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In re ICOS Corp.
United States Securities and Exchange Commission
51 S.E.C. 322 (1993)
- Written by Tanya Munson, JD
Facts
ICOS Corp. (ICOS) was a start-up biotechnology company. ICOS sought to develop medications for chronic inflammatory diseases without effective treatment options. In order to raise money to fund drug research, development, and clinical trials, ICOS sold shares to investors. ICOS then invested the proceeds in high-quality, short-term debt securities until needed. ICOS invested a large portion of its assets in nongovernment securities. To avoid regulation under the Investment Company Act (ICA), ICOS sought an order under § 3(b)(1) to be excluded from the definition of an investment company by finding that it is engaged primarily in a noninvestment business.
Rule of Law
Issue
Holding and Reasoning ()
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