Home Critical engine Governor Hochul Announces Long Island Investment Fund’s First Prize of $10 Million to Feinstein Institutes for Medical Research

Governor Hochul Announces Long Island Investment Fund’s First Prize of $10 Million to Feinstein Institutes for Medical Research

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Included as part of Governor Hochul’s enacted budget for fiscal year 2023, the Long Island Capital Investment Fund focuses on projects that will support and grow the regional economy, improve communities, and have lasting economic impacts on Long Island. . The $10 million award from the Fund to the Feinstein Institutes for Medical Research will support the renovation and construction of 26 new, two-story, state-of-the-art research labs as well as the hiring of 10 new principal investigators and 60 research staff. These upgraded labs will advance research efforts to develop new therapies for cancer, diabetes, obesity, lupus and other conditions

Empire State Development President, CEO and Commissioner Hope Knight said: “The Long Island Investment Fund represents a strategic investment to further strengthen the region as a powerhouse of the life sciences industry, which is an important driver of New York State’s economy. The Feinstein Institutes play a vital role in life-changing medical and therapeutic discoveries. that can improve our everyday life. ESD is proud to support the growth of visionary life science companies like the Feinstein Institutes, whose work is crucial to building a healthier and stronger Empire State.

Empire State Development Council Chairman Kevin Law said: “Under Governor Hochul’s leadership, New York is making smart investments to catalyze economic growth on Long Island. The Long Island Investment Fund will help the region prosper and strengthen New York’s leadership in the global innovation economy. The Fund’s $10 million award to the Feinstein Institutes reaffirms our commitment to the growing life sciences ecosystem that will support the advancement of breakthrough medical discoveries. »

The Feinstein Institutes are the world’s scientific home for bioelectronic medicine, a burgeoning field of science that uses technology to read and modulate electrical activity in the body’s nervous system. The new, modernized laboratories of the Institute of Bioelectronic Medicine will support discoveries to find cures that will reduce the need for drugs, reduce painful side effects and restore life to those who suffer. Early discoveries have emerged from his labs, opening up new treatment options for patients with diseases such as rheumatoid arthritis, diabetes, paralysis and even cancer. Clinical studies in bioelectronic medicine have already shown results with paralyzed people: recent research using a spinal cord stimulation patch on the skin has allowed participants to regain their ability to move and feel.

The renovation of the Institute of Bioelectronic Medicine includes a wet laboratory space, several tissue culture rooms, cold rooms, workstations for researchers and a brand new biosafety level 3 facility to allow new research on the infectious diseases and other complex viruses, such as COVID -19. The expansion also supports the hiring of 13 new Principal Investigators and 100 new research staff.

Feinstein Institutes President and CEO Dr. Kevin Tracey said: “At the Feinstein Institutes, scientific advances are made every day. With the right facilities and tools, we can help advance those advances even further. We are grateful to the Governor and Empire State Development for funding our new space, and we look forward to continuing our groundbreaking medical research that will benefit our communities on Long Island and beyond.”

Northwell Health President and CEO Michael Dowling said: “This new facility and its resources, made possible by Governor Hochul and Empire State Development, will allow our researchers at the Feinstein Institutes – the home of Northwell research and the global scientific home of bioelectronic medicine – to continue their mission. discovering new treatments to cure disease and improve the health of the communities we serve.”