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The Redesignation brings $10 million in funding to drive innovation, company formation, and economic growth.
The Center for Biotechnology (CFB) has announced its re-designated as a Center for Advanced Technology (CAT) by Empire State Development's Division of Science, Technology and Innovation (NYSTAR), a recognition that comes with $1 million in annual funding over the next ten years. The $10 million commitment underscores the CFB’s leadership in accelerating life science innovation, supporting early-stage technology development, and fueling economic growth through start-up formation and industry partnerships.
“The Center for Biotechnology has served as a critical bridge between academic research and commercial success,” said Dr. Clinton Rubin, Director of the Center for Biotechnology. “This re-designation ensures we can continue to expand our impact, helping innovators bring breakthrough technology to market and strengthening New York’s position as a leader in the bioscience industry.”
Empire State Development President, CEO and Commissioner Hope Knight said, “NYSTAR’s Centers for Advanced Technology are vital to our strategic efforts to grow New York’s economy and the state’s greater innovation ecosystem. By investing in the industries of tomorrow, New Yorkers benefit today through dynamic partnerships that help to create new jobs, generate more revenues, and encourage more companies to establish a footprint in communities all throughout the state.”
The Center for Biotechnology is located on the campus of Stony Brook University (SBU), the flagship research institution within the prestigious State University of New York (SUNY) system. Stony Brook University is recognized as a national and global leader in life sciences research, biomedical innovation, and clinical care. Situated on Long Island, New York, Stony Brook has built a formidable reputation as a hub for cutting-edge scientific discovery and translational medicine. The Center for Biotechnology builds upon these strengths by providing cutting-edge programming and competitive financial support to advance biomedical innovation and emerging company growth.
“We are excited to build upon the successful foundation of strong entrepreneurial networks, infrastructure, and programming that we have built over the last four decades” said Dr. Diane Fabel, Chief Operating Officer at the Center for Biotechnology. “The impacts we have had during our last designation period include over $1B in total economic impact with more than 1000 jobs created, and driving more than $315M in follow-on funding. We are excited to see those numbers continue to grow when we celebrate fifty years of hard work at the end of this redesignation period”.
As part of the New York State CAT program, the CFB will continue to work with emerging and established companies across the state to de-risk early-stage technologies, advance both technology and company value, foster public-private collaboration, and provide critical infrastructure for the region’s growing life science ecosystem. Additionally, the CFB team will continue its efforts to develop a life sciences workforce to support the region's bio-innovation economy with a specific emphasis on sectors deemed important to the NYS economy.
Dowload the full press release here.
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[post_content] => Independently documented economic impact: $1.2 Billion
Jobs created: 1,125
New corporate revenues: $812 Million
Supported additional funding: $238 Million
Center for Biotechnology documented economic impact over recent fifteen-year period
Perhaps it is numbers like these which best illustrate the success CFB has had on the biotechnology industry and economy.
And perhaps they contributed to the redesignation of the CFB as a Center for Advanced Technology for ten years by the New York State Foundation for Science, Technology and Innovation (NYSTAR) as a Center for Advanced Technology (CAT).
The New York State redesignation recognizes the impact of the CFB over 30 years driving innovation toward commercial goals and resulting in accelerated product development cycles "from bench to boardroom to bedside." It recognizes the key role played by the CFB in facilitating a regional bioscience innovation ecosystem, collaborating with Stony Brook University, Cold Spring Harbor Laboratory, and Brookhaven National Laboratory.
The redesignation by New York State validates all of the work we have done over the last 10-year period to create the foundation for exponential growth. We would not have secured the National Institutes of Health REACH award without it, says Clint Rubin, Director of the Center for Biotechnology."The REACH designation represents an $8.1M investment in technology development, commercialization, and new company formation. Visionary's like New York State Senator Kenneth La Valle deserve the credit. They recognized thirty years ago that universities represented a largely untapped pool of innovation and economic potential.
Strikingly, it validates and provides the foundation for the new Long Island Bioscience Hub (LIBH), a CFB-led initiative to formally bring these institutions together to foster technology development, commercialization, and new company formation. The LIBH is a bold step made possible by a partnership with the National Institute of Health REACH initiative (Research Evaluation and Commercialization Hub). The NIH award places the CFB in the national spotlight along with other elite institutions. (Read more on the NIH REACH award here)
"This redesignation occurs in an interesting and changing environment, where varying elements in the regional, state, and national biotech ecosystem are aligning. There is a confluence of events and issues that are creating a unique opportunity to build the biotech economy in the region and across the State." Commented Diane Fabel, Director of Operations, CFB. "We have learned a lot about the process of moving academic innovation into the commercial sector over time. And there have been such tremendous scientific advances recently that represent new commercial opportunities and life saving technologies. There is still much to learn and do, and it is an incredibly exciting time to be doing it.
[post_title] => Center for Biotechnology Redesignated by New York State: 'Unique Time of Change and Growth'
[post_excerpt] => The New York State redesignation recognizes the impact of the CFB over 30 years driving innovation toward commercial goals and resulting in accelerated product development cycles from bench to boardroom to bedside.
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[post_date] => 2024-07-08 10:28:11
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The Long Island Manufacturing Extension Partnership (LIMEP) has a new Manufacturing Grant Opportunity for modernization and equipment needs.
Empire State Development (ESD) has a new grant opportunity to expand manufacturing businesses. Applications are due July 31st by 4PM for the ESD Manufacturing Grant program. Assisting small Long Island manufacturing companies is a top priority of ESD and the regional MEP. Those interested in applying are strongly encouraged to get in touch with the team at LIMEP: https://www.stonybrook.edu/mtrc/
Additional information about the Small Manufacturer Modernization Grant Program can be found on the ESD website: https://regionalcouncils.ny.gov/long-island
[post_title] => Small Manufacturer Modernization Grant
[post_excerpt] => Empire State Development (ESD) has a new grant opportunity to expand manufacturing businesses. Applications are due July 31st by 4PM for the ESD Manufacturing Grant program.
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[post_content] => Traverse Biosciences, lead by CFB BioEntrepreneur-in-Residence (B-EIR) Joseph Scaduto, has announced that the National Institutes of Health (NIH) has accepted the company into its competitive Commercialization Accelerator Program (CAP).
Hosted in partnership with the Larta Institute, NIH CAP is a 9-month program that is well-regarded for its combination of deep domain expertise and access to industry connections, which have resulted in measurable gains and accomplishments by participating companies. It is open only to NIH SBIR/STTR Phase II awardees, with only 80 slots available each year. The program enables participants to establish market and customer relevance, build commercial relationships, and focus on revenue opportunities available to them.
Last year, Traverse Biosciences announced that it had received a $1.3M Phase II Small Business Technology Transfer (STTR) award in partnership with the School of Dental Medicine at Stony Brook University. Read the full Traverse Biosciences announcement here.
[post_title] => Traverse Biosciences Accepted into NIH Commercialization Accelerator Program (CAP)
[post_excerpt] => CFB BEIR-led Traverse Biosciences will enter the exclusive 9-month program which enables participants to establish market and customer relevance, build commercial relationships, and focus on revenue opportunities available to them.
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The Redesignation brings $10 million in funding to drive innovation, company formation, and economic growth.
The Center for Biotechnology (CFB) has announced its re-designated as a Center for Advanced Technology (CAT) by Empire State Development's Division of Science, Technology and Innovation (NYSTAR), a recognition that comes with $1 million in annual funding over the next ten years. The $10 million commitment underscores the CFB’s leadership in accelerating life science innovation, supporting early-stage technology development, and fueling economic growth through start-up formation and industry partnerships.
“The Center for Biotechnology has served as a critical bridge between academic research and commercial success,” said Dr. Clinton Rubin, Director of the Center for Biotechnology. “This re-designation ensures we can continue to expand our impact, helping innovators bring breakthrough technology to market and strengthening New York’s position as a leader in the bioscience industry.”
Empire State Development President, CEO and Commissioner Hope Knight said, “NYSTAR’s Centers for Advanced Technology are vital to our strategic efforts to grow New York’s economy and the state’s greater innovation ecosystem. By investing in the industries of tomorrow, New Yorkers benefit today through dynamic partnerships that help to create new jobs, generate more revenues, and encourage more companies to establish a footprint in communities all throughout the state.”
The Center for Biotechnology is located on the campus of Stony Brook University (SBU), the flagship research institution within the prestigious State University of New York (SUNY) system. Stony Brook University is recognized as a national and global leader in life sciences research, biomedical innovation, and clinical care. Situated on Long Island, New York, Stony Brook has built a formidable reputation as a hub for cutting-edge scientific discovery and translational medicine. The Center for Biotechnology builds upon these strengths by providing cutting-edge programming and competitive financial support to advance biomedical innovation and emerging company growth.
“We are excited to build upon the successful foundation of strong entrepreneurial networks, infrastructure, and programming that we have built over the last four decades” said Dr. Diane Fabel, Chief Operating Officer at the Center for Biotechnology. “The impacts we have had during our last designation period include over $1B in total economic impact with more than 1000 jobs created, and driving more than $315M in follow-on funding. We are excited to see those numbers continue to grow when we celebrate fifty years of hard work at the end of this redesignation period”.
As part of the New York State CAT program, the CFB will continue to work with emerging and established companies across the state to de-risk early-stage technologies, advance both technology and company value, foster public-private collaboration, and provide critical infrastructure for the region’s growing life science ecosystem. Additionally, the CFB team will continue its efforts to develop a life sciences workforce to support the region's bio-innovation economy with a specific emphasis on sectors deemed important to the NYS economy.
Dowload the full press release here.
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