Biotech incentives package clears Colorado Senate

A bill creating $26.5 million in economic incentives for new Colorado biotech companies passed the state Senate on Monday,

The Bioscience Research Grant Program, sponsored by Sen. Bob Bacon, D-Fort Collins, and Rep. Jim Riesberg, D-Greeley, expands upon state incentives that have been in existence in 2006. It's intended to help provide seed money to Colorado's startup and small companies researching new drugs, medical devices or biofuel technologies based on Colorado bioscience research.

The new incentive program would make $4.5 million available in the 2008-2009 fiscal year and $5.5 million annually afterward through 2012.

The legislation returns to the state House of Representatives for a final vote on wording amended since the House gave the bill preliminary approval in February.

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