id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1711	Wu, Erica	Biotech Crowdfunding: How the JOBS Act Alone Cannot Save Investors	2019	44	.pdf	application/pdf	13995	532	43	BIOTECH CROWDFUNDING 1067 decade.31 The IPO Task Force, formed in 2011 and comprised of “venture capitalists, experienced CEOs, public investors, securities lawyers, academicians[,] and investment bankers,”32 identified several regulatory and market challenges that discouraged EGCs from going public.33 Since the late 1990s, a series of new rules and regulations (including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010) required that public companies adopt more stringent financing and accounting systems.34 These rules and regulations came about in response to a series of crises and scandals at major public companies and constituted an attempt to restore confidence in the public markets.35 This one-size-fits-all U.S. securities regulation scheme placed enormous compliance costs on companies contemplating an IPO.36 For EGCs in particular, compliance demanded a substantial proportion of the company’s earnings and lowered the company’s market capitalization.37 EGCs could not provide as much information to potential investors, making their stocks more difficult to understand and invest in, and investment banking practices thus shifted toward high- frequency trading of large-cap stocks instead of long-term investing in companies.38 As a result, the IPO process became 31 Id. at 6. 32 Id. at 1. 33 Id. at 8. 34 Id. at 9 35 Id. 36 Id. at 8. This Note has presented a wide-ranging description of the various protections available to potential biotech investors from bad actors, focusing on the crowdfunding protections currently set out in Title III and those provided by the FDA’s regulatory authority and patent law.	cache/cblr-1711.pdf	txt/cblr-1711.txt