Northwell Health's Feinstein Institute for Medical Research today announced a strategic alliance with GE Ventures to support the Feinstein's Center for Bioelectronic Medicine (CBEM). With this investment, the Feinstein Institute will continue its work in discovering, developing and commercializing new diagnostic and therapeutic solutions in bioelectronic medicine for a wide range of acute and chronic diseases and injuries, including neurodegenerative diseases, cancer, diabetes and hypertension.
The Feinstein Institute is the worldwide leader for the advancement of scientific knowledge and intellectual property for bioelectronic medicine. Bioelectronic medicine represents the convergence of three well-established scientific fields: neuroscience, molecular and cell biology, and bioengineering. The Feinstein Institute team, led by Kevin J. Tracey, MD, a neurosurgeon who pioneered the field, has been working in this area since 1998, and Northwell Health has already invested $75 million in support of the underlying research. As bioelectronic solutions are successfully identified, tested and refined, CBEM will foster the creation of new companies to bring life-changing solutions to market.
The new alliance will greatly build upon groundbreaking work that started between the Feinstein Institute and a team of GE scientists specializing in bioelectronics research at GE's Global Research Center in Niskayuna, NY. The alliance will be headquartered at the Feinstein Institute in Manhasset, NY, with continued close collaboration on research at GE's Niskayuna research facility.
"The world looks to GE for innovative leadership in industrial and digital engineering and manufacturing, and it looks to the Feinstein Institute for Medical Research as the intellectual home of the emerging field of bioelectronic medicine. This announcement marks our joint commitment to unlocking the promise of the discoveries made under Dr. Kevin Tracey's leadership in order to deliver life-altering care to patients the world over," said Michael Dowling, president and CEO of Northwell Health.
"This alliance deepens and expands the strong collaborative relationship between GE and the Feinstein Institute, and on the tremendous work already accomplished by Dr. Kevin Tracey, Chad Bouton, GE scientists and other leaders in the field," said Sue Siegel, CEO, GE Ventures and healthymagination. "Together, we will work to develop groundbreaking discoveries to bring patients new diagnostic and therapeutic solutions."
"We could not be more delighted to make this announcement with GE. The key to successful research is strong collaboration, something we have enjoyed with GE for many years. We are building on that strong foundation to expand the Center for Bioelectronic Medicine. Our field is growing rapidly. It is only a matter of time before we can bring new therapies from the laboratory work bench to the patient's bedside. Our partnership with GE now quickens the pace and brings the promise of our research and experiments closer to being fully realized," said Dr. Tracey, the Feinstein Institute's president and CEO.
"GE's collaboration with the Feinstein Institute brings critical mass to our efforts in terms of resources, know-how and partnerships," said Chad Bouton, director of the Feinstein Institute's Center for Bioelectronic Medicine. "In just a few years, we will look back on this agreement as the moment when bioelectronic medicine took off. It's an incredibly exciting time to be in this field."
After almost three decades of research, the expansion of the Center for Bioelectronic Medicine represents the rapidly emerging field of bioelectronic medicine. GE and the Feinstein Institute's new investment will support and advance basic and applied research and development as well as clinical development, and the advancement of systems and materials to support the application of new technologies.
About Northwell HealthNorthwell Health is New York State's largest health care provider and private employer, with 21 hospitals and over 550 outpatient facilities. We care for more than two million people annually in the metro New York area and beyond, thanks to philanthropic support from our communities. Our 61,000 employees – 15,000+ nurses and nearly 3,400 physicians, including nearly 2,700 members of Northwell Health Physician Partners -- are working to change health care for the better. We're making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Hofstra Northwell School of Medicine and the School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect. For information on our more than 100 medical specialties, visit Northwell.edu.
About The Feinstein InstituteThe Feinstein Institute for Medical Research is the research arm of Northwell Health, the largest healthcare provider in New York. Home to 50 research laboratories and to clinical research throughout dozens of hospitals and outpatient facilities, the 3,500 researchers and staff of the Feinstein are making breakthroughs in molecular medicine, genetics, oncology, brain research, mental health, autoimmunity, and bioelectronic medicine – a new field of science that has the potential to revolutionize medicine. For more information about how we empower imagination and pioneer discovery, visit FeinsteinInstitute.org
About GE VenturesGE Ventures identifies, scales and accelerates ideas that will help make the world work better. Focused on the areas of software, advanced manufacturing, energy and health care, GE Ventures combines equity investing, new business creation, licensing and technology transfer to deliver an innovation platform designed to drive growth for partners and GE. For more information, visit http://www.geventures.com, or follow on Twitter (@GE_Ventures) and LinkedIn.
