U.S. biotech companies are taking a "wait and see" approach to the new European Agency for the Evaluation of Medicinal Products (EMEA), which will coordinate the activities of national regulatory bodies and provide a centralized mechanism for rapid approvals of biotechnology and innovative drug products. Although it officially opened for business late last month, the agency still is settling into its offices in London and will not be fully staffed until March. It will start holding approvals meetings in April.