Colorado BioScience Association Praises Governor Ritterâ€™s Signing and Rep. Riesberg and Sen. Baconâ€™s Sponsorship of the Bioscience Research Grant Program (HB 1001)
DENVER--(BUSINESS WIRE)--Colorado Governor Bill Ritter today signed HB 1001, spurring development of the Stateâ€™s bioscience industry. The announcement is made by Denise Brown, Executive Director of Colorado BioScience Association (CBSA), who extends appreciation of the 400-member trade association she represents to Governor Ritter, Representative Jim Riesberg (D-Greeley), Senator Bob Bacon (D-Ft Collins) and the Colorado General Assembly for their unwavering support of this important legislation.
â€œThese elected officials have become very effective champions for this promising industry. With their support Colorado has an opportunity to compete globally in this important science-based industry,â€ Brown explains. â€œThe Bioscience Research Grant Program puts $26.5 million over the next five years into several initiatives within Coloradoâ€™s bioscience industry. These funds and program will be managed by the Colorado Office of Economic Development and International Trade.â€
According to Rep. Riesberg, â€œIâ€™ve carried this legislation because I believe the bioscience sector is a vital industry and one where Colorado has a unique advantage. We have an opportunity to catalyze the world-class bioscience technologies that are within our research institutions to compete against other states even though we have a lot less funding. I donâ€™t pretend to understand the science behind these discoveries but do understand that the growth of this industry will better serve our students and provide well-paying jobs once they graduate.â€
HB 1001 has several components that are targeted to areas where the funding can go a long way to grow the bioscience industry in Colorado.
No less than 30% of the funds will go to university and research institution technology transfer offices to accelerate the development of bioscience discoveries. Grants of no more than $150,000 will be used to accelerate the development of bioscience technologies within Coloradoâ€™s research institutions. A 1:1 match is required.
No less than 30% of the funds will go to start-up bioscience companies that are commercializing Colorado research institution technologies. Grants of $250,000 will be given to those companies that have licensed research institution technology, that have a Colorado headquarters, that have received no more than $5 million in funding and have no more than 20 employees A 1:1 match is required.
No more than 40% of the funds will support the development of public-private infrastructure that will help commercialize Coloradoâ€™s bioscience research.
About Colorado BioScience Association (CBSA)
CBSA is a not-for-profit corporation providing services and support for Colorado's growing biosciences industry. With more than 400 members, CBSA actively works to promote the growth of the industry by working for a better business environment, grow the state's biotech workforce, fight for policies that support a strong bioscience industry in the state and speak with a single voice on behalf of the industry. For more information, visit http://www.cobioscience.com.