Funding is considered a major win for BioHud Valley
NEW WINDSOR, N.Y. (Dec. 8, 2011) – New York BioHud Valley will have its biotechnology incubator. New York Medical College’s Biotech Incubator Center for Advanced Research in Westchester County will receive $4 million for its development as part of $785 million in awards announced today by Gov. Andrew M. Cuomo through the Regional Economic Development Council initiative.
The money will be used to further develop a biotech incubator at the Valhalla-based medical college. It will host startup biotech companies, research and development of medical countermeasures, disaster preparedness work, clinical training and other public health activities. At full capacity, the incubator is expected to create 140 full-time jobs and an additional 75 part-time jobs in the Hudson Valley. The incubator will include a training center offering current and future biotech workers in the Hudson Valley the opportunity to expand their education.
“This is a huge victory for BioHud Valley,” said Mike Oates, CEO and President of HVEDC. “We’re on the cusp of creating a world-class incubator, which will not only assist in the growth of our more than 80 biotech companies but also foster the entrepreneurial spirit of up-and-coming life science innovators and continue to create future growth for this vital industry.”
The incubator is part of an effort to create biotech jobs and to enhance preparedness against chemical and biologic threats.
“The Biotech Incubator at New York Medical College is going to be the birthplace of new cures, vaccines and most importantly – jobs, jobs and more jobs,” said Sen. Chuck Schumer. “From the day I first stepped foot on this site to tour the space, the potential for explosive growth was obvious. The Incubator and Training Center that we’re on our way to building will cement the Hudson Valley as a center of the biotech world and tap into an industry that’s enjoying unparalleled growth. We will keep working to make sure that everyone knows Westchester and its neighboring counties as BioHud Valley.”
“BioHud Valley is fast becoming the epicenter for biotech in New York and across the nation,” said Sen. Kirsten Gillibrand. “This funding for the BioHud incubator will kick-start the next great biotech companies to grow and create jobs right here in the Hudson Valley.”
The funding will be used to pay for expenses involved in the second of two phases of development of the property at the college. The first phase involved general construction renovations to the interior of the building and the next phase will involve building upscale research spaces for incubator companies to use.
“This is a huge win for the region because we will now be able to move forward with opening the Hudson Valley’s first biotech incubator space for startup and emerging life sciences companies,” said Laurence Gottlieb, Westchester County’s Director of Economic Development and NY BioHud Valley co-founder. “This was a team effort that started way before the regional councils were formed and we look forward to working on similar projects for the benefit of all Hudson Valley residents.”
“This is a major step forward in advancing scientific discovery and job growth at the same time,” said Robert W. Amler, MD, New York Medical College’s Vice President for Government Affairs and Dean of the School of Health Sciences and Practice. “It also proves the value of strategic partnerships – between the Hudson Valley Economic Development Corporation and NY BioHud Valley initiative, the Mid-Hudson Council and Business Council, county officials, dozens of biotech companies and our own researchers,” Amler said. New York Medical College is part of the Touro College and University System.
About Hudson Valley Economic Development Corporation (HVEDC): HVEDC represents seven counties in Hudson Valley. This public-private partnership markets the region as a prime business location to corporate executives, site selection consultants and real estate brokers. HVEDC also helped start the branding and promotional effort for NY BioHud Valley. For more information on Hudson Valley Economic Development Corporation or to review available business sites, visit www.hvedc.com or call CEO Mike Oates at 845-220-2244.
