New York plans to invest $38 million in biotech centers at four institutions around the city.

The applied research and development facilities will be at Columbia University, Montefiore-Einstein, the New York Stem Cell Foundation, and Rockefeller University.

The $38 million in infrastructure grants are part of the LifeSci NYC initiative, a 10-year, $500 million program meant to establish the city as a public health destination.

Each of the new facilities will focus on fostering partnerships between academic scientists and biotech and pharmaceutical companies with the goals of advancing new treatments for patients and growing the industry locally.

"We're going to bring together some of the top researchers in the world and some of the top entrepreneurs in the world to intensify research and development, to come up with new treatments, to come up with solutions," Mayor Bill de Blasio said at a press conference Thursday. "Nowhere do you find that ability to create and solve problems more than in New York City."

Read the full story in New York Business Journal