A Medical Device Daily

New York's Economic Development Corp. and the New York City Investment Fund reported teaming up on an initiative to fund biomedical research that has advanced beyond academic institutions, but is not yet ready to attract private funding.

The $5 million Translational Research Fund is designed to give researchers with ideas that could result in companies being formed in the city the added kick they need to propel their work out of what's come to be known in the industry as the "valley of death."

In their first move, fund officials announce BioAccelerate NYC competition, which will select up to five researchers for grants of as much as $250,000. In addition to funding, winners will receive mentoring from veteran bioscience entrepreneurs, who will help move projects along the commercialization pipeline.

In other grants news, the National Institutes of Health reported that it is awarding 15 new grants to further develop and test the Patient Reported Outcomes Measurement Information System (PROMIS). Managed by the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS; Bethesda, Maryland), PROMIS aims to revolutionize the way patient reported outcome tools are selected and employed in clinical research and practice.

PROMIS utilizes advances in computer technology and modern measurement theory to assess outcomes such as pain, fatigue, and other aspects of quality of life in a standardized manner. An important goal of the initiative is to develop valid and reliable clinical instruments that will allow the measurement of patient-reported symptoms more efficiently and effectively.