By GREGORY ZELLER //
A cornerstone of regional innovation is the first organization supported by the ambitious Long Island Investment Fund.
The Feinstein Institutes for Medical Research will receive a $10 million grant from the LIIF, a $350 million “investment fund framework” unveiled this summer by Gov. Kathy Hochul.
Combining new and previously announced initiatives, the LIIF is a hefty Empire State Development war chest promising what Hochul called “transformative” change for Nassau and Suffolk counties, with large funding tranches earmarked for road improvements, school aid, offshore wind infrastructure and more.
It all starts with a 10-digit buy-in for the Feinstein Institutes, which will use its LIIF grant to construct 40,000 square feet of new laboratory space.
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The $10 million bump bolsters the $30 million in state funds previously awarded to the Feinstein Institutes for the modernization of the Institute of Bioelectronic Medicine – part of a comprehensive $85 million bioelectronic medicine upgrade for Northwell Health’s Manhasset-based R&D mothership.
Among the improvements are new cold-storage rooms, new tissue-culture labs and a new Biosafety Level 3 facility allowing work on infectious diseases and complex viruses, including COVID-19.
With medical innovation playing an increasingly important role in statewide socioeconomics, the LIIF “will support life-saving research on the cutting edge of the life sciences industry,” Hochul said Tuesday, starting with additional support for the Feinstein Institutes’ next-generation bioelectronic research.
“Our investment in the Institute of Bioelectronic Medicine is already improving the lives of everyday New Yorkers,” the governor added. “The additional Long Island Investment Fund award announced today reaffirms our commitment to remaining a national leader in the health and medical-research fields.”
The $10 million LIIF grant will fund 26 state-of-the-art research laboratories – novel therapies for cancer, diabetes, lupus and other conditions will be in play – as well as the hiring of 10 new principal investigators and 60 research employees, according to the governor’s office.
Collectively, the $85 million Institute of Bioelectronic Medicine improvements are projected to support 13 new principal-investigator positions and 100 new research positions.
That fresh blood is critical to progress at the Feinstein Institutes, where “scientific progress is made every day,” according to President and CEO Kevin Tracey.
“With the proper facilities and tools, we can help advance that progress even further,” Tracey said in a statement. “We are thankful to the governor and Empire State Development for their funding of our new space, and we look forward to continuing our breakthrough medical research that will benefit our Long Island communities and beyond.”
