Rhode Island § 23-99-3 - The Rhode Island Life Science Hub Act

§ 23-99-3. Definitions.

As used in this chapter, the following words shall have the following meanings:

(1) “Affiliate” means any person or company who or that directly or indirectly controls or is controlled by or is under direct or indirect common control of another company or person including, but not limited to, any company that is merged or consolidated, or that purchases all or substantially all of the assets of another company.

(2) “Board” means the board of directors of the hub.

(3) “Certification proposal” means a written proposal submitted by a life science company for approval as a certified life sciences company.

(4) “Certified life sciences company” means a life science company that has been certified by the board as being eligible to receive grants and incentives from the investment fund.

(5) “Commerce corporation” means the Rhode Island commerce corporation, established pursuant to § 42-64-1 et seq.

(6) “Company” means a business corporation, partnership, firm, unincorporated association, or other entity engaged or proposing to engage in economic activity within the state, and any affiliate thereof.

(7) “Hub” means the Rhode Island life science hub established by § 23-99-4.

(8) “Investment fund” means the hub investment fund established by § 23-99-6.

(9) “Life science” means and shall include, but not be limited to, the science of: medical devices, biomedical technology, biomedical engineering, biopharmaceuticals, genomics, biomanufacturing, cell and gene therapies, health software and artificial intelligence, genomics, diagnostics, digital health, marine science, agricultural science, veterinary science and the broader life sciences to foster the development of cutting-edge medical breakthroughs.

(10) “Life science company” means a company engaged in life science research, development, manufacturing, incubation, or commercialization in Rhode Island, and any affiliate thereof.

(11) “Person” means a natural person, company, or other legal entity.

(12) “Revenue” means receipts, fees, rentals, or other payments or income received or to be received by the hub in the exercise of its corporate powers under this chapter including, but not limited to, income on account of the leasing, mortgaging, sale, or other disposition of property or proceeds of a loan made by the hub, and amounts in reserves or held in other funds or accounts established in connection with the issuance of bonds or notes and the proceeds of any investments thereof, proceeds of foreclosure and other fees, charges, or other income received or receivable by the hub.

(13) “State” means the state of Rhode Island.

(14) “State public body” means the state, or any city or town or any other subdivision or public body of the state or of any city or town.

(15) “Venture” means, without limitation, any contractual arrangement with any person whereby the corporation obtains rights from or in an invention or product or proceeds therefrom, or rights to obtain from any person any and all forms of equity instruments including, but not limited to, common and preferred stock, warrants, options, convertible debentures, and similar types of instruments exercisable or convertible into capital stock, in exchange for the granting of financial aid to such person.