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Laurence Gottlieb, former president and CEO of Hudson Valley Economic Development Corp., will lead the initiative.
Monahan was previously president and later CEO of Zitter Health Insights, and was earlier the senior vice president of corporate services at Barnabas Health.
The budget proposal includes $550 million in income tax credits, capital grants and investment capital from New York and $100 million from private partners.
Two founding physicians and scientists at the state's largest biotech employer are named top life sciences entrepreneurs for 2016.
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