Many biotechnology stocks fell on Tuesday as investors struggled to understand the impact of a ruling that threw out parts of two gene patents and called into question thousands more.

Stock market losses were muted, with two major indexes that track the shares of the industry falling by less than 1 percent each. In part, that was because biotechnology executives hastened to reassure their investors that the ruling would not necessarily undermine their businesses, at least in the short run.

But the executives themselves were struggling on Tuesday to figure out what the long-term impact would be. Biotech companies spend billions every year trying to develop new tests and treatments based partly on genes they have isolated and patented.

In a far-reaching ruling, Judge Robert W. Sweet anticipated a negative reaction from the industry. In a footnote of his 152-page ruling, he discounted fears that invalidating such patents would decimate the industry. Read more...

State legislation to allow the sale of raw farm milk to the general public moved a step forward Wednesday with some key changes, including the removal of an immunity clause for farmers. By a 5-0 vote, the Senate Committee on Agriculture and Higher Education recommended approval of the bill that would allow raw milk sales direct from farms licensed by the Department of Agriculture, Trade and Consumer Protection.

The legislation is expected to be voted on by the full Assembly and Senate before the session ends in April.

Under the latest version of Senate Bill 434, raw milk sales could only take place at farms where the milk was produced. Farmers would be prohibited from advertising the sale of raw milk except for an on-farm sign. Farmers would have to post a sign declaring that raw milk does not provide the benefits of pasteurization and may contain disease-causing pathogens, and warns certain people of other health risks. Read more...

CattleNetwork.com, March 22, 2010

Congress will pass a new law to overhaul the antiquated U.S. food safety system by the end of the year, U.S. Rep. Rosa DeLauro, an influential House lawmaker, said on Wednesday. The first major reform of the system in 50 years could be followed by another close look at how meat and poultry are inspected, and the changes may create friction with trade partners, said the chairman of the House Agriculture Appropriations Subcommittee.

"I have every confidence that we are going to pass food safety legislation and this legislation is going to get to the president for a signature and that that's going to happen this year," said Connecticut Democrat DeLauro, who was speaking at the Reuters Food and Agriculture Summit.

The House passed its bill last July. But a companion Senate bill has been held up by work on healthcare and financial regulatory reform. It also has been stalled by the U.S. Trade Representative's office, which wants to ensure reforms do not contravene trade agreements, DeLauro said.

"Trade should never trump public health," she said.

DeLauro, an advocate for tougher food safety laws, said her subcommittee will hold hearings in the next couple of months to examine whether new trade agreements negotiated by the United States should include food safety provisions. Read more...