State gives $30 million for biotech

Pataki shares his vision to make Upstate New York the hightech hub of the 21st century.

overnor George Pataki and other state government leaders presented with a $30 million grant in support of the Medical Center's biomedical research strategic plan. The grant, announced at a press conference held in the Arthur Kornberg Medical Research Building on September 23, represents the largest single contribution yet to the Medical Center's 10-year initiative to establish Rochester as a national hub for biomedical technology.

"Through the ambitious initiative begun some years ago under Governor Pataki's leadership, our goals for research and economic development through biotechnology are becoming a reality," says President Jackson. "This is not only important to the University, but to the entire community and region."

The state's $30 million investment is estimated to yield more than 3,500 jobs--a combination of new construction jobs and full-time, permanent jobs at the Medical Center, in addition to jobs created in spinoff companies and related vendors. The biotechnology research and growth is projected to import $45 million in venture capital into Rochester and to increase royalties paid to the University.

"This $30 million granted to the Medical Center by the State of New York will take biotechnology to a new level, boosting New York's economy with the promise of new jobs and fostering lifesaving medical breakthroughs," says Medical Center CEO Jay Stein.

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