May 14 2021

Week in Review: May 10 – May 14, 2021

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 and Denmark hosting virtual offshore wind industry tours

Central New York Business Journal: NY MEP Recovery Initiative offers nearly $1M in project funding for manufacturers


Armory Square Ventures tracking companies in the Capital Region

“Armory Square Ventures has only invested in five companies so far through its second fund, which means there’s money left for roughly 10 more. And there’s a chance some of those startups will be in the Capital Region.

“We actually have a database of thousands of companies that we track across our geographies, and there’s hundreds of companies that we are currently monitoring in the Albany Capital Region,” said Somak Chattopadhyay, managing partner of Armory Square Ventures.”

Regeneron Pharmaceuticals Inc. sales propelled by demand for eye, asthma, eczema and oncology medications

“Global sales of Regeneron Pharmaceuticals Inc.’s medication for treating asthma and eczema grew 48% during the past three months to $1.26 billion.

Surging demand for Dupixent now gives the New York drug manufacturer two medications that are generating well over $1 billion a quarter.”

New York’s Regional Economic Development Council competition returns for 2021 with some changes

“New York state has opened applications for its annual $750 million Regional Economic Development Council competition — and this year some businesses may be able to get state money for their projects sooner.

The state has changed the process for how some of the money will be distributed in 2021. Instead of announcing all of the projects during a large event in December, $150 million in grants from Empire State Development will be available to fund certain projects on a rolling competitive basis throughout the round.”

SUNY Poly prof awarded $250,000 from National Science Foundation

“SUNY Polytechnic Institute Professor Susan Sharfstein won $250,000 in research funding from the National Science Foundation to develop a new bio-engineered version of the blood thinner herapin.

The money is part of a $1 million grant awarded to a team of collaborators on the project that also includes TEGA Therapeutics and the Albany College of Pharmacy and Health Sciences’ Center for Biopharmaceutical Education and Training, which is located at SUNY Poly’s Albany campus.”

The Costumer to open superstore in Mohawk Harbor

“The Costumer will be moving its Colonie operations to Schenectady and opening a new retail store at Mohawk Harbor.

Co-owner Erik Johnsen said Wednesday the move will increase efficiency by consolidating operations in the city where The Costumer was founded 104 years ago.”

Glens Falls awards Market Square project to Bonacio Construction

“Bonacio Construction will rehab a pair of city-owned buildings along South and Elm streets and construct a multi-story parking garage as part of the city’s Downtown Revitalization Initiative.

The Common Council, on Tuesday, awarded the project, known as Market Square, to the Saratoga Springs-based construction company after receiving just two responses to a request for qualifications issued back in March. MLB.”

Vyv’s LED lights effective against type of viruses that include the common cold, study finds

“A new study shows the LED lights made by startup Vyv are effective against a certain class of viruses, which could make them more attractive to companies wanting to more easily decontaminate spaces or products.

Vyv (formerly Vital Vio) makes non-ultraviolet LEDs that kill microbes that grow on surfaces. Unlike UV light, the very specific wavelength of visible light produced by Vyv’s LEDs is safe for use around humans. Vyv partners with other companies to incorporate the technology into products.”


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