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What’s Inside: Biocom California Purchasing Group Rebrands to Core; United Voices Summit Aims to Foster Diversity, Equity and Inclusion; FDA Approvals for BMS and AbbVie; California Budget Passes; and more.
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What’s Happening at Biocom California
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The Evolution of the Biocom California Purchasing Group
The organization formerly known as the Biocom California Purchasing Group is thrilled to announce the rebrand of our business and our new name: Core by Biocom California. Leveraging almost 30 years of expertise, Core by Biocom California helps life science companies secure mission-critical services at a reduced cost while offering the resources and support leaders need to focus on their pursuit of scientific innovation. Our new name was chosen to reflect the multitude of ways we provide essential support to life science companies and illustrates our commitment to being at the heart of our members’ success.
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Biocom California’s Annual Greater LA Life Science Forum
Biocom California is hosting our third annual Greater Los Angeles Life Science Forum on July 18 in West LA. This conference unites local business leaders, industry companies, investors, elected officials and regional decision-makers to delve into the newest developments within the region’s life science sector. Hear from Max Reyes, senior director of economic policy, Office of LA Mayor Karen Bass, and other leaders throughout the region who will discuss bolstering the industry’s workforce and ways to effectively support future growth. Our event will cap off with a networking reception and our Open House and Supplier Showcase.
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Inaugural United Voices Summit to Focus on Improving DEI
We invite you to our first-ever United Voices Summit on August 1 in San Diego, a dynamic full-day conference where professionals and educators unite to shape a more equitable and inclusive future for the life science industry. Participants will engage in a series of interactive sessions that explore DEI challenges, practices and strategies, providing them with a roadmap to amplify their organization’s DEI efforts. We are proud to announce our keynote speaker: Mary Stutts, MHA, CEO of Healthcare Businesswomen’s Association. Join us and be part of shaping a path toward impactful industry-wide change.
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Industry Intelligence & Member Moments
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- AbbVie received FDA approval for Skyrizi (risankizumab-rzaa) for treatment of ulcerative colitis, making it the first drug of its class approved for both ulcerative colitis and Crohn’s disease.
- Arrowhead Pharmaceuticals plans to advance investigational plozasiran into a Phase 3 cardiovascular outcomes trial called CAPITAN.
- BilliontoOne closed a $130 million Series D funding round with plans to expand and scale its prenatal screening and oncology business, valuing it at more than $1 billion.
- Bristol Myers Squibb received accelerated FDA approval for Krazati (adagrasib) for colorectal cancer.
- Capricor Therapeutics announced the FDA has scheduled a pre-BLA meeting with the company for deramiocel for the treatment of Duchenne Muscular Dystrophy.
- IDEAYA Biosciences has dosed its first patient in its Phase 1 trial evaluating the combination of IDE397, IDEAYA’s investigational MAT2A inhibitor, and Trodelvy (sacituzumab govitecan-hziy), Gilead’s Trop-2 directed ADC, in patients with MTAP-deletion bladder cancer.
- Lilly and OpenAI will team up to discover novel medicines to treat drug-resistant bacteria using leveraging OpenAI’s generative AI.
- MicroVention’s LVIS EVO intraluminal support device, the first fully visible coil-assist-intracranial stent, is now commercially available in the U.S.
- Tempo Therapeutics closed a $12 million Series A funding round and appointed Eric I. Richman to its board of directors.
- Wacker Biotech announced the completion and the grand opening of a new mRNA competence center that triples the company’s capacity for mRNA vaccine and advanced therapeutics production.
- UC San Diego Extended Studies is now offering an interdisciplinary cancer biology course which dives into the molecular, cellular, and genetic foundations of cancer and is ideal for those with a background in cellular biology and genetics.
- Vir Biotechnology received FDA IND clearance and fast track designation for tobevibart and elebsiran for the treatment of chronic hepatitis delta infection.
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Biocom California Hosts Senate HELP Committee in Bay Area
On May 29, Biocom California held a roundtable in the Bay Area with Barrett Tenbarge, general counsel for the Senate Health, Education, Labor, and Pensions (HELP) Committee. The HELP Committee oversees the NIH and FDA and is responsible for much of the legislation guiding life science product development. The group had a great discussion on FDA’s regulatory framework and the challenges of small companies during the approval process.
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Budget Impacts Tax Credits for Businesses
The California Legislature has passed the Budget Act of 2024. The act functionally raises taxes on businesses by nearly $16 billion over the next three years by suspending the utilization of Net Operating Loss deduction for most companies, capping use of the state’s Research and Development credit, and requiring corporations to exclude foreign dividends from its apportionment factor formula. The life science industry led negotiations with the Governor and legislative leaders to mitigate impacts of this Budget Act deal. Through these conversations, we secured refundability over a three-year period when the incentives are reinstated.
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San Diego’s Land Use & Housing Committee Passes UC Plan Update
The University Community Plan Update passed a major milestone when it was unanimously approved by San Diego City Council’s Land Use and Housing Committee on June 13. Our Senior Director of Regional Policy and Government Affairs, Melanie Cohn, was present to speak in support of the plan as drafted, which will dictate land use in the life science hub over the next 30-plus years. The plan would allow for increased housing density to serve the life science industry, whose leaders say housing is the top issue they face in attracting and retaining talent. The plan now goes to full council by the end of July.
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Bay Area Companies Facing Potential Tax Increases
Five Bay Area cities are seeking to increase business taxes as they continue to face pandemic-related budget shortfalls. Policies are being considered for the November ballot in San Francisco, South San Francisco, Redwood City, Foster City and Belmont. South San Francisco is proposing changes to its current Business License Tax, whereas Redwood City and Belmont are looking to move toward a Gross Receipts Tax model. Foster City is reforming its current Gross Receipts Tax structure, and in San Francisco, biotech companies could see an 18% tax increase if approved by voters. Biocom California is actively engaged in advocating on behalf of our members in these cities. Please contact Bay Area Policy Manager Christy Shirilla with any questions.
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Biocom California
For over 29 years, Biocom California has helped move the life science industry forward with transformative resources that enable companies to make meaningful connections. With a membership base of over {{{dynamic_content_1600}}} companies, we connect our members to each other so they can collaborate and work stronger and smarter together. We connect organizations to capital investment and purchasing solutions so they can grow faster and work more efficiently. We’re their link to advocacy that fights for innovation and we provide an environment where their business and talent can thrive. Biocom California is how the life science industry gets connected.
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