In the pharmaceutical industry, where a single drug can cost more than a billion dollars to develop, $50 million may soundlike small change. But to many biopharma startups, that amount of cash can be the difference between getting off the ground or crashing and burning. In the US, a law known as Regulation A allows small, private companies, including biopharmas, to sell up to $5 million in public shares without having to file lengthy, expensive paperwork and divulge financial details to the country's Securities and Exchange Commission (SEC). But a bipartisan piece of legislation working its way through Congress, known as the Small Company Capital Formation Act, proposes to modify Regulation A such that these companies could sell up to www.nature.com/nm/journal/v18/n1/full/nm0112-3.html$50 million in public shares with the same exemption.
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