the city Economic Development Corp. and $40 million from corporate sponsors Celgene, GE Ventures and Eli Lilly & Co. That $50 million is expected to be matched through venture capital partnerships, creating a $100 million fund to be administered across the city’s life science-focused research universities, which will aim to initiate 15 to 20 early-stage research and development ventures by 2020.