DENVER--(BUSINESS WIRE)--The Colorado BioScience Association (CBSA) and The Colorado Office of Economic Development and International Trade (OEDIT) today jointly released results of the Bioscience Discovery Evaluation Grant Program (BDEGP) at the CBSA's Third Annual "Bioscience Day at the Capitol" event. The announcement is made by Holli Baumunk, CBSA President & CEO, who says the BDEGP has more than met expectations since its inception in 2006, providing the state a significant return on investment.
Baumunk explains: "Appropriated funding to date for the BDEGP has totaled $14 million; $10.8 million has been awarded as of August 2010, and $5.5 million has been appropriated for each of the next two years. The program has created 598 direct and indirect jobs in the state, resulting in a payroll of more than $44 million. Another $68 million has been leveraged through follow-on investment, grants and matching funds, providing 8.3 times the state’s funding."
"Bioscience continues to play a critical role in the growth of Colorado's knowledge-based economy. Supporting early stage and start-up companies and the commercialization of Colorado technologies is exactly what we need to be doing right now. We look forward to working with our great partner the Colorado BioScience Association to help us realize our potential in this industry," Dwayne Romero, OEDIT Executive Director, says.
Bioscience Discovery Evaluation Grant Program
The BDEGP addresses critical gaps in the continuum from basic science (more than $600 million to Colorado’s scientists each year), to new discoveries, to technology transfer (where no other funds exist to assess technologies), to R&D in early stage companies (where investment funds are scarce), to new products that improve health and the environment. The following are examples of the BDEGP’s return on investment:
- 106 grants have been awarded and many are still in process, but early results are impressive.
- 598 direct and indirect jobs have been created, resulting in a payroll of more than $44 million over the first three years of the program.
- 18 new companies have spun out of Colorado’s research institutions, at least three more companies are pending as a result of proof of concept grants.
- Through early stage grants, 23 medical device, pharmaceutical, biotechnology, agricultural, and energy companies have been supported through the most challenging funding stages.
- The required funding match of BDEGP grants assures the state that there are willing partners, so only the most promising discoveries are supported. Follow-on investments, grants, and matches to the BDEGP grants have totaled almost $68 million, which has leveraged POC and ESC grants eight-fold.
- The BDEGP has received national recognition as well. It has been named a state legislature “best practice” for the last four years by the national Biotechnology Industry Organization.
- The BDEGP is accelerating technology transfer activity in Colorado’s research institutions. These funds provide incentives for faculty to understand the commercialization potential of their discoveries -- institution-owned intellectual property – which are key public assets that can fuel Colorado’s competitiveness in this industry.
For more information about the BDEGP, visit: http://www.cobioscience.com/resources/bioscience-discovery-evaluation-grant-program.
Other presentations at the CBSA's 2011 Bioscience Day at the Capitol included:
- Federal Legislation by Matt Schumaker, Managing Director of Federal Government Relations for the Biotechnology Industry Association (BIO).
- Importance of Innovation in Supporting the Bioscience Industry by Kevin Sweeney, Attorney and Life Sciences Group Chair for Polsinelli Shughart PC .
About The Colorado Office of Economic Development and International Trade
The Colorado OEDIT works to foster a positive business climate that encourages quality economic development through financial and technical assistance for local and regional economic development activities throughout the State of Colorado. Visit http://www.AdvanceColorado.com.
About the Colorado Bioscience Association
The 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.
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