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Take off the SOX

Take off the SOX

by Rick Turoczy on July 20, 2006

Corporate America largely regards the 2002 Sarbanes-Oxley accounting law as a settled matter. So, it’s telling that the pressure keeps mounting to relieve smaller public companies of the evident burdens the law places upon them.

One of them, Gary Lessing, chief financial officer of cancer-drug developer Avalon Pharmaceuticals of Germantown, reports that nearly 2 percent of his company’s $30 million in expenditures last year were related to Sarbanes-Oxley. The company, founded in 1999, has no sales as it awaits its oncological discoveries. That’s typical in biotech, where products take years to reach the market. “Every dollar comes out of spending for novel therapeutics on cancer,” he said.

Take off the SOX

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