Bioscience Innovation Fund

The Connecticut Bioscience Innovation Fund (CBIF) is a state-backed initiative managed by Connecticut Innovations (CI), aimed at stimulating economic development in the state's bioscience sector. Established by the Connecticut General Assembly, the fund was authorized to receive up to $200 million in state bonds over an 11-year span, with the goal of investing in projects that drive innovation, support emerging companies, and enhance the bioscience ecosystem. CI, the fund's administrator, oversees investments that are intended to advance bioscience research and commercial applications in Connecticut, while also leveraging private capital and supporting job creation. CBIF supports a range of projects in applied research, translational research, clinical trials, early-stage product development, and commercialization activities. Funding is typically structured through secured convertible loans or royalty-bearing grants, and is intended to help bridge the critical gap between innovation and market readiness. Investment recipients include companies, academic institutions, and research centers, with funding used to advance specific bioscience innovations like diagnostics, therapeutics, medical devices, and genomic technologies. The fund does not have a general open call for applications, but rather operates through rounds of competitive solicitation, with proposals evaluated based on scientific merit, commercial potential, economic impact, and the likelihood of leveraging additional private or public investment. Each award is subject to due diligence, and CI tracks metrics such as job creation and private funding leveraged. As of 2016, approximately $20 million of the first $50 million in authorized bonds had been committed to 20 projects, with nearly $10 million disbursed. The funded projects reported a combined total of 21 direct and 5 indirect jobs, and leveraged approximately $678,527 in private investment. A notable example includes a $500,000 grant to Yale University’s Dr. Demetrios Braddock, which leveraged over $650,000 from Alexion Pharmaceuticals. Similarly, DuraBiotech received a loan of over $490,000, which helped secure investment from the Atlantic Pediatric Device Consortium. Other awardees included startups and academic researchers working on treatments for cancer, diagnostics for infectious diseases, and novel therapeutic platforms. CI has emphasized that returns on investment can occur through loan-to-equity conversions or royalties when technology licenses are executed. CBIF’s disbursements are aligned with the state’s bond authorization schedule, with no allocation in FY 2017 and deferred funds added to FY 2023. The fund’s performance is monitored via annual reports and ongoing impact tracking by Connecticut Innovations. While the document outlines activity through 2016, it also sets the framework for continued funding through 2023, with future rounds anticipated to follow similar structures and evaluation criteria. Potential applicants and stakeholders should consult Connecticut Innovations for the latest information on eligibility, timelines, and funding mechanisms.