SAN DIEGO, CA (June 19, 2008) - At a gathering of the world's leading life science and biotech companies, Comptroller Peter Franchot today advocated for a major investment of state pension fund assets into Maryland's renowned life sciences industry. The Comptroller, who serves as Vice-Chairman of the State Retirement and Pension System of Maryland, called for the action at the 2008 BIO International Conference currently being held in San Diego, CA.

"The life sciences industry is one of Maryland's most powerful economic engines -- an indispensable source of good-paying jobs, tax revenue, brainpower and market innovation," said Comptroller Franchot. "It is also an environmentally sustainable industry, and one with the proven ability to save and transform human lives. On many levels, I believe that a substantial commitment of pension fund resources to this dynamic and fast-growing sector is a sound investment in our future."

"As Vice-Chairman of the System, I intend to work with Treasurer Kopp, my fellow Trustees, and the SRA staff over the coming months to develop an investment strategy that fulfills our fiduciary responsibilities and strengthens the Maryland economy," said the Comptroller. Chaired by Maryland State Treasurer Nancy K. Kopp, the State Retirement and Pension System manages more than $38 billion of assets (as of April 30) for more than 350,000 active and former State employees, teachers, State police, judges, law enforcement officers, correctional officers and legislators.

Earlier in the day, the Comptroller met with the Tom Watkins, chair of the Life Sciences Advisory Board to express his support and offer any assistance as the Board works to come up with its recommendations. The Comptroller also pledged his support to Governor O'Malley's recently announced Maryland Bio 2020 Initiative.

Last December at his Life Sciences Summit, the Comptroller released a study he commissioned by the Sage Policy Group that highlighted the huge economic impact the life sciences currently has on Maryland's economy. Based on this analysis, the study team concluded that Maryland's bioscience sector is among the nation's largest, if not the largest, generating $29 billion in economic output, supporting 120,000 total jobs, $11 billion in income and nearly $600 million in state government taxes annually. Jobs supported directly by the state's life sciences industry pay $108,000/annum on average. Almost one-fifth of bioscience workers hold doctorates and over half have graduates degrees. In other words, the sector supports nearly 5 percent of Maryland's total employment, more than 8 percent of its wage/salary income, and over 11 percent of gross state product.

"Over the next decade, Maryland's biotech sector is poised to become even more globally pre-eminent, but we have to take the steps now or twenty years from now our children will be leaving the state and Maryland will be paying the price for our inaction," said Franchot.

The BIO conference annually attracts over 18,000 attendees representing the world's leading life science and biotech companies, international venture capitalists, worldwide financial firms and economic development officials from across the globe. While at BIO, the Comptroller is participating in individual meetings with companies looking to expand or open new facilities in Maryland. He is also joining with Governor O'Malley and the Department of Business and Economic Development to promote the state to international companies and potential partners. He will tour the Maryland pavilion and meet with CEO's from Maryland companies to hear their views on what statewide initiatives could be launched to further help the life sciences industry grow in the state. He will also meet with the Indian delegation to discuss joint ventures and opportunities.

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Contact: Joseph Shapiro, 443-871-2244, cell