Upstate's CNY Biotech Accelerator wins $625,000 state grant to spark medical device innovation
SYRACUSE, N.Y-- The Central New York Biotech Accelerator (CNYBAC) at UpstateMedical University has been awarded a 5-year $625,000 New York RegionalEconomic Development Council Certified Incubator Award grant to supportearly stage commercialization projects promoting biotech innovationpipelines for incubation, acceleration, merger or acquisition.
One such program to be supported with this funding is the MedicalDevice Innovation Challenge. As part of the program, participants,selected by a review committee, will receive no-cost space for sixmonths where they will access business and innovation services andprototyping equipment to prepare for commercialization of a product. Aconference will be planned to showcase the Medical Device Challenge andpromote opportunities for area entrepreneurs to collaborate. The MedicalDevice Innovation Challenge is expected to launch in early 2017.
Robert Corona, DO, MBA, Upstate’s vice president for innovation andbusiness development, who also serves as the chair of Pathology, saidentrepreneurial activity and innovation in the biosciences sector is anunder-realized regional opportunity.
“Fostering and supporting these efforts--which this funding from thestate’s Regional Economic Development Council will allow us to do--hasthe potential to lead to new business and job creation in Central NewYork,” Corona said. “It is essential that we offer these entrepreneursthe space, technology, and expert guidance to jump start a discovery andsee it through to commercialization where it will benefit thebiomedical sciences and ultimately patient care.”
The state grant also supports additional technology for the CNYBAC’sNational Grid Creation Garage, like 3D printing, critical fordevelopment of pre-design control prototypes, and the creation of ausability test center that will provide services such as early formativeusability testing and coordination of subject recruitment andscheduling and coordination of Upstate’s various simulated and clinicalenvironment testing.
The CNYBAC also added some significant breadth in its ability toreach out and identify best business practices by joining the existingnetwork of Regional Hot Spots and New York state Certified BusinessIncubators.
This fall, the CNYBAC opened its $5.4 million Medical Innovation andNovel Discovery (MIND) Center, as the newest feature of the 60,000square foot accelerator.
The CNYBAC is located at 841 E. Fayette Street, Syracuse.