Biotech entrepreneurs, start your grant applications.
The state has begun doling out proceeds of its long-ago settlement with the tobacco industry, hoping to give the local biotech industry a boost.
The money is being funneled thorugh the Life Sciences Discovery Fund, which finally began taking applications for its first grants today. It’s providing grants of up to $1 million for research into technology applications that improve health-care quality and cost effectiveness.
From the introduction:
The inaugural funding opportunity of the Life Sciences Discovery Fund, LSDF 07-01 Beneficial Applications of Technology in Health Care is designed to encourage sharply focused research projects. $3-$6 million will be awarded to support proposals demonstrating beneficial applications of technology for improving healthcare quality and/or cost effectiveness. Awards are expected to range between $250,000 and $1 million dollars and to extend from one to three years, though there is no fixed cap on amount or length. The Facilities & Administration (F&A) allowance for grants in this funding cycle will be a fixed 15% of direct, allowable costs.