A regional economic initiative to bring biomedical innovations to market was awarded a $250,000 economic development grant from National Grid.
\nThe Biomedical Acceleration and Commercialization Center (BACC) at Albany Medical College received a grant from National Grid to provide direct financial assistance to BACC biomedical start-up companies for commercialization needs and access to experts. It will also help support the BACC\u2019s entrepreneurs in the arenas of clinical trials, prototype development, marketing and hiring consultants for regulatory needs, officials said.
\nFunding will also assist in expanding the scope of the responsibilities and impact of the entrepreneur-in-residence, who serves as a mentor and advisor for BACC companies, according to Albany Med.
\n\u201cNational Grid\u2019s support is vitally important to advancing the region\u2019s economic development and expansion as a biomedical research hub and to build a commercialization pipeline in the Capital Region,\u201d said James J. Barba, president and CEO at Albany Med. \u201cPartners like National Grid help the BACC bring our region\u2019s sustainable life sciences ecosystem to the next level, and we thank this forward-thinking company for its generosity.\u201d
\nNational Grid offers several different economic development grants to regional businesses and business supporters that help grow opportunity in upstate New York.
\n\u201cAs a utility, many people are unaware of the support we give to initiatives like the BACC at Albany Medical College,\u201d said Regional Director Laurie Poltynski. \u201cWorking with projects like this allows us to support the community we provide services to every day and the region where many of our employees call home.\u201d
\nOne of the BACC\u2019s start-up companies, Somml Health, is developing its Connex platform, which delivers real-time health information and communication between patients and care teams to improve patient health and lower health care costs, said Kurt Lozier, president and CEO of Somml Health. The company is currently working on a pilot for the managed care market.
\n\u201cThrough National Grid\u2019s grant in support of the BACC, Somml Health will be able to accelerate our entry into the market by using knowledge experts and consultants in fields such as branding, customer experience and financial modeling,\u201d said Lozier.
\nLaunched in 2015, the BACC houses medical device and software start-up companies on the Albany Med campus. It offers a variety of assets, including wet lab space, business and financial guidance, as well as connections to world-class researchers, medical talent, industry leaders and more. To date, seven companies and three affiliates are located in the BACC, with the site rapidly reaching its capacity, according to Lozier.
\nFor more information about the BACC, visit www.amc.edu\/bacc.<\/p>\n","protected":false},"excerpt":{"rendered":"
A regional economic initiative to bring biomedical innovations to market was awarded a $250,000 economic development grant from National Grid. The Biomedical Acceleration and Commercialization Center (BACC) at Albany Medical College received a grant from National Grid to provide direct financial assistance to BACC biomedical start-up companies for commercialization needs and access to experts. It […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\n