SAN DIEGO--(BUSINESS WIRE)--Biocom, the association representing the life science industry of California, today applauded the introduction of H.R. 6801, the Rare Disease (RaD) Fund Act by U.S. Representatives Juan Vargas (D-CA), Scott Peters (D-CA) and Tom Rooney (R-FL). Click here to view the legislation. The statement can be attributed to Joe Panetta, Biocom’s president and CEO:
“This much-needed legislation would address the funding gap between basic research and clinical development, commonly referred to as the ‘Valley of Death’ by creating a privately owned and operated investment fund to finance a large number of early-stage rare disease therapeutics. This novel financial structure based on research from the Massachusetts Institute of Technology (MIT) would diversify portfolios and thereby reduce risk.
“Biocom applauds the leadership of Congressmen Juan Vargas, Scott Peters and Tom Rooney in introducing the Rare Disease (RaD) Fund Act. In particular, Biocom commends Congressman Vargas on working with the life science and venture capital communities early on to craft thoughtful legislation that would complement traditional financing and address one of the industry’s most pressing challenges.
“Today, approximately 70 percent of licensed academic research in the life sciences goes to small companies. However, the increasing complexity and length of the drug development process in addition to the risks associated with research and development have made it very difficult for biotech startups to attract the early-stage investment funding needed to take promising research to the next level of development. The RaD Fund Act would help bridge this gap and achieve the necessary grand scale of capital needed to bring innovative treatments and cures to patients.”
Biocom is the largest, most experienced leader and advocate for California’s life science sector. We work on behalf of more than 1,100 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs, and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom operates core offices in Los Angeles and the San Francisco Bay Area, satellite offices in Washington, D.C. and Tokyo, and has a continuous staff presence in Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.