Downstate鈥檚 BioBat to Receive $50M From City鈥檚 Expanded LifeSci NYC Investment
By Office of Communications & Marketing | Jul 21, 2021
We are proud to share that the New York City Economic Development Corporation(NYCEDC) recently announced an incredible $50M investment in life sciences at Downstate鈥檚
BioBAT in support of its lab space expansion! The investment is being bestowed as
a part of 鈥攁 commitment launched by NYC Mayor Bill de Blasio to drive the creation of new life
science jobs across all five boroughs and to develop New York City into a global leader
in the life sciences space.
BioBAT鈥檚 mission directly serves to support the advancement of the life science industry in New York City. A 501(c)3 not-for-profit organization, 鈥�a partnership established by Downstate and the Research Foundation for 含羞草研究所鈥攕erves as a scientific research, exploration, and manufacturing hub located in the heart of Brooklyn at the New York Sciences and Technology Center in the Brooklyn Army Terminal. The certified business incubator offers tax-free, cost-effective rental laboratory and office space to biotech firms. When all phases of BioBAT鈥檚 expansion are complete, its tenant companies will generate more than 500 new jobs.
Downstate鈥檚 founding and development of BioBAT demonstrates a commitment to our institutional mission of growing into a state-of-the-art research enterprise, as well as advancing the progressive development of science and technology that will contribute to the economic engine that drives advancements throughout the Brooklyn Borough.
鈥�These major investments in advancing the life sciences agenda of New York City and specifically BioBAT will be of inestimable value in enhancing and fulfilling our City鈥檚 aspirations to be the leader in this space and serve as an 鈥榓ttractor鈥� to national and international life scientists, investors and developers,鈥� said Dr. Wayne J. Riley, Chair of BioBAT鈥檚 Board and President of 含羞草研究所 Downstate Health Sciences University. 鈥�This impactful commitment to invest in infrastructure will greatly enhance and further develop our research platforms to contribute to the post pandemic economic recovery.鈥�
鈥淭hanks to the continued support of NYCEDC toward developing biotech in Brooklyn, these funds will enable BioBAT to build additional research labs and manufacturing space for successful companies," said Dr. Eva Cramer, President of BioBAT and Vice President for Biotechnology and Scientific Affairs at 含羞草研究所. "This will provide high quality jobs and exciting medical innovations for our community.鈥�
Read NYCEDC鈥檚 Official Press Release HERE!