SENATE APPROVES "Gen*NY*sis" PLAN TO BOOST BIOSCIENCE IN N.Y.

Senator Bruno unveiled his "Gen*NY*sis" plan last December in an effort to make NY a leader in biosciences.

Plan Aims to Create Thousands of Jobs Around the State in Life Sciences

Monday, June 18, 2001

The state Senate today approved its visionary "Gen*NY*sis" initiative, a plan to invest $510 million in state funds -- and up to $3 billion in private funds -- to make New York a leader in biosciences, and helping land thousands of new jobs.

"Life sciences are the key to applying life�s mysteries to understanding diseases like cancer and Alzheimer�s, aiding in early detection and finding new cures," said Senate Majority Leader Joseph L. Bruno (R-C, Brunswick). " �Gen*NY*sis� will make New York a leader in this growing field, allowing New York companies to create jobs and achieve commercial success that otherwise will be lost to other states."

"Gen*NY*sis" -- which stands for "Generating Employment through New York Science" -- focuses on providing financial support to help researchers study, develop and market their discoveries for commercial use, such as to create new medicines, diagnostic techniques and research tied to potential new cures for diseases.

Already, life science companies in New York State have unveiled new discoveries related to the treatment of cancer, Alzheimer�s disease and prevention of childhood ear infections.

The federal government recently announced plans to double funding for life sciences research, even as New York�s share of such funding through the National Institutes of Health has fallen steadily through the 1990s, dropping the state to 43rd for growth in federal research grants. "Gen*NY*sis" funding is designed to reverse that slide.

The initiative includes $320 million in state support for eight regional Centers of Excellence, clusters of academic, research and business institutions located throughout the state on Long Island, Manhattan/Queens, Westchester/Bronx, the Capital Region, Central New York, Monroe County, Erie County and Tompkins/Ontario/Allegany Counties. Funding is to be used for construction of research and incubator space along with bioscience business parks.

Additionally, $90 million is provided for a Research Program to provide salary bonuses aimed at luring and retaining top scientists, matching research grants and capital costs connected to the construction of new research facilities.

Another $90 million is available for Biotechnology Business Development, an expansion of existing economic development programs to include life science projects, like biotechnology parks and incubators.

Eight newly created "Gen*NY*sis Zones," modeled on the state�s successful Empire Zones program, would qualify for $45 million in job-creating, targeted tax breaks, while an additional $20 million in tax cuts is aimed at life science companies located outside those areas.

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