2016 Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated
Section 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 been in operation for not more than seven years and is developing or testing a product or service that is (A) not yet available for commercial release, or (B) commercially available in a limited manner, including, but not limited to, market testing of prototypes and clinical trials that have not begun phase II evaluation.

(5) “Eligible recipient” means a duly accredited college or university, a nonprofit corporation or a for-profit start-up or early-stage business.

(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.

(8) “Phase II evaluation” means a phase II clinical trial conducted under the auspices of an independent peer-reviewed protocol that has been reviewed and approved by one of the National Institutes of Health or the federal Food and Drug Administration.

(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.)

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.