The following statement was issued by Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood regarding a consensus agreement on patent reform legislation which was approved by the U.S. Senate Judiciary Committee today:

"BIO commends the Senate Judiciary Committee for its success in developing a more consensus-oriented approach to patent reform legislation - one that makes encouraging progress toward reforms that will help strengthen and improve our nation's patent system. Thanks to the leadership of Chairman Patrick Leahy (D-VT) and Senators Dianne Feinstein (D-CA) and Arlen Specter (R-PA), we are optimistic that we will now see meaningful patent reform that preserves the incentives necessary to sustain America's global leadership in innovation and spurs the creation of high-wage, high-value jobs in our nation's innovation economy.

"We greatly appreciate the tireless efforts of Senators Leahy, Feinstein and Specter to craft careful compromises on several key issues, including damages and post-grant review. While no compromise is ever perfect, we believe the Committee's product breaks the logjam on the major issues that have held up patent reform for the past several Congresses and will clear the path for a bill to be completed without undue delay…