SYRACUSE, N.Y. — New York State has awarded the Central New York Biotech Accelerator (CNYBAC) at Upstate Medical University a funding award of $625,000, representing a renewal of its status as state-certified business incubator.
The funding is part of the ninth round of the regional economic development council funding awards, per the Upstate Medical University website.
The CNYBAC, located at 841 East Fayette St., currently has 22 clients.
Kathi Durdon, executive director of the CNYBAC, said the renewal of funding will continue to support innovation programming at the facility.
The funding supports the CNYBAC Medical Device Innovation Challenge (MDIC) —an “intensive” mentorship program supporting early-stage innovation — which has graduated 26 teams to date.
The MDIC program is now accepting applications through April 30 at its website, per an Upstate Medical news release.
The programming also includes the regional NYSTAR partner events, the NEXT innovation conference and manufacturing workshop, along with CNYBAC’s virtual concept to commercialization monthly series.
The funding also provides stipends to the Innovation Law Center at Syracuse University, whose students perform commercialization research for the accepted MDIC teams and due-diligence reporting of applications.
Funding will also support the purchase of equipment and supplies for CNYBAC client shared use, as well as salary support to manage programming.