University of Buffalo and Buffalo Niagara Medical Science have cut the ribbon on a new $32m innovation program aimed at commercialising local medical research.

University of Buffalo and Buffalo Niagara Medical Science have officially launched a new $32m Innovation Hub with the purpose of translating local life sciences research into marketable products, Amherst Bee reported today.

The Innovation Hub is funded for five years by the New York state government to support research conducted by its members. In addition to University of Buffalo, these include Roswell Park Comprehensive Cancer Center, The Jacobs Institute, Hauptman Woodward Medical Research Institute and local healthcare system Kaleida Health.

The $32m budget includes $13.5m for a University of Buffalo-run commercialisation fund expected to supply portfolio companies with $250,000 initially while also offering follow-on commitments sized at up to $1m.

Innovation Hub will have $11.5m available for other entrepreneurial services and administrative expenses, and will spend another $5m extending University of Buffalo incubator New York State Center of Excellence in Bioinformatics and Life Sciences.