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April 10, 2003
The Honorable Anna Eshoo
205 Cannon House Office Building
Washington, DC 20515
Dear Representative Eshoo:
On behalf of the Biotechnology Industry Organization (BIO), I am writing to express our support for H.R. 1372, "The Broad-Based Stock Option Plan Transparency Act of 2003." We thank you for your long-standing support on this very important issue.
As you know, BIO represents many small, innovative biotech companies that have no products on the market. Without revenue, these companies rely on stock options as part of a compensation package to recruit and retain the best business and research talent, as well as to recruit and retain support personnel. At a time when biotechnology is becoming global, it's important to keep our competitive edge for attracting the world's top scientists to the United States.
In addition, this legislation will ensure that the U.S. remains the world leader in biotechnology by ensuring that investors receive accurate information needed to judge a company's financial performance. Investment is a critical component of biotechnology as it costs hundreds of million dollars to bring a new therapy to market. Without investment capital, it would be impossible to perform the intensive research and development required to find new cures and therapies.
Once again, thank you for your support; and we look forward to working with you and your staff as your legislation proceeds. If you have any questions, please contact me at 202-962-9200.
Sincerely,
Sharon L. Cohen
Vice President for Government Relations
Biotechnology Industry Organization
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