WASHINGTON, D.C. (September 24, 2007) – The Biotechnology Industry Organization (BIO) expressed strong support for the Small Business Investment Expansion Act (H.R. 3567) which was reported out of the House Committee on Small Business last week.
“The Small Business Investment Expansion Act recognizes the importance of private-sector financing for small companies and the unique challenges these businesses confront in accessing necessary capital. Small biotechnology companies often require hundreds of millions of dollars of funding for research and development over more than a decade to produce a single new life-enhancing or life-saving therapy,” stated BIO President and CEO Jim Greenwood. “This legislation will increase the sources of funding available to small businesses which will facilitate economic growth, job creation and continued American innovation.”
BIO strongly supports the provisions of the legislation to modernize the Small Business Administration’s rules defining what constitutes a small business, allowing small biotechnology companies to access assistance regardless of their capital structure.
“This legislation will help the United States to maintain our leadership in biotechnology by ensuring that small domestic biotech companies have increased access to capital for cutting-edge, early stage technology that has the potential to improve human health, expand our food supply and provide new sources of energy,” Greenwood continued.
“We thank Chairwoman Nydia Velazquez (D, NY-12), and Representatives Jason Altmire (D, PA-4) and Sam Graves (R, MO-6) for their dedicated efforts on this critical issue. We also thank the House leadership for recognizing the importance of the issue and moving the bill forward for consideration by the full House of Representatives,” Greenwood concluded.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the annual BIO International Convention, the global event for biotechnology. www.bio.org
Upcoming BIO Events
· BIO Mid-America VentureForum 2007
Sep. 24–26, 2007
· BIO InvestorForum 2007
October 9-11, 2007
San Francisco, CA
· Pacific Rim Summit on Industrial Biotechnology and Bioenergy
· BIO International Convention
June 17–20, 2008
San Diego, CA