BIO presents letter to SEC on market manipulation.October 3, 2008 -
The BIO released a letter to SEC Chairman Christopher Cox and Director Linda Thomsen commending the agency for its efforts to investigate fraud and crack down on activities such as rumor mongering and abusive naked short selling in capital markets. "This type of illegal behavior is especially detrimental to emerging biotechnology companies whose value is so dependent on the results of their research and development efforts," said Alan Eisenberg of the BIO.
BIO Commends SEC Efforts to Combat Illegal "Naked" Short Selling |
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Biotechnology Industry Organization
1201 Maryland Ave., SW, Ste. 900
Washington, DC, 20024
USA
Press release date: September 30, 2008
WASHINGTON, D.C. (Tuesday, September 30, 2008) - The Biotechnology Industry Organization (BIO) today released its letter to SEC Chairman Christopher Cox and SEC Director Linda Thomsen commending the agency for its efforts to investigate fraud and crack down on activities such as rumor mongering and abusive naked short selling in capital markets.
"This type of illegal behavior is especially detrimental to emerging biotechnology companies whose value is so dependent on the results of their research and development efforts," said Alan Eisenberg, Executive Vice President for Emerging Companies and Business Development at BIO. "The peddling of false rumors regarding the results of clinical trials could substantially drive down a biotechnology company's stock price. Given the resource intensive nature of our industry and its dependency on capital markets, these illegal activities can be particularly damaging to our companies' efforts to gather investment."
Eisenberg also said that BIO "looks forward to working with the agency during the regulatory rulemaking process to ensure that securities of all public companies, including the biotechnology industry, are protected."
The vast majority of biotech companies are in the research and development phase of bringing medical therapies through clinical trials so that they can become available to patients. Because biotech innovations have an especially long and expensive road from the lab to the patient - up to $1 billion over 10 years - the current turmoil in global financial markets has rendered them especially vulnerable to failure.
See the full text of the letter here: http://bio.org/letters/SECsupportletter92208.pdf
Upcoming BIO Events
Intellectual Property Council Committee Fall Conference and Meeting
October 20-22, 2008
Orlando, Fla.
BIO HR Conference 2008
October 26-28, 2008
San Diego, Calif.
BIO-LES Advanced Business Development Course
October 27-29, 2008
San Francisco, Calif.
BIO Investor Forum 2008
October 29-31, 2008
San Francisco, Calif.
Advanced Business Development Course
November 14-16, 2008
Mannheim/Heidelberg, Germany
BIO-Europe 2008
November 17-19, 2008
Mannheim/Heidelberg, Germany
2009 BIO International Convention
May 18-21, 2009
Atlanta, Ga.
About BIO
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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