New York Biotech Businesses Get Boost from Commerce Department Investment
June 23, 2010
Contact: John Atwood, (202) 482-4085
EDA Grant to Renovate BioBAT Facility at Brooklyn Army Terminal
New York, New York - U.S. Deputy Assistant Secretary of Commerce for Economic Development Brian McGowan today announced a $2.5 million U.S. Economic Development Administration (EDA) grant to BioBAT, Inc., of Brooklyn, New York to renovate a building in the Brooklyn Army Terminal for use by mid-stage and growing biotechnology firms. The project is expected to create 75 jobs and generate $20 million in private investment, according to grantee estimates.
"Research and development in the biotechnology sector is critical to our nation's economic competitiveness," said McGowan. "This funding will create new jobs and boost private investment in New York by providing affordable space for start-up biotechnology firms developing new technologies and products for the market."
Work on the 12,000 square-foot space will include the construction of modular wet lab space, office space, and necessary support systems, including HVAC, plumbing, and electrical systems.
McGowan is in New York this week to highlight EDA investments made to support small business and job growth in the region.
About the U.S. Economic Development Administration (www.eda.gov):
This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.