BIO Urges Renewal of Therapeutic Discovery Project To Accelerate Research for New Therapies, Create Jobs

BIO Urges Renewal of Therapeutic Discovery Project To Accelerate Research for New Therapies, Create Jobs And Maintain US Competitiveness

WASHINGTON, D.C. - November 3, 2010 - Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood released the following statement on the announcement by U.S. Treasury Secretary Geithner and Health and Human Services Secretary Sebelius of the recipients of the $1 billion Therapeutic Discovery Project:

"Today's announcement of Therapeutic Discovery Project (TDP) awards is an important first step toward the critical goals of speeding the development of advanced new therapies, retaining US jobs and maintaining US leadership in biotechnology innovation.  We congratulate the companies that have received these award.  They represent the promise America's biotechnology industry offers for the hope of new medicines and cures and the growth of high quality, high wage jobs here at home - more jobs for Americans and more cures for patients around the world.

"Hundreds of thousands of patients and hundreds of small biotech companies across our nation now will begin to realize the benefits of this critical program.  Through the TDP, these companies, which had been faced with the heartbreaking choice of shuttering promising new research for diseases such as Alzheimer's, HIV/AIDs, Parkinson's and MS, will now be able to continue their work and maintain - or even expand - their workforces.

"With capital markets frozen during these uncertain economic times, this program provides a critical lifeline for innovative biotechnology companies.   In the past three years, the number of public US biotechnology companies has shrunk by a third.  The high demand and intense interest from companies applying for the program strongly demonstrates the need to extend and expand this promising program. 

"Our recent survey of small biotechnology company CEOs indicates they believe the TDP will have a positive impact on advancing therapies and cures for patients, job sustainability and US biotechnology competitiveness.  In addition, two-thirds of those surveyed expressed that the opportunity to apply for the program made them more likely to keep their companies' operations in the U.S.

"To those who were instrumental in the launch of this program:  congratulations and thank you.  You have saved jobs, saved businesses and saved critical research that may save lives.

"We now call on Congress and the Administration to work together to extend and expand the Therapeutic Discovery Project to support continued American innovation and accelerate the development of life-saving cures."

For a full list of the awards, go to the IRS website.

About BIO

BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtech Now, an online portal and monthly newsletter chronicling "innovations transforming our world." Subscribe to BIOtech Now.