Today, New York City Mayor Eric Adams and New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball awarded $26.6 million for the purpose of growing NYC's life sciences industry and to create more family-sustaining job opportunities.
The $26.6 million from the city is through NYCEDC's LifeSci NYC initiative, with $15 million being awarded to the City College of New York (CCNY), as well as $11.6 million being awarded to the Mount Sinai Health System.
The City says that the awards will support the construction of new facilities for both CCNY and the Mount Sinai Health System. The City also added that the construction of these facilities will allow for new life sciences startups to be created, as well as promoting the next generation of research and innovation in the field.
“With these awards, our administration is making critical investments in the health and prosperity of New Yorkers,” said Mayor Adams. “Life sciences are central to our city’s public health and economic recovery, and we will continue to marshal the resources necessary to grow this industry, create new economic opportunities for New Yorkers, and keep our city moving forward.”
The award will help CCNY in starting up an incubator facility called the "City Innovations Collaborative". The facility will support commercial and academic life sciences innovation and research.
The collaborative will be offering early-stage life sciences companies a wet and dry lab space for the purpose of developing new medications and medical devices that addresses the needs of underserved communities.
With the investment support from the City, Mount Sinai Health System plans on building a surgical research facility called the Comprehensive Center for Surgical Innovation, and it will be one of the only medical device prototyping facilities in the nation, according to the City's press release.
Mount Sinai's new facility will be built to support startups, engineers, doctors, and surgeons. It will help them with the designing, testing, and commercializing of new medical devices, which will help to improve patient care and outcomes, according to the press release.
The facility expects to be able to support around 10-12 startups, 50-60 prototypes, and 10-12 medical devices each year.