(Albany, NY – February, 24 2015) – Albany Medical Center President and CEO James J. Barba today announced the opening of a new business incubator located on the Albany Medical Center campus to help businesses discover and develop breakthrough biotechnologies that will improve patient care and promote economic growth.
The Biomedical Acceleration and Commercialization Center (BACC) at Albany Medical College, expected to be operational by June 2015, is a Tax-Free Area under STARTUP NY, a program established by Governor Andrew M. Cuomo to encourage businesses to relocate to or expand within New York State, partner with colleges and universities to further their academic missions, create new jobs and contribute to the economic development of the local community.
As a START-UP NY Tax-Free Area, the BACC will provide companies that create new jobs with the opportunity to operate free of state business taxes for 10 years. The BACC will target businesses in biomedicine, bioengineering, biotechnology and pharmaceuticals.
Barba, who serves as co-chair of the Capital Region Economic Development Council, said, “By creating an organization that will connect the region’s entrepreneurs with the biomedical researchers at Albany Medical College, this incubator will help create new solutions to medical challenges, and spur job creation in our region.”
“The BACC will be another milestone in Albany Medical College legacy of supporting innovations in research,” said Vincent Verdile, MD, the Lynne and Mark Groban, M.D. ’67 Distinguished Dean of Albany Medical College. “We look forward to helping create new opportunities for biomedical innovation in the future.”
The BACC provides entrepreneurs with an environment of support where they can refine their technology, gain access to a variety of resources and facilities and connect with researchers and practitioners who can help grow their business.
Senior Vice-President of Business Development and Strategic Partnerships Kevin Leyden, who is overseeing development of the BACC, said, “With the extraordinary entrepreneurial and scientific resources in our region, the BACC will be uniquely positioned to become a catalyst for entrepreneurial initiatives.”
Albany Medical College graduate and entrepreneur Christopher Macomber, MD ’09, Chief Medical Officer at UV Therapeutics, Inc. and the co-founder of the Surgical Technology Innovation and Commercialization Program at UMASS said, “I had hoped to build my business and career in Albany but found it extremely challenging. The BACC will provide an important hub for innovation.”
Harel Gadot, CEO and Company Group Chairman of MEDX Ventures Group, LLC, notes that the Capital Region’s concentration of scientists and health care has a unique structure to allow entrepreneurs to share ideas. “With a structure designed to facilitate collaboration, an organization like the BACC can help create a ‘start-up region’ that attracts businesses and entrepreneurs from across the country and the world,” Gadot said.
For additional information or to submit an application to the BACC, please visit: http://albanymedbacc.org