Upstate Medical University and Empire State Development (ESD) have announced an additional $4 million investment in Upstate Biotech Ventures (UBV), increasing the total fund to $10 million. UBV, managed by Excell Partners, was launched in July 2024 with an initial investment of $6 million from Upstate and ESD, aiming to support early-stage biotech and health tech companies in Upstate New York.
The latest funding highlights confidence in the region’s innovation potential. Alongside this investment, UBV also revealed its first round of investments, totaling over $1.8 million across three startups:
- DUB Therapeutics – $1 million investment: A spinout from Upstate Medical University, DUB Therapeutics is developing a self-delivering siRNA therapeutic to prevent inflammation and scarring in corneal injuries, targeting the USP10 protein to address a significant need in ocular medicine.
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MimiVax – $500,000 investment: MimiVax is focused on immunotherapy for glioblastoma (GBM), a deadly brain cancer. Their lead candidate, SurVaxM, is a peptide-based vaccine currently in Phase 2B clinical trials, showing promise for extending patient life.
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sayhii – $350,000 investment: sayhii offers a voice-of-the-employee platform that captures real-time feedback to enhance workplace culture and communication, ensuring that every employee’s voice is heard.
KEY QUOTES:
“The ongoing investment by SUNY, Empire State Development, and Upstate Medical supports transformative early-stage scientific research that will benefit New York State, our nation, and the entire global community. We look forward to the continued success of this fund and the research projects it serves.”
SUNY Chancellor John B. King Jr.
“This latest investment validates the vision behind Upstate Biotech Ventures—to cultivate breakthrough biomedical innovations right here in Upstate New York. With public and now private support, we’re excited to accelerate the region’s emergence as a national hub for biotech research and entrepreneurship.”
Mantosh Dewan, MD, president of Upstate Medical University
“Investing in cutting-edge research and transformative biotechnology today will help ensure New York State is a leader in this emerging and essential field for generations to come. We applaud Governor Hochul and her administration for supporting this forward-looking initiative that will support Upstate communities, spark innovation, and spur job creation throughout the region.”
SUNY Trustee Eric Corngold, Chair of the Academic Medical Centers and Hospitals Committee
“Continued investment in the Upstate Medical University community and the broader Central New York region provides much needed capital to researchers and entrepreneurs who are developing life-changing medical and life sciences innovations. As part of a robust portfolio of innovative programs that make up SUNY’s technology-to-market strategy, Upstate Biotech Ventures plays an important part in catalyzing SUNY’s far-reaching research, innovation, and entrepreneurial capacity.”
SUNY Research Foundation President and SUNY Executive Vice Chancellor for Academic Affairs and Provost Melur Ramasubramanian
“Empire State Development is proud to support Upstate Biotech Ventures as it identifies and invests in the next generation of biotech and life sciences companies across the region. From developing groundbreaking cancer therapies and innovative ocular treatments to advancing tools that improve workforce engagement, these first investments reflect the remarkable breadth of innovation happening in Upstate New York. ESD’s continued partnership with UBV reinforces our commitment to ensuring that companies with transformative ideas—like MimiVax, DUB Therapeutics, and sayhii—have the resources they need to grow, thrive, and create a healthier, more connected future right here in New York State.”
Empire State Development President, CEO and Commissioner Hope Knight
“Upstate Biotech Ventures exists to support companies like DUB Therapeutics, MimiVax, and sayhii, which are just three examples of the many promising high-tech companies that are innovating new technologies and addressing challenges in the healthcare industry. UBV provides life science companies like sayhii, DUB Therapeutics, and MimiVax the critical capital required to launch and grow in Upstate NY.”
Excell Partners CEO Theresa Mazzullo
“The $4 million expansion for Upstate Biotech Ventures Fund is an exciting development. SUNY, Upstate Medical University, and Empire State Development support several companies in Central New York that are leading groundbreaking biotech projects, strengthening our region’s position as a leader in this field. The additional funds will allow companies to continue innovating, benefiting our local economy and the health of our community. Thank you to SUNY Chancellor King and many others for ensuring continued investment in this critical research.”
State Senator Rachel May
“This expansion of the Upstate Biotech Ventures Fund is more than just an investment in technology, it’s an investment in people, in ideas, and in a healthier future for all New Yorkers. As Chair of the Assembly Higher Education Committee, I’ve seen the transformative power of what happens when SUNY campuses, state partners, and private investors come together to support innovation at its earliest stages. This $10 million fund will help launch the next generation of life-saving breakthroughs while growing opportunity right here in Upstate New York.”
State Assembly Higher Education Committee Chairwomen Alicia Hyndman
“The investment in Upstate Medical’s startup biotech fund helps Central New York establish itself as a region that supports and accelerates the growth of early-stage biotech, life sciences, and health tech companies. The partnerships and opportunities created locally during the entrepreneurial stage create a catalyst for growth in our Central New York region.”
State Assemblymember William Magnarelli
