Published June 5, 2014
Aesku NY, Inc. and Lineagen, Inc., partners with the Buffalo Institute in Genomics, were announced as members of the first Start-Up NY program. START-UP NY stands for SUNY Tax-free Areas to Revitalize and Transform Upstate NY. The statewide program aims to spur economic development by enabling universities to identify areas where new and expanding businesses can operate for 10 years without paying New York State business, corporate, income, sales or property taxes, or franchise fees. The 12 businesses selected for this inaugural year are projected to invest $50 million and create nearly 400 new jobs in tax-free areas sponsored by the University at Buffalo, Rochester Institute of Technology (RIT), Cornell University, and SUNY Downstate Medical Center.
“START-UP NY takes New York's number one liability – our tax capital reputation – and turns it on its head by offering companies zero taxes for 10 years, as well as access to all the assets of the Empire State, particularly the talent and research capabilities of our world-class universities," Governor Cuomo said.
Aesku NY, Inc. is a spin-off of AESKU.DIAGNOSTICS, based in Wendelsheim, Germany, a research-focused supplier of innovative and efficient products and services for the early detection, diagnosis and prognosis of autoimmune diseases. The company will be new to New York State and locate at the University at Buffalo downtown campus (Gateway Building). The company is also part of NY Genomic Medicine Network, and will invest approximately $2.8 million.
Lineagen, Inc. is a biotechnology company that is focused on commercialization of diagnostic testing methods for identifying genetic variations known to be associated with autism spectrum disorder and other developmental delays. The company will expand its test to improve personalized medicine in the areas of drug suitability for multiple sclerosis patients and deterioration rates for chronic obstructive pulmonary disease; and is a new business that is locating at the University at Buffalo’s downtown campus (Hauptman Woodward Institute). The company is also part of the NY Genomic Medicine Network and will invest approximately $55,000.