Connecticut wants to make it a little easier for life sciences companies to get beyond the proof-of-concept stage. In a budget passed this month, translational research will be a priority in a $200 million bioscience fund. Connecticut Innovations, the state’s venture arm, is also looking for someone to lead the investment strategy for the fund.
The Hartford Business Journal reported that Connecticut Innovations wants to use the funds to fill a critical gap. The idea is that funding will bolster commercialization of more bioscience research and ideas into actual products, services and businesses. Although Connecticut Innovations invests in early stage companies, it has avoided getting involved this early in the business cycle until now. CEO Claire Leonardi told the Journal:
“A lot of innovation comes from small companies in universities,” she said. “That is predicted to drive the future economy. This fund will be a connector to build private, public partnerships.”
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Biomedical engineering, health information management, medical care, medical devices, medical diagnostics, pharmaceuticals and personalized medicine are among the investment areas identified.
Connecticut is home to the likes of Alexion Pharmaceuticals (NYSE:ALXN) and Jackson Laboratory, which received funding from the state to construct a research center focused on personalized medicine.
The long game is job growth, of course. Connecticut is just one of the states that has been hit by layoffs in the pharmaceutical industry and sees potential for early stage companies to play a big role to replenish lost jobs.
Of course other states have taken innovative approaches to early stage bioscience funding too. Pennsylvania’s Life Science Greenhouse program was set up in 2003 to make pre-seed and seed investments in life sciences companies using funds obtained from the state’s tobacco lawsuit settlement.
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