Emerging Companies Monthly Newsletter
Biotech Leader Testifies at Congressional Hearing on ‘Reducing Barriers to Capital Formation’
On July 10, 2013, the House Financial Services' Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing on “Reducing Barriers to Capital Formation, Part II.” Kenneth I. Moch, President and Chief Executive Officer of Chimerix, Inc. and a member of BIO’s Emerging Companies Section Governing Board, presented testimony at the hearing on market structure reforms that can decrease the cost of capital and increase liquidity for emerging biotech companies trading on the public market. Download the complete testimony.
BIO Praises Rep. Michael Fitzpatrick for Introducing the Fostering Innovation Act
The Fostering Innovation Act. H.R. 2629 will reduce regulatory burdens on small public companies, the Act will amend the filing status classifications in SEC Rule 12b-2 to allow companies with public floats below $250 million or revenues below $100 million to qualify as non-accelerated filers.
S.E.C. Lifts Advertising Ban on Private Investments
The move allows start-ups and small businesses to use advertising to raise money through private offerings. Hedge funds and buyout firms, whose investment vehicles fall under regulations for private offerings, will also be able to promote their products to the general public, though restrictions remain on who can invest in them.
Congress Clears Bill Applying Injury Compensation Fund to Newer Vaccines
Congress this week cleared legislation updating a tax program supporting the national vaccine injury compensation fund to cover quadrivalent vaccines, with both chambers agreeing to the measure by voice vote. The action comes as FDA earlier this month approved a third quadrivalent vaccine, a new type of vaccine that will be employed during the upcoming flu season.
U.S. House panel OKs bill to prohibit mandatory auditor rotation
On June 19, 2013, U.S. House Financial Services Committee unanimously approved a bill on Wednesday that would prohibit mandatory rotation of auditors among companies to avoid fraud and financial misconduct.