Section 23-99-3 - DefinitionsAs used in this chapter, the following words shall have the following meanings:
(1) "Affiliate" means any person or company that directly or indirectly controls or is controlled by or is under direct or indirect common control of another company or person including, but not limited to, any company that is merged or consolidated, or which purchases all or substantially all of the assets of another company.(2) "Board" means the board of directors of the Hub.(3) "Certification proposal" means a written proposal submitted by a life science company for approval as a certified life sciences company.(4) "Certified life sciences company" means a company that has been certified by the board as being eligible to receive grants and incentives from the investment fund.(5) "Commerce corporation" means the Rhode Island Commerce Corporation, established pursuant to R.I. Gen. Laws § 42-64-1, et seq.(6) "Company" means a business corporation, partnership, firm, unincorporated association, or other entity engaged or proposing to engage in economic activity within the state, and any affiliate thereof.(7) "Hub" means the Rhode Island life science hub established by § 23-99-4.(8) "Investment fund" means the hub investment fund established by § 23-99-6.(9) "Life science" means and shall include, but not be limited to the science of: medical devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics, biomanufacturing, diagnostics, digital health, and related fields.(10) "Life science company" means a company engaged in life science research, development, manufacturing, incubation, or commercialization in Rhode Island, and any affiliate thereof.(11) "Life sciences industry" means the fields of medical devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics, biomanufacturing, diagnostics, digital health and related fields.(12) "Person" means a natural person, company, or other legal entity.(13) "State" means the State of Rhode Island.(14) "Venture" means, without limitation, any contractual arrangement with any person whereby the corporation obtains rights from or in an invention or product or proceeds therefrom, or rights to obtain from any person any and all forms of equity instruments including, but not limited to, common and preferred stock, warrants, options, convertible debentures and similar types of instruments exercisable or convertible into capital stock, in exchange for the granting of financial aid to such person.Added by 2023 Pub. Laws, ch. 79, § 7-2, eff. 9/1/2023.