July 24 2020

Week in Review: July 20 – 24, 2020

Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:


Times Union: CEG still participating in ‘virtual’ Semicon West show


Rochester Company Buys Former State Farm Building In Malta, Starts To Lease Space

“Rochester-based Flaum Management Co. Inc has purchased the former State Farm Operations Center located off Northway Exit 12 in Saratoga County.

The building sat empty for approximately two years before being auctioned off in March by Ten-X Commercial, an online real estate platform.”

Roosevelt Bath in Saratoga Spa Park reopens as wellness center

“The long vacant Roosevelt 2  Bathhouse in Spa State Park has been partially restored and reopened as a center for wellness.

In a Monday morning press conference, state Parks and Recreation officials announced the historic brick building, that has been closed since the late 1980s, will house Coesa, a nonprofit to promote physical, spiritual, social and mental health. The $2.3 million renovation, which included a restoration of the foyer and bathrooms, as well as asbestos abatement and updated plumbing and heating, is part of a park’s plan to make the building a center for arts and wellness.”

‘My phone is ringing off the hook’: Manufacturer to open Albany division for suddenly hot HVAC device

“Pradeep Haldar is working on a product that could play a role in how building owners respond to concerns about indoor air quality because of the Covid-19 pandemic.

Prompted by the push to slow the spread of the virus, many business owners are searching for ways to step up air filtration in HVAC systems. The problem is that small-engine fans in most systems aren’t able to handle a high-efficiency air filter because those filters are more dense, said Haldar, a former SUNY Polytechnic Institute professor who is now president of Halovation, a technology commercialization company.”

Tonko announces $397K science grant to RPI

“U.S. Rep. Paul Tonko announced a grant awarded to Rensselaer Polytechnic Institute by the National Science Foundation (NSF) totaling $397,537 for research on how to strengthen and improve carbon-fiber-reinforced composites, which are used aerospace, defense, energy and automotive industries.

The project is led by Dr. Nikhil Koratkar, Professor of Mechanical, Aerospace, and Nuclear Engineering at Rensselaer.”

Capital Region jobless rate estimated at 10.5% for June

“The Albany-Schenectady-Troy metropolitan statistical area had an estimated 10.5% unemployment rate in June, the state Department of Labor reported Tuesday.

t was the second-lowest rate among the state’s 15 metro area, after Ithaca (8.9%).”

AngioDynamics beefing up Auryon laser team following acquisition

“AngioDynamics will more than double the size of the team focused on its Auyron laser over the next six months as the medical device company prepares to take one of its newest acquisitions to market.

Chief executive Jim Clemmer expects the blood vessel plaque removing laser will generate sales of $7 million to $10 million by the end of its fiscal year on May 31, 2021. Commercial launch of the product is scheduled to occur in the next six months.”

Semiconductor industry incentive package passed by U.S. Senate

“U.S. Senators Charles Schumer and Kirsten Gillibrand pushed through a massive semiconductor manufacturing incentive package worth as much as $25 billion that could benefit GlobalFoundries and IBM, both of which have a large presence in the Capital Region and the Hudson Valley.

The bill, which must also be passed by the House and signed by President Donald Trump, will help the U.S. computer chip industry fend off the heavily subsidized Chinese chip industry and support the U.S. Defense Department’s domestic chip making supply.”

Rasp Inc. expanding Moreau manufacturing complex

“Rasp Inc. has selected JAG Group to design and construct a warehouse expansion to open up more manufacturing space at the company’s 27,000-square-foot plant off Route 9 in Moreau.

The industrial control panel manufacturer is seeing heavy demand from manufacturers who are ordering controls used to operate pumps, compressors and turbines.”

CDPHP signs deal with Troy health care tech startup Levrx

“CDPHP is partnering with Troy health care startup Levrx Technology to help patients find the lowest cost for their prescriptions.

The digital platform by Levrx shares information on which medications are covered under a patient’s health plan and which pharmacy sells those medications for the lowest cost. It contracts with health insurers, and the platform is used by physicians, pharmacies and patients.”

AngioDynamics evolves to bring innovation to patients amid pandemic

“Many Capital Region companies are struggling just to stay afloat during the coronavirus pandemic.

But AngioDynamics, the Latham-based medical device manufacturer, is transforming itself during the pandemic, even as its earnings have temporarily suffered as elective medical procedures have been put off in many cases to allow hospitals nationwide to make way for patients suffering from COVID-19, the respiratory disease caused by the coronavirus.”

YouThisMe signs contract with Columbia Memorial Hospital, prepares for boost in telemedicine demand because of pandemic

“When YouThisMe got a spike of interest in its remote patient monitoring software during the Covid-19 pandemic, the company had to hold off on responding.

That’s because in order for patients to use the platform — which allows them to easily share health information with providers from home — they need to have access to medical instruments such as a Bluetooth thermometer. Many of these devices were completely sold out during the pandemic, so YouThisMe essentially wasn’t able to expand the business, said Seth Lachterman, founder and partner of the Hudson-based company.”

Funding Partners