WASHINGTON, D.C. (Thursday, April 24, 2008) - Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood released the following statement today lauding Members of the House of Representatives for reauthorizing the Small Business Innovation Research (SBIR) program (368-43), with provisions that allow more biotechnology companies to compete for research funding:
“This act will increase access to early-stage funding for treatments and cures of debilitating diseases. Congress has recognized the capital-intensive needs of emerging biotechnology companies, whose development of a single new therapy often costs hundreds of millions of dollars and takes more than a decade to reach patients.
“BIO believes it is sound public policy for the Federal Government to continue to encourage and support scientific innovation, an area where American researchers have historically been at the global forefront.
“BIO and patient advocacy groups around the world are especially pleased that the House reinstated the eligibility of small biotechnology companies with majority venture capital investment to compete for SBIR funding. Both venture capitalists and the government’s SBIR program intend to fund the most promising science. These two sources of funding should work in a complementary manner to bring new therapies and innovations to the marketplace, ultimately to benefit patients and consumers.
“BIO is also delighted to express its strong support for the inclusion of language in the reauthorization of the SBIR program that identifies rare disease research as an area that is deserving of special attention. We appreciate the House’s efforts to stimulate research in orphan diseases such as ALS and provide much needed resources to small businesses, which are so critical to advancing the fight for a treatment and cure for such crippling diseases.”
Upcoming BIO Events
· World Congress on Industrial Biotechnology & Bioprocessing
April 27-30, 2008
· 2008 BIO International Convention
June 17-20, 2008
San Diego, Calif.
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· Pacific Rim Summit on Industrial Biotechnology and Bioenergy
Sept. 10-12, 2008
Vancouver, B.C., Canada
BIO represents more than 1,200 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the annual BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world.