Economic Development, Startups

NYC’s top research institutions partner on Step 2 in building a biotech hub

A trio of New York’s best known research institutions have allied with Takeda and a pair of biotech investors to start up a new company that will carry some promising new programs into clinical development.

Memorial Sloan Kettering Cancer Center, The Rockefeller University and Weill Cornell Medicine partnered with the restructuring Takeda along with Bay City Capital and Deerfield Management to create Bridge Medicines.

The idea here is to take the next step beyond the Tri-Institutional Therapeutics Discovery Institute, which has 50 early-stage programs underway, with a company that can push projects through an IND and to the threshold of human studies following a preclinical proof-of-concept study.

That’s an important step for the New York biotech hub, which is known for great science but an absence of great financing. And they’ll look to launch startups from the group with a particular focus on getting them rooted in the hub.

“The launch of Bridge Medicines is a truly exciting development in New York’s biotechnology space,” said Dr. Michael Foley, Sanders Director of the Tri-I TDI. “We’re tapping into the distinguished talent at Sloan Kettering, Rockefeller and Weill Cornell Medicine and offering entrepreneurs access to support what’s next in biopharmaceuticals. Bridge Medicines will enable us to advance promising projects farther down the development pipeline, providing new therapies to patients as quickly as possible.”

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