There’s still got a long way to go before we know if the landmark gene editing system known as CRISPR-Cas9 can really change how diseases are treated. But big biotech companies are now starting to dabble in it. The latest example: Vertex Pharmaceuticals has cut a deal with one of the field’s startups to try … Continue reading “Vertex, CRISPR Tx Team up on Gene Editing Drugs in $105M Pact”
Author: Ben Fidler
Ben is former Xconomy Deputy Editor, Biotechnology. He is a seasoned business journalist that comes to Xconomy after a nine-year stint at The Deal, where he covered corporate transactions in industries ranging from biotech to auto parts and gaming. Most recently, Ben was The Deal’s senior healthcare writer, focusing on acquisitions, venture financings, IPOs, partnerships and industry trends in the pharmaceutical, biotech, diagnostics and med tech spaces. Ben wrote features on creative biotech financing models, analyses of middle market and large cap buyouts, spin-offs and restructurings, and enterprise pieces on legal issues such as pay-for-delay agreements and the Affordable Care Act. Before switching to the healthcare beat, Ben was The Deal's senior bankruptcy reporter, covering the restructurings of the Texas Rangers, Phoenix Coyotes, GM, Delphi, Trump Entertainment Resorts and Blockbuster, among others. Ben has a bachelor’s degree in English from Binghamton University.
East Coast Biotech Roundup: Cancer Vaccines, Biogen, LabCentral & More
There was a loud cheer in New York this week—originating from Queens, to be exact—and it had nothing to do with biotech. The New York Mets, for many years Big Apple baseball’s second-class citizens, stormed through the Chicago Cubs in a four-game demolition and are now headed to the Fall Classic for the first time … Continue reading “East Coast Biotech Roundup: Cancer Vaccines, Biogen, LabCentral & More”
With New Startup, Caperna, Moderna Gets in on Cancer Vaccine Buzz
Moderna Therapeutics remains the Boston area’s most mysterious, yet well-capitalized private biotech, with more than $800 million to play with. And while it’s still unclear just what type of progress the messenger RNA specialist has made scientifically, it’s just put more of that cash to use today by christening its fourth drugmaking subsidiary. The new … Continue reading “With New Startup, Caperna, Moderna Gets in on Cancer Vaccine Buzz”
Gene Therapy Startup Dimension Cuts Price But Bags $72M in IPO
The sentiment for biotechs trying to go public these days continues to be lukewarm. Witness Dimension Therapeutics, which couldn’t hit its IPO pricing goal despite a cadre of big name investors and ties to one of gene therapy’s scientific pioneers. Cambridge, MA-based Dimension sold 5.5 million shares at $13 apiece on Wednesday and will make … Continue reading “Gene Therapy Startup Dimension Cuts Price But Bags $72M in IPO”
Unum Taps Former Takeda Oncology Exec, Vasconcelles, as CMO
Michael Vasconcelles has been named the chief medical officer of Cambridge, MA-based cellular immunotherapy startup Unum Therapeutics. Vasconcelles was previously the head of oncology at Takeda Pharmaceuticals. Unum, meanwhile, raised a $65 million Series B round in June to lay the foundation for a future IPO.
Biogen to Cut 400 Jobs in Massachusetts in Big Restructuring
Biogen’s rise and fall this year has been symbolic of the sector’s bull run and recent retreat, which is why all eyes were squarely on the Cambridge, MA-based company’s latest sales numbers this morning. Those numbers beat expectations, but they were overcast by some bigger news: Biogen has hunkered down, and cut a bunch of … Continue reading “Biogen to Cut 400 Jobs in Massachusetts in Big Restructuring”
Cancer Vaccines Back in Vogue as VCs Put $102M Into Gritstone Oncology
Not long ago making an effective cancer vaccine seemed like a dead-end proposition, but that sentiment is changing. The latest evidence: Gritstone Oncology, which makes its debut today with a massive Series A financing. Gritstone has raised a $102 million Series A round led by Versant Ventures and The Column Group. Others pitching in include … Continue reading “Cancer Vaccines Back in Vogue as VCs Put $102M Into Gritstone Oncology”
Genocea Ditches Pneumococcus Vaccine After Phase 2 Flop, Shares Fall
Genocea Biosciences may develop a successful vaccine someday, but given results the Cambridge, MA-based company revealed this morning, it will likely be for something other than pneumococcus. Genocea’s (NASDAQ: [[GNCA]]) experimental vaccine for pneumococcus, a treatment called GEN-004, failed a mid-stage trial. Though Genocea claimed the vaccine reduced the “rate and density” of the colonization … Continue reading “Genocea Ditches Pneumococcus Vaccine After Phase 2 Flop, Shares Fall”
East Coast Biotech Roundup: Zafgen, Decibel, Voyager & More
Biotech investing isn’t for the faint of heart. Just ask those who put money into Zafgen this week. The company lost 60 percent of its value in two days without reporting any news, gained some of it back, and then plummeted again. How about investors of PTC Therapeutics? On a failed trial, shares initially fell … Continue reading “East Coast Biotech Roundup: Zafgen, Decibel, Voyager & More”
FDA Puts a Hold on Zafgen’s Obesity Drug, Shares Slide
[Updated, 9:17 am ET] Zafgen confirmed this morning that the patient who died in its Phase 3 trial was indeed on its obesity drug, beloranib. While Zafgen (NASDAQ: [[ticker:ZFGN]]) still doesn’t know what caused the death of the Prader-Willi Syndrome patient who took beloranib in the trial, the FDA has stepped in nonetheless. The agency … Continue reading “FDA Puts a Hold on Zafgen’s Obesity Drug, Shares Slide”
PTC Unveils Mixed Duchenne Results, But Plots an FDA Filing
It’s a three-way race to produce the first drug for Duchenne muscular dystrophy in the U.S., and none of the competitors is sprinting to the finish. PTC Therapeutics (NASDAQ: [[ticker:PTCT]]) of South Plainfield, NJ, said today that its drug ataluren (Translarna) failed to meet its primary goal in a 228-person Phase 3 trial. Yet PTC … Continue reading “PTC Unveils Mixed Duchenne Results, But Plots an FDA Filing”
Pronutria Adds Ex-Sanofi CEO Viehbacher to Board
Cambridge, MA-based Pronutria Biosciences said today that Christopher Viehbacher, the former CEO of Sanofi, has become the newest member of its board. As part of the move, Pronutria also got an unspecified equity investment from Gurnet Point Capital, the fund Viehbacher runs. The investment, Gurnet Point’s first, closes out the $39 million Series C round … Continue reading “Pronutria Adds Ex-Sanofi CEO Viehbacher to Board”
Five Prime, Bristol Shake Hands Again in New $350M Cancer Pact
Apparently Bristol-Myers Squibb liked what it saw when it teamed with Five Prime Therapeutics to co-develop some cancer drugs last year, because the big New York pharma company just plunked down a lot more cash to take at least one of them forward on its own. South San Francisco-based Five Prime (NASDAQ: [[ticker:FPRX]]) said this … Continue reading “Five Prime, Bristol Shake Hands Again in New $350M Cancer Pact”
Third Rock, SR One Put $52M Into Decibel to Battle Hearing Loss
People can lose their hearing for a variety of reasons, from age to loud noises, but there’s one thing they all have in common. There are no drugs to help them. Several companies have formed in recent years to address this gap, and now there’s another coming to the party a bit late, but with … Continue reading “Third Rock, SR One Put $52M Into Decibel to Battle Hearing Loss”
Breaking Silence, Zafgen Reveals Patient Died During Obesity Trial
[Updated, 1:30 pm ET] Two days after it was reported that obesity drug maker Zafgen pulled out of upcoming events without explanation, the company revealed today that a patient in a Phase 3 study of its obesity drug, beloranib, died. Zafgen (NASDAQ: [[ticker:ZFGN]]) said the cause of death “remains unknown at this time,” and reported … Continue reading “Breaking Silence, Zafgen Reveals Patient Died During Obesity Trial”
Voyager Charts an IPO Course Amid Choppy Biotech Waters
The recent downturn has made it a little tougher these days for biotechs to go public on the terms they want. Whether that speaks to an emerging trend remains to be seen, but a good litmus test is coming—a startup with a syndicate of “crossover” investors, a big partnership, and an experienced management team. The … Continue reading “Voyager Charts an IPO Course Amid Choppy Biotech Waters”
East Coast Biotech Roundup: Collins, Disruptors, Biogen, & More
The drug pricing debate continues to dominate media headlines. Biotech IPOs have gotten a bit tougher to pull off, and according to this report from Bloomberg, for the first time in awhile there are only a few lined up. Long way of saying, biotech really needs some good news to regain the momentum that propelled … Continue reading “East Coast Biotech Roundup: Collins, Disruptors, Biogen, & More”
Biogen’s Top Commercial Exec, Kingsley, Steps Down
Cambridge-based Biogen (NASDAQ: [[ticker:BIIB]]) said Friday that Tony Kinglsey, its head commercial executive, is leaving the company. John Cox, who heads Biogen’s pharmaceutical operations, is taking his place on an interim basis. The news comes amidst a tough time for Biogen, which has seen its share price slide more than 30 percent over the past … Continue reading “Biogen’s Top Commercial Exec, Kingsley, Steps Down”
Wyss Scientists Launch Opsonix With $8M to Fight Blood-Borne Bugs
Donald Ingber is known as a pioneer in the organ-on-a-chip field. But the founding director of Harvard University’s Wyss Institute apparently has some other ideas up his sleeve—like a method of clearing dangerous infections from the blood, a technology that has formed the basis for his latest startup. Opsonix, a startup spun out of the … Continue reading “Wyss Scientists Launch Opsonix With $8M to Fight Blood-Borne Bugs”
Genocea Climbs on Follow-Up Data for Herpes Vaccine
It hasn’t all been smooth sailing for Genocea Biosciences as it tries to prove the worth of a new, quick-hit vaccine technology. The company currently trades well under its 2014 IPO price, and hasn’t been able to break out like some other biotechs in the recent boom. But the Cambridge, MA-based company is getting some … Continue reading “Genocea Climbs on Follow-Up Data for Herpes Vaccine”
Ex-Teleos CEO Rosenberg to Steer Atlas Startup Rodin
Adam Rosenberg has been named the CEO of Cambridge, MA-based Rodin Therapeutics, a startup seeded by Atlas Venture in 2013 and run, up until now, by Atlas partner Bruce Booth. Rosenberg was previously the CEO of Medford, MA-based Telos Therapeutics, a startup developing small molecule drugs for neurological disorders. He’ll remain in charge of Teleos … Continue reading “Ex-Teleos CEO Rosenberg to Steer Atlas Startup Rodin”
Boston’s Life Science Disruptors 2015: The Photos
On Friday, I gave you all a recap of our latest biotech event, “Boston’s Life Science Disruptors.” As promised, today I’m circling back with some of the photos. As you’ll see, last week’s Boston monsoon cleared up just in time for the party. Thanks again to our sponsors—BDO, Boston Children’s Hospital, Johnson & Johnson Innovation, … Continue reading “Boston’s Life Science Disruptors 2015: The Photos”
From Dance Clubs to Syn Bio: MIT’s Collins on Startups, Second Chances
It happens over and over again with new science. A discovery prompts crazy hype and massive investment that the data aren’t ready to support. A crash ensues, backers lose millions, egos are bruised—yet the pioneers slowly trudge forward. They regroup, away from the limelight, and try to learn from failure. When it comes to synthetic … Continue reading “From Dance Clubs to Syn Bio: MIT’s Collins on Startups, Second Chances”
Five Takeaways From “Boston’s Life Science Disruptors”
The monsoon that drenched Boston before Xconomy’s biotech gathering on Wednesday was apropos; there’ve been storm clouds over the industry for a few weeks now. So much so that Flagship Ventures CEO Noubar Afeyan, uncharacteristically flashing a suit and tie, quipped: “Everybody’s been predicting the death of the IPO window for awhile, so I thought … Continue reading “Five Takeaways From “Boston’s Life Science Disruptors””
East Coast Biotech Roundup: Forum, Neon, Sarepta, Accelerator & More
Things aren’t always pretty in biotech, though it may have seemed like they were over the past few years. Now the raging biotech bull market has slowed, and billions of dollars in value has seemingly disappeared overnight. Is this a blip or a long-term correction? Is the IPO window on the verge of closing? Will … Continue reading “East Coast Biotech Roundup: Forum, Neon, Sarepta, Accelerator & More”
Bio Slump Hits IPOs as Edge, Mirna Cut Prices, Upsize to Close Deals
Biotech’s recent slump has crept into the IPO window. On one hand, the latest two biotechs to hold IPOs—Edge Therapeutics and Mirna Therapeutics—were able to close deals and prep for their debuts on the Nasdaq this morning. On the other hand, both biotechs had to scale back their offerings to get out. Edge, of Berkeley Heights, … Continue reading “Bio Slump Hits IPOs as Edge, Mirna Cut Prices, Upsize to Close Deals”
Accelerator Adds $11.7M, Reels in AbbVie, WuxiTech to Back Startups
[Updated, 10:15 a.m. ET] Accelerator Corp. raised $51.1 million and made its long-awaited expansion into New York city last year, and at the time, CEO Thong Le mentioned that his company wasn’t done raising money for the effort. Today it’s added that cash, and a few new strategic investors to its pool of backers as … Continue reading “Accelerator Adds $11.7M, Reels in AbbVie, WuxiTech to Back Startups”
Dunsire, Forum Search For Answers After FDA Halts Alzheimer’s Trial
A litany of promising therapies for Alzheimer’s disease have crashed and burned in late-stage testing. So it was an ominous sign when the FDA recently placed a clinical hold on a big Phase 3 trial for an experimental drug from Waltham, MA-based Forum Pharmaceuticals. What’s more, the side effects that have triggered the pause—or at … Continue reading “Dunsire, Forum Search For Answers After FDA Halts Alzheimer’s Trial”
Amid Biotech Swoon, Third Rock’s MyoKardia Tees up IPO
Does the biotech bull market still have a pulse? MyoKardia, a three-year-old startup developing heart drugs, will soon try to find out. The San Francisco-based company filed papers with the SEC on Monday to go public and trade on the Nasdaq under the ticker symbol “MYOK.” MyoKardia would use the cash to advance its work … Continue reading “Amid Biotech Swoon, Third Rock’s MyoKardia Tees up IPO”
Verastem Sinks as Mesothelioma Study Halted For Futility
When a clinical trial is stopped early, it can mean one of a few things—including that a drug seems clearly to be helping patients, or that it seems clearly to not be helping. Unfortunately for Verastem and its cancer stem cell drug VX-6063, today it’s the latter. Boston-based Verastem (NASDAQ: [[ticker:VSTM]]) said today that it’s … Continue reading “Verastem Sinks as Mesothelioma Study Halted For Futility”
Kuvalanka Bolts Blueprint Medicines For COO Gig at Syros
Kyle Kuvalanka has been named the first chief operating officer of Cambridge, MA-based Syros Pharmaceuticals, a privately held startup developing so-called “gene control” drugs. Kuvalanka was previously the chief business officer of Blueprint Medicines (NASDAQ: [[ticker:BPMC]]), which went public and raised nearly $150 million in an IPO in April.
East Coast Biotech Roundup: CAR-T, Celgene, Aerie, ITCI, IPOs, & More
A little tip for you non-New Yorkers: September is the city’s best month of the year. The summer humidity starts giving way to fall crispness, tourist levels dissipate, the beaches clear out, and baseball and football seasons are in full swing (parking is still impossible but, shame on you for trying to drive here). Just … Continue reading “East Coast Biotech Roundup: CAR-T, Celgene, Aerie, ITCI, IPOs, & More”
With $75M, Deciphera Fuels Push For Cancer Drugs—And a Future IPO
In this recent boom of biotech IPOs, many startups have enlisted crossover investors—institutions that back both public and private companies—early in their lifecycle. It’s been a different story for Deciphera Pharmaceuticals, whose 12-year history includes moves from Massachusetts to Kansas and back. But regardless of the road it’s taken, Deciphera now finds itself joining the … Continue reading “With $75M, Deciphera Fuels Push For Cancer Drugs—And a Future IPO”
Reality Check: Cancer Experts Discuss Hurdles Facing CAR-T Therapy
There’s a lot of excitement these days about a type of cellular immunotherapy known as CAR-T, a method of modifying peoples’ immune cells to fight cancer. But you could also fill a book listing all the problems its makers will have to solve—how to test, manufacture, and even the define the nature of these cancer-killing … Continue reading “Reality Check: Cancer Experts Discuss Hurdles Facing CAR-T Therapy”
Former Auspex COO Named New Synlogic Prez
Cambridge, MA-based Synlogic, the synthetic biology startup developing “smart bug” drugs called synthetic biotics, has named Bharatt Chowrira its president. Chowrira was formerly the chief operating officer of Auspex Pharmaceuticals, which Teva Pharmaceutical Industries bought for over $3 billion in March. He’ll work alongside CEO and former Pfizer executive Jose-Carlos Gutierrez Ramos, who joined Synlogic … Continue reading “Former Auspex COO Named New Synlogic Prez”
With Revamped Trial, Aerie, Glaucoma Drug Bounce Back
Aerie Pharmaceuticals took a beating from investors earlier this year when its glaucoma drug failed the first of a few Phase 3 trials. But today the company has bounced back, thanks to a helping hand from the FDA. Bedminster, NJ and Irvine, CA-based Aerie (NASDAQ: [[ticker:AERI]]) said late Wednesday that its glaucoma drug, known as … Continue reading “With Revamped Trial, Aerie, Glaucoma Drug Bounce Back”
Celgene Cozies up to Nurix With $150M Drug Development Deal
Celgene has established a reputation over the years for forming creative partnerships with nascent biotechs. Today it’s added another deal to that list, by taking an equity stake in a Bay Area startup called Nurix. Summit, NJ-based Celgene (NASDAQ: [[ticker:CELG]]) is paying Nurix $150 million up front and making an unspecified equity investment for an … Continue reading “Celgene Cozies up to Nurix With $150M Drug Development Deal”
Intra-Cellular Surges as Schizophrenia Drug Passes First Key Test
Successful antipsychotic drugs can generate yearly sales in the billions, and that’s the type of thing Intra-Cellular Therapies is shooting for with an experimental schizophrenia drug called ITI-007. There’s still much to prove for that to happen, but this morning the New York-based company took a positive step forward. Intra-Cellular (NASDAQ: [[ticker:ITCI]]) said today that … Continue reading “Intra-Cellular Surges as Schizophrenia Drug Passes First Key Test”
Hear the Synlogic Story at Boston’s Life Science Disruptors Sept. 30
Jose-Carlos Gutierrez Ramos had one of biopharma’s plum jobs as a top Pfizer executive. So why did he give it up to take the risk of running a biotech startup in, of all things, the uncertain field of synthetic biology? You can ask Gutierrez-Ramos himself in a few weeks. He’s one of the stars of … Continue reading “Hear the Synlogic Story at Boston’s Life Science Disruptors Sept. 30”
Gene Therapy Startup Dimension Tx Takes Crossover Cash to IPO Queue
Time to add one more recipient of crossover investor cash to the list of official IPO candidates. Cambridge, MA-based Dimension Therapeutics just filed for an IPO this morning, aiming to raise cash from public investors to support a pipeline of potential gene therapies for hemophilia and rare diseases. Should the company go public, it’ll trade … Continue reading “Gene Therapy Startup Dimension Tx Takes Crossover Cash to IPO Queue”
PureTech, Now Public, Names Ex-Biogen Exec MacLean New CFO
Boston-based PureTech has named Michael MacLean its new chief financial officer and executive vice president. MacLean was previously a finance executive at Iron Mountain (NYSE: [[ticker:IRM]]) and Biogen (NASDAQ: [[ticker:BIIB]]); at Biogen he also helped structure and manage a variety of deals and collaborations. PureTech, meanwhile, just raised nearly $200 million when it went public … Continue reading “PureTech, Now Public, Names Ex-Biogen Exec MacLean New CFO”
East Coast Biotech Roundup: Biogen, Watson, Data Dumps & More
Guess what? Though this may have been forgotten amidst the biotech boom, drug trials often fail. This week offered a reminder of that, as investors hammered a few Boston-area biotech stocks after disappointing data. The news wasn’t all bad, though. Akebia Therapeutics (NASDAQ: [[ticker:AKBA]]) surged on some positive mid-stage results. Some deals were made. A … Continue reading “East Coast Biotech Roundup: Biogen, Watson, Data Dumps & More”
CureVac Opens up an mRNA Hub in Moderna’s Cambridge Backyard
There’s a messenger RNA battle brewing in Cambridge, MA. CureVac, a Germany-based mRNA company spun out of the University of Tubigen 15 years ago, said this morning that it’s opening up a U.S. hub in Cambridge. Karen Slobod, a former Novartis Vaccines executive, will head the new outpost, whose focus will be developing mRNA-based prophylactic … Continue reading “CureVac Opens up an mRNA Hub in Moderna’s Cambridge Backyard”
Biogen Pays $60M to Take on Celgene With a Rival Autoimmune Drug
It’s unclear if Biogen was one of the unnamed bidders that lost out on Receptos a few months ago. But a deal the Cambridge-based company made this morning for a drug that would directly compete with Receptos sure makes it seem that way. Biogen (NASDAQ: [[ticker:BIIB]]) this morning paid $60 million up front for worldwide … Continue reading “Biogen Pays $60M to Take on Celgene With a Rival Autoimmune Drug”
With New Data, Highs and Lows For Akebia, Flexion, Tetraphase
Want to invest in biotech? Data released this afternoon from three Boston-area biotechs—Tetraphase Pharmaceuticals, Flexion Therapeutics, and Akebia Therapeutics—show just how big the risks and rewards can be. First, the bad news. Tetraphase (NASDAQ: [[ticker:TTPH]]) and Flexion (NASDAQ: [[ticker:FLXN]]) both reported that their experimental drugs failed clinical trials, and both were punished by public investors. … Continue reading “With New Data, Highs and Lows For Akebia, Flexion, Tetraphase”
NY Genome Center Names Cheryl Moore New Prez
Cheryl Moore, currently the executive vice president and COO of the Howard Hughes Medical Institute, has been named the president and COO of the New York Genome Center. Moore, who also had an executive stint at La Jolla, CA’s Sanford Burnham Prebys Medical Discovery Institute, will begin working at the NYGC in January. She’ll run … Continue reading “NY Genome Center Names Cheryl Moore New Prez”
GSK Deepens Ties With Electro-Stim Startup SetPoint in $15M Funding
When GlaxoSmithKline started up a venture fund a few years to invest in electronic medicines—treatments that use electrical impulses, rather than manmade chemicals or protein drugs, to impact disease—a startup called SetPoint Medical was its first investment. A few years later, with SetPoint nearing a key clinical trial, the British drugmaker has deepened its ties … Continue reading “GSK Deepens Ties With Electro-Stim Startup SetPoint in $15M Funding”
Selecta, Eyeing IPO, Brings Sanofi, Crossovers Aboard For $38M Round
Crossover investors—institutions that back both public and private companies—have been piling money into biotechs over the past few years. Today you can add Selecta Biosciences to the list of crossover-cash recipients, and pencil the Watertown, MA-based company as a future IPO candidate to boot. Selecta, a developer of nanoparticle technology, has raised a $38 million … Continue reading “Selecta, Eyeing IPO, Brings Sanofi, Crossovers Aboard For $38M Round”
East Coast Biotech Roundup: X4, Rgenix, Alnylam, Intellia & More
What summer doldrums? It’s still not even Labor Day, yet the deals are already coming fast and furious. So fire up the grill and read on for some Series A rounds, crossover investments, data readouts, option-to-buy deals and more. —As Xconomy reported this week, a stealthy Cambridge, MA-based startup called X4 Pharmaceuticals raised a $37.5 … Continue reading “East Coast Biotech Roundup: X4, Rgenix, Alnylam, Intellia & More”
Sage Points to Tremor Data to Back Up “De-Risked” Neuro Drug Plan
Companies are always looking to increase their odds of success, and Sage Therapeutics believes it’s come up with a clinical strategy to take some risk out of a risky business. Sage (NASDAQ: [[ticker:SAGE]]) today is reporting the results of a small, exploratory study of its lead drug, SAGE-547, in patients with essential tremor, a neurological … Continue reading “Sage Points to Tremor Data to Back Up “De-Risked” Neuro Drug Plan”