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Colorado BioScience Association Commends Governor Ritter for Supporting Creation of New Bioscience Companies and Fostering Retention of 400+ Existing Firms


The Colorado BioScience Association (CBSA) commends Governor Ritter for crafting an economic development agenda for 2008 that will spur the creation of new bioscience companies and help the state retain the 400 plus companies that exist today. The restructuring of the corporate income tax to a system based on in-state sales will make Colorado competitive with others states that understand the value of high-paying technology-based jobs.

Denver, CO, September 27, 2007 --(PR.com)-- The Colorado BioScience Association (CBSA) commends Governor Ritter for crafting an economic development agenda for 2008 that will spur the creation of new bioscience companies and help the state retain the 400 plus companies that exist today. The restructuring of the corporate income tax to a system based on in-state sales will make Colorado competitive with others states that understand the value of high-paying technology-based jobs. David Perez, CEO and President of Gambro BCT, observed that “bioscience jobs pay an average of over $70,000 and our State’s fiscal policy should acknowledge the contribution of these employees to our entire economy, including personal income and sales taxes. Providing a tax structure that gives an incentive to create more of these jobs is a wise policy and will spur expansion in Colorado.”

One of Governor Ritter’s proposals is to create a bioscience fund that will be used to assist early stage technologies. Richard Duke, PhD, a serial bioscience entrepreneur and Chair of the CBSA Public Affairs Committee has been advocating for this approach over the last two years. “With relatively small investments, we can increase the number of bioscience companies that are created to commercialize new discoveries that come out of our universities. Pilot programs that were established by the legislature in 2006 and 2007 are already showing results and now with Governor Ritter’s support, we can strategically invest new funds to help small companies through early stages when they are less attractive to private investors,” Dr. Duke stated.

Governor Ritter’s proposals adjusting the exemption for small companies from the business personal property tax is also welcome news. Small companies with less than $7000 in personal property contribute little to this tax and compliance is a nightmare for many. Similarly, the modification of requirements for the performance based (job) incentive to accommodate the hiring practices of smaller companies makes sense. Small technology companies, especially bioscience companies, hire in small increments and the new proposal will provide incentives for employers who add at least 10 employees over six months, rather than one month.

Denise Brown, Executive Director of CBSA, indicated that a partnership with the Governor, legislative leadership, and the greater business community can make the agenda a reality: “While Colorado lacks the amount of funds we would like to see for economic development and job creation, this agenda makes the most of what we have and will produce tangible results in terms of high-paying jobs and economic stimulus.”

About Colorado BioScience Association

CBSA is a not-for-profit corporation providing services and support for Colorado's growing biosciences industry. With more than 380 members, CBSA actively works to promote the growth of the industry by working for a better business environment, grow the state's biotech workforce, fight for policies that support a strong bioscience industry in the state and speak with a single voice on behalf of the industry. For more information, visit http://www.cobioscience.com.

Last week CBSA announced that registration is now open for the Rocky Mountain Region’s Premier Bioscience Conference and Expo, BioWest 2007. More than 900 participants are expected at this year’s event, December 6-7, at the Grand Hyatt in Denver. Best-selling author & noted management scholar Jim Collins headlines a stellar lineup of national presenters for BioWest 2007. Complete conference information is found at http://www.biowestconference.com.

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Contacts:

Denise Brown, Executive Director, Colorado BioScience Association http://www.cobioscience.com – (303) 592-4072 or dbrown@cobioscience.com

Maggie Chamberlin Holben, APR, Absolutely Public Relations http://www.absolutelypr.com –
303-984-9801, maggie@absolutelypr.com
Contact Information
Colorado BioScience Association
Maggie Holben
303-984-9801
Contact
http://www.cobioscience.com

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