Jul. 19 2022

Dean Fried Joins NYC Life Sciences Advisory Council

The New York City Economic Development Corporation (NYCEDC) announced the members of its expanded Life Sciences Advisory Council, including Dean Linda P. Fried.

The NYCEDC Life Sciences Advisory Council and newly created Real Estate Life Sciences Advisory Board are made up of leading experts in science, business, and finance who will guide the growth of life sciences in New York City, as supported by LifeSci NYC, a $1 billion, 10-year initiative. Under Mayor Eric Adams the initiative will work to magnify New York City’s impact on the global life sciences community, bring more life sciences businesses to New York City, and ensure that this growth benefits New Yorkers.

“We have an opportunity with world-class universities, hospitals, and talent to drive groundbreaking research, discover lifesaving cures, and prepare for future pandemics. We see biotech diversifying our economy and creating jobs, and with the right experts at the table there is no stopping what our city can achieve,” said NYCEDC President and CEO Andrew Kimball.

According to a recent report by the Department of City Planning and NYCEDC, the City is part of a thriving tri-state region that created 150,000 jobs in the sector last year, resulting in about $23 billion in wages. The City has seen more than $2 billion in annual venture investment over the past two years and has unlocked three million square feet of new life sciences innovation space to date. In addition, over 500 students, a majority of whom are women and people of color, have received paid internships at top life science companies through the LifeSci NYC Internship Program with about 40 percent of internships extended or made into full-time jobs.

In January of last year, LifeSci NYC allocated $29 million to infrastructure grants at three applied research and development facilities at Columbia University, Montefiore-Einstein, and the New York Stem Cell Foundation to bring together top researchers and entrepreneurs from around the world to work on new treatments for patients. Also last year, LifeSci NYC allocated $50 million to BioBAT, Inc., which offers research and manufacturing space to biotechnology and related companies in Brooklyn, fostering the growth of the life sciences industry and creating jobs. In 2019, LifeSci NYC helped provide Deerfield Management with cost-saving support for the redevelopment of The Cure, a 12-story innovation hub of premier life sciences lab space, which is now home to three incubator/accelerators and several companies looking to advance health care solutions, including therapeutics targeting cancer, Alzheimer's, and other diseases. And in 2017, LifeSci NYC invested $5 million to launch Biolabs@NYULangone, one of eight incubators now in the city, hosting approximately 35 start-up companies at a time.