Politics & Government
New Biotech Centers Awarded $38M In NYC Grants
Four top research institutions received grants as part of Mayor Bill de Blasio's push to make New York City a world public health leader.
NEW YORK CITY — A $38 million investment will seed four new biotech center that will help New York City blossom into the world's public health capital, Mayor Bill de Blasio said.
De Blasio on Thursday announced grants to four leading scientific research institutions — Columbia University, Montefiore-Einstein, the New York Stem Cell Foundation, and Rockefeller University.
He said the investments will help bring back the city's economy after the coronavirus pandemic.
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"This is a crucial part of New York City's economy, a crucial part of what we create in the city is the area of life sciences, but so much more is about to happen," he said.
De Blasio has pushed the city to rebound from the pandemic as a global public health leader. But his plan — really, more of a goal — initially lacked detail.
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The grants appear to put cold, hard cash toward making the goal a reality. The breakdown of grants are:
- Columbia University — $9 million
- Montefiore-Einstein — $13 million
- New York Stem Cell Foundation — $6.5 million
- Rockefeller University — $9 million
James Patchett, president and CEO of New York City Economic Development Corporation, said more than $1 billion of venture capital investment went toward life sciences in the city last year — nearly a tenfold increase since 2016.
"We to capitalize in this momentum and continue to maximize the number of cures created right here in New York City," he said.
Patchett said Columbia University will build a state-of-the-art lab to support top and emerging scientists to transform promising treatments into new companies.
The Bronx-based Einstein College of Medicine will establish an affordable cell manufacturing facility, Patchett said.
The New York Stem Cell Foundation will expand its stem cell research institute on the West Side, where it develops therapies for glaucoma and Alzheimer's disease, Patchett said.
Rockefeller University will develop a 26,000-square-foot state-of-the-art lab to support young companies working in the city, Patchett said.
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