Colorado BioScience Association Applauds Governor Ritter’s Signing of HB 1060 As Critical To Future Growth of The State’s Bioscience Industry

Denver, CO, May 25, 2007 --(PR.com)-- Colorado Governor Bill Ritter signed House Bill 1060 into law Wednesday afternoon, with the bill sponsors present to acknowledge the importance of the legislation to the bioscience industry in Colorado. Rep. Jim Riesberg (D-Weld) and Sen. Brandon Shaffer (D-Longmont) were thanked for their efforts by the members of the Colorado BioScience Association, who were in attendance at the ceremony. The announcement is made by Denise Brown, CBSA Executive Director, who says HB 1060 will provide $2.5 million for Small Business Innovative Resources (SBIR) matching grants to Colorado bioscience companies and add bio-fuels to the proof of concept matching funds.

“The signing of HB 1060, gives Colorado another avenue to strategically assist bioscience companies in the state. Colorado’s strategy of growing our own takes a big step forward with the passage of HB 1060 and gives our bioscience companies a boost in commercializing their research,” explains Brown.

HB 1060 is an extension of last year's HB 1360, which provided $2 million in bioscience research grants to Colorado universities and research institutions. The additional $500,000 added to this year's bill is earmarked specifically for development of biofuel technology. The remaining $2 million is earmarked to match the federal grants available to small businesses at a rate of 50 cents for every federal dollar, up to a maximum of $50,000 per business.

About the Small Business Innovation Research Program (SBIR)

SBIR is a highly competitive program that encourages small business to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation's R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs. For more information about the SBIR program go to http://www.sba.gov/sbir/indexsbir-sttr.html

About Colorado BioScience Association

Colorado BioScience Association is a not-for-profit corporation providing services and support for Colorado’s growing biosciences industry. Colorado is carrying out an aggressive plan to grow the state’s bioscience industry into one of the country’s premier bioscience clusters. CBSA currently enjoys the support of more than 340 member organizations representing both bioscience companies and companies providing key services to the bioscience industry and research institutions in Colorado. The association’s main office is located in the Advance Colorado Center, 1625 Broadway, Suite 950, in Denver, plus satellite offices are maintained in the Fitzsimons Bioscience Park and the Fort Collins Technology Incubator. A new chapter was recently announced in Colorado Springs. You can learn more about CBSA at the website http://www.cobioscience.com

CBSA recently released its fourth annual issue of Colorado Bioscience Magazine at the BIO International Conference in Boston. A link to a pdf of the new magazine is found at: http://www.cobioscience.com/Magazine%202007.pdf

Contacts:

Denise Brown, Executive Director, Colorado BioScience Association, http://www.cobioscience.com – 303.592.4073 or 303.915.9762, E-mail: dbrown@cobioscience.com

Maggie Chamberlin Holben, APR, Absolutely Public Relations, http://www.absolutelypr.com – 303.984.9801 or 303.669.3558, E-mail: maggie@absolutelypr.com

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