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2015 SESSION

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HB 1539 Virginia Translational Medicine Investment Fund; established.

Introduced by: David B. Albo | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Investments in translational medicine companies. Establishes the Virginia Translational Medicine Investment Fund (the Fund) from which the Virginia Economic Development Partnership Authority (the Authority) would make loans to and cash investments in private businesses conducting research in the Commonwealth in translational medicine. The Authority is to administer the Fund as a revolving loan and investment fund. Cash investments and loans are restricted to products and services that are in the advanced research stage of translational medicine. The Authority is required to enter into a memorandum of understanding with each business it intends to invest in, which sets out the repayment terms of any loan, the ownership share or interest required for any equity investment, and requirements for retention of research and development in the Commonwealth. The Authority may not acquire more than a 25 percent ownership interest in any private business. The Fund is initially capitalized with $5 million by August 15, 2015.


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