Connecticut § 32-41aa - Connecticut Bioscience Innovation Fund. Definitions.

§ 32-41aa. Connecticut Bioscience Innovation Fund. Definitions.

Sec. 32-41aa. Connecticut Bioscience Innovation Fund. Definitions. For the purpose of this section and sections 32-41bb to 32-41dd, inclusive:

(1) “Administrative costs” means the costs paid or incurred by the administrator, including, but not limited to, peer review costs, professional fees, allocated staff costs and other out-of-pocket costs attributable to the administration and operation of the Connecticut Bioscience Innovation Fund.

(2) “Administrator” means Connecticut Innovations, Incorporated, in its capacity as administrator of the Connecticut Bioscience Innovation Fund established pursuant to section 32-41cc.

(3) “Advisory committee” means the Bioscience Innovation Advisory Committee established pursuant to section 32-41bb.

(4) “Early-stage business” means a business that has not yet achieved an annual commercial revenue greater than two million dollars.

(5) “Eligible recipient” means a duly accredited college or university, a nonprofit corporation or a for-profit start-up or early-stage business. “Eligible recipient” also includes any entity that has received financial assistance from the Connecticut Bioscience Innovation Fund or from Connecticut Innovations, Incorporated, for the purpose of additional financial assistance to be awarded to such entity pursuant to section 32-41cc.

(6) “Financial assistance” means any and all forms of grants, extensions of credit, loans or loan guarantees, equity investments or other forms of financing.

(7) “Return on investment” means any and all forms of principal or interest payments, guarantee fees, returns on equity investments, royalties, options, warrants and debentures and all other forms of remuneration to the administrator in return for any financial assistance offered or provided.

(P.A. 13-239, S. 70; P.A. 14-98, S. 36; P.A. 15-222, S. 5; June Sp. Sess. P.A. 15-5, S. 53; P.A. 16-204, S. 2.)

History: P.A. 13-239 effective July 1, 2013; P.A. 14-98 deleted former Subdiv. (1) re definition of “administrative costs” and redesignated existing Subdivs. (2) to (7) as Subdivs. (1) to (6); P.A. 15-222 amended Subdiv. (3) to redefine “early-stage business” by replacing “three years” with “seven years” and adding provision re clinical trials that have not begun phase II evaluation, and added Subdiv. (7) defining “phase II evaluation”, effective June 30, 2015; June Sp. Sess. P.A. 15-5 added new Subdiv. (1) defining “administrative costs” and redesignated existing Subdivs. (1) to (7) as Subdivs. (2) to (8), effective upon the effective date of section 5 of public act 15-222, i.e., June 30, 2015; P.A. 16-204 redefined “early-stage business” in Subdiv. (4), redefined “eligible recipient” in Subdiv. (5) and deleted former Subdiv. (8) re definition of “phase II evaluation”, effective July 1, 2016.