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$150 Million Raised for NYC Life Science Start-Ups

New York Stock Exchange entrance (A. Kotok)

(A. Kotok)

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.

The initiative, 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.

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.

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.

“For over a century, New 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. “The return on the City’s investment here isn’t purely financial—it’s also the thousands of 21st century quality jobs, economic diversification, and increased tax revenue these efforts will bring.”

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Hat tip: MedCity News

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