WASHINGTON, May 9 /PRNewswire/ -- Stephen A. Sherwin, M.D., Chairman
and Chief Executive Officer of Cell Genesys, Inc., will represent the
Biotechnology Industry Organization (BIO) tomorrow in a roundtable
discussion with the Securities and Exchange Commission (SEC) concerning the
second year implementation of Sarbanes-Oxley Section 404, internal control
reporting provisions of the corporate governance law.
The roundtable will take place from 9 a.m. to 5:30 p.m. on Wednesday,
May 10, 2006, at the SEC's headquarters, 100 F Street N.E., in Washington,
D.C. Dr. Sherwin will discuss the cost burdens of Section 404 in the panel
entitled "Management's Evaluation and Assessment," which is scheduled for
10:45 a.m. - 12:15 p.m.
Section 404 applies a "one-size-fits-all" approach to internal controls
requirements and therefore places disproportionate costs and time-consuming
burdens on small public companies. The SEC's Advisory Committee on Smaller
Public Companies recently voted 18-3 in favor of scaled reform
recommendations for Section 404. These recommendations reflect a majority
of BIO's reform suggestions.
BIO seeks internal control requirements that are "scaled" and
"proportional" to the size of product revenues and the complexity of
corporate structures. BIO fully embraces the importance of good corporate
governance and transparency, and seeks expeditious regulatory reform for
Section 404.
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.
For more information on the panel, visit the SEC's website at
http://www.sec.gov/news/press/2006/2006-62.htm.
Dr. Sherwin serves as a Director and Treasurer of BIO's Board of
Directors and is also the Chairman of BIO's Emerging Companies Section
Governing Body.
Cell Genesys is focused on the development and commercialization of
novel biological therapies for patients with cancer. The company is
currently pursuing two clinical stage product platforms -- GVAX(R) cancer
immunotherapies and oncolytic virus therapies. Ongoing clinical trials
include Phase 3 trials of GVAX immunotherapy for prostate cancer, Phase 2
trials of GVAX immunotherapy for pancreatic cancer and leukemia, and a
Phase 1 trial of CG0070 oncolytic virus therapy for bladder cancer. Cell
Genesys continues to hold an equity interest in its former subsidiary,
Ceregene, Inc., which is developing gene therapies for neurodegenerative
disorders. Cell Genesys is headquartered in South San Francisco, Calif. and
has its principal manufacturing operation in Hayward, Calif. For additional
information, please visit the company's website at
http://www.cellgenesys.com .
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
CONTACT:
Stephanie Fischer of Biotechnology Industry
Organization, +1-202-962-9200
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