The University of Rochester Medical Center (URMC) has announced the dedication of a new facility that will support the development of early stage biotechnology and life science companies.
The facility, titled the Rochester BioEnterprise Center, will play an important role in regional economic growth and is supported by $2.5 million in funding 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,” said Joel Seligman, president of the University of Rochester . “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 here in Rochester .”
The University has converted a former Wyeth laboratory building at 77 Ridgeland Road in Henrietta into 40,000 square feet of office and laboratory space. The Rochester BioEnterprise Center will be the first technology incubator in the region with the wet lab facilities that are required by biotechnology companies and will 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 University of Rochester Medical Center has a strong track record of converting new technologies into commercial ventures and keeping those companies – and the jobs they create – here in greater Rochester ,” said Bradford C. Berk, M.D., Ph.D., CEO of URMC. “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.”
Approximately 5 to 15 new “bio” ventures emerge in the Rochester region each year and it is anticipated that these 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 this work with limited financial investment. Consequently, a critical need for these companies is access to facilities which keep overhead at 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 these entrepreneurs with services, advisors, and potential clients and investors.
The Rochester BioEnterprise Center will provide early stage companies access to cost-effective lab and office space, shared administrative resources, production and storage areas, and access to specialized equipment such as bio-safety hoods, sinks, safety showers, a glassware washer, and an autoclave.