The City Economic Development Corp. is deploying a $10 million fund to help life sciences companies expand in the city. The first $1 million will go to Quentis Therapeutics, a cancer immunotherapy startup, the EDC said.
The company plans to use the money to lease 10,000 square feet of wet-lab and office space at 1361 Amsterdam Ave. in West Harlem as it prepares its lead drug candidate for clinical trials.
Quentis, a spin-off from Weill Cornell Medicine, raised $48 million in a Series A financing round in February to advance its research into how immunotherapy can be used to target certain types of cancer.
The company has six employees and projects to add 18 more by the end of next year. Currently located in the Alexandria Center for Life Sciences on East 29th Street, Quentis also occupies space in J Labs in Lower Manhattan. Moving to West Harlem will allow the company to consolidate its research at one location at a lower cost, CEO Michael Aberman said.
"Harlem doesn't yet have that critical mass, like Alexandria has built on the East Side," Aberman said. "The hope is we are a first mover and more are attracted" to come.