Governor Kathy Hochul today launched the third round of applications for New York’s $40 million Biodefense Commercialization Fund. The fund was established to accelerate the development and commercialization of life science innovations that address serious infectious disease health threats while creating jobs and encouraging continued growth across New York State’s expanding life science industry. Since its inception in September 2021, Empire State Development has awarded $25.3 million in grants to 11 start-up companies and 13 academic institutions that are developing promising diagnostics, vaccines, therapeutics and other innovations to address or mitigate infectious disease threats.
“Programs like the Biodefense Commercialization Fund are putting New York State at the forefront of advancements of infectious disease discovery and development while strengthening the State’s Life Science ecosystem,” Governor Hochul said. “With this funding, we are not only attracting significant jobs and investment, but we are also making way for better health outcomes for the future.”
Empire State Development President, CEO and Commissioner Hope Knight said, “Under Governor Hochul’s leadership, we are strategically investing in key industries that will spark innovation and grow the state’s economy. The Biodefense Commercialization Fund is already making an impact by targeting academic institutions and startups so they can discover innovative solutions for infectious diseases and help continue New York’s leadership in the life science industry.”
This round is giving priority to applicants developing promising diagnostic technologies, including point-of-care diagnostics, novel sequencing and pathogen surveillance tools, and processes to improve manufacturing and access to diagnostics. These areas are important to facilitate more rapid identification of infection and its spread, which are key to effective control.
Grants awarded through the Biodefense Commercialization Fund are intended to help bring to market advanced solutions that identify, treat, and prevent serious infectious diseases, encouraging growth across New York’s expanding life science industry, and positioning the state as an infectious disease resiliency and mitigation leader.
Previous Biodefense Commercialization Fund awardees are already demonstrating the positive economic impact of this program, having secured $11.1 million in external funding, created 15 new jobs in New York State, filed 10 patent applications and executed three licensing agreements.
Eligible startup companies that are developing promising diagnostic, surveillance and other innovations to prevent, diagnose or mitigate serious infectious disease threats can apply for grants of up to $4 million. New York’s academic research institutions also may apply for grants of up to $500,000 to help fast track advanced intellectual property in life sciences. An emphasis is placed on supporting the development of innovations with the highest potential for commercial viability. The deadline for submission of the initial application is Friday, November 17, 2023 at 5:00 p.m. More information about the application process, eligibility requirements, and program guidelines can be found online here.
The Biodefense Commercialization Fund is guided by an Executive Committee that includes representatives from New York State’s Department of Health, Columbia University, the Mount Sinai School of Medicine, and two venture funds. A panel of experts from the biopharma industry, life science venture community, and academia review, evaluate and provide recommendations to ESD on submitted applications. An important feature of the program is that grantees receive guidance from mentors with experience in the biopharma industry, venture investing, and academia to help ensure their development programs stay on track. Previous awardees can be found here.
The Biodefense Commercialization Fund is part of New York State’s $620 million Life Science Initiative, designed to spur the growth of a world-class life science research cluster in New York, as well as expand the state’s ability to commercialize this research and grow the economy. This multi-faceted initiative includes $320 million for strategic programs that attract new life science technologies to the state, promote critical public and private sector investment in emerging life science fields and create and expand life science-related businesses and employment throughout New York.
The life science sector encompasses the fields of biotechnology, pharmaceuticals, biomedical technologies, life systems technologies, and includes organizations and institutions that devote the majority of their efforts to the various stages of research, development, technology transfer and commercialization. Every day, firms in this sector are developing new medical and pharmaceutical breakthroughs that have the potential to save lives, whether through new therapies or the early detection of diseases like cancer and neurological diseases. These firms are also making significant advancements in the realms of agriculture and environmental biotechnologies, helping create a cleaner and more sustainable future.
2023-10-10 19:34:49
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