News

Leah Busque

State launches women-focused investment fund

New York State is unwrapping a $2 million investment fund to support minority- and women-owned business enterprises. The MWBE Investment Fund, managed by Rochester-based venture capital firm Excell Partners, will provide early-stage financing to certified minority- and women-owned startups, with a particular focus on high-tech ventures, according to a statement from Gov. Andrew Cuomo’s office. The “first-of-its-kind investment fund” will be a big help to a “vitally important part of the state’s economy,” the governor…


Symbiotoc Health CEO Gerard Honig

Leading the fight against C. Diff

By GREGORY ZELLER // Researchers battling the insidious clostridium difficile infection are making progress on several new fronts, including a novel “poop pill” developed by Symbiotic Health, a spinoff from North Shore-LIJ’s Feinstein Institute. C. Diff, as it is known, is the most prevalent hospital-acquired infection in the United States and “an immediate public health threat,” according to the Centers for Disease Control. The infection attacks the gastrointestinal tract when broad-spectrum antibiotics fight off infections but…


Serious brain drain: When CSHL considered leaving

Cold Spring Harbor Lab officials considered moving the facility off Long Island in 1948 due to transportation concerns and the fact that local life was not very “rich.” At the time, the LIRR train from Penn Station to Syosset took 50 minutes and required a $4 taxi ride from station to lab, a “sizeable expense for a laboratory assistant to bear frequently.” Penn to Syosset today? An average 59 minutes. The transportation section of the…


Andrew Cuomo

Cuomo orders minimum wage panel

Attention food startups: Gov. Andrew Cuomo has ordered up a state wage board to study the food sector in New York and make recommendations on the minimum wage workers should be paid. Cuomo was rebuffed by lawmakers during the budget process on a proposal to raise the minimum wage for all workers to $11.50 in New York City and $10.50 in the rest of the state. His latest effort, which sidesteps legislators, relies on an…


Irwin Simon, Hain Celestial

Hain Celestial posts record quarterly sales

Lake Success-based Hain Celestial Group reported record third-quarter numbers led by surging sales of its organic products and the boost of new acquisitions, despite the impact of a strong U.S. dollar overseas. Hain, which owns Celestial Seasonings, Earth’s Best and the improbably popular Terra chips brands, posted quarterly sales of $662.7 million, an almost 19 percent increase over the same quarter a year ago. Without foreign currency swings, sales would have leapt almost 25 percent….


Goddard Labs snags biotech honor

Goddard Labs, a Calverton-based startup that has developed breakthrough food and water testing technology, has been named Best in Show of the Mid Atlantic Bio Angels’ 1st Pitch Life Sciences competition. Although the physical prize isn’t much — a polo shirt and a press release — the bragging rights are gold plated and the connections may one day be worth even more: MABA members are active investors from Delaware to Massachusetts with deep backgrounds in…


LaunchPad Huntington's Phil Rugile

Quick — how do I grow my business?

You’ve heard of speed dating and speed networking. Now comes speed … mentoring. Set for May 19, the program is an outreach by the state’s year-old Business Mentor NY initiative and is designed to match experienced businesspeople with new entrepreneurs, with the goal of creating broader – and, we hope, longer-lasting – relationships. Introduced by Gov. Andrew Cuomo in his 2014 State of the State Address, Business Mentor NY has attracted more than 750 volunteer…


Cooking With Chef Michelle

In gluten-free baking, still room for innovation

BY GREGORY ZELLER // Bakers are no longer known primarily for innovation. Television contests may demand interesting new shapes for cookies and cakes, but in the early 21st century, virtually every combination of eggs, butter and flour has been tried. The difference between a 350 or 375 degree oven has been well-documented. There are no baking worlds left to conquer. Save perhaps one. In an increasingly gluten-free world, many baked products prepared without traditional wheat-,…


CEO Allen Shayanfekr

Sharestates lands $30M to expand RE investments

Sharestates, the Great Neck-based online real estate investment platform, announced a $30 million commitment from Ranger Direct Lending Fund that will expand the startup’s  direct lending in residential, commercial and mixed-use properties in New York. Founded in 2013 by Allen Shayanfekr and title insurance veterans Radni and Raymond Davoodi, Sharestates focuses on financing fix-and-flip loans with an average value of $350,000.  So far, the firm has raised a total of $4.5 million for 13 projects. Ranger’s money could…


FFarmingdale business school

Farmingdale opens biz school expansion

Farmingdale State College officially opened its three-story, $19.3 million business school expansion on Thursday, adding new classrooms — eight of them with tiered “collaborative” seating — and offices for 40 professors. More than 2,200 students are enrolled in the business program, with total enrollment at the college now at 8,400. The business school addition is the largest component of a $185 million modernization and renovation of the campus, which includes a new Information Commons in…


Tom Golisano

BUFFALO WATCH: More Paychex for Western NY

In another non-Long Island score for Gov. Andrew Cuomo’s Start-Up NY program, former Buffalo Sabres owner Tom Golisano is spearheading a “multi-million-dollar investment” that will bring 267 new jobs to Western New York. The undisclosed investment by Golisano, founder of Rochester-based payroll-services company Paychex, will help tech manufacturer Bak USA create 167 new positions and expedite the creation of 100 jobs the company committed to when qualifying for Start-Up NY tax benefits. Bak USA, one…


CSHL's Bruce Stillman

CSHL plans new center to push research to market

BY JOHN L. KOMINICKI // Cold Spring Harbor Laboratory plans a $75 million therapeutic research center that would help speed to market treatments for cancer, autism and other diseases without waiting for the pharmaceutical industry to “catch up,” lab director Bruce Stillman said Tuesday. The center, which would rely on a $25 million grant from New York State and $50 million from the National Institutes of Health, would help cure a persistent problem with commercializing…


BNL magnet

At BNL, the force is with them

Brookhaven National Lab researchers have been kicking the tires on a 40,000-pound superconducting magnet – basically an elephant-sized MRI – that will be used to look at shattered atoms that mirror the earliest conditions of the universe. Kicking the tires? Well, yes, since the magnet is pre-owned, as they say in the car business, once used at Stanford’s linear accelerator program in Menlo Park, Calif. Brookhaven Lab physicists hope to use the magnet to upgrade…


Henry Schein posts record Q1 2015 results

An all-around great quarter for Henry Schein

The good times roll on at Henry Schein, with the Melville healthcare products distributor reporting record first-quarter results. Net sales for the quarter ended March 28 were $2.5 billion, a 1.4 percent increase over the same quarter a year earlier. The company also recorded a healthy increase in net income: Excluding pretax restructuring costs of $6.9 million, first-quarter net income was $108.4 million ($1.28 per diluted share), a 6.2 percent increase over 1Q 2014 net…


Traverse CEO Joseph Scaduto

Traverse Biosciences inks R&D, licensing deal

BY GREGORY ZELLER // Stony Brook-based startup Traverse Biosciences has inked an exclusive R&D agreement that could lead to an $8 million sublicensing option. Traverse, a resident of the Long Island High Technology Incubator at Stony Brook University, announced today that it has executed a $250,000 cooperative research and development agreement with Kansas-based Aratana Therapeutics to advance Traverse’s leading drug candidate, TRB-N0224, a potential treatment for periodontal disease in dogs and cats. Traverse Biosciences has…