New York City Economic Development Corporation (NYCEDC) and Quentis Therapeutics (Quentis), a New York City based biotechnology company whose first program develops immunotherapy to treat cancer, today announced the completion of the first LifeSci NYC Expansion Space Fund transaction. NYCEDC’s $1 million commitment will help Quentis expand its headquarters by outfitting 10,000 square feet of dedicated wet-lab and office space in West Harlem. The agreement marks the launch of the City’s $10 million fund dedicated to helping growing biotech companies that need assistance fitting out space to advance their science.
Currently Quentis has 16 employees, with a growth projection to 24 full-time employees in the next year, and a total of 50 employees over the course of five years specializing in drug discovery research and development, including expertise in immunology, oncology, and chemistry. Quentis’ new headquarters will support West Harlem’s biotech cluster, which includes CUNY’s Advanced Science Research Center, City College’s Center for Discovery and Innovation, Harlem Biospace, New York Structural Biology Center and the Zuckerman Mind & Brain Institute.
“We’re thrilled to launch the LifeSci NYC Expansion Space fund to support biotech companies, like Quentis, who are creating quality jobs for New Yorkers through their work,” said New York City Economic Development Corporation President and CEO James Patchett.“ New York City already has the best research institutions in the world, and by investing in lab space, talent and supporting emerging companies, we can strengthen the City’s position as a global leader in life sciences.”
“From our inception, we were committed to being a New York City-based biotechnology company but were faced with the challenge of finding suitable space that could accommodate our needs,” said Michael Aberman, MD, President and CEO of Quentis Therapeutics. “Our partnership with NYCEDC will allow us to continue to grow in New York City. West Harlem offers easy access from all of New York City Boroughs and the surrounding Tri-State area and provides close proximity to some of the best research institutions in the country with access to world class talent and state-of-the-art space.”
“This announcement is good news for the City. One of the driving mandates for the LifeSci initiative is to provide growth support for young companies in New York City, and the Expansion Space Fund alleviates some of the growing pains caused by a shortage of laboratory space to accommodate near term growth,” said Dr. Vicki Sato, Co-Chair of the Mayor’s Life Sciences Advisory Council. Quentis is a clear example of a company founded on science from one of our City’s great institutions, matured by a New York entrepreneur, funded by local investors, and now will have the opportunity to continue to grow here. This story illustrates how breakthrough R&D companies can continue to have a future in the city, ultimately becoming a sustainable part of our future economy."