Colorado BioScience Association Praises Colorado House For Rapid Approval of HB1001 The Colorado House gave a big boost to a critical economic development project last week, according to the Colorado BioScience Association. A bill expanding Colorado's much lauded Bioscience Discoveries Grant Program passed the House by an initial voice vote. House Bill 1001, sponsored by State Representative Jim Riesberg (D-Greeley), will make $26.5 million available in grants over the next five years. HB 1001 will provide as much as $150,000 per project to Colorado research institutions, accelerating the development of new technologies and new Colorado-based companies; plus it will also make up to $250,000 available to early stage, Colorado-based companies. Denver, CO (PRWEB) March 3, 2008 The Colorado House gave a big boost to a critical economic development project last week, according to the Colorado BioScience Association (CBSA). A bill expanding Colorado's much lauded Bioscience Discoveries Grant Program passed the House by an initial voice vote. House Bill 1001 - sponsored by State Representative Jim Riesberg (D-Greeley) - will make $26.5 million available in grants over the next five years. "Bioscience presents us with unique and thrilling opportunities," said Rep. Riesberg. "By fostering this critical industry, everything from finding cures for AIDS and cancers to discovering new biolfuels is on the table. Colorado is already a leader in this industry, but House Bill 1001 truly will allow the state to blaze new trails." Building upon the award-winning grant program created by Rep. Riesberg in 2006 and extended last year, HB 1001 will provide as much as $150,000 per project to Colorado research institutions, accelerating the development of new technologies and new Colorado-based companies. It will also make up to $250,000 available to early stage, Colorado-based companies. The grant program is one of seven elements of Governor Ritter's comprehensive economic development package announced last fall and both supported and lobbied for by the Colorado BioScience Association. An essential economic driver, estimates suggest the biosciences industry already contributes $415 million per year in tax revenue. To date, the program has provided funding for 27 projects at institutions across the state, including CU, CSU, UNC, National Jewish Medical & Research Center and the University of Denver. Rep. Riesberg summed it up: "This is an industry that already employs 16,000 Coloradans at an average salary of $63,000. Additionally, each successful new project will generate $1.2 billion in private investment and good, new jobs for the state. This truly is economic development at its finest." Research from the program has led to potential new treatments for schizophrenia, HIV, cancer, lung disease, and technologies that can be applied to environmental pollution, gait problems from chronic illness, optical microscopy and several other diagnostic tools and medical devices. The bill awaits final approval by the House before moving to the Senate for further debate. About Colorado BioScience Association (CBSA)
Contacts: Rep. Jim Riesberg (D-Greeley), 970-351-6619 David Oppenheim, Colorado Majority Communications Office, 303-866-2302 Christine Shapard, Colorado BioScience Association, 303-592-4089 Maggie Chamberlin Holben, APR, Absolutely PR on behalf of Colorado BioScience Association, 303-984-9801 ###
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