On behalf of its members, the Biotechnology Industry Organization (“BIO”) is pleased to provide comments on the proposed rulemaking, SEC Release No. 34-58572, by the Securities and Exchange Commission (“SEC” or “Commission”) to address excessive market fluctuations of security prices exacerbated by market manipulation, including abusive naked short selling and false rumors. As a result of this market manipulation, the securities prices of many small biotechnology companies have been substantially driven down, harming overall investor confidence in biotechnology companies. Specifically, diminished investor confidence adversely impairs the liquidity and ultimately the viability of emerging biotechnology companies.