GOVERNOR CUOMO ANNOUNCES GRAND OPENING OF NEW LIFE SCIENCES INCUBATOR JLABS @ NYC
Incubator Operated by Johnson & Johnson Innovation, JLABS Will Accommodate Up to 30 Life Science Startups in Biotech, Pharmaceuticals, Medical Tech and Consumer Health
New York Selected as the Location for the New Facility Over Other Sites Across the U.S. and Around the Globe
Builds on Governor Cuomo’s $620 Million Initiative to Create a Vibrant Life Sciences Ecosystem in New York
Governor Andrew M. Cuomo today announced the grand opening of JLABS @ NYC, a new 30,000-square-foot life sciences incubator for innovative biotech, pharmaceutical, medical device and consumer health companies. Located at the New York Genome Center in Manhattan and operated by Johnson & Johnson Innovation, JLABS – the state-of-the-art facility will provide laboratory space, equipment and technology for early-stage companies to spur research and innovation in the life sciences industry and expand the state’s ability to commercialize this research and grow the economy.
“This new 21st century incubator supports our efforts to boost economic growth by investing in cutting-edge research and technologies that advance human health,”Governor Cuomo said. “By investing in JLABS @ NYC, we’re connecting early-stage companies with the tools, resources, and networks to succeed while enhancing the life sciences industry and fostering job growth across New York.”
“The New York State Life Sciences Initiative creates the potential for incredible breakthroughs in medicine and life-saving treatments,” said Lieutenant Governor Kathy Hochul,who led today’s grand opening in Manhattan. “Our support of the JLABS incubator will foster the growth of companies who will lead the way with advancements in life sciences. This is a significant investment in job creation and future economic growth for New York State.”
New York was selected as the location to build the new facility over a number of other states and sites around the globe. The resources available through the New York Genome Center along with a $17 million investment through the New York State Life Sciences Initiative secured Manhattan as the new home for JLABS @ NYC. The state-of-the-art incubator will have capacity for up to 30 life science startups focused on biotech, pharmaceuticals, medical devices and consumer health, and will also serve as a hub for stakeholders in the New York life science innovation ecosystem.
To help attract, grow, and retain early stage companies in New York State, JLABS @ NYC will provide entrepreneurs with:
For more information about JLABS @ NYC and resident companies visit https://jlabs.jnjinnovation.com/locations/jlabs-nyc.
Johnson & Johnson Chief Scientific Officer Paul Stoffels, M.D. said, “Johnson & Johnson has deep entrepreneurial roots in New York and we are pleased to see our unique JLABS model applied in this rich ecosystem to foster the creation of new healthcare innovations that have the potential to change the trajectory of health for humanity. Expanding our JLABS network to NYC will link entrepreneurs around the region with Johnson & Johnson Innovation experts, allowing some of the brightest minds in health care to work collaboratively in a shared space.”
New York Genome Center President and COO, Cheryl A. Moore said, “The New York Genome Center is honored to partner with Johnson & Johnson Innovation and New York State to bring the JLABS network to New York, further strengthening the life sciences sector. NYGC works to translate genomic research into new diagnostic tools and treatments for human disease, which is in perfect harmony with JLABS’ vision of providing a platform to support emerging companies in transforming scientific discoveries into breakthrough health care products. We are excited to see the future developments from JLABS @ NYC and we appreciate the Governor’s leadership and support in advancing life sciences infrastructure in New York.”
ESD President, CEO & Commissioner Howard Zemsky said, “New York State’s Life Science Initiative is geared to move life-saving research out of the laboratory and into the market where it can catalyze new technology, new companies, new investments and new jobs. This investment in JLABS @ NYC creates a nurturing ecosystem where early-stage life sciences companies can thrive, overcoming the hurdles so common to new ventures. New York is committed to growing a world-class life sciences economy, and JLABS @ NYC is a critical piece of those efforts.”
Manhattan Borough President Gale A. Brewer said,“With our concentration of world-class universities and major hospitals, it makes perfect sense that New York is becoming a hub for life science investment and innovation. I’m excited to see what this newest, state-of-the-art incubator will add to the already-growing sector.”
Council Member Margaret S. Chin said, “With the opening of JLABS @ NYC, New York City can continue to grow as a home for cutting-edge research and innovative ideas in health care. I am thrilled to join Governor Cuomo to welcome this new facility to our Lower Manhattan community, and look forward to the new technology, efforts and partnerships that will assuredly emerge to help all of us live longer, healthier and fuller lives.”
Partnership for New York City President and CEO Kathryn Wylde said,”Governor Cuomo’s initiative to build a vibrant life sciences cluster in New York State is off to a great start with the opening of the city’s first commercial incubator sponsored by a global industry leader. JLABS will generate hundreds of new companies and thousands of jobs, strengthen our medical research institutions, and help position New York at the forefront of one of the world’s fastest growing industries. This is the kind of leadership in economic development that New York needs now.”
JLABS is a global network of open innovation ecosystems, enabling and empowering innovators to create and accelerate the delivery of life-enhancing health and wellness solutions to patients around the world. As a leader in innovation, JLABS helps entrepreneurs in pharmaceutical, medical device, consumer, and health tech bring health care solutions to patients and consumers. More information is available here.
Founded in 2010, the New York Genome Center is a not-for-profit research organization dedicated to translating genomic research into clinical solutions for disease. In 2013, ESD awarded NYGC $57,250,000 in grant funding for construction, renovation and the acquisition of machinery and equipment for at its leased location in New York City. More information on NYGC is available here.
New York State’s $620 Million Life Science Initiative
In the FY 2018 budget, New York State enacted a $620 million initiative to spur the growth of a world-class life science research cluster in New York, as well as expand the state’s ability to commercialize this research and grow the economy.
This multi-faceted initiative includes $100 million to expand the Excelsior Jobs Program Tax Credit to the life sciences industry, $100 million for a life sciences research and development refundable tax credit program, and $320 million in other forms of investment. This includes state capital grants to support the development of wet-lab and innovation space, operating support and investment capital for early stage life science companies that leverages an additional match of at least $100 million from the private sector.
The Life Science sector encompasses the fields of biotechnology, pharmaceuticals, biomedical technologies, life systems technologies, and includes organizations and institutions that devote the majority of their efforts to the various stages of research, development, technology transfer and commercialization. Every day, firms in this sector are developing new medical and pharmaceutical breakthroughs that have the potential to save lives, whether through new therapies or the early detection of diseases like autism and cancer. These firms are also making significant advancements in the realms of agriculture and environmental biotechnologies, helping create a cleaner and more sustainable future.
By strengthening incentives, investing in the facilities, and improving access to talent and expertise, New York will significantly increase its share of industry-funded researchand development, support the commercialization of existing academic research, and usher in the next generation of advanced technologies. Beyond the advancements in science, this initiative will position New York as a magnet for emerging manufacturing- based enterprises, bolstering regional economies and creating thousands of jobs.
