Branford Delegation Welcomes Renovations Loans for Newly Arrived Icahn Genomics Lab

State Representatives Lonnie Reed (D-Branford) and Sean Scanlon (D- Guilford, Branford), and State Senator Ted Kennedy Jr. (D-Branford) said they welcomed the State Bond Commission’s approval of a loan to help a renowned New York bioscience institute create and expand a new genomics laboratory in Connecticut.

Icahn School of Medicine at Mount Sinai, Inc. in Branford will receive a $9.5 million low interest loan to assist with leasehold improvements and operating costs for a genetic sequencing laboratory. Already in residence, the company is expected to create at least 145 jobs within five years.

“The Mt. Sinai Genomics Laboratory is a superb addition to our growing biotech sector,” said State Rep. Lonnie Reed, Co-Chair of the General Assembly’s Bipartisan Life Sciences Caucus. She continued in a prepared statement, “In addition to creating high paying jobs and stimulating our economy, the new lab is conducting DNA sequencing to advance research and develop new clinical tests for major diseases, including cancer, diabetes and Alzheimer’s. We worked hard to bring Mt. Sinai to Branford and I am grateful to Governor Malloy and the Department of Economic and Community Development for approving our state’s investment in this remarkable institution.”

The loan will be provided at an interest rate of 2 percent for ten years with principal deferred for five years. The company will be eligible for loan forgiveness of up to $7.25 million if it meets incremental job creation goals within five years.

“In Connecticut, we are forming a cluster of some of the world’s leading bioscience institutions, which are growing jobs needed to compete and win in the 21st Century economy,” Governor Dannel P. Malloy said in a prepared statement. “The state-of-the-art genomics research facility being launched in Branford by the Icahn School of Medicine at Mount Sinai will play a strong part in creating good paying jobs with good benefits while making major advancements in the research, development and discovery in personalized medicine.”

“Branford is rapidly becoming a major center of activity in Connecticut’s growing bioscience field,” said Senator Ted Kennedy, Jr. in a prepared statement. “The Icahn School of Medicine’s expansion will help put Branford on the map as they lead the way in developing treatments for cancer and other life-threatening diseases. Beyond that, this new genomics lab will put dozens more people to work, generating increased economic activity in Branford and throughout the region. I thank Governor Malloy for his continued support for Branford’s bioscience industry.”

“The assistance in Connecticut, both locally and at the state level, has been exceptional,” said Dr. Todd Arnold, Manager/Director of the Ichan School in a prepared statement. “I thank Rep. Reed for her tireless efforts on our behalf and the energy we received from the state in the way of finding a location, recruitment and funding.”

“This investment, along with other recent state and private investments, have allowed Branford to quickly become a hub for a growing biotech industry which not only creates high paying jobs in the area but also makes us home to groundbreaking research that will ultimately save lives,” Rep. Sean Scanlon (D-Guilford, Branford) said in a prepared statement. “Companies like Mt. Sinai represent the future of economic growth in our area and I look forward to working with my colleagues to encourage more development in this critical field.”