NEW YORK--(BUSINESS WIRE)--Advancium Health Network, a newly established independent charitable organization, and Silicon Valley Bank, the bank of the world’s most innovative companies and investors, today launched Cure Innovation Labs, a not-for-profit incubator. Cure Innovation Labs is a 27,000 square-foot New York City incubator dedicated to advancing innovative early stage life science-focused companies. Advancium and Silicon Valley Bank have committed $13 million during the next five years to reduce resident company costs and plan to raise additional funding for the operations of the incubator including highly specialized laboratory equipment.
“Advancium is proud to partner with Silicon Valley Bank in the launch of Cure Innovation Labs and to be a catalyst for early stage companies that are focused on advancing groundbreaking science,” said Mark Veich, President of Advancium. “Our residents will benefit from access to world-class resources, the Cure network and from working with like-minded brilliant people who are committed to solving some of our most pressing health issues.”
“Cure Innovation Labs is an exciting resource for local early stage life science and healthcare companies,” said Anton Xavier, NYC-based Director of Life Science Startup Banking at Silicon Valley Bank. “We are proud to support the incubator and continue to work with the most innovative life science and healthcare companies in NYC and across the globe.”
As part of its programs to assist post-seed and pre–Series A/early stage growth companies, the incubator will also provide mentoring and training to underrepresented populations within the life sciences. Additional offerings include assistance in finding capital and relationships with venture investment groups, and access to business services.
“There simply isn’t enough funding and resources available for the significant science being advanced in the many world-class academic and research institutions in greater New York City,” said Olivier Elemento, Ph.D., board member at Advancium and Director of the Englander Precision Medicine Institute at Weill Cornell Medicine. “Cure Innovation Labs promises to provide vital resources to many important projects and to significantly strengthen the New York life science ecosystem.”
“We are growing a thriving and innovative life sciences sector in New York,” said New York City Economic Development Corporation Senior Vice President of Life Sciences and Healthcare Sue Rosenthal. “And to be a true leader in the field, the City must ensure the success of early stage life science companies focused on the cures of tomorrow. We are pleased to see such an exciting partnership form at the Cure, an innovation hub with wet lab space that EDC worked to redevelop to foster an ecosystem of medical discovery that will truly have a meaningful impact on all communities.”
Cure Innovation Labs residents will have access to the Cure ecosystem. The Cure is a 12-story innovation hub in Manhattan redeveloped by New York City Economic Development Corporation (NYCEDC) and Deerfield Management in 2019. Available resources include world-class wet labs and dry labs, office and retail space, business support, and access to experts from Deerfield Management Company and other Cure resident health care companies, who can share their insights on how best to build companies. The Cure was made possible through the City’s LifeSci NYC initiative, which is investing $1 billion into establishing New York as a global life sciences leader.
Companies will be able to apply for residency at Cure Innovation Labs planned for early fall via the Advancium website. To qualify for residency, companies will need to have secured seed financing, but not yet have secured Series A venture backing. Cure Innovation Labs will be exhibiting at AUTM in New Orleans, Feb. 20-23. Learn how you can become a part of our incubator and come see us at booth #500.
About Cure Innovation LabsSM
Cure Innovation Labs is a specialized, non-profit, life science incubator to enable scientific teams to explore innovative, potentially risky ideas that require specialist expertise and investment. Cure Innovation Labs provide outstanding programs to assist post-seed and pre–Series A/early-stage growth companies. Offerings include assistance with finding finances and forming relationships with venture investment groups, access to business services, matching company leaders with experienced entrepreneurs and advisors in specialty areas, and guidance on recruitment of qualified employees. For more information, please visit: https://cureinnovationlabs.org.
About Advancium Health Network
Advancium Health Network is a volunteer-driven, charitable organization mission-focused on advancing human equity and accelerating innovation to improve health for people globally.
Advancium recognizes that a highly linked, more diverse community of health care innovators and providers is foundational to tackling health disparities, expanding treatment options, and finding cures. The network is built to bring together people from academic medical centers, research universities, health care companies, start-ups, financial institutions, government, and nonprofit organizations to cure disease and improve health outcomes throughout the world. For more information, please visit https://AdvanciumHealth.org
About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at http://svb.com.
About Cure
An affiliate of Deerfield Management Company based in the heart of New York City, Cure is a 12-story innovations campus boasting laboratories, lecture, and office space, as well as technology and other amenities for physician-scientists/entrepreneurs across the life science industry, including academic institutions and other nonprofits, to accelerate their novel work. For more information, please visit https://cure.345pas.com.
