Biotech
New Facility Aims to Foster Emerging Companies
A new Rochester center will support the development of
early stage biotechnology and life science companies, an effort
that’s intended to play an important role in regional
economic growth.
The Rochester BioEnterprise Center, a
40,000-square-foot facility housed in the University-owned former
Wyeth laboratory building in nearby Henrietta, is supported by $2.5
million from New York’s Gen*NY*sis program.
“Rochester’s research community is a rich
source of innovation, particularly in the area of biomedical
science,” says President Joel Seligman. “This new
facility will serve as an engine for economic growth by enabling
local entrepreneurs to harness these opportunities to develop new
technologies that will improve health and lead to the creation of
new companies, jobs, and investments in Rochester.”
The center is the first technology incubator in the
region with the wet lab facilities that are required by
biotechnology companies. It’s expected to serve as an
important link in the chain of resources necessary to promote and
foster the growth of early stage life science companies on a
regional scale.
“The Medical Center has a strong track record of
converting new technologies into commercial ventures and keeping
those companies—and the jobs they create—in greater
Rochester,” says Bradford Berk ’81 (MD/PhD), CEO of the
Medical Center. “The Rochester BioEnterprise Center will
facilitate this effort by providing a place to nurture these new
companies in an environment that strengthens both their science and
their commercial potential.”
Between five and 15 new “bio” ventures
emerge in the Rochester region each year, and it is anticipated
that the numbers will grow as the region becomes more
entrepreneurial and local universities generate more innovations
with commercial potential. Early stage biotechnology ventures often
require long periods of development and validation and in many
instances must conduct their work with limited financial
investment. Consequently, companies need access to facilities that
keep overhead to a minimum.
Incubators serve as a temporary home for new companies
and allow them to transition from the early research and
development phase to active commercialization while operating in an
environment that links entrepreneurs with services, advisors, and
potential clients and investors.
The new center will be managed by High Tech Rochester
(HTR), which also manages the Lennox Tech Enterprise Center which
caters to non-bio, technology-based clients.
|