Partnership unites GE Ventures with Northwell Health’s Feinstein Institute For Medical Research.
A strategic partnership between GE Ventures and Northwell Health’s Feinstein Institute for Medical Research will provide up to $200 million in joint funding over seven years to support the opening of a new Center for Bioelectronic Medicine (CBEM) and advance diagnostic and therapeutic solutions for Alzheimer’s, cancer, diabetes, hypertension, and other diseases. With this funding, CBEM will foster the creation of new companies to bring life-changing solutions to market and work to discover, develop, and commercialize new diagnostic and therapeutic solutions in bioelectronic medicine that are proven to reduce dependency on prescription medication and their powerful side-effects.
“This alliance deepens and expands the strong collaborative relationship between GE and the Feinstein Institute, and on the tremendous work already accomplished by Dr. Kevin Tracey, Chad Bouton, GE scientists, and other leaders in the field,” says Sue Siegel, CEO, GE Ventures and healthymagination. “Together, we will work to develop groundbreaking discoveries to bring patients new diagnostic and therapeutic solutions.”
“This announcement marks our joint commitment to unlocking the promise of the discoveries made under Dr. Kevin Tracey’s leadership in order to deliver life-altering care to patients the world over,” adds Michael Dowling, president and CEO of Northwell Health.
According to Fierce Biotech, The Feinstein Institute has a number of existing partnerships including Cold Spring Harbor Laboratory, Karolinska Institute, and Battelle and is working with GlaxoSmithKline-backed SetPoint Medical, which aims to use bioelectronics devices in the treatment of patients with inflammatory diseases like Crohn’s.
“The key to successful research is strong collaboration, something we have enjoyed with GE for many years,” says Tracey. “We are building on that strong foundation to expand the Center for Bioelectronic Medicine.
“Our field is growing rapidly. It is only a matter of time before we can bring new therapies from the laboratory work bench to the patient’s bedside. Our partnership with GE now quickens the pace and brings the promise of our research and experiments closer to being fully realized.”
“GE’s collaboration with the Feinstein Institute brings critical mass to our efforts in terms of resources, know-how and partnerships,” says Bouton. “In just a few years, we will look back on this agreement as the moment when bioelectronic medicine took off. It’s an incredibly exciting time to be in this field.”