California Life Sciences Day at the State Capital on March 28, 2007
On Wednesday, March 28, 2007, leaders in biotechnology, medical devices, pharmaceuticals and biomedical research will come to Sacramento and meet with legislators to build support for the issues that matter most to California's medical innovators. Attendees will participate in face-to-face meetings with legislators and state government officials; network at a luncheon featuring a keynote address by Governor Schwarzenegger’s Legislative Secretary Chris Kahn, and join legislators and their staffs at a closing reception at the historic Sutter Club. CHI recognizes the sponsors of the event: AdvaMed, Allergan, Amgen, Amylin, BIO, Genentech, Gen-Probe, Gilead, MDMA, MedImmune, NVCA, Pfizer, PhRMA, and Schering-Plough. Registration is now closed for the event. View website
Net Operating Loss Carryover Measure to Be Heard in Assembly Committee
The Assembly Revenue and Taxation Committee will hold an informational hearing on Monday, March 26 to discuss legislation (AB 135 – Guy Houston, R-San Ramon) that would extend California’s current net operating loss carry-forward from 10 years to 20 years for each year following the taxable year of the loss. The long research and development timelines and rigorous FDA approval process typically cause life sciences companies to incur losses for 15 years or more before a product reaches the market and generates profits. CHI believes that extending net operating loss carryovers is an important incentive that will foster research in the pursuit of innovative treatments, therapies and cures.
Assembly Committee to Discuss Hazardous Materials Exposure Limits
On Wednesday, March 28, the Assembly Labor and Education Committee will discuss legislation (AB 515 – Sally Lieber, D-Mountain View) that would require the State Occupational Safety and Health Standards Board to promulgate permissible exposure limits (PEL) standards for hundreds of chemicals used in manufacturing. The FDA regulates biological research and manufacturing processes with great precision and CHI believes that this duplicative measure places unnecessary burdens on the Standards Board. If such a policy were implemented in the State it would add tremendous cost to researching, developing and manufacturing life-saving products and would provide another disincentive for growing biotech business in California.
Grants from Stem Cell Institute Continue to Grow
The California Institute for Regenerative Medicine (CIRM) issued 29 four-year grants worth $74.6 million to scientists at a dozen different universities and research institutions on Friday, March 16. Despite legal challenges that have restricted the ability of the agency to issue taxpayer bonds, loans from the state and philanthropic donations have allowed the agency to move forward. Combined with the $45 million in two-year grants given out in February, Friday’s awards place California in front of the National Institutes of Health as the world’s largest single source of funding for embryonic stem cell research. While February’s grants were aimed at scientists new to embryonic stem cell work, Friday’s awards targeted researchers already well-established in the field. The largest beneficiaries were the University of California - San Francisco (seven grants worth $17.4 million) and Stanford (six grants worth $15.2 million).