- Limits individual grants to $150,000 per early-stage bioscience research project, and limits the total amount of grant money an early-stage bioscience research company may receive to $250,000 (Sec. 1).
- Requires at least 30 percent of the Bioscience Discovery Evaluation Cash Fund be used to provide grants to offices of technology transfer for projects that focus on life sciences, engineering, material science, computer sciences, photonics, or nanotechnology (Sec. 1).
- Requires at least 30 percent of the Bioscience Discovery Evaluation Cash Fund be used to provide grants to early-stage bioscience companies that have licensed a technology from an in-state research institution or an office of technology transfer for the purpose of promoting the commercialization of therapeutic or diagnostic instruments to improve human health, bioscience technologies to improve agriculture, or biofuels (Sec. 1).
- Limits eligibility for early-stage bioscience research grants to companies that have received less than $25 million in funds from grants and third-party investors, employs fewer than 20 individuals, and has its headquarters located in Colorado (Sec. 1).
- Transfers $4.5 million from the Limited Gaming Fund to the Bioscience Discovery Evaluation Cash Fund for fiscal year 2008-2009, and $5.5 million for fiscal years 2009-2010, 2010-2011, and 2011-2012 (Sec. 2).
- Appropriates $5.5 million from the General Fund to the Bioscience Discovery Evaluation Cash Fund beginning in fiscal year 2008-2009 (Sec. 3).