New York City invests $38M into new biotech centers

NEW YORK (WABC) -- New York City Mayor Bill de Blasio announced that the city was making a $38M investment in new biotech centers.

The $38 million will be awarded to four different institutions:

- Columbia University - $9 million
- Montefiore-Einstein - $13 million
- New York Stem Cell Foundation - $6.5 million
- Rockefeller University - $9 million

Columbia University's Therapeutic Validation Center will accelerate early-stage research into new start-ups. They will also create next generational medicines.

Einstein-Montefiore Biotechnology Accelerated Research Center will establish a biomanufacturing operation focused on cell, gene, and antibody therapy production. They will also provide scientific facilities to early-stage and established companies.

New York Stem Cell Foundation's Research Institute will provide stem cells as tools for developing new medicines and treatments. They will increase NYSCF's cell production capacity. They will also bring innovative cell-based treatments to patients in need.

Rockefeller University's Tri-Institutional Translational Center for Therapeutics will serve as an incubator for commercial life sciences. They will bridge the innovation of neighboring institutions Weill Cornell and MSK Cancer Center to create more local high-growth companies.

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