Albany Medical Center Receives Two Awards through the Economic Development Administration

U.S. Senators Charles E. Schumer and Kirsten Gillibrand announced over $520,000 in federal funding for the Albany Medical Center. The funding is being used to provide needed support and capital assistance to spur innovation and in the Capital Region. The Albany Medical Center will receive $399,585 in federal funding through the i6 Challenge Grant to improve the processes by which ideas become products and companies in the Capital Region. This program will help provide critical resources and support to local companies, investors, and entrepreneurs looking to create the newest innovations in medical technology. Albany Medical Center will also receive $124,910 in Cluster Grants through the Seed Capital Funds Program in order to establish the Bio Innovation Seed Fund. This fund which will help provide opportunities for entrepreneurs, physicians and engineers in the Capital Region to develop prototypes for innovated medical products that are working to be developed. This federal funding will be allocated through the U.S. Department of Commerce’s Economic Development Administration (EDA).

“This federal funding is great news for job-creating entrepreneurs throughout the Capital Region and the medical professionals looking to stay on the cutting-edge of innovation at the Albany Medical Center. Now, the entire region, as well as the entire industry, will be able to benefit from the Center’s ambitious plan to get product-manufacturing businesses and technological advances off the ground,” said Senator Schumer. “I was proud to push for this federal funding and am pleased the EDA has made this wise investment in Capital Region entrepreneurs, medical research, and good-paying jobs.”

“I fought for this funding so that Albany Medical College can turn more of the Capital Region’s research into new businesses and jobs,” said Senator Gillibrand. “These critical funds will help the area’s institutions support innovation and entrepreneurship initiatives in the biomedical and biotechnology fields, helping to boost economic development in the Capital region.”

“We’re grateful to Senator Schumer and Senator Gillibrand for their ongoing work to support economic growth in the biotech sector throughout our region”, said Vincent Verdile, MD, the Lynne and Mark Groban, M.D. '67 Distinguished Dean of Albany Medical College.  “This funding will help build on collaborative efforts to develop a robust biomedical and biotechnology-based research and entrepreneurial community in the capital region.  With this funding, we will expand research and entrepreneurship training and provide critical seed capital for emerging and innovative businesses.”

The $399,585 i6 Challenge Grant award supports the development of a best of class commercialization model for the Capital Region through the newly established Biomedical Acceleration & Commercialization Center (BACC). Led by Albany Medical College, the project aims to turn more research ideas into commercial products and services by building support networks for entrepreneurs, offering programming to increase knowledge of and training in best practices of technology transfer, and providing capital for start-ups and small businesses in the region’s biomedical and biotechnology industries. The $124,910 Cluster Grants for Seed Capital Funds Program award supports Albany Medical College’s project to create the Bio Innovation Seed Fund, which will provide increased opportunities for proof of concept, product demonstration, and prototypes for early stage projects and products being developed by area physicians, engineers, and entrepreneurs.

These funds were made available through EDA’s i6 Challenge and Cluster Grants for Seed Capital, which are a multi-agency grants that encourage innovative, groundbreaking ideas that accelerate technology commercialization, new venture formation, job creation, and economic growth across the United States.

Copies of Senator Schumer’s and Senator Gillibrand’s  letters to the Economic Development Administration  are included below:

Dear Ms. Lenzer Kirk,

I write in support of the application submitted by Albany Medical Center for funding from the Cluster Grants for Seed Capital Funds Program through the U.S. Department of Commerce’s Economic Development Administration. This funding will allow Albany Medical Center to further its biomedical and biotechnical research and entrepreneurial efforts in conjunction with other educational and business institutions in the area.

Albany Medical Center consists of a 734-bed hospital and Albany Medical College. The Center has long been a leader in progressive and patient-centered health care, as well as critical medical and scientific research. Albany Medical Center has demonstrated its commitment to developing new treatments and advancing cures for a wide variety of debilitating diseases, and continually strives to improve its research so that it effectively serves patients in the community. Albany Medical Center is also an economic development anchor institution for the region, designated as a Start-Up New York site to attract and grow businesses. The Medical Center also has a new Biomedical Acceleration Commercialization Center (BACC) with the equipment and facilities to support biomedical and biotechnology research, with a particular focus on turning more research into new companies.

The requested funding will be used to forge a partnership with Siena College and its Institute for Leadership, Albany law School, and the Eastern NY Angels, LLC to address significant gaps in the infrastructure of biomedical innovation in the Capital region of New York. Specifically, this initiative will work on developing more experienced senior business leadership in biomedical innovation, offering programming to increase knowledge of and training in best practices of technology transfer, and providing seed capital for regional emerging and start-up biomedical innovation companies. This three-pronged approach will allow Albany Medical College to expand critical biomedical and biotechnology-based research and entrepreneurship in the Capital region, ultimately boosting economic development in the area.

Dear Ms. Lenzer Kirk,

I write in support of the application submitted by Albany Medical Center (AMC) for funding from the i6 Challenge Grant Program through the U.S. Department of Commerce’s Economic Development Administration. This funding will allow Albany Medical Center to further its biomedical and biotechnology research and entrepreneurial efforts in conjunction with other educational and business institutions in the area.

Albany Medical Center consists of a 734-bed hospital and Albany Medical College. The Center has long been a leader in progressive and patient-centered health care, as well as critical medical and scientific research. Albany Medical Center has demonstrated its commitment to developing new treatments and advancing cures for a wide variety of debilitating diseases, and continually strives to improve its research so that it effectively serves patients in the community. Albany Medical Center is also an economic development anchor institution for the region, designated as a Start-Up New York site to attract and grow businesses. The Medical Center also has a new Biomedical Acceleration Commercialization Center (BACC) with the equipment and facilities to support biomedical and biotechnology research, with a particular focus on turning more research into new companies.

           The requested funding will be used to forge a partnership with Siena College and its Institute for Leadership, Albany law School, and the Eastern NY Angels, LLC to address significant gaps in the infrastructure of biomedical innovation in the Capital region of New York. Specifically, this initiative will work on developing more experienced senior business leadership in biomedical innovation, offering programming to increase knowledge of and training in best practices of technology transfer, and providing seed capital for regional emerging and start-up biomedical innovation companies. This three-pronged approach will allow Albany Medical College to expand critical biomedical and biotechnology-based research and entrepreneurship in the Capital region, ultimately boosting economic development in the area.