Johnson & Johnson Innovation is taking a bite of the Big Apple. The new venture group has tied up with the New York Genome Center to hatch plans for a 30,000-square-foot JLABS incubator in SoHo with $17 million in state funding.
The new facility will open next year, but it’s already looking for a blend of life sciences startups to prep a move-in.
New York officials — state and city — have been rolling out some ambitious plans to jumpstart a biotech hub. Manhattan is home to a large lineup of prestigious research organizations, and this effort will be included in the list of initiatives aimed at building a concentration of new companies.
It won’t be a simple affair. Manhattan is also one of the most expensive places on the planet to operate, making incubators like this key to getting startups through the Valley of Death and on into sustainable drug development efforts.
“Expanding the JLABS model to New York City, home to world-class academic and medical institutions, furthers Johnson & Johnson Innovation’s commitment to providing resources that catalyze and foster the growth of life science ecosystems around the world,” said Paul Stoffels, MD, Chief Scientific Officer, Johnson & Johnson. “Our hope is that JLABS @ NYC will provide a resource-rich environment for innovators throughout the New York region where today’s ideas can become healthcare products that truly impact patient’s lives.”
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