A venture capital initiative to launch more life science firms in New York City attracts more backers.
Several companies have joined a growing consortium of backers for a $100m venture capital initiative which looks to launch up to 20 new life science firms in New York City by 2020.
Pharmaceutical Eli Lilly joins biotech firm Celgene and GE Ventures, the venture arm of General Electric, in contributing $40m to the initiative. The City of New York will also contribute $10m following the announcement of the fund earlier this week, which is looking to raise a further $50m from venture firms.
Aside from the fund, the New York City Economic Development Corporation (EDC) also announced $5m to establish the Mount Sinai Institute of Technology (MSIT), with the new facilities anticipating a completion date towards the end of 2014.
Eric Gertler, executive vice president of the EDC, said: “The funding initiative is designed to support commercializing research that’s going on at all the academic medical centres. This will be an additional important source to help early-stage life science companies grow in New York City.”
