§ 16-aa. Life sciences initiatives program. The life sciences
initiatives program is hereby established for the purpose of attracting
new life sciences technologies, to promote critical public and private
sector investment in emerging life sciences fields in New York state,
and to create and expand life sciences related businesses and
employment.

1. Such life sciences initiatives program is designated to operate in
areas identified by the corporation as having significant potential for
economic growth in New York, or in which the application of new life
sciences technologies could significantly enhance the productivity and
stability of New York businesses.

2. Life sciences are defined as advanced and applied sciences that
expand the understanding of human physiology and have the potential to
lead to medical advances or therapeutic applications including, but not
limited to, academic medical centers, agricultural biotechnology,
biogenerics, bioinformatics, biomedical engineering, biopharmaceuticals,
biotechnology, chemical synthesis, chemistry technology, diagnostics,
genomics, image analysis, marine biology, marine technology, medical
devices, nanotechnology, natural product pharmaceuticals, proteomics,
regenerative medicine, RNA interference, stem cell research, clinical
trials, including but not limited to neurological clinical trials and
veterinary science.

3. A life sciences entity is defined as a business corporation,
partnership, firm, unincorporated association, or any other entity
engaged in life sciences research, development, manufacturing or
commercialization.

4. (a) The corporation is authorized, within available appropriations
and consistent with such appropriations in the Life Sciences Initiatives
Program to provide financial support, through an application and
approval process and such funds may be used for the advancement and
economic growth of life sciences programs, employment of staff,
development and facilities or other working capital that are aligned
with the life sciences program strategy and approved by the corporation.

(b) A life sciences entity must submit a completed application as
prescribed by the chief executive officer of the corporation. Life
sciences initiatives entity applications will be accepted, reviewed and
approved on a rolling basis. Life sciences initiatives entity applicants
may include a program or multiple programs in their application. Each
life sciences program applicant shall include information in such
application relating to how its life sciences program initiative will
enhance and accelerate life science programs, research and job creation
and retention within New York.

5. The chief executive officer of the corporation shall, on or before
October first, two thousand eighteen and every year thereafter, submit
to the governor, the temporary president of the senate and the speaker
of the assembly an annual report on the operations and accomplishments
of the life sciences initiatives programs which shall include, but not
be limited to, the economic impact of the activities undertaken with
state funds, the number and amount of federal funds procured after
program approval, including such factors as jobs created and maintained,
the average salary of the jobs created and average salary of jobs
retained.

6. (a) The corporation shall by rule establish criteria for such
program, such criteria shall include detailed provisions for
eligibility.

(b) The corporation shall issue guidelines to effectuate the purpose
of this section.