Scorpius Holdings Commends Congress on Bipartisan Legislative Action Aimed at Bolstering U.S. Biomanufacturing
Scorpius Holdings (NYSE American: SCPX) has praised Congress for introducing the bipartisan BIOSECURE Act, aimed at strengthening U.S. pharmaceutical supply chain and reducing dependency on foreign manufacturers. The Act has advanced out of the House Oversight Committee and is expected to be voted on by the end of the year. Scorpius has expanded its U.S.-based production facilities and invested in advanced technologies to align with these legislative goals. CEO Jeff Wolf emphasized the importance of passing the Act to ensure America's health security. Scorpius is committed to supporting U.S. Government-backed pharmaceutical programs and furthering domestic biomanufacturing initiatives.
- Significant bipartisan support for the BIOSECURE Act in Congress.
- BIOSECURE Act aims to reduce dependency on foreign manufacturers.
- Scorpius has expanded U.S.-based production facilities.
- Heavy investment in state-of-the-art technologies by Scorpius.
- Scorpius's alignment with legislative goals to strengthen the U.S. pharmaceutical supply chain.
- Support from Scorpius for ongoing U.S. Government-backed pharmaceutical programs.
- Scorpius's involvement in the BioMaP Consortium to enhance biomanufacturing.
- Pending status of BIOSECURE Act means the legislative benefits are not yet realized.
- Potential risks if the BIOSECURE Act does not pass as anticipated.
- Scorpius's heavy investments may lead to increased operational costs.
Urges Congress to Immediately Pass the BIOSECURE Act
DURHAM, N.C., May 16, 2024 (GLOBE NEWSWIRE) -- Scorpius Holdings, Inc (NYSE American: SCPX) (“Scorpius” or “the Company”), an integrated contract development and manufacturing organization providing state-of-the-art large molecule contract development and manufacturing organization (“CDMO”), today applauded on-going legislative efforts within the United States Congress to bolster domestic biomanufacturing in the face of vulnerabilities from America’s adversaries.
The most notable legislative effort is the recent introduction of the BIOSECURE Act, which would mark a significant step forward in strengthening America’s pharmaceutical supply chain and reducing dependency on foreign manufacturers. The BIOSECURE Act is now seeing significant bipartisan momentum in Congress, advancing out of the House Oversight Committee this week, setting the stage for a possible vote and final passage by the end of the year.
Other notable efforts include recent legislative and policy measures that prioritize U.S. Government investment and development for U.S.-based biomanufacturing, as well as the launch of the BioMaP Consortium within the Biomedical Advanced Research and Development Authority, of which Scorpius is a member.
Over the past year, Scorpius has proactively expanded its production facilities, all within the United States, investing heavily in state-of-the-art technologies to support scalable and secure manufacturing processes. This expansion not only enhances the Company's capacity to meet growing demand but also aligns seamlessly with the objectives of the newly proposed legislative measures.
Scorpius continues to support ongoing work on behalf of U.S. Government-backed pharmaceutical programs and recently hosted several visits to its San Antonio facility from U.S. Government representatives in which these efforts were discussed.
Jeff Wolf, CEO of Scorpius, praised the pending Congressional action, but urged its final passage, stating, “We are at a critical juncture in ensuring the health security of our nation. The recent legislative developments, including the BIOSECURE Act, are commendable as they align with our vision of a robust, self-reliant American biomanufacturing infrastructure. We urge Congress to immediately pass the BIOSECURE Act, to ensure that America’s drug supply chain is no-longer beset with vulnerabilities from our nation’s adversaries. We are also closely engaged in the reauthorization of the Pandemic and All-Hazards Preparedness Act, and strongly urge Congress to pass this critical legislation that bolsters preparedness in the face of threats. From cancer treatments to biodefense, it is imperative that we have control over our pharmaceutical supply chain to protect and provide for the American people.”
“Scorpius is committed to working with lawmakers, industry partners, and drug developers to implement the BIOSECURE Act and other initiatives aimed at onshoring drug production. By leveraging our enhanced production capabilities and deep expertise in biomanufacturing, Scorpius stands ready to support the nation’s healthcare needs while fostering American economic growth and innovation,” concluded Mr. Wolf.
Scorpius Holdings, Inc.
Scorpius Holdings Inc. is an integrated CDMO focused on manufacturing biologic and cell therapy programs for our clients. Scorpius offers a broad array of analytical testing, process development, and manufacturing services to pharmaceutical and biotech companies at its state-of-the-art facilities in San Antonio, TX. With an experienced team and new, purpose-built U.S. facilities, Scorpius is dedicated to transparent collaboration and flexible, high-quality biologics biomanufacturing. For more information, please visit www.scorpiusbiologics.com.
Forward-Looking Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions, and include statements such as the BIOSECURE Act marking a significant step forward in strengthening America’s pharmaceutical supply chain and reducing dependency on foreign manufacturers, a possible vote and final passage of the BIOSECURE Act by the end of the year. by the end of the year, continuing to support on-going work on behalf of U.S. Government-backed pharmaceutical programs. Important factors that could cause actual results to differ materially from current expectations include, among others, the passage of the BIOSECURE Act and its impact on the Company, Company’s ability to expand its large molecule biomanufacturing CDMO services, attract new customers, the ability to capture a meaningful market share; the Company’s financing needs, its cash balance being sufficient to sustain operations and its ability to raise capital when needed, the Company’s ability to leverage fixed costs and achieve long-term profitability; the Company’s ability to obtain regulatory approvals or to comply with ongoing regulatory requirements, regulatory limitations relating to the Company’s ability to successfully promote its services and compete as a pure- play CDMO, and other factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, and any other filings the Company makes with the SEC. The information in this presentation is provided only as of the date presented, and the Company undertakes no obligation to update any forward-looking statements contained in this presentation on account of new information, future events, or otherwise, except as required by law.
Media and Investor Relations Contact
David Waldman
+1 919 289 4017
ir@scorpiusbiologics.com
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