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Farmingdale State gets first START-UP NY tenants

Broad Hollow BioScience Park at Farmingdale State

Broad Hollow BioScience Park at Farmingdale State College on Oct. 21, 2014. Photo Credit: Barry Sloan

Farmingdale State College has secured the first tenants for a state-designated tax-free zone, opening a new chapter for a business incubator that has been dormant since 2013.

Gov. Andrew M. Cuomo announced Wednesday that two biotechnology businesses, Mitogenetics LLC and Codagenix Inc., would be coming to the college as part of the START-UP NY program, which aims to attract small technology companies to New York State with tax incentives.

Together, the companies will occupy 5,212 square feet in the Broad Hollow Bioscience Park, which is located along Route 110 and has been vacant for more than a year.

Cuomo also said Stony Brook University has added two more tenants to its tax-free zone, bringing the total there to 14.

Mitogenetics develops compounds for treating diseases linked to cells that lose their energy source because of genetic or environmental causes. The 4-year-old company has pledged to create 15 jobs and invest $2.7 million in equipment and materials.

Mitogenetics operates in Iowa and South Dakota and has been working with SUNY Old Westbury's Neuroscience Research Institute, though records show it has no employees in New York State.

Farmingdale State's other tenant, Codagenix, digitally simulates viruses to help produce vaccines. It raised $1.3 million last year, including $100,000 from Accelerate Long Island and the Long Island Emerging Technology Fund.

Codagenix, founded in 2011, is moving from Stony Brook University and plans to create five jobs and spend $135,000.

The Bioscience Park has been empty since 2013, when its sole tenant, OSI Pharmaceuticals, was moved by its parent company to Illinois.

Farmingdale State president W. Hubert Keen said the science park provides "an environment where start-up companies can thrive, grow and contribute to the economic prosperity of Long Island -- with the advantage of access to the intellectual capital of our faculty and student interns."

The ability to do animal testing was a factor in the startups' coming to Farmingdale State, according to Jason Conwall, a state spokesman.

Companies participating in START-UP NY will pay no state and local taxes for as many as 10 years in return for investment and hiring. Their employees will pay no state income taxes for a maximum of 10 years.

At Stony Brook, C&M Robotics Co. Ltd., a South Korean manufacturer of robotics hardware, has promised to create eight jobs and invest $950,000 in equipment at a satellite facility.

QB Sonic Inc. is developing ultrasound medical devices based on technology from the university. It plans to hire five people and invest $25,000.

The two startups will use 1,150 square feet of space in Stony Brook's Long Island High Technology Incubator.

No taxes for 10 years

Tenants selected so far for the START-UP NY tax-free zones at Stony Brook University and Farmingdale State College:

16 Total companies

181 Jobs to be created in five years

$10.2 million Investment in equipment, materials and facilities

SOURCE: Empire State Development

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