Thanks to a legislative tweak, more mature in-state bioscience companies are eligible to apply for financing and support from the $200 million Connecticut Bioscience Innovation Fund.
Connecticut Innovations, which administers the CBIF, said Friday that companies that are up to seven years old are now eligible for up to $500,000 in funding. That’s up from the original age limit of three years.
Margaret Cartiera, CI’s vice president and Bioinnovation Connecticut fund manager, said in a statement that because bioscience lifecycles can be long, three years was too soon to cut companies off from potential funding.
“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,” Cartiera said. “We want to make sure we offer funding to companies to continue their work when they need it most.”
The funding is aimed at Connecticut for-profit startups and early-stage businesses, nonprofits and colleges working in bioscience, biomedical engineering, medical devices, personalized medical and other areas.
Created by the legislature in 2013, the CBIF awarded its first funding in August last year.
