NYC Debuts Life Sciences Fund

Seeking to foster a life sciences research hub, New York City last week launched a $100 million venture capital fund for life sciences research. The City of New York Early-Stage Life Sciences Funding Initiative will be seeded by $40 million from corporate partners Celgene, GE Ventures, and Eli Lilly & Co.; $10 million from the city Economic Development Corp.; and matching funds from a venture capital partner that has yet to be selected. The city wants to establish itself among the likes of Boston, San Diego, and San Francisco, which have grown life sciences hubs in proximity to academic research centers. Major drug companies have in recent years made big investments in the Boston area and California as part of research reorganizations. New York City scored in 2012 when Roche announced that it would open a clinical research center on Manhattan’s East Side. With the new fund, the city is hoping to support innovative firms involved in therapeutics, medical devices, diagnostics, instruments for R&D, and digital life sciences technologies. New York’s goal is to support the launch of 10 to 15 life sciences start-ups by 2020.