NYCEDC's $100 Million Biotech Fund Aims To Form 15 To 20 New Startups By 2020

Boston’s biotech cluster is light years ahead of the one the Big Apple is hoping to form. But the two geographic rivals are both getting help from big pharmaceutical companies to bolster their respective life sciences ecosystems. In Manhattan, the New York City Economic Development Corp., a local government entity, and three big life sciences entities—Celgene, Eli Lilly, and GE Ventures—have formed the NYC Early-Stage Life Sciences Funding Initiative. It’s a fund that is meant to amass more than $100 million and use it to establish 15 to 20 new local startups by 2020.

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