SUNY Upstate is getting a dedicated funding stream to spark the innovation and development of medical breakthroughs from devices to treatments. It’s called Upstate Biotech Ventures, and an initial $6 million in seed money will help start-ups bring their creations to market…and patients. SUNY Upstate President Doctor Mantosh Dewan says the Biotech Accelerator building has been nurturing ideas for over a decade.
“This facility has given these innovators the nuts and the bolts space tools expertise. But it does kindle their ideas," Dewan said. "Today we will give them fuel to accelerate their science, the financial fuel that will rocket this innovation economy to the next level.”
Dewan says there's good reason to bet on Upstate scientists: They created a COVID saliva test just weeks after the pandemic began, and led worldwide clinical trials for a vaccine.
In other advances, Dewan says Upstate has earned four FDA breakthough designations, which are indicators of pre-approval of what he calls game-changing innovations. One is for the world's first biological test for autism, a second for a photobiomodulation treatment for autism, the first treatment for autism. The third and fourth are for the treatment of metastatic cancers.
Dr. Melur Ramasubramanian is president of the SUNY Research Foundation. He says there's no limit to what these scientists can do for the medical community and patients here and across the globe.
“Upstate Biotech Ventures represents a transformational blueprint for SUNY’s commercialization pipeline,” Ramasubramanian said. "It serves as upstate Medical University's initial vehicle for investing in high potential professionally vetted startups and small businesses affiliated with the campus.”
The leader of New York’s SUNY system John King says the fund will focus on what’s called the “valley of death funding challenge,” the early stage when ventures die from lack of support. He says an effort will also seek innovators from under-represented groups.
“Too often, innovators who are women who are black or Latino who are veterans who have a disability, don't have the support they need to turn their great ideas into great companies," King said. "We're going to try to change that with the work of this venture fund.”
The SUNY Research Foundation and Excel Partners Upstate put up the first $3 million dollars, which was matched by Empire State Development, New York’s economic development arm.
