Merrimack Pharmaceuticals has been keeping a close eye on an ongoing series of mid-stage clinical trials of its experimental cancer drug, hoping they will prove its worth to regulators and investors. It released the results from one of those studies today, and the numbers aren’t pretty. Cambridge, MA-based Merrimack (NASDAQ: [[ticker:MACK]]) said today that the … Continue reading “Merrimack’s Cancer Drug Misses Mark in Mid-Stage Trial, Shares Tumble”
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.
Aerie Gets Lukewarm Reception, Cuts IPO Price to $10 Per Share
Aerie Pharmaceuticals wanted a $68 million haul when it set the price range for its IPO last week. It came close to that number, but it had to do some tinkering to get there. Bedminster, NJ-based Aerie priced its IPO, selling investors 6.72 million shares at $10 apiece and raising about $67.2 million before discounts … Continue reading “Aerie Gets Lukewarm Reception, Cuts IPO Price to $10 Per Share”
East Coast Biotech Roundup: Pronutria, Alzheon, Nextcode, & More
The headline of the year in biotech has been IPOs. But this week, the news centered around a bunch of companies at the other end of the journey from startup to public company, those just coming out of the woodwork. Those stories and more below: —Cambridge, MA-based Pronutria emerged from stealth mode this week. Flagship … Continue reading “East Coast Biotech Roundup: Pronutria, Alzheon, Nextcode, & More”
DeCode Spinout, NextCode Health, Launches With $15M From Arch, Polaris
Arch Venture Partners and Polaris Partners got a windfall when they snatched deCode Genetics out of bankruptcy and flipped it to Amgen (NASDAQ: [[ticker:AMGN]]) for $415 million a few years later. Now the two VC firms think there’s still more value in the genomics platform deCode assembled, and have helped form a new startup, NextCode … Continue reading “DeCode Spinout, NextCode Health, Launches With $15M From Arch, Polaris”
Alzheon Emerges From Stealth, Hunts for Alzheimer’s Castoffs
Clinical trial flops have become the norm for Alzheimer’s disease treatments, despite the billions put into research for the memory-robbing disorder. But a new Lexington, MA-based startup called Alzheon sees opportunity in all of those high-profile failures of the past. Its belief is that these failures have left behind a treasure trove of clinical data, … Continue reading “Alzheon Emerges From Stealth, Hunts for Alzheimer’s Castoffs”
PSivida, Alimera Shares Fall as FDA Rejects Eye Drug for Third Time
It looks like pSivida’s (NASDAQ: [[ticker:PSDV]]) and Alimera Sciences’ (NASDAQ: [[ticker:ALIM]]) drug for an eye disorder related to diabetes will never see the light of day in the U.S. Watertown, MA-based pSivida reported today that the FDA has rejected the drug—a treatment for diabetic macular edema (DME) sold in Europe as Iluvien that it co-developed … Continue reading “PSivida, Alimera Shares Fall as FDA Rejects Eye Drug for Third Time”
East Coast Biotech Roundup: Schenkein, PureTech/JDRF, Sage, & More
(Updated, 7:42 a.m. ET) This week’s East Coast biotech news runs the gamut. A career profile, and disappointing (and encouraging) clinical trial results. A new partnership structure, a new financing round, and a big FDA panel setback—even a Chapter 11 case to boot. Those stories and more below: —You might know that David Schenkein is … Continue reading “East Coast Biotech Roundup: Schenkein, PureTech/JDRF, Sage, & More”
Regeneron, Sanofi Pass First Key Test With Cholesterol-Lowering Drug
Scientists who study cardiovascular disease have been buzzing about the promise of a target called PCSK9 for years. The target is also part of a high-stakes race that pits Regeneron Pharmaceuticals (NASDAQ: [[ticker:REGN]]) and its development partner Sanofi, against Amgen, Pfizer, and several others who are all in pursuit. While there’s still many laps ahead, … Continue reading “Regeneron, Sanofi Pass First Key Test With Cholesterol-Lowering Drug”
Sage Therapeutics Nabs $20M Series B From Third Rock, Arch
(Corrected, 10/17/13, 1:21 pm ET) It’s been a busy 2013 for Sage Therapeutics. First, it fine-tuned its strategy. Then it got a $10 million grant and hired its first, full-time management team. Now, the Cambridge, MA-based startup has landed a big $20 million Series B round and a new investor to help drive its first … Continue reading “Sage Therapeutics Nabs $20M Series B From Third Rock, Arch”
David Schenkein, Cancer Doc Turned CEO, Aims to Build New Genentech
David Schenkein is a kid from Queens. An underdog. The kid who barely eked his way into medical school. The one who had to work day and night as a young doctor to keep up with those who went to the glitzy Ivy League schools. That same kid from Queens ended up running the cancer … Continue reading “David Schenkein, Cancer Doc Turned CEO, Aims to Build New Genentech”
Gout Drug’s Sales Flop Lands Savient Pharma in Chapter 11
Three years ago, Savient Pharmaceuticals (NASDAQ: [[ticker:SVNT]]) was riding an FDA-approved gout drug to a stock price in the $20s. Now, its best hope to avoid an outright liquidation is a bankruptcy sale. Bridgewater, NJ-based Savient completed its precipitous plunge today. It filed for Chapter 11 bankruptcy protection, which corporate entities often use to either … Continue reading “Gout Drug’s Sales Flop Lands Savient Pharma in Chapter 11”
PureTech Ventures, JDRF Team Up to Form Type 1 Diabetes Startup Creator
Disease foundations often give money to startups working on treatments that might help the people they advocate for. But it’s not too often you’ll see a nonprofit foundation join with a venture firm to create their own company, as JDRF and PureTech Ventures are doing today. Boston-based PureTech has secured a $5 million investment from … Continue reading “PureTech Ventures, JDRF Team Up to Form Type 1 Diabetes Startup Creator”
East Coast Life Sciences Roundup: Verdine, Ariad, Karyopharm, & More
Though the public markets have recently been cozying up to biotech, in the form of a string of successful IPOs, one company offered a reminder this week that investors’ love for the sector is anything but unconditional. That and the rest of the life sciences news around the East Coast below: —Greg Verdine made big … Continue reading “East Coast Life Sciences Roundup: Verdine, Ariad, Karyopharm, & More”
Ariad Halts Leukemia Drug Trials Due to Safety Concerns, Shares Plummet
Ariad Pharmaceuticals’ (NASDAQ: [[ticker:ARIA]]) plans to go head to head with imatinib (Gleevec) just went up in smoke. In a big setback for the Cambridge, MA-based biotech, Ariad said Wednesday that it has halted its ongoing clinical trials of ponatinib (Iclusig), including a key study testing the drug as a frontline treatment for patients with … Continue reading “Ariad Halts Leukemia Drug Trials Due to Safety Concerns, Shares Plummet”
Boston’s Life Science Disruptors: The Photos
They came. We saw. They disrupted. On Friday, I recapped our latest biotech event, “Boston’s Life Science Disruptors,” with some key takeaways from the stars of the show: Genocea Biosciences, Moderna Therapeutics, and Bluebird Bio (NASDAQ: [[ticker:BLUE]]). Today, as promised, I’ve circled back with a slideshow look at the festivities, including shots of the speakers, … Continue reading “Boston’s Life Science Disruptors: The Photos”
Karyopharm Enters IPO Queue, Plots up to $80M Raise For Cancer Drug
Karyopharm Therapeutics raised close to $50 million just a few months ago to continue developing its lead cancer drug. Now it’s turning to Wall Street to help with the effort. Karyopharm filed a Form S-1 with the SEC late Friday outlining plans to raise up to $80 million through an IPO, hoping to capitalize on … Continue reading “Karyopharm Enters IPO Queue, Plots up to $80M Raise For Cancer Drug”
9 Takeaways from Boston’s Life Science Disruptors
Building a biotech is (really) hard. But if you’re doing to do it, be yourself. Don’t take yourself too seriously. Wear sneakers if you feel like it. Near-death experiences happen to everyone along the way—embrace them and learn. And if your initial hunch is that the company’s founding idea is insane, it’s probably worth pursuing. … Continue reading “9 Takeaways from Boston’s Life Science Disruptors”
East Coast Life Sciences Roundup: Moderna, Inotek, Roche, & More
Two pharmaceutical giants shook up the Tri-State area this week, while one of the Boston area’s most radical biotechs got another big vote of confidence. Those details and much more below: —Cambridge, MA-based Moderna Therapeutics turned heads in the biotech world when it got a $240 million up front check from AstraZeneca (NYSE: [[ticker:AZN]]) earlier … Continue reading “East Coast Life Sciences Roundup: Moderna, Inotek, Roche, & More”
NJ’s Pain is NY’s Gain as Roche Christens Manhattan Collaboration Hub
When Swiss pharmaceutical giant Roche decided to shut down its Nutley, NJ, research facility last year, it took a few thousand jobs and eight decades of history along with it. But as it turns out, Roche hasn’t abandoned the East Coast altogether—it just moved back into Manhattan, which it called home before its move to … Continue reading “NJ’s Pain is NY’s Gain as Roche Christens Manhattan Collaboration Hub”
Inotek Snares $21M, Stares Down Aerie in Glaucoma Drug Race
Aerie Pharmaceuticals jumped into the IPO queue a few weeks ago to fund a push for a group of glaucoma drugs. But Lexington, MA-based Inotek Pharmaceuticals is showing Aerie isn’t the only small, privately held company looking to break into one of the biggest markets for prescription eye drugs. Inotek has just raised a total … Continue reading “Inotek Snares $21M, Stares Down Aerie in Glaucoma Drug Race”
Blueprint Health Reflects, Rolls Out Latest Crew of Grads at Demo Day
Before introducing their latest batch of startups to a packed room of investors, Blueprint Health co-founders Mat Farkash and Brad Weinberg stepped back a bit to talk about where the healthcare IT accelerator has come over the past few years. “It’s kind of weird to think back [to] about three years ago, [when] Mat sent … Continue reading “Blueprint Health Reflects, Rolls Out Latest Crew of Grads at Demo Day”
East Coast Life Sciences Roundup: Foundation, Ophthotech, Sato, & More
If there was any question whether the appetite for biotech IPOs had died down as of yet, the market answered this week with a resounding ‘no.’ That and a whole lot more below: —Cambridge, MA-based Foundation Medicine (NASDAQ: [[ticker:FMI]]) enjoyed a warm reception from Wall Street this week. The cancer diagnostics company upsized its IPO … Continue reading “East Coast Life Sciences Roundup: Foundation, Ophthotech, Sato, & More”
Foundation Medicine, Ophthotech Both Find Open Wallets on Wall Street
Life sciences IPOs are still humming along, as both Foundation Medicine (NASDAQ: [[ticker:FMI]]) and Ophthotech (NASDAQ: [[ticker:OPHT]]) found out today when they made their public debuts. The day’s big winners were the pre-IPO investors of Cambridge, MA-based Foundation. The cancer diagnostics company priced its offering last night at $18 per share and closed at $35.35, … Continue reading “Foundation Medicine, Ophthotech Both Find Open Wallets on Wall Street”
X-Chem, Aiming For Tough-to-Drug Targets, Cuts Deal With AstraZeneca
Little information has been made public about Waltham, MA-based X-Chem since it started up in early 2010. But the startup has come up for air to give the type of announcement that every drug discovery company craves: a member of Big Pharma has snapped up a few drug candidates that its technology helped identify. X-Chem … Continue reading “X-Chem, Aiming For Tough-to-Drug Targets, Cuts Deal With AstraZeneca”
Ophthotech Prices IPO at $22 Per Share, Reels in $167M
Apparently, investors liked what they saw on Ophthotech’s roadshow. The New York-based ophthalmics company, founded by former Eyetech Pharmaceuticals executives David Guyer and Samir Patel, priced its IPO late Tuesday, and sold 7.6 million shares at $22 apiece. Those figures mean Ophthotech ended up raising a whopping $167.2 million from the offering—a number that could … Continue reading “Ophthotech Prices IPO at $22 Per Share, Reels in $167M”
Foundation Medicine Scores $106M in Upsized IPO
The biotech IPO stampede this year hasn’t led to the same type of success for diagnostics companies—that is, until Foundation Medicine priced its offering late Tuesday. Cambridge, MA-based Foundation upsized its IPO and then sold 5,888,888 shares to investors at $18 apiece, raising about $106 million. Foundation, two weeks ago, planned to sell 5 million … Continue reading “Foundation Medicine Scores $106M in Upsized IPO”
Mapping the Genome in the Big City: A Slideshow Look at the NYGC
New York life science professionals have long pounded the tables in disgust at the Big Apple’s inability to capitalize on its institutional research: too often, the scientific ideas generated in Manhattan research labs and medical centers get shipped off to other, more established biotech hubs like Boston, San Francisco, and San Diego. As I wrote … Continue reading “Mapping the Genome in the Big City: A Slideshow Look at the NYGC”
RainDance Nets $35M in Debt Financing To Continue Growth Push
RainDance Technologies is just five months removed from raising $20 million from a group of investors. So there’s no way the company would turn back around and tap the debt market for more cash, right? “As you often hear venture CEOs, or [venture capitalists] say, you take money when you don’t need it—not when you … Continue reading “RainDance Nets $35M in Debt Financing To Continue Growth Push”
East Coast Life Sciences Roundup: NY Genome Center, Acceleron, Bind, & More
[Updated, 12:42 pm ET] The Big Apple has been desperate to become a regional biotech powerhouse in the mold of Boston and San Francisco, and it took a big step forward this week. That, your latest life science IPO news, and much more below: —The New York Genome Center officially set up shop in its … Continue reading “East Coast Life Sciences Roundup: NY Genome Center, Acceleron, Bind, & More”
Langer’s Bind Therapeutics Prices IPO at $15 Per Share
The biotech IPO frenzy of 2013 continued late Thursday as Bind Therapeutics, a startup co-founded by famed MIT professor Robert Langer, became the latest to gear up for its Nasdaq debut. Cambridge, MA-based Bind sold investors 4.7 million shares at $15 apiece late Thursday, raising a total of $70.5 million. The IPO price was right … Continue reading “Langer’s Bind Therapeutics Prices IPO at $15 Per Share”
Tom Maniatis’ Dream of a NY Genome Center Becomes a Big Apple Reality
For the past year, the New York Genome Center has existed only as 3,000 square feet of rented space in Manhattan’s Rockefeller University, rather than the sprawling genomics hub molecular biology pioneer Tom Maniatis has long envisioned. Today, that all changed. In one of the bigger steps forward for the life sciences ecosystem in New … Continue reading “Tom Maniatis’ Dream of a NY Genome Center Becomes a Big Apple Reality”
Acceleron Prices Upsized IPO at $15 Per Share, Begins Trading Thursday
Acceleron Pharma has found a sweet reception on Wall Street, continuing 2013’s run of biotech IPO successes. The Cambridge, MA-based biotech priced its IPO late Wednesday, selling 5.58 million shares at $15 apiece. The figure comes in at the high end of Acceleron’s projected $13 to $15 per share range, and reflects big demand from … Continue reading “Acceleron Prices Upsized IPO at $15 Per Share, Begins Trading Thursday”
Shkreli’s Retrophin Makes Hostile Bid For CA-based Transcept
Martin Shkreli made a lot of waves challenging the boards of various biotechs and drugmakers a few years ago as a hedge fund manager. Now his rare disease startup, Retrophin, is taking a similarly aggressive approach to M&A. New York-based Retrophin (OTCBB: [[ticker:RTRX]]) said just after the market closed today that it has made a … Continue reading “Shkreli’s Retrophin Makes Hostile Bid For CA-based Transcept”
Aerie Pharma Eyes $58M IPO For Glaucoma Drug Push
Many investors may be waiting for Ophthtotech to price its coming IPO, but another startup from the Tri-state area developing eye drugs has just pushed its way into the queue as well: Bedminster, NJ-based Aerie Pharmaceuticals. Aerie, a developer of glaucoma drugs, outlined plans late Tuesday to go public. The company aims to raise $57.5 … Continue reading “Aerie Pharma Eyes $58M IPO For Glaucoma Drug Push”
Regado Biosciences Kicks Off Big Clinical Trial For Heart Drug
Regado Biosciences (NASDAQ: [[ticker:RGDO]]) will now have the chance to prove that the two-pronged anticoagulant it pitched at its IPO roadshow is all it’s cracked up to be. The Basking Ridge, NJ-based biotech has officially enrolled the first patient in a massive late-stage clinical trial for its lead drug, REG-1. Regado expects to enroll a … Continue reading “Regado Biosciences Kicks Off Big Clinical Trial For Heart Drug”
East Coast Life Sciences Roundup: Genocea, Biogen, OvaScience, & More
[Updated, 8:45 am ET] Summer, it’s sad to say, is clearly in the rear-view mirror. No surprise, then, that biotech activity was flying this week. Partnerships, financings, data releases, IPO rumblings and more dot the news below: —Cambridge, MA-based Genocea Biosciences revealed the first piece of clinical data it has collected to date, unveiling interim … Continue reading “East Coast Life Sciences Roundup: Genocea, Biogen, OvaScience, & More”
Genocea’s Herpes Vaccine Heads For Critical Proving Ground
No one has made an effective vaccine for herpes simplex virus 2 (HSV-2), better known as genital herpes. That’s because no one has been able to harness the immune system to attack the virus while it’s hiding out, dormant, inside cells. While there’s a long road ahead, Genocea Biosciences says it has a shot to … Continue reading “Genocea’s Herpes Vaccine Heads For Critical Proving Ground”
Bluebird, Moderna, Genocea to Share Their Stories on Oct. 2
It’s just a few weeks to go until our next Boston-area biotech extravaganza, so it’s time to give you an update on what’s in store if you join us at “Xconomy Xchange: Boston’s Life Science Disruptors” at the Novartis Institutes for BioMedical Research in Cambridge on the evening of Oct. 2. The basic theme here … Continue reading “Bluebird, Moderna, Genocea to Share Their Stories on Oct. 2”
Civitas Scores $38M Series B For Parkinson’s Drug Push
Civitas Therapeutics’ Parkinson’s disease drug got a second vote of confidence from the Michael J. Fox Foundation earlier this year. Now the startup has added a big batch of cash to help push that drug—an inhalable version of a long used, but flawed treatment for the disorder—through a key mid-stage clinical trial. Chelsea, MA-based Civitas … Continue reading “Civitas Scores $38M Series B For Parkinson’s Drug Push”
FDA Concerns Cause OvaScience To Halt U.S. Trial Of Souped-Up IVF Procedure
[Updated, 9:15 am ET] Shares of OvaScience (NASDAQ: [[ticker:OVAS]]) were sent spiraling downward late Tuesday after the company revealed that the FDA wants it to seek regulatory approval for its lead product, Augment, a procedure designed to boost the success rate of in vitro fertilization. Cambridge, MA-based OvaScience received a letter from the FDA questioning … Continue reading “FDA Concerns Cause OvaScience To Halt U.S. Trial Of Souped-Up IVF Procedure”
Broad Institute Joins up with Bayer to Find Targeted Cancer Drugs
The Broad Institute of MIT and Harvard in Cambridge, MA, has scored its latest big industry partnership—this time with Bayer. Broad, the non-profit biomedical and genomics institute staffed by Harvard and MIT scientists, said today that will team with the German pharma giant’s U.S. arm, Bayer Healthcare, on a five-year pact to discover targeted cancer … Continue reading “Broad Institute Joins up with Bayer to Find Targeted Cancer Drugs”
Cold Spring Hires Former VC to Lead “Proactive” Tech Transfer Effort
Few places in Long Island, NY, have the scientific cache of Cold Spring Harbor Laboratory—the birthplace of OSI Pharmaceuticals, and the former workplace of DNA pioneer James Watson, among other Nobel Prize winners. But that doesn’t mean the 123-year-old research institution can’t use a little help commercializing its research. CSHL is announcing today that it … Continue reading “Cold Spring Hires Former VC to Lead “Proactive” Tech Transfer Effort”
Amicus, Biogen Team Up on Parkinson’s Drug Deal
When Amicus Therapeutics’ (NASDAQ: [[ticker:FOLD]]) stock tanked a few months ago following a regulatory delay for its lead drug, CEO John Crowley promised there would be some business development moves coming to raise some cash. The Cranbury, NJ-based company followed through this morning, striking a deal with Biogen Idec (NASDAQ: [[ticker:BIIB]]) on a preclinical program … Continue reading “Amicus, Biogen Team Up on Parkinson’s Drug Deal”
Investors to Get $300M as FDA Approves Celgene Drug For Pancreatic Cancer
Celgene’s 2010 buyout of Abraxis Bioscience is about to pay some more dividends for a whole lot of patients and investors. The FDA today approved the Summit, NJ, company’s chemotherapy drug, protein-bound paclitaxel (Abraxane), to treat patients with advanced pancreatic cancer. The Celgene (NASDAQ: [[ticker:CELG]]) drug—which it acquired when it snared Abraxis three years ago—is … Continue reading “Investors to Get $300M as FDA Approves Celgene Drug For Pancreatic Cancer”
East Coast Life Sciences Roundup: Aileron, Enzymatics, Acton, & More
[Updated, 8:15 a.m. ET] Labor Day has come and gone, and that means one thing: football season is finally upon us. But before the pigskins start flying en masse on Sunday, make sure to catch up on all your East Coast biotech news below: —Many drugmakers have tried, and failed, to find ways to protect … Continue reading “East Coast Life Sciences Roundup: Aileron, Enzymatics, Acton, & More”
Enzymatics Snares Boulder-based ArcherDx For Diagnostics Play
Beverly, MA-based Enzymatics has grown into a 100-employee company in seven years thanks to the rapidly evolving use of DNA sequencing machines. Now, it’s taking some of the cash it has hoarded away to make its first acquisition: a nine-month-old startup named ArcherDx. Enzymatics is announcing today that it has snapped up the Boulder, CO-based … Continue reading “Enzymatics Snares Boulder-based ArcherDx For Diagnostics Play”
Aileron Goes After Cancer’s Hard Target, P53, With Peptide Drug
Cancer biologists and drugmakers have tried, and failed, to find ways to protect a gene known as p53 for more than two decades, and for good reason: the famous tumor suppressor gets shut down in some form by every single known type of cancer. Yet an eight-year-old startup out of Cambridge, MA, named Aileron Therapeutics … Continue reading “Aileron Goes After Cancer’s Hard Target, P53, With Peptide Drug”
Meda Snaps Up Sequoia-Backed Acton Pharmaceuticals for $135M+
Venture backers of Acton Pharmaceuticals are breathing a little easier this morning. Meda has agreed to acquire the Marlborough, MA-based developer of respiratory drugs in a deal worth at least $135 million. The Swedish drugmaker didn’t break down exactly how much it will pay in total, but the transaction includes $135 million up front, a … Continue reading “Meda Snaps Up Sequoia-Backed Acton Pharmaceuticals for $135M+”
East Coast Life Sciences Roundup: Syndax, Enteris, Invivo, & More
The big news in biotech this week may have been Amgen (NASDAQ: [[ticker:AMGN]]) finally completing its high-profile quest to acquire Onyx Pharmaceuticals, but that isn’t all that happened. We’ve got your East Coast headlines below: —Waltham, MA-based Syndax Pharmaceuticals pocketed $26.6 million in equity financing this week from existing investors Domain Associates, MPM Capital, Forward … Continue reading “East Coast Life Sciences Roundup: Syndax, Enteris, Invivo, & More”
Enteris Emerges From the Ashes of Unigene, Hunts for Deals
What’s in a new name? More than usual for Enteris Biopharma. That’s because the Boonton, NJ-based biotech is part of what remains of Unigene Laboratories, a three-decade old company best known both for a way to turn injectable peptide drugs into pills, and disappointing Wall Street investors. Unigene is now in the biotech graveyard, having … Continue reading “Enteris Emerges From the Ashes of Unigene, Hunts for Deals”