Venture Capital Funding Issue Splits House, Senate On SBIR Reauthorization
This article was originally published in The Gray Sheet
While Small Business Innovation Research reauthorization bills are making headway through the House and Senate, the two bodies differ on how much SBIR funding can go to start-up firms that are majority-owned by venture capitalists and other private investors.
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Just as the Small Business Innovation Research program achieved a congressional fix for the knotty problem of letting companies with VC support apply for the “valley of death” grants, it may have fallen behind again with its de facto exclusion of virtual start-ups. Companies have until July 16 to comment on the program’s updated implementing regulation.
Congress has again put off longer term reauthorization and reform of the Small Business Innovation Research Program, as the House and Senate remain at odds over the appropriateness of funding majority venture-capital-backed companies
Good news in the biopharma industry and the US economy gave public drug developers the boost they needed to raise cash, including Karuna’s $750m offering. Private company financings slowed during the second week of August, but Prellis and Vector BioPharma raised venture capital.