NEW YORK CITY-The outgoing Bloomberg administration is attempting to create a $100-million fund that would invest in life science companies here.
The administration is working with large pharmaceutical firms and venture capital companies on the fund's creation. The fund would provide assistance to fledgling biotech firms that require capital during costly and lengthy clinical trials.
"It takes a long time for something to go from an idea to a therapy. It requires a patient amount of money," said Kyle Kimball, president of the city's Economic Development Corp.
The city will invest $10 million in the fund, along with $40 million from pharmaceutical companies Celgene Corporation, Eli Lilly & Company, and GE Ventures, according to the Wall Street Journal.
The New York City Economic Development Corp. is seeking a venture-capital firm to manage the fund that would invest at least $50 million in the fund. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
