News and Events > Two Bills Supportive of University Biotechnology Research and Development in Colorado move to House Appropriations Committee.

Two Bills Supportive of University Biotechnology Research and Development in Colorado move to House Appropriations Committee.

Colorado's strategy is to "grow our own" bioscience industry. In addition to creating a generally good business environment for entrepreneurs, there are a several specific dynamics that need to be addressed to promote the success of the industry:

Essential to the "grow our own" strategy involves finding ways to assist Colorado's research institutions in the commercialization of their technologies. This involves filling the "gaps" that exist in the commercialization process - primarily the gap that exists after a new discovery is made and before it can be effectively commercialized. H.B. 1360, funded with one-time revenue from the 05-06 fiscal year, provides for matching funds up to $150,000 per project to support the development of life science technologies that come from new discoveries within Colorado's research institutions. http://www.leg.state.co.us/clics2006a/csl.nsf/fsbillcont3/14A80D716E4F3BFD872571010064303D?open&file=1360_01.pdf

This investment occurs before the technologies are licensed or sold to a commercial company and the investment will result in a better valuation of the technology, a greater understanding of its value to health care, greater interest by investors in Colorado's private companies that develop the technology, and an earlier weeding out of technologies that should not compete for scarce development and investment funds. This "proof of concept" investment will result in the acceleration of commercialization of bioscience technologies, including the creation of more viable Colorado biotechnology and medical device companies, which will lead directly to the creation of more jobs in Colorado.

H.B. 1361, funded with one-time revenue from the 05-06 fiscal year, provides for a subsidy up to $25,000 of the indirect cost portion of a contract for core laboratory services at a Colorado research institution by a Colorado bioscience company. Many Colorado bioscience companies are engaged in the research and development of new products and need to access the unique high end technologies that exist in core laboratories that were developed to provide services to internal research projects. The subsidy will incent Colorado companies to contract for services with Colorado research institutions and will incent Colorado research institutions to identify where there is excess capacity and provide business-friendly services to the bioscience industry. These new business relationships will result in increased flow of private funds to Colorado's research institutions, and will lead to more substantial activity such as sponsored research, and licensing of technologies.
http://www.leg.state.co.us/Clics2006A/csl.nsf/fsbillcont3/894CF83130963F5F87257103005934D1?Open&file=1361_01.pdf.