Gov. Kathy Hochul has announced the creation of New York state’s Biodefense Commercialization Fund, a grant program that will fund research and diagnostic and therapeutic tools and innovation related to infectious disease threats, including Covid-19.
The program will emphasize support for projects recognized to have the highest potential to become commercially viable.
Individual grants of up to $4 million are available to eligible companies and startups, and grants of up to $500,000 will be available to academic research institutions to help obtain intellectual property rights in life sciences research and therapeutics.
“No state was hit harder and faster by Covid-19 than New York state ”“ and it is incumbent upon us to use the lessons we learned to better prepare for the future,” Hochul said.
“The Biodefense Commercialization Fund will help the next generation of startups and early-stage companies combat infectious diseases while creating jobs and investment in New York’s life science industry,” she continued. “We want to ensure that New York is where these groundbreaking companies start and operate, and that our state is at the center of the search for solutions to the world’s most pressing problems.”
The fund will be managed by Empire State Development, with input by a committee with representatives from the New York State Department of Health, Columbia University, Icahn School of Medicine at Mount Sinai and two venture funds, with an industry review panel that will evaluate applications and guide organizations through the award process.
“As we continue the fight against the Covid-19 pandemic, New York is even more committed to the growth and success of the state’s life science industry,” said Kevin Younis, Empire State Development chief operating officer and executive deputy commissioner.
“The Biodefense Commercialization Fund is a critical investment that seeks to turn the scientific research being conducted across the state into cutting edge treatments and medical solutions to ensure that New York is ready to respond to infectious disease threats in the future,” Younis said.
