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BioInc@NYMC Celebrates Grand Opening of Expanded Space and Five-Year Anniversary

BioInc@NYMC, the fully-equipped biotechnology incubator located on the New York Medical College (NYMC) campus in the mid-Hudson Valley, held a ribbon cutting on Wednesday, October 30, to celebrate its major expansion and mark the incubator’s five-year anniversary.

The expanded space will allow the New York State-designated Innovation Hot Spot to incubate up to 20 additional companies at the forefront of medical innovation and provide tenants additional resources to support their growth.

John Ravitz, Executive Vice President and COO of the Business Council of Westchester, of which New York Medical College is a member, offered his congratulations and attended the ribbon cutting.

“The incubator plays a critical role in driving innovation forward in the region, and we are so fortunate here in Westchester County to have a place where start-up businesses can grow in this important field,” Ravitz said. “Congratulations to everyone involved. We can’t wait to see what happens next.”

BioInc@NYMC previously occupied a 10,000-square-foot wing; the expansion will add an additional 9,500 square feet to the incubator. BioInc’s additional space will allow for new offices, conference rooms, shared-space desks and collaboration/event space for seminars.

Empire State Development and the Mid-Hudson Regional Economic Development Council provided $4 million in capital grants for BioInc’s initial construction in 2013 and more than $641,000 for its expansion in 2014. BioInc also received $3.2 million from the GenNYsis program and is a New York State Innovation Hot Spot, receiving $750,000.

Since launching in October 2014, BioInc@NYMC has created more than 54 jobs and supported nine start-up companies, including MediSprout, a telehealth company which provides a platform for virtual doctor visits, Affina Biotechnologies, a drug discovery startup, and Sapience Therapeutics, which develops therapeutics to address difficult-to-treat cancers.

Collectively, clients in the incubator have filed 33 patents, of which 18 patents have been issued to date. The incubator’s economic impact (which includes investment into and capital spending by its startups, as well as any cost savings received by startups as a result of being part of the incubator), is estimated to be in excess of $16 million.

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