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Article: BIO Asks Congress to Help Small Businesses Find New Sources of Capital in Wake of Financial Downturn.
- Article from:
- Business Wire
- Article date:
- October 14, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Small biotechnology companies developing new medical therapies and advanced biofuels need help attracting new capital, as investors have become especially risk averse. The Biotechnology Industry Organization (BIO) today conveyed support for the Small Business Early-Stage Investment Act of 2009, which would create a funding program at the Small Business Administration to stimulate growth in early-stage technology-based companies.
In testimony before the House Small Business Committee, Martin Sabarsky, chief financial officer and chief operating officer of HR BioPetroleum, Inc., said on behalf of BIO:
"Private equity and capital markets are ...