BIO Applauds House Passage of the JOBS and Investor Confidence Act of 2018

Today, the Biotechnology Innovation Organization (BIO) applauds the
passage by the House of Representatives of the JOBS and Investor
Confidence Act of 2018 (S. 488), or JOBS Act 3.0, in a widely bipartisan
vote of 406-4. This legislation, which includes the Fostering Innovation
Act (H.R. 1645), would significantly improve the ability of emerging
biotech companies to invest their capital in the drug discovery process.

“House passage of the JOBS Act 3.0 is a tremendous step forward for
small, pre-revenue innovators. If enacted, this legislation would allow
these companies to invest more of their limited resources into advancing
meaningful biomedical research, rather than complying with costly and
unnecessary regulatory requirements,” said BIO President and CEO Jim
Greenwood. “Thanks to the leadership of Financial Services Committee
Chairman Hensarling and Ranking Member Waters, today’s vote demonstrates
that it is a bipartisan priority to undertake meaningful regulatory
reform to advance innovation and the efficiency of public capital

BIO also commends Reps. Kyrsten Sinema (D-AZ) and Trey Hollingsworth
(R-IN) for introducing and championing the Fostering Innovation Act,
which provides targeted regulatory relief from the costly external
auditor attestation requirements under Sarbanes-Oxley 404(b) for certain
pre-revenue innovators.

“We commend Representatives Sinema and Hollingsworth for their
commitment to ensuring that small innovators and emerging biotech
companies can devote more of the capital they need toward lifesaving and
life-enhancing research,” Greenwood added. “More than 260 emerging
biotechs have gone public under the JOBS Act, and the Fostering
Innovation Act would further support their growth by right-sizing the
regulatory framework for pre-revenue innovators while maintaining
important investor protections.”

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

World Congress on Industrial Biotechnology

July 16-19, 2018

Philadelphia, PA

Latin America Conference

September 4-5, 2018

Sao Paulo, Brazil

Investor Forum

October 17-18, 2018

San Francisco

Patient and Health Advocacy Summit

October 25-26, 2018

Washington, DC

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