E&Y, MdBio report supports state-backed venture fund to help 'nurture' biotech. (Trends in Technology).

Perhaps a state-sponsored venture fund for bioscience companies is not too farfetched an idea for Maryland.

Ernst & Young (www.ey.com) and MdBio (www.mdbio.org) recently submitted a feasibility study on a state-supported venture fund to the Maryland Department of Business and Economic Development. The state agency is supposed to respond by the end of this month and make a recommendation to Gov. Parris Glendening, says Rene Salas, a life sciences analyst for Ernst & Young's Mid-Atlantic office.

Salas could not divulge the results of the study, but says other states have created state-backed bioscience venture funds with the help of private sector businesses. …