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GOVERNOR SPITZER ANNOUNCES $2 MILLION GRANT TO LONG ISLAND BIOTECH RESEARCH LAB
Cold Spring Harbor Laboratory to add 80 jobs to Long Island's Innovation Economy

In a visit to Long Island as part of his statewide tour following his State of the State address, Governor Eliot Spitzer today announced a $2 million economic development grant to assist Cold Spring Harbor Laboratory. The grant will help Cold Spring Harbor Laboratory purchase new equipment for its new $200 million Hillside research complex, creating 80 high tech jobs over the next three years.

"Bioscience is an important and growing sector of New York's innovation economy," said Governor Spitzer. "Cold Spring Harbor Laboratory's decision to add jobs on Long Island speaks to its faith in the steps that the state is undertaking to improve the business climate and encourage the growth of strategic industries. This grant will help provide the wherewithal to purchase the equipment necessary to continue attracting the top talent the Laboratory needs to maintain its world-class status. Investments like these show that when you invest strategically, and continue to develop the highly skilled work force business are looking for, we can fuel the regional economy and make New York the best place to live, work, raise a family and run a business."

Bruce Stillman, Ph.D. and Laboratory President said: "Cold Spring Harbor Laboratory discoveries have been the catalyst for a long list of real world biotech applications over the last quarter century. I want to thank Governor Spitzer and Chairman Foye for their support of this institution. This $2 million grant will enable our researchers to continue making groundbreaking discoveries benefiting not only New Yorkers, but all of mankind."

The Laboratory has nearly completed its new $200 million research complex, Hillside Commons, assisted by a $20 million state grant approved in 2003. The Laboratory plans to equip the complex with $13 million in state-of-the-art research equipment, partially funded by the ESD grant. Several philanthropists are also investing in the project.

Congressman Steve Israel said: "New York's at the cutting edge of biotech research and Long Island has fertile soil for the growing industry with a unique convergence of a talented, well-educated workforce and a robust infrastructure to support this industry. I commend Governor Spitzer for his leadership on the state's Innovation Economy future and will continue to work with him to ensure that New York receives the federal resources to match its commitment to world class research."

Carl L. Marcellino, State Senator said: "Long Island has become the capital of the emerging biotech economy. Research activities at the Cold Spring Harbor Lab have and will create new knowledge and forge new frontiers in science. This in turn will open new commercial opportunities and create entirely new markets. Just what is needed to fuel economic expansion on Long Island in high quality biotechnology jobs."

Craig M. Johnson, State Senator said: "Doing everything we can to help institutions like Cold Spring Harbor Laboratory that bring good-paying jobs and prosperity to our communities should be a top priority for any elected official. I applaud the Governor and Chairman Foye for renewing New York's commitment to this goal and for working out this agreement, which will not only benefit Long Island's economy, but will also help this state regain its rightful standing as a world leader in innovation."

Charles Lavine, State Assemblymember said: "The Governor's investment in the Cold Spring Harbor Laboratory will help to keep Long Island's scientific facilities at the forefront of the highly competitive biotech industry. This grant ensures that the Laboratory will continue to make incredible contributions to the varied fields of science to which it is dedicated. I applaud the Laboratory's success and anticipate the future achievements which this shining example of the New York innovation economy is sure to make."

Steve Levy, Suffolk County Executive said: "This state funding will dovetail with the Small Business Innovative Research initiative that Suffolk implemented last year to grow the biotech industry on Long Island."

Judith A. Jacobs, Nassau County Legislator and Former Presiding Officer of the Nassau County Legislature said: "Cold Spring Harbor Laboratory has always been on the cutting edge of discovery to better mankind. It is an extreme source of pride to have the Cold Spring Harbor Laboratory as part of our community."

Harry Anond, Mayor of Laurel Hollow said: "I applaud the leadership and the vision of Governor Spitzer for recognizing the importance of biomedical research for the economic growth of Long Island. Cold Spring Harbor Laboratory is one of the world's leading institutes involved in cutting edge research in cancer, neuroscience, and plant biology. This Empire State Development grant awarded by the Governor today will help ensure the future growth of this institute and will foster future economic development of this area."

Pat Foye, Chairman of the Empire State Development Corporation said: "Fostering the growth of biotechnology companies is one of Empire State Development's highest downstate priorities. This grant is an important first step in forging strong relationships with companies commercializing Cold Spring Harbor Laboratory's groundbreaking research."

As part of the agreement, Cold Spring Harbor Laboratory has agreed to a series of project milestones under which disbursements will be tied to investment in the equipment and the creation of additional jobs. The company currently employs 800 people and is committed to adding 80 full-time permanent positions by January 1, 2011. The laboratory estimates that for each scientific job it creates, five additional jobs are created to support that scientist's work.