Economic Development News & Updates in
Greater New Haven
New Haven biotech to create new subsidiary focused on cancer drugs
A New Haven biotechnology company that has already had some success using using artificial intelligence to develop its first U.S. Food and Drug Administration approved drug is now developing a subsidiary to focus on cancer treatments.

Officials at BioXcel Therapeutics said Tuesday they are creating a new wholly-owned subsidiary, OnkosXcel Therapeutics.

“The formation of OnkosXcel will unlock significant value for both our neuroscience and immuno-oncology franchises and build a foundation for sustainable growth,” Vimal Mehta, chief executive officer, said.

“For BioXcel Therapeutics, this is the logical next step as we advance our five-year vision of becoming the premier AI-driven neuroscience company,” Mehta said. Read More
Geballe Takes The Wheel Of Town-Gown Tech 3.0
osh Geballe ushered the DMV into the 21st century. Can he do the same for New Haven’s start-up economy?

He’s ready to give it his best.

Until two months ago, Geballe served as Gov. Ned Lamont’s chief operating officer (aka right-hand man), overseeing daily responses to the Covid-19 pandemic and, not incidentally, finally bringing license renewals online and revamping the seemingly hopeless Department of Motor Vehicles along with a team of other state officials.

Now Geballe has taken on another ambitious task: heading a new department at Yale charged with ​“supporting and expanding innovation and entrepreneurship across the university and throughout the Greater New Haven region.” Read More
United Illuminating to rebuild transmission lines along rail corridor between Milford and New Haven
The United Illuminating Co. is preparing for a multi-year, $300 million transmission line upgrade along a 9.5-mile stretch of the railroad corridor between Milford and New Haven, officials with the Orange-based electric utility said.

The project, which will begin in late 2023 and run until late 2028, will serve two purposes, company officials said in announcing the plan.

One is to rebuild 115-kilovolt lines to conform to current utility industry standards. The other is to separate those transmission lines from their current spot along railroad catenary structures which power electrified Metro North commuter trains.

Frank Reynolds, UI’s president and chief executive officer, said the so-called Milvon to West River Transmission Line Rebuild Project will “improve the resiliency of our electric grid.” The railroad line is controlled by the state Department of Transportation. Read More
First Net-Zero Hotel and First Passive House-Certified Hotel in the US to Open This Spring
The newest Tapestry Collection by Hilton property slated to open this May 19, 2022 is also what is believed to be the country’s first net-zero hotel: Hotel Marcel New Haven in New Haven, Connecticut.

The hotel is also expected to be the first Passive House-certified hotel in the country and will be one of less than a dozen LEED Platinum-certified hotels in the U.S. Everything from its 165 rooms and suites to its restaurant and laundry areas will use the energy produced from on-site solar panels.

But what’s unique about the hotel is that it isn’t a new build: Hotel Marcel’s building was originally built in 1970 as the Armstrong Rubber Company headquarters and is listed in the State and National Register of Historic Places, but lead architect, developer and owner Bruce Redman Beeker, FAIA, LEED AP of Becker + Becker chose to renovate the hotel into the vision of a more sustainable future. Read More
2022 CEDS Annual Update and Performance Report Comment Period
The draft of the South Central region’s CEDS Update is available for public review & comment April 27-May 27, 2022. Draft is available at Send all comments to or REX Development, PO Box 1576, New Haven, CT 06506, (203) 821-3682.
More News & Events
May 17 & 18 Yale Innovation Summit: New Venture Haven at the Omni New Haven Hotel at Yale Read More

New Haven athlete, teammates headed to Fla. for Special Olympics USA Games Read More

What to Consider When Visiting a College Town Read More

Quinnipiac introduces new career information app to students Read More