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Press Release

BIO Applauds Sens. Tillis and Peters for Introducing the Fostering Innovation Act

Biotechnology Innovation Organization
Posted on: 15 Nov 17

Today, the Biotechnology Innovation Organization (BIO) applauds Sens. Thom Tillis (R-NC) and Gary Peters (D-MI) for introducing the Fostering Innovation Act. This vital legislation would build on the success of the JOBS Act and further reduce regulatory costs for biotech small businesses.

The JOBS Act provides emerging growth companies (EGCs) with a five-year exemption from the costly auditor attestation requirements of Section 404(b) of Sarbanes-Oxley (SOX). The Fostering Innovation Act would extend the JOBS Act’s SOX 404(b) exemption for an additional five years for pre-revenue small businesses. The additional five years of cost-savings would allow growing companies to focus their capital on life-saving R&D rather than one-size-fits-all regulatory burdens.

The following statement may be attributed to BIO President & CEO Jim Greenwood:

“BIO commends Sens. Tillis and Peters for introducing the Fostering Innovation Act. More than 230 emerging biotechs have gone public under the JOBS Act, and this bill would further support their growth. By allowing innovative small businesses to focus their investment capital on science rather than compliance, the Fostering Innovation Act would allow these emerging innovators to remain focused on delivering groundbreaking cures and treatments to patients.

“The targeted nature of the Fostering Innovation Act, which would only benefit pre-revenue companies, represents an important move away from one-size-fits-all regulations. BIO strongly supports this vital legislation, and we applaud Sens. Tillis and Peters for their efforts to reduce compliance costs for emerging biotechs and support small business capital formation.”

The Fostering Innovation Act has also been introduced in the House by Reps. Kyrsten Sinema (D-AZ) and Trey Hollingsworth (R-IN). It was approved by the House Financial Services Committee on October 12 by a bipartisan 48-12 vote.

About BIO

BIO is the world's largest trade association representing 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 BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.

Upcoming BIO Events

 

BIO One-on-One Partnering™ @ JPM

BIO CEO & Investor Conference

January 7-11, 2018 February 12-13, 2018
San Francisco New York, New York
 

BIO Asia International Conference

BIO International Convention

March 19-20, 2018 June 4-7, 2018
Tokyo, Japan Boston, MA
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20171115006317/en/

Business Wire
www.businesswire.com

Last updated on: 15/11/2017

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