WASHINGTON, DC – Representatives Brian Fitzpatrick (PA-1) and Sanford D. Bishop, Jr. (GA-2) the Long-term Opportunities for Advancing New Studies (LOANS) for Biomedical Research Act.

This bipartisan legislation would fund crucial medical research for treatments and cures for diseases including Alzheimer’s, cancer, diabetes, and more.

Clinical trials already subject to FDA approval would be authorized for a federally-backed loan program under this bill to continue exploring vital treatments and cures.

“More funding is urgently needed for research, treatment, and cures for deadly diseases,” said Congressman Fitzpatrick. “I am proud to join Rep. Bishop, Jr. in introducing the bipartisan LOANS for Biomedical Research Act to promote enhanced prevention and treatment through research with BioBonds investments.  This unique funding stream will jumpstart research stalled due to the COVID-19 pandemic. We must do whatever we can to restart these potentially lifesaving clinical trials.”

“Many promising treatments fail to advance to early-stage clinical trials due to a lack of consistent private funding,” said Congressman Bishop. “The LOANS Act will bring more of these treatments to market in a fiscally responsible manner that will benefit Americans now and into the future.”

Research shows more than 1,000 clinical trials have been disrupted by funding diverted during the pandemic. The LOANS Act would create a new type of investment called BioBonds. These bonds would restart, at minimal cost to taxpayers, critical research for diseases affecting millions.