Stony Brook University-led initiative to accelerate commercialization of biomedical discoveries
STONY BROOK, AND MANHASSET, N.Y. – April 21, 2016 – The Center for Biotechnology at Stony Brook University and the Feinstein Institute for Medical Research, the research arm of Northwell Health, announced that the Feinstein Institute will be joining the Long Island Bioscience Hub (LIBH).
Established with a National Institutes of Health grant in 2015, Stony Brook’s Center for Biotechnology is the lead administrative institution for the LIBH, an NIH-designated Research Evaluation and Commercialization Hub (REACH). It is one of three such Hubs in the country, the mission of which is to accelerate the translation of biomedical discoveries into new drugs, devices, and diagnostics to enhance health and improve patient care. The Feinstein Institute joins LIBH members Stony Brook University, Brookhaven National Laboratory and Cold Spring Harbor Laboratory. The addition of the Feinstein Institute fulfills one of the Hub’s goals of coordinating comprehensive technology commercialization efforts across all four major bioscience research institutions on Long Island.
“We look forward to working with the Feinstein Institute, and their involvement in the Long Island Bioscience Hub further enriches the region’s burgeoning innovation economy and entrepreneurial ecosystem,” said Clinton Rubin, PhD, Director of the Center for Biotechnology. “The Feinstein Institute is a world leader in multiple areas of biomedical research, and their expertise will complement the groundbreaking work being done at Stony Brook, Brookhaven Lab, and Cold Spring Harbor.”
“The Feinstein Institute’s focus is on advancing science, treating disease, and bringing healthcare innovations to patients,” stated Dr. Kevin Tracey, President and Chief Executive Officer of the Feinstein Institute. “Our partnership in the Long Island Bioscience Hub will help ensure that scientific breakthroughs emerging from our research enterprise progress into the commercial sector where they can ultimately impact patient care. We see the Long Island Bioscience Hub as a great opportunity to accomplish our mission.”
The LIBH is connected to a network of National Institutes of Health-designated “proof of concept” centers that include the three REACH centers and three additional National Centers for Accelerated Innovation. Collectively, they are developing best practices for the commercialization of academic innovations. The Hubs & Centers also have access to resources at the federal level including the US Patent & Trademark Office, Food & Drug Administration, and Centers for Medicare & Medicaid Services to provide guidance at the earliest stages of technology development.
The LIBH will provide funding for feasibility and proof of concept studies at the four Long Island partner institutions, and coordinate access to expertise in areas required for early stage technology development, including scientific, regulatory, business, legal, and project management. The Hub will also facilitate introductions to strategic industry partners and early stage investors. The LIBH announced its first round of technology development awards in December 2015, committing approximately $900,000 to thirteen projects. The second round of funded projects is expected to be announced in April 2016.
In addition to the Long Island Bioscience Hub’s institutional partners, support for the initiative has been provided by the Research Foundation of SUNY and Empire State Development. Total investment in the Hub over the next three years exceeds $8 million.
Download a PDF of the press release here.