Biocom California, the association representing the life science industry of California, issued the following statement regarding the collapse of Silicon Valley Bank. The statement can be attributed to Joe Panetta, Biocom California's president and CEO:
"The collapse of Silicon Valley Bank (SVB) and upheaval in the banking sector has created difficulties for many in the life science industry in California and beyond. We know that some of our 1,700 members have been impacted by this sudden and unexpected development. California companies develop groundbreaking new medicines and our ecosystem is not only extremely important to our state and the nation, but also to patients with medical needs around the world. The recent actions by the Federal Reserve, the FDIC, and Treasury to allow SVB depositors to have access to all their money is a very positive development to mitigate the potential harm to California companies that are innovating across the bioeconomy.
We will continue to monitor the situation and encourage our members to reach out to us."
About Biocom California
Biocom California is the leader and advocate for California's life science sector. We work on behalf of more than 1,700 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C. and Tokyo. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.
For more information on Biocom California, please visit our website at www.biocom.org. Connect with us on LinkedIn, Facebook, and Twitter (@BIOCOMCA).
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