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NYC investing $1B in life sciences

June 17, 2021
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New York City  Mayor Bill de Blasio has announced that the city is planning to double its $500 million investment in the LifeSci NYC commitment, to reach a total of $1 billion invested in life sciences over the next 10 years. The mayor, whose term in office expires at the end of this year, and the NYC Economic Development Corporation (NYCEDC), kicked off the investment by announcing a request for proposals (RFP) to help advance the commercial research and development of new medicines, medical devices, diagnostics, materials, and research tools.

The RFP invites not-for-profit organizations or joint ventures led by not-for-profit organizations to submit proposals for new or expanded facilities to support the local commercial life sciences community of early-stage companies, academic researchers, and incubators/accelerators. The city will provide up to $112 million in capital to award $20 million to support one or more innovation projects. Multiple awardees can access up to $20 million each.

Over the next decade, the mayor’s office announced that the city will expand its investment to develop the life sciences industry by launching new commitments, including:

  • $200 million in city capital to support the construction of commercial lab space and incubators;
  • $300 million in city capital to support nonprofit facilities to spur new research that translates into companies, jobs, medicines, and advanced technologies;
  • $5 million to enhance the Life Sciences Expansion Fund to support early stage companies; and,
  • $5 million to expand the LifeSci NYC Internship program to develop the city’s life sciences talent pipeline.
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