An Act establishing the Biobonds Innovation Fund, the Biobonds Innovation Fund Loan Program and the Biobonds Innovation Fund Loan Guarantee Program; and providing for duties of Department of Community and Economic Development.

This bill creates the Biobonds Innovation Fund to provide low-interest loans and loan guarantees for companies and research institutions conducting clinical trials for drugs or medical devices in Pennsylvania. The program requires recipients to maintain a physical presence in the state and conduct the majority of their research there while receiving financial support. Money for the fund will come from state appropriations, bond proceeds, loan repayments, and interest earnings, with the Department of Community and Economic Development managing the application and oversight process.