At a ceremony on the University of Connecticut Health Center campus in Farmington, overlooking the site of the construction of the new Jackson Laboratory facility, Gov. Dannel Malloy last week held a bill signing ceremony for the $200 million Bioscience Innovation Fund.

The fund will be administered by Connecticut Innovations, Inc., and used to provide grants, investments, and loans to companies involved in the bioscience and pharmaceutical industries.

The governor said the new fund is one step in the direction of reinventing the state’s economy and positioning Connecticut as “a leader in the creation of 21st century jobs.”

Also speaking at the ceremony was Mary Kay Fenton, senior vice president and CFO of Achillion Pharmaceuticals in New Haven [pictured left], and a member of CBIA’s Board of Directors.

She spoke of Connecticut’s success in fostering the bioscience industry, and credited state investments and support as “an enabling factor in Achillion’s success.”

That kind of commitment has given Connecticut “the ability to grow a truly robust bioscience cluster,” she added, “but [it] needs greater mass and density.

“With the addition of the Bioscience Innovation Fund, financing of commercially viable bioscience businesses can be strengthened, and the innovation and achievements can continue,” said Fenton.

“The new Bioscience Connecticut fund will build upon the significant investment the state has already made in the UConn Health Center and Jackson Lab,” said Catherine Smith, commissioner of the Department of Economic and Community Development.

“The fund will promote economic development by allowing investments in translational research, emerging technologies and new companies.”

Businesses seeking financial assistance from the fund should apply through the Connecticut Innovations, Inc.

For more information, contact CBIA’s Eric Gjede at 860.244.1931 or eric.gjede@cbia.com.