Pharma to support biotech IPOs

The President's Council on Jobs and Competitiveness recently reported that the IPO market for small companies is in need of revitalization and recommended structural changes such as exemption from Sarbanes-Oxley compliance for companies for five years post-IPO and "right-sizing" the Spitzer Decree and Reg. FD.

These ideas won't fix the problems with biotech IPOs. The industry's long development timelines fit neither the 7-10 year venture capital cycle nor the short time horizons of the public equity markets...