A BILL TO BE ENTITLED
AN ACT TO APPROPRIATE FUNDS TO THE DEPARTMENT OF COMMERCE FOR ACTIVITIES AND OPERATIONS OF THE NORTH CAROLINA INSTITUTE OF NANOMEDICINE.
Whereas, the North Carolina Institute of NanoMedicine (NCNanoMed) will create economic development and expansion of nanomedicine‑ and regenerative medicine‑based biotech companies located in or that would relocate to North Carolina leading to a projected 6,000 new jobs over the next 5‑10 years with an average annual salary of $87,000; and
Whereas, NCNanoMed will establish North Carolina as the gateway for nanomedicine in the United States for United States-based companies and for international-based therapeutics companies needing access to regulatory (FDA) approval for entry of their drugs or devices in the United States market; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to the Department of Commerce the sum of fifteen million dollars ($15,000,000) for the 2007‑2008 fiscal year.  These funds shall be used in the development and furtherance of the nanomedicine industry, which includes the monitoring, repair and regeneration, construction, and control of human biological systems at the molecular level, using engineered nanodevices and nanostructures. A consortium of Winston-Salem State University (Lead), Forsyth Technical Community College, and Wake Forest University will be responsible for the management of NCNanoMed.  These entities will be advised by a consortium of existing therapeutics and medical device companies existent within North Carolina as well as other universities and colleges in North Carolina with nano expertise.  Funds appropriated in this section shall be allocated for operations of the North Carolina Institute of NanoMedicine and shall be allocated in the following amounts for the following purposes:
(1)	The Institute will build sets of tests, aimed at regulatory need, that are necessary for companies in the nanotherapeutic and regenerative medicine industry. To fully utilize existing biotechnology assets within North Carolina, the sum of six million dollars ($6,000,000) from funds appropriated in this section will be allocated for the development of industrial‑academic partnerships to establish these basic testing platforms and regulatory initiatives with the cooperation or guidance of the Food and Drug Administration. The partnerships will result in the rapid development of therapeutic products produced by nano‑ and emerging‑tissue engineering and will support industrial growth in this sector by providing a competitive advantage in North Carolina.
(2)	One million five hundred thousand dollars ($1,500,000) for targeted recruiting of the top 30 performers in start‑up biotech industries across the country, with the goal of demonstrating capabilities of NCNanoMed with its academic partners and form the basis of growth of new companies migrating to or new companies developing in this State. These companies will be approached as partnering opportunities for NCNanoMed. Of the funds allocated under this subdivision, the sum of five hundred thousand dollars ($500,000) shall  be used for management activities of the Central Management Core of NCNanoMed.
(3)	One million dollars ($1,000,000) to Forsyth Technical Community College, in partnership with NCNanoMed, for educational training and workforce development as it pertains to nanomedicine industrial need. This will again set North Carolina apart from competing economic regions as the only such region with a developed workforce in nanomedicine.
(4)	Six million five hundred thousand dollars ($6,500,000) for central facility development, five million dollars ($5,000,000) of which will be used for Core laboratory equipment to establish specific centralized capabilities in therapeutic characterization not currently existing in this State and one million five hundred thousand dollars ($1,500,000) of which will be used to provide incubator enhancement to include clean room space, product development space, and enhancement of laboratory floor space for use for newly recruited companies.
SECTION 2.  This act becomes effective July 1, 2007.