Summary by Futu AI
Pharma Biologics issued a voluntary notice on May 17, 2024 in response to the May 15 meeting of the U.S. House Committee on Oversight and Accountability on the Amendment Bill (H.R. 8333). The bill removes content related to the CEO of pharmaceutical biologics and adds the long-standing “grandfather” clause, providing for a transition period of January 1, 2032. Pharma Biologics is listed as a “Biotechnology Company of Concern”, which the company says is an unreasonable default designation without due process. Pharmacobiology emphasized that the company does not engage in human genomics business, nor does it collect human genome data, and reiterates that it does not pose a safety risk to the United States or other countries. The company will continue to focus on the legislative process and pledge to adhere to strict compliance standards and regulations. The announcement was issued by the Chairman, Dr. Li Keung, on behalf of the Board, reminding shareholders and investors to exercise caution when buying and selling securities.