(a)(1) There is established a Regenerative Medicine Research Advisory Committee. The committee shall consist of the Commissioner of Public Health, or the commissioner’s designee, the chief executive officer of Connecticut Innovations, Incorporated, or the chief executive officer’s designee, and eight members who shall be appointed as follows: Two by the Governor, one of whom shall have background and experience in stem cell or regenerative medicine research and one of whom shall have background and experience in business or financial investments; one each by the president pro tempore of the Senate and the speaker of the House of Representatives, who shall have background and experience in private sector regenerative medicine research and development; one each by the majority leaders of the Senate and House of Representatives, who shall be academic researchers specializing in regenerative medicine research; one by the minority leader of the Senate, who shall have background and experience in either private or public sector regenerative medicine research and development or related research fields, including, but not limited to, embryology, genetics or cellular biology; and one by the minority leader of the House of Representatives, who shall have background and experience in the field of bioethics. Members shall serve for a term of four years commencing on October first, except that members first appointed by the Governor and the majority leaders of the Senate and House of Representatives shall serve for a term of two years. No member may serve for more than two consecutive four-year terms. All initial appointments to the committee shall be made by October 1, 2005. Any vacancy shall be filled by the appointing authority.

(2) The Regenerative Medicine Research Advisory Committee shall include eight additional members who shall be appointed as follows: Two by the Governor, who shall have backgrounds and experience in business or financial investments; one each by the president pro tempore of the Senate and the speaker of the House of Representatives, who shall have background and experience in private sector regenerative medicine research and development; one each by the majority leaders of the Senate and House of Representatives, who shall be academic researchers specializing in regenerative medicine research; one by the minority leader of the Senate, who shall have background and experience in either private or public sector regenerative medicine research and development or related research fields, including, but not limited to, embryology, genetics or cellular biology; and one by the minority leader of the House of Representatives, who shall have background and experience in business, law or ethics. Members shall serve for a term of four years, except that (A) members first appointed by the Governor and the majority leaders of the Senate and House of Representatives pursuant to this subdivision shall serve for a term of two years and three months, and (B) members first appointed by the remaining appointing authorities shall serve for a term of four years and three months. No member appointed pursuant to this subdivision may serve for more than two consecutive four-year terms. All initial appointments to the committee pursuant to this subdivision shall be made by July 1, 2006. Any vacancy shall be filled by the appointing authority.

(b) The chief executive officer of Connecticut Innovations, Incorporated, or the chief executive officer’s designee, shall serve as chairperson of the Regenerative Medicine Research Advisory Committee.

(c) All members appointed to said advisory committee shall work to advance regenerative medicine research. Any member who fails to attend three consecutive meetings or who fails to attend fifty per cent of all meetings held during any calendar year shall be deemed to have resigned from said advisory committee.

(d) Notwithstanding the provisions of any other law, it shall not constitute a conflict of interest for a trustee, director, partner, officer, stockholder, proprietor, counsel or employee of any eligible institution, or for any other individual with a financial interest in any eligible institution, to serve as a member of said advisory committee. All members shall be deemed public officials and shall adhere to the code of ethics for public officials set forth in chapter 10. Members may participate in the affairs of said advisory committee with respect to the review or consideration of applications for financial assistance, including the approval or disapproval of such applications, except that no member shall participate in the affairs of said advisory committee with respect to the review or consideration of any application for financial assistance filed by such member or by any eligible institution in which such member has a financial interest, or with whom such member engages in any business, employment, transaction or professional activity.

(e) The Regenerative Medicine Research Advisory Committee shall (1) develop, in consultation with Connecticut Innovations, Incorporated, a donated funds program to encourage the development of funds other than state appropriations for regenerative medicine research in the state, (2) examine and identify specific ways to improve and promote for-profit and not-for-profit regenerative medicine research and research in related areas in the state, including, but not limited to, identifying both public and private funding sources for such research, maintaining existing regenerative medicine-related businesses, recruiting new regenerative medicine-related businesses to the state and recruiting scientists and researchers in such field to the state, (3) administer a regenerative medicine research assistance program that shall provide financial assistance to eligible institutions for the advancement of regenerative medicine research in the state pursuant to § 32-41kk, (4) monitor the regenerative medicine research conducted by eligible institutions that receive such financial assistance, and (5) prepare a comprehensive strategic plan for the Regenerative Medicine Research Fund, established pursuant to § 32-41kk, and financial assistance awarded from said fund that shall include, but need not be limited to, identification of specific methods or strategies to (A) achieve the scientific and economic development objective of said fund, (B) build innovation capacity, and (C) sustain investments of moneys received by said fund.

(f) Connecticut Innovations, Incorporated, shall serve as administrator of the Regenerative Medicine Research Fund and shall, in consultation with the Regenerative Medicine Research Advisory Committee: (1) Develop the application for the financial assistance authorized under subsection (b) of § 32-41kk; (2) review such applications; (3) review recommendations of peer reviewers pursuant to § 32-41mm; (4) prepare and execute any assistance agreements or other agreements in connection with the awarding of such financial assistance; (5) develop performance metrics and systems to collect data from recipients of such financial assistance; (6) collect information from such recipients concerning each recipient’s employment statistics, business accomplishments and performance outcomes, peer review articles and papers published, partnerships and collaborations with other entities, licenses, patents and invention disclosures, scientific progress as it relates to the commercialization of intellectual property funded by such financial assistance, efforts to commercialize such intellectual property, and other funds received for research; and (7) performing such other administrative duties as the Regenerative Medicine Research Advisory Committee deems necessary.