January 17, 2013

Malloy proposes $200M bioscience investment fund

At a groundbreaking for Jackson Laboratory's new Farmington facility, Gov. Dannel P. Malloy on Thursday unveiled a new $200 million plan to invest further in the state's growing bioscience industry.

At a groundbreaking for Jackson Laboratory's new Farmington facility, Gov. Dannel P. Malloy on Thursday unveiled a new $200 million plan to invest further in the state's growing bioscience industry.

The plan, called the Bioscience Innovation Act, will require legislative approval and be administered by Connecticut Innovations. It calls for a $200 million investment over 10 years in bioscience companies. The money would be earmarked to create competitive investment tools, attract additional federal and private dollars, and re-energize Connecticut's bioscience industry, Malloy said.

Highlights of Malloy's proposal include:

$200 million investment over 10 years

    • $10 million annually years one and two
    • $15 million annually years three and four
    • $25 million annually years five through 10
  • Funding will fill gaps in the marketplace, not duplicate current public funding
  • Investments will be subject to a rigorous vetting process
  • Creation of Advisory Board to provide oversight and strategic guidance

"Ongoing investment in bioscience will result in high-value job growth," said Claire Leonardi, executive director of Connecticut Innovations. "This plan ensures we continue to build a strong base in the short term, and in the long term it allows us to leverage additional investment to increase overall economic growth."

Meanwhile, Malloy and other state officials were in Farmington Thursday morning to commemorate the groundbreaking of Jackson Lab's new $291 million research facility that will focus on genomic or personalized medicine.

Once fully developed over 20 years, the lab is expected to support 6,800 permanent jobs. The total 20-year capital and research budget for the institute is projected to be $1.1 billion, of which the state has approved $291 million. Jackson Lab's will raise the balance of $860 million through federal research grants, philanthropy and service income.

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