New York commits $10M to medical research, bio­electric medicine

New York state will invest $10 million of a budgeted $350 million fund for economic development on Long Island to advance medical research and the life sciences.

The grant will be awarded to the Feinstein Institutes for Medical Research, of Northwell Health, to build 10 new laboratories, renovate existing lab space and commercialize research in cancer, neurosciences, autoimmune diseases and bioelectric medicine.

“We are now living in the future,” Gov. Kathy Hochul said at the Feinstein Institutes for Medical Research in Manhasset.

Hochul made the economic development announcement Tuesday morning.

“This goes back to an old baseball movie I love: ‘If you build it, they will come,’” she said. “And now they’re coming, and that’s so exciting.”

Northwell President and CEO Michael Dowling and several state lawmakers made remarks about the state’s commitment to life science research and Long Island’s regional economy.

The $10 million Long Island Investment Fund grant is in addition to $30 million in state support previously awarded to the Feinstein Institutes to modernize 20,000 square feet of its Institute of Bioelectronic Medicine, the governor opened Tuesday.

The Feinstein Institutes is a global leader in bioelectronic medicine, which uses technology to read electrical activity within the body’s central nervous system.

“The Long Island Investment Fund represents a strategic investment to further enhance the region as a powerhouse for the life sciences industry, which is an important driver of New York State’s economy,” Empire State Development President, CEO and Commissioner Hope Knight said in a statement. “The Feinstein Institutes play a critical role in life-changing medical discoveries and therapeutics that can improve our everyday lives.” Spectrum News