Three institutions, including the University of Rochester, have joined forces to form the Empire Discovery Institute, a $47 million initiative. EDI will leverage academic and industry resources to accelerate research through early-phase drug development.

Over the next five years, it is anticipated that EDI will generate several new multimillion-dollar life science companies, new life science patents, and new jobs resulting from the life science companies created out of EDI.

EDI will expedite the pathway toward successful licensing and commercialization of early drug discovery research, creating new revenue, new companies and new jobs, while capitalizing on New York’s leadership as a vibrant life science cluster and hub for early-stage discovery, Gov. Andrew Cuomo’s office said.

“New York is home to world-leading institutions producing cutting-edge research, advancements, and breakthroughs in human health,” Cuomo said. “The Empire Discovery Institute will harness New York’s wealth of academic capital and provide the resources needed to bring life-changing discoveries out of the lab and into the economy, generating new jobs, new companies and new investments in the growing life sciences sector.”

Together, these leading institutions boast a diverse and robust scientific development portfolio concentrated in neuroscience, musculoskeletal research, infectious disease, immunology and oncology.

EDI aims to improve the efficiency of early stage discovery research by bringing to this portfolio the tools and expertise necessary to convert the highest potential research to commercial opportunities and patentable products, enhancing their potential to become life-saving medicines.

“Biopharma companies are increasingly dependent upon academic research for the development of new drugs and the institutions in Rochester and Buffalo possess a strong foundation of research and development in critical life science fields,” said Mark Taubman M.D., CEO of UR’s Medical Center.