Upstate, ESD Provide Additional Support to Upstate Biotech Ventures, Bringing Fund Total to $10 Million

Upstate Medical University and Empire State Development (ESD), in collaboration, provided an additional $4 million to Upstate Biotech Ventures (UBV), bringing the fund total to $10 million. State University of New York Chancellor John B. King Jr., made the announcement July 15. UBV is Upstate’s startup biotech fund, which is also supported ESD and SUNY, and managed by Excell Partners. This milestone comes about a year after the fund’s official launch in July 2024 with an initial $6 million in backing from Upstate and ESD.

UBV was established to support and accelerate the growth of early-stage biotech, life sciences, and health tech companies in Upstate New York. The latest infusion of capital underscores growing confidence in the region’s innovation potential and the fund’s targeted approach to advancing cutting-edge healthcare solutions.

The $4 million was provided by Empire State Development and Upstate Medical University. Fundraising has already begun with private investors to continue growing the fund.

“The ongoing investment by SUNY, Empire State Development, and Upstate Medical supports transformative early-stage scientific research that will benefit New York State, our nation, and the entire global community,” said SUNY Chancellor King. “We look forward to the continued success of this fund and the research projects it serves.”

Mantosh Dewan, MD, president of Upstate Medical University, said, “This latest investment validates the vision behind Upstate Biotech Ventures—to cultivate breakthrough biomedical innovations right here in Upstate New York. With public and now private support, we’re excited to accelerate the region’s emergence as a national hub for biotech research and entrepreneurship.”

In conjunction with increasing the fund to $10 million, UBV also announced its first round of investments, totaling over $1.8 million across three high-potential startups:

DUB Therapeutics – $1 million investment 

DUB Therapeutics, an Upstate Medical University spinout company, is developing a revolutionary self-delivering siRNA (sdRNA) therapeutic aimed at preventing inflammation and scarring in corneal injuries. By targeting the USP10 protein, their sdRNA technology can penetrate cells without additional reagents and provide long-lasting treatment with just a single dose. Their initial product—an eye drop for corneal opacification—is designed to reduce vision loss risk from infection or trauma, addressing a significant unmet need in ocular medicine. The cofounders of DUB Therapeutics are Upstate Professor Audrey Bernstein, PhD, and Upstate Sr. Research Support Specialist Tere Williams.

MimiVax – $500,000 investment

MimiVax is advancing immunotherapy for brain cancer, with a focus on glioblastoma (GBM), one of the most lethal forms of brain tumors. The company’s lead candidate, SurVaxM, is a peptide-based vaccine targeting survivin, a protein highly expressed in cancer cells. Currently in Phase 2B clinical trials, SurVaxM has already achieved full enrollment and represents a potentially life-extending therapy for patients with GBM and other cancers.

sayhii – $350,000 investment

sayhii is a transformative voice-of-the-employee platform focused on daily engagement. By delivering personalized questions each morning, sayhii captures real-time employee feedback to enhance culture, improve communication, and support leadership decision-making with actionable insights. Its mission is to make every employee’s voice heard—driving trust, transparency, and data-informed workplace strategies.

In keeping with the funding guidelines, all companies that receive investments are clients

Plaudits for the additional investment in the venture fund came from many.

SUNY Trustee Eric Corngold, Chair of the Academic Medical Centers and Hospitals Committee, said, “Investing in cutting-edge research and transformative biotechnology today will help ensure New York State is a leader in this emerging and essential field for generations to come. We applaud Governor Hochul and her administration for supporting this forward-looking initiative that will support Upstate communities, spark innovation, and spur job creation throughout the region.” 

SUNY Research Foundation President and SUNY Executive Vice Chancellor for Academic Affairs and Provost Melur Ramasubramanian said, “Continued investment in the Upstate Medical University community and the broader Central New York region provides much needed capital to researchers and entrepreneurs who are developing life-changing medical and life sciences innovations. As part of a robust portfolio of innovative programs that make up SUNY’s technology-to-market strategy, Upstate Biotech Ventures plays an important part in catalyzing SUNY’s far-reaching research, innovation, and entrepreneurial capacity.” 

Empire State Development President, CEO and Commissioner Hope Knight said, “Empire State Development is proud to support Upstate Biotech Ventures as it identifies and invests in the next generation of biotech and life sciences companies across the region. From developing groundbreaking cancer therapies and innovative ocular treatments to advancing tools that improve workforce engagement, these first investments reflect the remarkable breadth of innovation happening in Upstate New York. ESD’s continued partnership with UBV reinforces our commitment to ensuring that companies with transformative ideas—like MimiVax, DUB Therapeutics, and sayhii—have the resources they need to grow, thrive, and create a healthier, more connected future right here in New York State.”

Excell Partners CEO Theresa Mazzullo said, “Upstate Biotech Ventures exists to support companies like DUB Therapeutics, MimiVax, and sayhii, which are just three examples of the many promising high-tech companies that are innovating new technologies and addressing challenges in the healthcare industry. UBV provides life science companies like sayhii, DUB Therapeutics, and MimiVax the critical capital required to launch and grow in Upstate NY.”

State Senator Rachel May said, “The $4 million expansion for Upstate Biotech Ventures Fund is an exciting development. SUNY, Upstate Medical University, and Empire State Development support several companies in Central New York that are leading groundbreaking biotech projects, strengthening our region’s position as a leader in this field. The additional funds will allow companies to continue innovating, benefiting our local economy and the health of our community. Thank you to SUNY Chancellor King and many others for ensuring continued investment in this critical research.”

State Assembly Higher Education Committee Chairwomen Alicia Hyndman said, “This expansion of the Upstate Biotech Ventures Fund is more than just an investment in technology, it’s an investment in people, in ideas, and in a healthier future for all New Yorkers. As Chair of the Assembly Higher Education Committee, I’ve seen the transformative power of what happens when SUNY campuses, state partners, and private investors come together to support innovation at its earliest stages. This $10 million fund will help launch the next generation of life-saving breakthroughs while growing opportunity right here in Upstate New York.”

State Assemblymember William Magnarelli said, “The investment in Upstate Medical’s startup biotech fund helps Central New York establish itself as a region that supports and accelerates the growth of early-stage biotech, life sciences, and health tech companies. The partnerships and opportunities created locally during the entrepreneurial stage create a catalyst for growth in our Central New York region.”

UBV continues to review additional startups for future funding and plans to build on this momentum with further investments aimed at improving human health and strengthening the life sciences ecosystem across the state.