Malloy Pumps $200M Into BioScience Inoovation
HARTFORD — The state is continuing its financial backing of its tech sectors, this time establishing a $200 million fund to bolster bioscience.
The Bioscience Innovation Act was proposed by Gov. Dannel P. Malloy to establish the money to strengthen the bioscience sector over ten years. The governor made the proposal in January at the groundbreaking of the new Jackson Laboratory for Genomic Medicine (JAX) in Farmington.
Malloy says the money will help the state attract and invest in more companies, compete for more federal and private funding, and provide well-paying jobs with benefits for state residents. The funding will be administered by Connecticut Innovations Inc. (CII), and would be broken down as $10 million annually for the first two years, $15 million annually for years three and four, and $25 million annually for the remaining six years.
It is proposed that funding not duplicate existing public funding, all investments are thoroughly vetted, and that an advisory board provides oversight.