Virginia House Bill 1539 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 6 2015 - 25% progression, died in committee
Action: 2015-02-10 - Left in General Laws
Pending: House General Laws Committee
Text: Latest bill text (Prefiled) [HTML]

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.

Virginia Translational Medicine Investment Fund; established.

Del. David Albo [R]

Date	Chamber	Action
2015-02-10	House	Left in General Laws
2015-01-22	House	Subcommittee recommends laying on the table by voice vote
2015-01-15	House	Assigned GL sub: Subcommittee #4
2015-01-06	House	Referred to Committee on General Laws
2015-01-06	House	Prefiled and ordered printed; offered 01/14/15 15101794D

Chapter	Article	Section	Citation Type	Statute Text
2	2	2237	(n/a)	See Bill Text
2	2	2240.7	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?151+sum+HB1539
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB1539+hil