Virginia Translational Medicine Investment Fund; established. (HB1539)

Introduced By

Del. Dave Albo (R-Springfield)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2015Committee
01/06/2015Prefiled and ordered printed; offered 01/14/15 15101794D
01/06/2015Referred to Committee on General Laws
01/15/2015Assigned GL sub: Subcommittee #4
01/22/2015Impact statement from DPB (HB1539)
01/22/2015Subcommittee recommends laying on the table
02/10/2015Left in General Laws