USA's BIO demands SOX reform

The Biotechnology Industry Organization has reiterated its support for changes to the Sarbanes-Oxley Act of 2002 (SOX) that will specifically benefit small biotechnology companies. The call for reform came as Christopher Cox and Mark Olsen, respectively the Chairman of the US Securities and Exchange Commission and Chairman of the Public Companies Accounting Oversight Board, were summoned to testify before the Senate Committee on Small Business & Entrepreneurship.

Jim Greenwood, the BIO's president, noted that "the biotechnology industry was particularly hard-hit by the complex and burdensome regulations imposed by SOX's Section 404. We have supported changes to its implementation, so our companies can refocus on our most important mission of researching and developing new therapies to improve human health, expand our food supply and provide new sources of energy."

Mr Greenwood added that "we are pleased to see that agency and congressional leaders are listening."