New York bets on biotech

New York City and the state of New York announced separate initiatives to spur life sciences development, offering up funding and lab space to lure scientists and investors to the area. New York has lagged behind the San Francisco Bay Area and Boston in developing and retaining its own innovations (see BioCentury Innovations, May 29, 2014).

On Monday, Gov. Andrew Cuomo revealed a $650 million initiative to invest in the life sciences sector. The state plans to invest $100 million in early stage life sciences companies, and expects $100 million in pledged matching funds via private sector partnerships. The initiative also includes $200 million in state grants for new lab space and $250 million in tax incentives...