By GREGORY ZELLER //
Farmingdale State College announced this week that startup biotech BF Innovation, which moved into FSC’s Broad Hollow Bioscience Park earlier this year, has been accepted into the Start-Up NY program, which boosts new and expanding businesses with tax breaks and innovative academic partnerships.
BF Innovation plans to invest $1 million and create seven new jobs as it researches and develops new topical pharmaceuticals for the treatment of various skin conditions. In return, the 2017 startup will pay no state or local taxes – and its new employees will pay no state income taxes – for up to a decade.
In a statement, the company said it was already feeling the positive effects of the Start-Up NY benefits, including “no state taxes on purchasing our research equipment and supplies and the bonus for employees of no state income tax for 10 years.”
“We’ve also hired our first intern from [Farmingdale State] College, now performing credit-related duties for their degree while being paid,” BF Innovation added, calling it “a win-win strategy for the students and the company.”
Farmingdale State College President John Nader agreed, calling BF Innovation “an ideal partner” that complements the other Broad Hollow Bioscience Park residents and “the college’s robust academic program in bioscience.”
“The partnership between Farmingdale (State) and BF Innovation is the result of persistent efforts by staff at the bioscience park and its board to assure [Broad Hollow] serves as a center for cultivating new and innovative firms that serve the economy of Long Island,” Nader said Tuesday.
The inclusion of BF Innovation is only the latest Farmingdale State-related addition to Start-Up NY’s ranks. Earlier this year, the ESDC added two early-stage Long Island biotechs to the program, each focused on proteomics – the science that considers the entire complement of proteins that can be expressed by a cell, tissue or whole organism – and both located within FSC’s “tax-free zone,” which includes vacant campus land and empty square footage inside Broad Hollow Bioscience Park.