BIO calls for transparency in short selling

BIO supported measures to enhance transparency of short selling at a hearing Tuesday before the capital markets subcommittee of the House Committee on Financial Services. John Blake, SVP of finance at aTyr Pharma Inc. (NASDAQ:LIFE), spoke on BIO's behalf to the subcommittee.

In prepared remarks delivered by Blake, the trade group argued that “manipulative” short selling tactics are particularly detrimental to public biotechs due to long and costly development timelines, relatively low trading volume and limited news flow. Such activity discourages long-term investment in biotechs, which can preclude companies from securing sufficient capital to fund R&D programs and therefore harm patients, the group argued...