Massachusetts dedicates $1 billion to life sciences

June 16, 2008 -- Late last week the Massachusetts state Senate approved $1 billion for life sciences support, including both funding for programs and tax incentives. Today, Massachusetts Governor Deval Patrick is scheduled to sign the bill into law, and then head to San Diego, CA where the Biotechnology Industry Organization will name him "BIO Governor of the Year."

June 16, 2008 -- Late last week the Massachusetts state Senate approved $1 billion for life sciences support, including both funding for programs and tax incentives. Today, Massachusetts Governor Deval Patrick is scheduled to sign the bill into law, and then head to San Diego, CA for the BIO International Convention, where the Biotechnology Industry Organization will name him "BIO Governor of the Year."

The legislation approves $500 million in capital improvement spending over the coming decade. The majority of this, about $300 million, is specified for particular initiatives, including $95 million for a life-sciences research center at the University of Massachusetts-Amherst and $90 million for the University of Massachusetts Medical School.

The move hopes to bolster the state as a key location for life-sciences work. "Massachusetts is committed [to] being in the vanguard in this field," Patrick said in a statement.

According to an Associated Press report, the new CEO and president of the Massachusetts Life Sciences Center, Susan Windham Bannister, will oversee much of the initiative.

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