September 10, 2008 Lt. Gov. Tim Murray meets with biotech leaders in Central Mass. Play video

(Jennifer Eagan, NECN: Worcester, MA) - Lt. Gov. Tim Murray met with biotech leaders in Worcester Wednesday.

He told industry stakeholders how they can use the state's one billion dollar life sciences bill to build biotech businesses into Central Massachusetts.

The life sciences bill will build...manufacturing jobs in central mass.

The meeting comes a day after advanced cell technology...a Worcester based company...announced it will close all offices across the country.

Offices in Worcester and Los Angeles will stay open.

Robert Coughlin...the president of the mass biotechnology council says the life science industry is a high-risk business.

In order to get a product from the bench to the bedside it takes 10 years if you're lucky enough to be successful.

Coughlin says ACT isn't the only biotech company having a tough time getting their product to the finish line.

It also takes about one billion dollars to get a product to the patient's bedside.

Programs like the life science initiative will keep co.s like ACT from going under and other companies from facing the same.

In the past four years...more than fifty life science companies have settled in central Massachusetts.

Through the state's life sciences bill...UMass medical center was awarded $90 million dollars to build a state of the art stem cell bank.

Coughlin says...as companies do develop products...it will create more jobs in the commonwealth.