SB 1285
An Act establishing the Biobonds Innovation Fund, the Biobonds Innovation Fund Loan Program and the Biobonds Innovation Fund Loan Guarantee Program; and providing for duties of Department of Community and Economic Development.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This act establishes the Biobonds Innovation Fund, a loan program, and a loan guarantee program to support research and clinical trials related to drugs and medical devices within Pennsylvania. The fund will be financed through appropriations, proceeds from BioBonds, and repayments. The Department of Community and Economic Development will administer the programs, setting guidelines, reviewing applications, and monitoring projects. The program aims to encourage innovation and economic development in the pharmaceutical and medical device sectors while addressing unmet medical needs.
Key provisions
- Creates the Biobonds Innovation Fund to provide financial assistance.
- Establishes the Biobonds Innovation Fund Loan Program to offer low-interest loans to eligible applicants.
- Creates the Biobonds Innovation Fund Loan Guarantee Program to reduce borrowing costs for eligible projects.
- Defines key terms such as ‘clinical trial,’ ‘eligible applicant,’ and ‘eligible project.’
- Requires loan recipients to maintain a physical presence in Pennsylvania and conduct the majority of research activities within the state.
- Specifies eligible uses of loan proceeds, including clinical trials, preclinical research, and regulatory preparation.
- Limits the maximum annual interest rate on loans to 2% and the maximum principal loan amount to $5 million.
- Requires an annual report detailing program activities and economic impact.
Who is affected
- Pharmaceutical companies
- Medical device manufacturers
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