A developer of skin-care products in Farmingdale has been accepted into Gov. Andrew M. Cuomo’s Start-Up NY tax-free zones program, officials said.
BF Innovation Inc., a new business, is located in the zone at the Broad Hollow Bioscience Park on the campus of Farmingdale State College.
As part of Start-Up NY, BF Innovation will pay no state and local taxes for up to 10 years and its new employees will pay no state income taxes for as long as 10 years.
“We are focusing on the development of topical drug products – cream, gel – for dermatitis,” the company’s associate director, Jing Yang, said in a brief interview. “At this moment, we are purchasing equipment, recruiting people.”
She also said BF Innovation hopes to double its workforce of five people by year-end.
BF Innovation is the fourth Start-Up NY participant registered to the Farmingdale State zone.
The others are: Certerra Inc., which is developing a screening technique that can determine which neurons in the brain are affected by drugs; ProtiFi LLC, which makes preparation solutions used in the study of proteins, and Haystack Diagnostics LLC, which is developing a technology used to detect cancer and other diseases.
The startups are providing a needed boost to the bioscience park, which has been trying to attract tenants to space vacated by drugmaker OSI Pharmaceuticals when it moved to Illinois in 2013.
Farmingdale State president John Nader said the college hopes the facility will become a “center for cultivating new and innovative firms that serve the economy of Long Island.”
BF Innovation opened in February in the bioscience park because of the available "wet labs" for research and ability to share equipment with others, officials said. The company has promised to spend $1 million on equipment and other purchases over the next five years, according to the college.
State officials said BF Innovation is “performing formulations for prescription dermatology products, consisting of small molecule active pharmaceutical ingredients in the form of creams, lotions, ointments and gels.”
The company’s admittance into Start-Up NY gives the program 16 participants on Long Island and 234 statewide, according to Empire State Development, the state agency that oversees the program.
Start-Up NY businesses, as a group, have committed to creating 4,769 jobs over five years, including 121 locally. They also plan to invest $225 million, including $11.6 million in Nassau and Suffolk counties.