Colorado BioScience Association Praises Governor Ritter's Signing and Rep. Riesberg and Sen. Bacon's Sponsorship of the Bioscience Research Grant Program (HB 1001).

DENVER -- Colorado Governor Bill Ritter today signed HB 1001, spurring development of the State'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.

"These 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," Brown explains. "The Bioscience Research Grant Program puts $26.5 million over the next five years into several initiatives within Colorado's bioscience industry. These funds and program will be managed by the Colorado Office of Economic Development and International Trade."

According to Rep. Riesberg, "I'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 don'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."

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 Colorado'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 Colorado'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.