CT
bioscience well positioned as economy revives
A
message from CURE President Paul Pescatello
As
the national economy begins its slow revival, Connecticut
and New Haven are hard at work making the case for locating
here. On a recent segment of NBC's CT Newsmakers,
hosted by Tom Monahan, I reminded viewers that it can
often take 12 to 15 years of investment to launch a new
therapy, and that Connecticut is particularly well
suited for bioscience research and development. View
video clip.
At
a recent breakfast at the Smilow Cancer Center
aimed at explaining Connecticut's "central coast"
to site location professionals, I reviewed the many reasons Connecticut has
attracted a thriving bioscience community, including top
research universities, a great location, and an attractive
life style, as well as tax credits and other business
advantages. View
presentation.
New
Haven in particular continues to bid for biotech and other
high-tech businesses. I attended an
open house September 23 at 5 Science Park, where CTech,
the state's incubator program managed by Connecticut
Innovations, has expanded office space and is taking new
applications.
Part
of the credit for New Haven's transformation into a biotech
hub must go to developer Carter Winstanley of
Winstanley Enterprises. After converting 300 George street
and attracting many high-tech tenants, he developed 25
Science Park and a nearby garage with ground-floor retail.
Then he turned his attention to renovating
the old Winchester plant at 275 Winchester Avenue. At a recent
public hearing, residents
spoke with enthusiasm in favor of the project.
The
UConn Health Center in Farmington is also in the
middle of an expansion project that would position it at the
center of a UConn Health Network. CURE recently wrote a letter
of support re the Center's application for federal
funding, mentioning among other considerations the great
strides they have made “on many fronts over the last
decade – from faculty recruitment to recognition for their
leadership in several key research areas, including stem
cell line creation.”
Certainly
Connecticut's far-sighted decision to support stem cell
research has been and continues to be a factor in attracting
both investment and top research talent to the state. A
higher court has stayed the recent ruling by a Federal
judge that would cut off Federal funding for stem cell
research, but
the situation remains uncertain.
Meanwhile
the potential of stem cell research for developing new
therapies remains in the news. UConn
researches have used stem cells to create models of two
devastating diseases, and scientists
at the UConn Health Center are using
stem cell technology to replenish damaged cells that result
from a heart attack.
Outside the state, Geron
has enrolled its first patient in a spinal cord injury study,
and Israel's
Brain Storm has begun clinical trials studying the use of
adult stem cells for treating ALS.
As
the race for the governor's office reaches its final stages,
both candidates have expressed support for Connecticut's
stem cell program and biopharma industry. Tom Foley
(R), in his “Plan
Forward for Connecticut,” identifies pharma and
biotech as two of the seven industries he pledges to attract
to the state. Dan Malloy (D) has announced plans
for investing in bioscience “as an economic driver
that will help Connecticut create jobs and grow its
economy.” I met with Dan Malloy and his running mate Nancy Wyman
at a recent press conference at
which his plan was announced.
At
an October 18 Gubernatorial
Forum on Jobs,
Innovation & Technology hosted by CURE, CTC, and
several other tech-related groups, held at the Yale Forestry
School’s Bower Auditorium, the different styles and
approaches of the two candidates were clearly apparent.
Malloy indicated his strong support for stem cell and
other biomedical research, as well as investment in early
stage biotech companies, while Foley made the case for
building a better business climate generally. View
New
Haven Register coverage.
Let
me briefly mention two other items that CURE is keeping an
eye on. First, in connection with renewing permits, have any
of our members been asked by the CT DEP to monitor effluent
contaminants? If so, please respond
to the query from our member Robinson & Cole.
Second,
we have been following proposed Federal legislation that
would tax so-called “carried
interest” as ordinary income rather than capital
gains. The intention behind such legislation is that hedge
fund managers should pay the higher tax rate, but unless
handled properly, the legislation could also negatively
impact VCs who invest in biotech start-ups. This initiative seems
dormant for the moment, but we will continue to monitor the
situation.
Paul R. Pescatello is President and CEO of CURE.
ppescatello@curenet.org
Link
to Paul's other columns
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