MANHASSET, N.Y., Jan. 14, 2016 /PRNewswire-USNewswire/ -- In his State of the State and Budget Address on Wednesday, New York Governor Andrew Cuomo reiterated his commitment to economic innovation on Long Island, a commitment made evident earlier this month with a $50 million pledge to the Feinstein Institute for Medical Research's groundbreaking Center for Bioelectronic Medicine, the most ambitious research venture ever undertaken by the Feinstein's parent company, Northwell Health (formerly known as the North Shore-LIJ Health System). The $50 million earmarked included in the Governor's proposed budget is subject to state legislative approval.
The state funding would leverage approximately $300 million in private investment, which would go toward building the facilities necessary to pursue this cutting-edge, scientific research as well as attracting top researchers and executives. The new initiative is expected to create as many as 650 new jobs in the region, and further distinguish the Feinstein Institute and Northwell Health as leaders in this burgeoning medical field.
"Having discovered the immense clinical promise of bioelectronic medicine to treat diseases including arthritis and cancer, we are poised to seize on the momentum of our work and build the center we need to unlock its full potential," said Kevin J. Tracey, MD, the Feinstein Institute's president and CEO. "The governor's support of bioelectronic medicine is potentially game-changing, and we look forward to leveraging the state's support, as well as private philanthropy and corporate investment to bring improved treatments to patients."
Bioelectronic medicine is a scientific discipline that brings together neurophysiology, molecular medicine and biomedical engineering, deciphering and manipulating electrical signals produced by the nervous system to communicate information to the rest of the body. By recording, stimulating, blocking and even overwriting 'corrupted' neural signaling, Dr. Tracey and his colleagues are developing new therapies that have already proven successful in European clinical trials. This new approach promises to deliver outcomes superior to pharmaceuticals in terms of efficacy, safety and cost, potentially without side effects.
"As New York State's largest private employer and leading health system, we are passionate about our commitment to making this state healthier and more prosperous," said Michael Dowling, Northwell Health's president and CEO. "Boosted by the governor's investment, we are excited to continue to lead the charge for growth and innovation, and look forward to seeing Long Island become an internationally recognized destination for the best and brightest minds in the field of medical research."
In anticipation of the center's launch, the Feinstein Institute recently hired Chad Bouton, an award-winning research leader at Battelle, the world's predominant non-profit research and development organization, where he worked as vice president of advanced engineering and managing director of the Center for Bioelectronic Medicine. In addition, another key Feinstein Institute researcher, Yousef Al-Abed, PhD, was promoted to division leader of molecular targets and the center's head of Molecular Innovation.
About The Feinstein Institute
The Feinstein Institute for Medical Research, the research arm of Northwell Health, is home to international scientific leaders. We rank in the top 6th percentile of all National Institutes of Health grants awarded to research institutes. We're making breakthroughs in many areas, including genetics, oncology, brain research, mental health, autoimmunity and immunology, and bioelectronic medicine – a new field of science that has the potential to revolutionize medicine. For more information about how we empower imagination and pioneer discovery, visit FeinsteinInstitute.org.
About Northwell Health
Northwell Health (formerly North Shore-LIJ Health System) is New York State's largest health care provider and private employer. With 21 hospitals and nearly 450 outpatient practices, we serve 8 million people in the metro New York area and beyond. Our 61,000 employees work to change health care for the better. We're making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Hofstra Northwell School of Medicine and the School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect. For information on our services in more than 100 medical specialties, visit Northwell.edu.
SOURCE Northwell Health; The Feinstein Institute for Medical Research