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OncoMed Pharmaceuticals SVP/CFO on Emerging Company Capital Formation Testimony

William D. Waddill, Senior Vice President and Chief Financial Officer of OncoMed Pharmaceuticals, highlights the importance of capital formation to encourage investment in the biotechnology industry and spur job growth across the country. On behalf of BIO, Mr. Waddill is providing testimony today at a Senate Committee on Banking, Housing, and Urban Affairs hearing on “Spurring Job Growth through Capital Formation While Protecting Investors, Part II.”

In this video interview, Mr. Waddill shares highlights of his testimony, explains why he feels it’s critical for the federal government to help emerging biotech companies, and emphasizes why it is important for industry leaders to proactively engage in policy matters.

The Senate Committee hearing will focus on several bills that aim to support emerging biotechnology companies, including:

The Reopening American Capital Markets to Emerging Growth Companies Act (S. 1933) to create an “on-ramp” to the public market for emerging growth companies to allow a transition period for certain accounting and disclosure requirements, including Sarbanes-Oxley Section 404(b).

The Small Company Capital Formation Act (S. 1544) to reform SEC Regulation A by expanding its eligibility requirements to include companies conducting direct public offerings of up to $50 million.

The Private Company Flexibility and Growth Act (S. 1824) to increase the limit that requires private companies to register with the SEC from 500 to 2000 shareholders.

The Access to Capital for Job Creators Act (S. 1831) to require the SEC to revise Rule 506 of Regulation D to permit general solicitation in direct public offerings, broadening the investor base.