Week in Review: August 5 – August 9, 2019
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CEG IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“Velan Studios — the downtown Troy video gaming studio started by brothers Karthik and Guha Bala — has grown to 70 employees from 40 people at the start of the year.
The Balas say they plan to get to 80 employees by year-end.”
“A Schenectady biotech firm has received a $3 million grant to research a treatment for drug-resistant infections, and may get $6.2 million more if it demonstrates progress toward the goal.
Bravos BioSciences is receiving the money from CARB-X, a worldwide nonprofit partnership led by Boston University that is searching for a way to deal with the growing number of pathogens that can’t be killed with antibiotics.”
“Schenectady-based Kirsh Helmets has set up computerized production equipment in Queensbury and set up shop at the massive Sturgis Motorcycle Rally, where it is the official event helmet.
Now it just needs to get its lids on retailers’ shelves and on bikers’ heads.”
“Philips Medical Systems MR Inc. is moving forward with its planned $13.2 million expansion in Latham.
Philips, which makes magnets for MRI machines, is proposing a 36,200-square-foot, one-story addition to its existing manufacturing plant at 450 Old Niskayuna Road. The expansion is expected to create more than 90 jobs.”
“The owners of 39 N. Pearl St. in downtown Albany are opening a food court this fall as the concept picks up steam in the region.
The 5,000-square-foot court is expected to open in November with five vendors and shared seating for customers. The types of cuisine and vendor names aren’t being disclosed yet.”
“A new roll-on, roll-off ramp that’s intended to ease movement of massive “heavy lift” cargoes at the Port of Albany is nearly complete, a year ahead of schedule.
Port Chief Executive Officer Rich Hendrick said Tuesday that the $16.5 million project is intended to ease the movement of cargoes such as large generators and turbines manufactured at the Schenectady General Electric Co. plant between barges and a warehouse.
“Regeneron Pharmaceuticals’ revenue grew to $1.93 billion over the last three months, fueled by double-digit increases in medications that treat eye disease, eczema and asthma.
Revenue for the second quarter increased 20% compared to the same period last year. Much of that growth came from increased demand for macular degeneration drug Eylea, as U.S. sales of the drug jumped 17% to $1.16 billion.”
“The city is on the verge of converting its solid waste into energy as part of an experimental new project.
Biowaste Pyrolysis Solutions (BPS), the Schenectady-based company spearheading the effort, briefed residents about its demonstration project Wednesday.”