Two more technology businesses have been selected for the START-UP NY tax-free zone at Stony Brook University, bringing the total to 12.
Gov. Andrew M. Cuomo announced Wednesday that Anschel Technology Inc. and ASET Therapeutics LLC would move to the university.
Combined, they have promised to create seven jobs and invest $250,000 in equipment and materials over five years in return for not having to pay state and local taxes for up to 10 years. The companies' employees won't pay state income tax for up to 10 years.
Most of the jobs and spending will be at Anschel, a four-year-old manufacturer of a medical device that prevents blindness in patients after eye surgery.
The company's owner, Dr. David J. Anschel, developed SightSaver, a visual stimulator that helps to prevent post-operative blindness that can impact between 1,000 and 2,000 patients per year. He is director of St. Charles Hospital's Comprehensive Epilepsy Center of Long Island, in Port Jefferson.
ASET is a new biotechnology business that focuses on treatments for brain tumors and lung cancer. Last year, ASET purchased some of the assets of MetaStat Inc. of Montclair, New Jersey, another biotech business, in return for a $1 million investment from Meta-Stat. ASET also agreed to invest $1.25 million in the New Jersey company.
ASET was founded by Meta-Stat board director David Epstein, the former chief scientific officer at OSI Pharmaceuticals, which started at Cold Spring Harbor Laboratory but eventually moved to Illinois after being bought by a Japanese company.
Both Anschel and ASET will be located in Stony Brook's Long Island High Technology Incubator, using 500 square feet and 1,000 square feet, respectively.
Cuomo launched START-UP NY in 2013 with an expensive and ongoing national advertising campaign. So far, Stony Brook University has secured 12 tenants who together have agreed to hire nearly 150 people in five years and invest $6.3 million in equipment.
Cuomo said Wednesday, "By offering new companies the opportunity to operate tax-free alongside our first-class universities and talented workforce, this program is attracting significant private-sector investments and creating hundreds of new jobs for New Yorkers."