Governor Hochul announces the first $10 million Long Island Investment Fund award for the Feinstein Institutes for Medical Research

The Long Island Investment Fund, included as part of Governor Hochul’s fiscal year 2023 budget, focuses on projects that will support and grow the regional economy, strengthen communities, and have lasting economic impacts across Long Island. The Fund’s $10 million award for the Feinstein Institutes of Medical Research will support the renovation and construction of 26 new, state-of-the-art research laboratories on two floors as well as the recruitment of 10 new principal investigators and 60 research staff. These state-of-the-art laboratories will advance research efforts to develop new treatments for cancer, diabetes, obesity, lupus, and other conditions.

Empire State’s Chief Development Officer, CEO and Commissioner Hope Knight said, “The Long Island Investment Fund represents a strategic investment to further strengthen the region as a powerhouse for the life sciences industry, which is an important driver of New York State’s economy. The Feinstein Institutes play a critical role in life-changing medical discoveries and treatments that can improve our everyday lives. ESD is proud to support the growth of life sciences companies visionary like Feinstein Institutes, whose work is essential to building a stronger, healthier Empire.”

Empire State Development Board Chairman Kevin Low said, “Under the leadership of Governor Hochhol, New York is making smart investments to spur economic growth on Long Island. The Long Island Investment Fund will help the region thrive and strengthen New York’s leadership in the global innovation economy. The Fund’s $10 million grant to the Feinstein Institutes reaffirms our commitment to the growing life sciences ecosystem that It will support the progress of game-changing medical discoveries.”

The Feinstein Institutes are the global scientific home of bioelectronic medicine, a growing field of science that uses technology to read and modify electrical activity within the body’s nervous system. New and updated labs at the Bioelectronics Institute will support discoveries to find treatments that reduce the need for drugs, reduce painful side effects, and restore life to people who are suffering. Early discoveries emerged from its laboratories, opening up new treatment options for patients with conditions such as rheumatoid arthritis, diabetes, paralysis, and even cancer. Clinical studies in bioelectronic medicine have yielded results with paralyzed patients: recent research using a supracutaneous spinal cord stimulation patch has allowed participants to regain their ability to move and feel.

The Biomedical Electronic Institute’s renovation includes wet lab space, multiple tissue culture rooms, cold storage rooms, workstations for researchers, and a new Level 3 biosafety facility to allow new research into infectious diseases and other complex viruses, such as COVID-19. The expansion also supports the recruitment of 13 new principal investigators and 100 new research staff.

The Feinstein Institutes President and CEO Dr. Kevin Tracy said, “At the Feinstein Institutes, scientific progress is being made every day. With the right facilities and tools, we can help advance this progress even further. We thank the Governor and Empire State Development for their funding of our new space, and we look forward to continuing our advanced medical research that will benefit Our communities on Long Island and beyond.”

Michael Dowling, President and CEO of Northwell Health, said, “This new facility and its resources, made available by Governor Hochul and Empire State Development, will allow our researchers at the Feinstein Institutes—the home of Northwell research and the global scientific home of bioelectronic medicine—to pursue their mission of discovering new therapies to treat disease and improve the health of the communities we serve.”

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