CT SB00838

Establishes the Connecticut Bioscience Innovation Fund administered by Connecticut Innovations, Incorporated, to provide financial assistance including grants, loans, loan guarantees, and equity investments to eligible recipients in bioscience, biomedical engineering, medical devices, pharmaceuticals, and related fields.

Creates a 13-member Bioscience Innovation Advisory Committee appointed by the Governor, legislative leaders, and state commissioners to approve fund expenditures and establish guidelines for financial assistance awards.

Authorizes the State Bond Commission to issue up to $200 million in bonds for the fund, with annual authorization amounts ranging from $10 million in fiscal 2013-2014 to $25 million annually from fiscal 2017-2022.

Eligible recipients include accredited colleges or universities, nonprofit corporations, and for-profit start-up or early-stage businesses (operating less than three years) that are operating in or relocating to Connecticut.

Requires annual reporting to the General Assembly beginning April 15, 2014, on fund activities, financial assistance awards, and returns on investment; limits administrative costs to 5% of annual allotted funding.