Connecticut Bioscience Fund Low on Cash, Lawmakers Debate Refill
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Connecticuts Bioscience Innovation Fund, launched in 2013 with $200M, is running low on funds. The fund has invested in 106 startups, leaving $60M. A Senate bill proposes adding $25M through bond authorization to support early-stage companies. The bioscience sector employs 25K people and contributes to the economy. Successes include a hair loss treatment company that raised $256M and a therapy developer acquired by Johnson & Johnson for $3B. However, an audit highlighted issues with tracking job commitments and local presence. State managers plan tighter checks, while backers push for extra funds to compete with neighbors amid federal funding cuts.
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