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Monday, June 16, 2008
Patrick puts pen to $1B Life Sciences Law
By Mass High Tech Staff
Before leaving for the BIO 2008 International Conference in San Diego, Massachusetts Gov. Deval Patrick signed into law today the $1 billion Life Sciences bill that he proposed one year ago at BIO 2007 in Boston.
Patrick was joined by Senate President Therese Murray and Speaker of the House Salvatore F. DiMasi at the Joslin Diabetes Center to create the Life Sciences Law, a 10-year $1 billion investment package.
State officials have said they expect the stimulus package to create 250,000 new jobs in the state by 2015.
The package includes: $500 million in capital funding to be spent over a 10-year period and $299.5 million for targeted infrastructure projects. The balance — $200 million in unrestricted funds for investment in public infrastructure projects — will be doled out at the discretion of the newly created Massachusetts Life Sciences Center.
In addition, the new law creates five Regional Technology and Innovation Centers to be identified from among existing life science regional centers, according to state officials.
Four additional funds to be administered by the MLSC were created by the law: the Dr. Craig C. Mello Small Business Equity Investment Fund, the Judah Folkman Higher Education Grant Fund for grants to graduate school students, Massachusetts Small Business Matching Grant Fund and the Massachusetts Life Sciences Education Fund for vocational and technical school equipment purchases.
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