Governor Kathy Hochul on Tuesday announced the $350 million Long Island Investment Fund awarded its first grant to the The Feinstein Institutes for Medical Research to construct 40,000 square feet of new state-of-the-art labs to support medical and infectious disease research. The $10 million Long Island Investment Fund grant complements an additional $30 million in State support previously awarded to the Feinstein Institutes to modernize 20,000 square feet of its Institute of Bioelectronic Medicine, which Governor Hochul opened today. New York State's assistance is part of an $85 million modernization effort at the Feinstein Institutes for Medical Research in Manhasset, Nassau County, and a broader initiative to highlight the growing life science industry on Long Island. The Feinstein Institutes is the research arm of Northwell Health and is one of the leading laboratory and research centers in the country, conducting cutting-edge studies that seek to cure diseases.
"New York is leading the way in medical innovation, and the Long Island Investment Fund will support life-saving research on the cutting edge of the life sciences industry," Governor Hochul said. "Our investment in the Institute of Bioelectronic Medicine is already improving the lives of everyday New Yorkers, and the additional Long Island Investment Fund award announced today reaffirms our commitment to remaining a national leader in the health and medical research fields. I am proud to support the Feinstein Institutes and their research, which will lead to life-changing medicine and treatments that will improve the lives of New Yorkers on Long Island and across the State."
Included as part of Governor Hochul's FY 2023 Enacted Budget, the Long Island Investment Fund focuses on projects that will support and grow the regional economy, enhance communities, and have lasting economic impacts across Long Island. The Fund's $10 million award to the Feinstein Institutes for Medical Research will support the renovation and construction of 26 new state-of-the-art research labs on two floors as well as the hiring of 10 new principal investigators and 60 research employees. These modernized labs will advance research efforts to develop novel therapies for cancer, diabetes, obesity, lupus, and other conditions
The Feinstein Institutes is the global scientific home of bioelectronic medicine, a growing scientific field that uses technology to read and modulate electrical activity within the body's nervous system. The new, modernized labs at the Institute of Bioelectronic Medicine will support discoveries to find cures that will reduce the need for drugs, reduce painful side effects, and give life back to people who are suffering. Early discoveries have emerged from its labs, opening new treatment options for patients with diseases such as rheumatoid arthritis, diabetes, paralysis, and even cancer. Clinical studies in bioelectronic medicine have already yielded results with those who are paralyzed: recent research utilizing an over-the-skin spinal cord stimulation patch has allowed participants to regain their ability to move and feel.
The Institute of Bioelectronic Medicine's renovation includes wet-lab bench space, multiple tissue culture rooms, cold storage rooms, workstations for researchers, and a brand-new Biosafety Level 3 facility to allow new research into infectious diseases and other complex viruses, such as COVID-19. The expansion also supports the hiring of 13 new principal investigators and 100 new research employees.
Long Island is at the forefront of the life sciences industry as new research and discoveries in bioelectronic medicine - a new scientific field born and bred on Long Island - will attract the best and brightest researchers and world-leading strategic partners to create the cures that can transform lives. The life sciences industry has become a powerful engine of economic growth and innovation for New York, turning key regions of the State into dynamic life science hubs. Investing in life sciences is crucial to identify the next scientific or medical breakthrough that will develop new life-saving technologies. Through its support of the Feinstein Institutes' growth, New York is expanding its ability to commercialize research and spur the growth of a world-class life science industry on Long Island and across the State.
Investing in the Future of Long Island
The $10 million Long Island Investment Fund grant announced today complements historic initiatives and investments for Long Island:
- $157 million investment -- repaving 300 lane miles of state highways to date.
- More than $457 million for school aid - a 12.7 percent increase compared to FY 2022.
- $63 million for addiction treatment, recovery and prevention services.
- The homeowner Tax Rebate Credit, with an average benefit of $1,300 for 494,000 Long Island homeowners.
- $500 million to develop New York's offshore wind infrastructure and supply chain - ultimately creating more than 2,000 green jobs.
- Completing Long Island Rail Road's historic Third Track project, allowing trains to run more often and creating a smoother ride for LIRR commuters.
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