Accelerator Corporation, a Seattle-based life science investment firm, announced the expansion of its operations to New York City. The company has secured $51.1 million to support the Alexandria Center for Life Science in Manhattan’s East Side medical corridor.
Accelerator focuses on supporting emerging biotechnology research:
“There is a funding gap for innovators looking to build new companies, as more and more venture investors are turning their attention to de-risked, later-stage developmental therapies instead of early research,” said Thong Q. Le, chief executive officer of Accelerator.
In New York City, Accelerator will work in partnership with seven institutions: Albert Einstein College of Medicine, Columbia University, Icahn School of Medicine at Mount Sinai, Memorial Sloan Kettering Cancer Center, New York University, the Rockefeller University, and Weill Cornell Medical College.
The first phase of the Alexandria Center officially opened in December 2013.
Read Accelerator Corporation’s full news release here.