Provides funds, to be awarded through a competitive process, to small nonprofit research institutions located in the State engaged in tissue repair and regeneration biotechnology commercialization activity that, as of the effective date of this Act, have operating budgets less than $15,000,000, to repurpose, develop and use existing infrastructure, laboratory spaces and equipment required to assist start-up life science companies in order to grow the State's economy and create new jobs. These funds will be used to leverage an additional $5,000,000 in public and private grants.