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CCTEC IP & Pizza April, 2014
Long Term Infrastructure InitiativesNYCEDC is currently pursuing a number of life science / healthcare initiatives to strengthen NYC’s infrastructure and invest in the next generation of talent Effort to solicit universities, institutions or consortia from around the world to build a state-of-the-art engineering and applied sciences campus in New York City - Cornell NYC Tech in collaboration with Techion Applied Sciences Campus RFP Alexandria Center for Life Science - NYC New commercial life science research park facility located along Manhattan’s East Side Medical Corridor, offering 1.1 million square feet of Class A laboratory and office space when completed BioBAT in Partnership with SUNY Downstate Commercial life science research park facility located in the Brooklyn Army Terminal in Sunset Park, offering over 500K square feet of lab and office space when completed New York Genome Center NYCEDC as a seed investor in $47M project to build NYC’s capacity in genomics
Portfolio of NYCEDC Initiatives for Life Sciences & Healthcare Tech NYCEDC have been backing significant efforts to grow the early-stage ecosystem for life sciences and healthcare technology entrepreneurship NYCEDC initiatives launched in 2013 Note: These programmatic initiatives complement NYCEDC and City investments in prior years (e.g., Alexandria Center for Life Sciences – NYC)
Goals for Early-Stage Life Sciences Funding InitiativeBy providing matching funds to early-stage companies alongside top-tier venture capital firms, the Funding Initiative will activate venture creation in NYC Impact by 2020 Structural parameters for Early-Stage Life Sciences Funding Initiative: Early-stage life sciences ecosystem Capital contributions Investment Return • $10M anchor NYCEDC fund • $50M+ total with Strategic Investors • $150M+ in matching funds from partnering VC Firms • Evergreen structure • Formation of life science companies • NYCEDC RFP for VC Firms • Co-funding agreement: Invest alongside funds from VC Firms, provided directly to NewCos. • Anchor VC Firm selected • 5 to 7 year time horizon • NYC Location Term • Equity on same terms as VC Firm • Incentive to VC Firm for matching funds • Semi-dilutive contribution to Company for long-term NYC presence • 20+ breakthrough companies launched • 5+ exits • 3+ pharma R&D centers