Connecticut Innovations-managed fund now allows companies that are up to seven years old to apply for funding
ROCKY HILL, Conn., July 17, 2015 – BioInnovation Connecticut, managed by Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, today announced a change in legislation that allows companies up to seven years old to submit applications to the Connecticut Bioscience Innovation Fund (CBIF) for funding consideration.
CBIF seeks to drive innovation in the biosciences throughout Connecticut by providing focused financial assistance to startups, early-stage businesses, nonprofit organizations and accredited colleges and universities. Governor Dannel P. Malloy signed the updated legislation broadening the scope of companies eligible to apply on July 1, 2015. The language previously stated that to be eligible, companies could be no more than three years old.
“We know that the lifecycle of a bioscience company can be a long one,” said Margaret Cartiera, vice president and fund manager of BioInnovation Connecticut at CI. “Technology and team development in the early stages can sometimes move slowly, and clinical trials and regulatory requirements can lengthen the go-to-market process for many bioscience companies. We want to make sure we offer funding to companies to continue their work when they need it most. This decision, supported by our advisory committee and Governor Malloy, will allow us to help companies at a critical time in their progress and provide the fund with additional investment opportunities.”
Connecticut-based for-profit startup or early-stage businesses (to which this change directly applies), non-profit corporations, and accredited colleges and universities working in bioscience, biomedical engineering, health information management, medical care, medical devices, medical diagnostics, pharmaceuticals, personalized medicine or other related disciplines are eligible to apply. All company applicants seeking CBIF funding must be registered in Connecticut through the Secretary of State’s office.
For more information on qualifications, requirements, guidelines and applications for the BioInnovation Connecticut funds, visit www.bioinnovationct.com. For general questions related to the funds, please write: firstname.lastname@example.org.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit www.ctinnovations.com.
About BioInnovation Connecticut
Managed by Connecticut Innovations, BioInnovation Connecticut helps innovators speed bioscience discoveries toward commercialization, which is made possible through two key funds: The Connecticut Bioscience Innovation Fund (CBIF) and the Regenerative Medicine Research Fund. For more information on BioInnovation Connecticut, please visit www.bioinnovationct.com.