Monday, January 30, 2006

Pataki announces biotechnology grant program

The job creration machine keeps on rolling...

ALBANY, N.Y. -- Gov. George Pataki and the Republican-led state Senate are backing a program that aims to generate $800 million in new investment in biotechnology and medical research at institutions across the state.

The program, announced by Pataki and Senate Majority Leader Joseph Bruno, would create a $200 million grant initiative they hope will generate another $600 million in federal, not-for-profit and private sector matching funds.

The initiative, first announced earlier this month in the governor's State of the State address, will fund research at universities and hospitals around New York.

The plan would establish a two-part $200 million program including $40 million in capital funding, already authorized, and $160 million financed by the state Charitable Asset Foundation, a charitable trust formed with the proceeds of the Empire Blue Cross Blue Shield conversion to a for-profit company. The money would be used to recruit researchers and scientists and to buy new technology and equipment.

link to full article from newsday.com

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