The Icahn School of Medicine at Mount Sinai has created a $10 million accelerator fund to speed up the commercialization of research at the school. It's starting with two investments in drug-development ventures.
The i3 Asset Accelerator will provide capital and business development support to its researchers. Icahn joins a growing group of local medical schools—including NYU Langone, Weill Cornell, Columbia and SUNY Downstate—that have dedicated funds to commercialize their research.
"This is a really great way to seed the companies," said Nicole McKnight, managing director at BioLabs New York, which runs a co-working space with NYU Langone for early stage biotech companies in Manhattan. "As funding for basic science kind of shrinks, it's also a key way for the institutions to raise money through royalties."
The state and the city have committed nearly $1.2 billion combined to develop New York's biotech industry, a source of middle-class jobs, through tax credits, real estate development and some seed funding. Several local drug-development companies have raised investment rounds of $50 million or more this year.