WASHINGTON, May 2 /PRNewswire/ -- James S. Burns, president and CEO of
Rockville, Md.-based EntreMed Inc., will testify on behalf of the
Biotechnology Industry Organization (BIO) Wednesday regarding the
unintended consequences of Sarbanes-Oxley, the corporate governance law.
Burns will deliver his remarks before the House Committee on Small
Business in a hearing titled "Sarbanes-Oxley Section 404: What is the
Proper Balance Between Investor Protection and Capital Formation for
Smaller Public Companies?" The hearing will take place at 2 p.m. Wednesday,
May 3, 2006, in Room 2360 of the Rayburn House Office Building.
Burns' discussion will focus on the need to reform Section 404, which
applies a "one-size-fits-all" approach to internal controls for all
publicly traded companies. Complying with Section 404's costly,
time-consuming requirements is placing undue burdens on small public
companies. BIO is seeking regulatory reform through the Securities and
Exchange Commission (SEC) rather than a legislative fix.
BIO is leading a coalition of 10 healthcare technology,
high-technology, electronics and information technology, and semiconductor
and venture capital industries in an effort to urge the SEC to ease the
law.
The SEC's Advisory Committee on Smaller Public Companies recently voted
18-3 in favor of scaled reform recommendations for Section 404. The
advisory committee's final report submitted to the SEC reflects a majority
of BIO's reform recommendations.
Following the hearing, Burns' full testimony will be available on BIO's
website at http://www.bio.org.
For additional information, including a complete witness list, visit
the committee's website at http://wwwc.house.gov/smbiz/.
EntreMed Inc. (Nasdaq: ENMD) is a clinical-stage pharmaceutical company
developing therapeutic candidates primarily for the treatment of cancer and
inflammation. Panzem(R) (2-methoxyestradiol or 2ME2), the company's lead
drug candidate, is currently in Phase II clinical trials for cancer, as
well as in preclinical development for rheumatoid arthritis. MKC-1, an oral
cell cycle regulator, is also in Phase II studies for cancer. EntreMed's
goal is to develop and commercialize new compounds based on the company's
expertise in angiogenesis, cell cycle regulation and inflammation -
processes vital to the treatment of cancer and other diseases, such as
rheumatoid arthritis. Additional information about EntreMed is available on
the company's website at http://www.entremed.com and in various filings
with the SEC.
BIO represents more than 1,100 biotechnology companies, academic
institutions, state biotechnology centers and related organizations across
the United States and 31 other nations. BIO members are involved in the
research and development of healthcare, agricultural, industrial and
environmental biotechnology products.
SOURCE Biotechnology Industry Organization
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Related links:
http://www.bio.org
http://www.entremed.com http://wwwc.house.gov/smbiz
CONTACT:
Kim Coghill of Biotechnology Industry
Organization, +1-202-962-9200
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