WASHINGTON, July 11 /PRNewswire/ -- Thomas Bigger, president and CEO of
Paratek Pharmaceuticals Inc., will testify Wednesday on behalf of the
Biotechnology Industry Organization (BIO) before a Senate committee
regarding Small Business Innovation Research grants (SBIR).
The hearing, titled "Strengthening Participation of Small Businesses in
Federal Contracting and Innovation Research Programs," is being held by the
Senate Small Business and Entrepreneurship Committee at 10:30 a.m.
Wednesday, July 12, in Room 428A of the Russell Senate Office Building.
Bigger will urge committee members to reverse the Small Business
Administration's (SBA) misguided interpretation of SBIR eligibility rules
by supporting S.1263, the "Save America's Biotechnology Innovation Research
Act (SABIR Act)." Under the SBA's misinterpretation, majority private
equity- backed companies are not eligible for SBIR grants.
"These reforms are essential in providing the most innovative, early
stage biotechnology companies with the opportunity to compete for and
participate in the SBIR program. Without reform, we could seriously
jeopardize America's innovation leadership and competitiveness in the
global biotech marketplace," Bigger will testify.
Throughout the first 21 years of the program, majority private equity-
backed companies were eligible to compete for SBIR grants. In January 2001,
the SBA Office of Hearings and Appeals changed its interpretation of long-
standing rules, therefore denying many biotechnology companies the
opportunity to apply for important "seed" funding.
Paratek Pharmaceuticals Inc., a privately-held biopharmaceuticals
company headquartered in Boston, is engaged in the discovery and
commercialization of new therapeutics that treat serious and
life-threatening infectious diseases. Paratek's mission is to develop new
antibiotic and anti-infective products that address the major worldwide
problem of bacterial resistance and to pursue additional promising
applications of the company's technology into other disease areas such as
inflammation.
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:
Kim Coghill of Biotechnology Industry
Organization, +1-202-962-9232
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