SYRACUSE, NY – New York State has awarded Upstate Medical University’s Central New York Biotech Accelerator (CNYBAC) with a grant of $ 625,000, representing the renewal of its status as a certified business incubator by the State.
The funding is part of the ninth round of the Regional Economic Development Council Funding Scholarships, according to the Upstate Medical University website.
The CNYBAC, located at 841, rue East Fayette, currently has 22 clients.
Kathi Durdon, executive director of CNYBAC, said the renewed funding will continue to support the facility’s innovation programs.
The funding supports the CNYBAC Medical Device Innovation Challenge (MDIC) – an âintensiveâ mentorship program supporting early-stage innovation – which has graduated 26 teams to date.
The MDIC program is now accept applications until April 30 on its website, according to an Upstate Medical press release.
Programming also includes regional NYSTAR partner events, the NEXT innovation conference and manufacturing workshop, as well as CNYBAC’s monthly concept-to-market virtual series.
The funding also provides stipends to the Innovation Law Center at Syracuse University, whose students conduct commercialization research for accepted MDIC teams and due diligence reports on applications.
The funding will also support the purchase of equipment and supplies for shared use by CNYBAC clients, as well as salary support to manage programming.