BIO Lauds House of Representatives’ Vote
to Reform SBIR Program
Changes Mean Additional Funding for Biotechnology Research
WASHINGTON (Business Wire EON) 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.”
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 BIO International Convention, the world’s
largest gathering of the biotechnology industry, along with
industry-leading investor and partnering meetings held around the world.
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