Seattle Genetics, the Bothell, WA-based developer of cancer drugs, said today it has raised $55.8 million by selling 5.74 million new shares of stock. The company also agreed to sell another 1.17 million shares to Baker Brothers Life Sciences, its largest stockholder, at the same price, which would generate another $11.5 million if approved by other shareholders. The company has been on a roll with its “empowered antibody,” SGN-35, which has shown promising results for patients with Hodgkin’s disease and related lymphomas.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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