The only newsletter at the intersection of biotech, politics, and policy
May 16, 2022
A bipartisan bill introduced Friday would boost much-needed plant biostimulants, and we’re celebrating the 10th anniversary of The JOBS Act. (623 words, 3 minutes, 6 seconds)
Bipartisan bill would boost plant biostimulants
BIO applauds the legislation, which would provide a “clear pathway to the marketplace” for plant biostimulant products.
What are plant biostimulants? They’re substances or microorganisms that, when applied to seeds, plants, or the soil around the roots, enhance nutrient uptake and efficiency, tolerance to heat or drought, crop quality, and/or yield—like Joyn Bio's microbes. And make agriculture more sustainable, too.
The Plant Biostimulant Act, introduced Friday by U.S. Reps. Jimmy Panetta (D-CA) and Jim Baird (R-IN), “would create a uniform process for approving commercial plant biostimulant use and require more federal research on the technology’s benefits for soil health,” per the press release.
“This legislation will help give full federal recognition of plant biostimulants, and provide a clear pathway to the marketplace for the technology, which is an invaluable new category of agricultural inputs that will improve soil health, water quality, and the overall growth of plants,” said Sarah Gallo, BIO’s VP for Agriculture and Environment.
BIO’s take: “Cutting-edge, innovative technologies such as plant biostimulant products will be critical to sustainably increasing food production to mitigate food price inflation and enhance agriculture’s resiliency to the stresses of climate change,” said BIO’s Sarah Gallo.
Bloomberg: Wheat soars in risk to food inflation as India restricts exports “Benchmark futures rose as much as 5.9% to $12.47 1/2 a bushel in Chicago, the highest in two months. Prices have surged about 60% this year, increasing the cost of everything from bread to cakes and noodles.” (Read the Bio.News coverage of the heatwave in India.)
The JOBS Act makes it more affordable to go public. On average, complying with Sarbanes-Oxley costs publicly-traded companies up to $2 million per year. The JOBS Act exempts EGCs from such compliance costs for their first five years, letting them focus on R&D.
The impact:93% of U.S. IPOs were completed by EGCs since 2013—including a little company named Moderna.
What’s next: Senate Banking Committee Ranking Member Pat Toomey (R-PA) released a draftJOBS Act 4.0, though its fate remains TBD due to the upcoming midterms. We’ll be keeping an eye on it.
More Health Care News:
Eli Lilly: FDA approves Lilly's Mounjaro™ (tirzepatide) injection, the first and only GIP and GLP-1 receptor agonist for the treatment of adults with type 2 diabetes “Mounjaro represents the first new class of diabetes medicines introduced in nearly a decade and is expected to be available in the U.S. in the coming weeks.”
BIO Beltway Report
President Biden’s Monday: Awarding Medals of Valor to public safety officers, then holding a bilateral meeting and reception with Prime Minister of Greece Kyriakos Mitsotakis.