S.B. No. 2796 amends the Health and Safety Code to enhance the fiscal responsibilities of the Cancer Prevention and Research Institute of Texas. The bill introduces a new purpose for the Institute, which includes providing a reasonable return on investment for the state, with a non-binding target of at least 1% returns per year, subject to the oversight committee's decision. Additionally, the bill modifies the structure of the Institute's leadership by adding a chief investment officer and a chief product development officer, while also updating the criteria for grant proposals to ensure financial viability and a complete return on investment within specified timeframes.

Furthermore, the bill requires grant recipients to provide bi-annual reports detailing the anticipated timeline for returns on investment, taking into account the progress made and market conditions. This amendment aims to ensure accountability and transparency in the use of state funds for cancer research initiatives. Overall, the bill seeks to strengthen the Institute's role in cancer research while ensuring that investments yield tangible benefits for the state of Texas.

Statutes affected:
Introduced: Health and Safety Code 102.002, Health and Safety Code 102.0511, Health and Safety Code 102.255 (Health and Safety Code 102)