MAYOR ADAMS INVESTS $27 MILLION TO ACCELERATE LIFE SCIENCES GROWTH IN NY

August 24, 2022

City Awards at City College and Mount Sinai will create hundreds of jobs and support new startups and the next generation of innovation and research

According to Mayor Adams’ vision, NYC is on track to become a world leader in life sciences and create 40,000 family support jobs over the next decade.

NEW YORK – New York City Mayor Eric Adams and New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball today awarded $26.6 million to further stimulate the growth of the life sciences industry in New York and create family jobs for New Yorkers. Through NYCEDC’s $1 billion LifeSci NYC initiative, the city is granting $15 million to the City College of New York (CCNY) and $11.6 million to Mount Sinai Health System. Both awards will support the construction of new facilities that will enable the creation of new life science startups in the city and foster the next generation of talent and world-class innovation – creating jobs, connecting research to industry and advancing healthcare and technology.

“With these awards, our administration is making critical investments in the health and prosperity of New Yorkers,” said Mayor Adams. “Life sciences are central to public health and our city’s economic recovery, and we will continue to mobilize the resources needed to grow this industry, create new economic opportunities for New Yorkers, and move our city forward.”

The Taystee Lab building in West Harlem, where CCNY’s City Innovations collaboration will be housed. Credit: Janus Property Group

A rendering of Mount Sinai's Comprehensive Center for Surgical Innovation.

A rendering of Mount Sinai’s Comprehensive Center for Surgical Innovation. Credit: Mount Sinai Health System

“This multi-million dollar investment will further develop New York’s life sciences sector and support the next generation of talent through strategic partnerships with City College and Mount Sinai,” said Deputy Mayor for Labor and Economic Development Maria Torres-Springer. “It will support new startups that drive medical and technical innovation, while creating new opportunities for students in these critically important and growing fields.”

“We are delighted to present these awards to Mount Sinai and City College,” said Kimball, President and CEO of NYCEDC. “When we make strategic investments in our key institutions, we can conduct groundbreaking research, create jobs, and advance treatments, cures, and healthcare technologies in New York City. Under Mayor Adams’ leadership, we will cement our city’s place at the forefront of the life sciences industry and lead the manufacture of new medical devices to help improve patient care.

CCNY will bring the “City Innovations Collaborative,” an incubator supporting business and academic life science innovation and research under one roof to the Taystee Lab Building in West Harlem’s Manhattanville Factory District, online. With 36,000 square feet, the collaboration will provide life science start-ups with state-of-the-art wet and dry lab space for the development of new drugs and medical devices that meet the needs of surrounding underserved communities.

In its first 10 years, the collaboration is expected to catalyze:

  • The creation of more than 1,400 family jobs in the field of life sciences in Greater Harlem,
  • The employment and training of more than 275 scholarship holders and trainees,
  • The creation and/or attraction of more than 100 new life sciences companies,
  • The acceleration of 150 new medical technology products, and
  • Deploying over $290 million in seed and venture capital.

Mount Sinai will build one of the nation’s only medical device prototyping facilities, integrated on a hospital campus to help startups, engineers, doctors and surgeons design, test and commercialize new medical devices to improve patient care and outcomes. The Comprehensive Center for Surgical Innovation will be a 7,000 square foot surgical research facility with an imaging and rapid prototyping facility on the Mount Sinai West Hospital campus. Each year, the center is expected to support 10-12 startups, 50-60 prototypes and 10-12 medical devices.

This investment follows a major new partnership Mayor Adams announced in April to support cutting-edge research, entrepreneurial training programs and workforce development by advancing two life science projects that will nearly double the lab space in Manhattan’s Kips Bay neighborhood, helping to cement it. as a major hub for the city’s life sciences industry. In just a few short months, the Adams administration has taken steps to continue supporting the exponential growth of the life sciences industry by expanding the LifeSci NYC internship program, forming a new Real Estate Life Sciences Advisory Board and expanding the LifeSci NYC Advisory Board. According to a recent report by the New York City Department of Urban Planning and NYCEDC, the city is part of a thriving tri-state region that created 150,000 jobs in the sector last year, generating about $23 billion in salaries.

“The City Innovations Collaborative is created as part of City College’s vision to harness its research and innovation capabilities to generate greater positive impact for the communities we serve,” said Andrew Wooten, Senior Director, Innovation Management and Business Development, CCNY. “This will be a physical and virtual workshop where aligned stakeholders can come together to co-create a better future for New York City. I am pleased that our team – including Assistant Professor of Biomedical Engineering Jeffrey Garanich, who leads our master’s program in Translational Medicine, Vice President and Senior Advisor to the President Dee Dee Mozeleski, College Academic Leadership, NYCEDC, Janus Property, Mount Sinai, and other regional stakeholders — have been able to take this important step towards realizing our shared vision.

“Mount Sinai has been a leader in innovation, with the primary goals of solving complex health issues for patients and advancing science and medicine,” said Evan Flatow, MD, Bernard J. Lasker Professor of Orthopedic Surgery; President, Mount Sinai West; and Director, Comprehensive Center for Surgical Innovation. “Throughout my career, I have been involved in surgical innovation, leading efforts to develop next-generation joint prostheses. It has always been my dream to build a Surgical Innovation Lab at Mount Sinai to integrate surgical discoveries and innovative methods into commercial healthcare solutions that benefit patients. This dream is now a reality thanks to the support of the mayor and NYCEDC. Investing in the Comprehensive Center for Surgical Innovation will enable the rapid development of new breakthroughs and products, as well as new business ventures that will result in the creation of sustainable jobs and economic growth.

“This is a game-changer, and as technology continues to grow by leaps and bounds, this important award at City College of New York and Mount Sinai will help support the construction of new life science facilities. It will also advance research and training and strengthen the growth of new, innovative opportunities for startups and technology leaders throughout New York City,” said U.S. Representative Adriano Espaillat. “I congratulate everyone who worked to make today’s announcement possible, and I look forward to witnessing the continued success of programs that will benefit residents of our communities.”

“This initiative harnesses the best of Mount Sinai Health System and the City College of New York to advance medical innovation and STEM careers for young New Yorkers,” said Manhattan Borough President Mark Levine. “With an equitable framework, this investment will help develop the city’s next generation of life scientists, provide hundreds of great jobs in West Harlem, and lead to medical discoveries we can only dream of today.”

“It’s time to unleash breakthrough innovation in our community,” said Shaun Abreu, Member of the New York City Council. “I am proud to have helped bring millions in infrastructure investment to the City Innovations Collaborative at the Taystee Lab Building in West Harlem. Our students, our scientists and our community will benefit from the medical advances that take place here. I can’t wait to see him in action!”

“This new Center for Surgical Innovation will take Mount Sinai BioDesign, the health system’s medical technology incubator, to new heights thanks to this key investment from the Mayor and NYCEDC,” said Joshua Bederson, MD, Leonard I. Malis and Corinne/Joseph Graber Professor and Director, Department of Neurosurgery, Mount Sinai Health System. “Mount Sinai BioDesign’s mission is to help patients by creating technological solutions to their medical problems, to generate high-value jobs and assets, and to educate a diverse generation of engineers, scientists and clinicians. . We envision a cross-functional incubation lab where our talented scientists, programs, prototypes and tests will bring new devices to market that promise to change the future of medicine and surgery.

“Together with the Mayor and NYCEDC, we aim to build a Center of Excellence in Surgical Innovation that will attract national and global collaborators to New York City to solve today’s most complex medical challenges,” said Erik Lium, PhD, director of business innovation, Mount Sinai Health System; and President, Mount Sinai Innovation Partners. “Mount Sinai is experiencing tremendous momentum in innovation, translating many achievements and successes into patient-centric solutions, and bringing them to market and to the patients who need them. The new Surgical Innovation Center, alongside existing and future academic and industrial partners, will harness research, clinical and commercial strengths to rapidly advance breakthrough devices to the clinic.

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