The Partnership for New York City and the New York City Economic Development (NYCEDC) Corporation announced that the New York City Investment Fund (NYCIF) will provide up to $1.25 million for a BioAccelerate NYC Prize in a competition that will provide funding for biomedical translational research.  The BioAccelerate NYC Prize is a citywide competition targeting commercialization of the biomedical research conducted in New York.

nycbiologoThe goal of BioAccelerate NYC Prize is to translate laboratory discoveries into jobs and business development in the city.   Applications will be reviewed by a panel of experts from the investment, finance and life sciences industries and up to 12 finalists will be invited to make presentations during the week of January 25.

Three to five winners will be selected, with each awarded up to $250,000 in funding.  NYCIF will receive a percentage of income from the successful commercialization of products funded by the BioAccelerate NYC Prize to allow NYCIF to continue funding additional commercialization efforts in life sciences.

The competition is open to researchers affiliated with not-for-profit universities and research institutions in New York City.  To be eligible, an applicant’s research should be at a stage that is almost ready to be commercialized as a product that will improve human health.  Finalists will be mentored by one or two life sciences industry entrepreneurs and have access to patent and regulatory expertise in order to help refine their project’s commercial potential.  Winners will continue to work with the industry entrepreneurs towards commercialization and company formation.

For more information about the bioscience initiative, visit nycbiotech.org.

The application for this competition will be available starting Thursday, October 15, 2009.  Entries for the BioAccelerate NYC Prize must be submitted by November 25, 2009.

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