It was a roller coaster week for news on the East Coast, with two clinical trials ending with diametrically opposite results, Vertex explaining lackluster earnings, and Sarepta dealing with a weird Twitter hoax. —Vertex Pharmaceuticals (NASDAQ: [[ticker:VRTX]]) reported its third quarterly loss in a row on Tuesday, all because sales of its once high-flying hepatitis … Continue reading “East Coast Life Sciences Roundup: Sarepta, Vertex, Celsion, More”
Author: Catherine Arnst
Catherine Arnst is an award- winning writer and editor specializing in science and medicine. Catherine was Senior Writer for medicine at BusinessWeek for 13 years, where she wrote numerous cover stories and wrote extensively for the magazine’s website, including contributing to two blogs. She followed a broad range of issues affecting medicine and health and held primary responsibility for covering the battle in Washington over health care reform. Catherine has also written for the Boston Globe, U.S. News & World Report and The Daily Beast, and was Director of Content Development for the health practice at Edelman Public Relations for two years. Prior to joining BusinessWeek she was the London-based European Science Correspondent for Reuters News Service. She won the 2004 Business Journalist of the Year award from London’s World Leadership Forum, and in 2003 was the first recipient of the ACE Reporter Award from the European School of Oncology for her five-year body of work on cancer. She holds a bachelor’s degree in journalism from Boston University.
Celsion Liver Cancer Trial Fails to Meet Goals, Stock Plunges
In a major setback, Celsion (NASDAQ: [[ticker:CLSN]]), based in Lawrenceville, NJ, reported today that its lead drug candidate failed in a Phase III clinical trial for treatment of primary liver cancer. CEO Michael Tardugno told an investor conference call this morning that the result “was not even close” to meeting the trial’s goals. Investor reaction was … Continue reading “Celsion Liver Cancer Trial Fails to Meet Goals, Stock Plunges”
Companion Diagnostics for Cancer Drugs Advancing Personalized Medicine
The medical world took little notice earlier this month when Qiagen (NASDAQ: [[ticker:QGEN]]), a German maker of diagnostics equipment, asked the Food & Drug Administration to approve its test for a certain gene mutation associated with lung cancer. The mutation, involving the epidermal growth factor receptor (EGFR) found on the surface of cells, plays an … Continue reading “Companion Diagnostics for Cancer Drugs Advancing Personalized Medicine”
Boston Scientific Announces Job Cuts, Stock Buyback, Lower Earnings
Boston Scientific (NYSE: [[ticker:BSX]]) announced today that it plans to cut as many as 1,000 jobs this year, on top of the 1,250 to 1,400 job cuts it announced in 2011, as the troubled medical device maker continues to try and turn its fortunes around. The Natick, MA-based company also said it will buy back … Continue reading “Boston Scientific Announces Job Cuts, Stock Buyback, Lower Earnings”
Keryx Finally Succeeds With a Clinical Trial, for Kidney Disease Drug
It looks like a Hail Mary pass came through for Keryx Biopharmaceuticals (NASDAQ: [[ticker:KERX]]). In the past few years, both of New York-based Keryx’s top drug candidates failed key clinical trials, leaving the company to bet all its fortunes on its one remaining drug, meant for kidney dialysis patients. Today Keryx reported that the drug, … Continue reading “Keryx Finally Succeeds With a Clinical Trial, for Kidney Disease Drug”
UnitedHealth Unit Buys Boston Health IT Firm Humedica
Humedica, a health IT startup based in Boston, has been acquired by UnitedHealth Group’s (NYSE: [[ticker:UNH]]) health IT unit, Optum, for an undisclosed sum. The news was first reported today by the Boston Business Journal, which cites an anonymous source as saying the deal is worth “hundreds of millions” of dollars. Xconomy has confirmed the … Continue reading “UnitedHealth Unit Buys Boston Health IT Firm Humedica”
East Coast Life Sciences Roundup: Ariad, Pfizer, Cubist, More
It was good news all around this week in life sciences on the East Coast, with a strong earnings report for one company, a positive decision on a drug for two others, and a White Knight emerging for a third. And at Cambridge’s Broad Institute, information technology and biology came together in a way. —ARIAD … Continue reading “East Coast Life Sciences Roundup: Ariad, Pfizer, Cubist, More”
Progenics Pharmaceuticals Buys Molecular Insight in Stock Swap
Progenics Pharmaceuticals (NASDAQ: [[ticker:PGNX]]) of Tarrytown, NY, said on Tuesday that it has acquired financially troubled Molecular Insight Pharmaceuticals for 4,566,210 shares of its stock. Molecular Insight, based in Cambridge, MA, was founded in 1997 and filed for Chapter 11 in December 2010. In a Wednesday morning webcast, Progenics CEO Mark Baker said Molecular was acquired … Continue reading “Progenics Pharmaceuticals Buys Molecular Insight in Stock Swap”
Celgene Drug Keeps Pancreatic Patients Alive an Extra Two Months in Trial
Paclitaxel protein-bound (Abraxane) looks to be the cancer drug that keeps on giving to Celgene (NYSE: [[ticker:CELG]]). The Summit, NJ-based company reported late in the day on Tuesday that a pivotal clinical trial of the drug combined with chemotherapy kept patients with advanced pancreatic cancer alive some two months longer than those on chemotherapy alone. … Continue reading “Celgene Drug Keeps Pancreatic Patients Alive an Extra Two Months in Trial”
East Coast Life Sciences Roundup: Aveo, Mayo Clinic, GI Dynamics, More
Cambridge, MA-based companies had their share of stock offering announcements this week. Plus, Cambridge gained another company, a key clinical trial started for an unusual anti-obesity device, and New Yorkers discussed how to put their life sciences industry on the map. —AVEO Pharmaceuticals (NASDAQ: [[ticker:AVEO]]) said on Thursday it plans to raise $50 million by selling … Continue reading “East Coast Life Sciences Roundup: Aveo, Mayo Clinic, GI Dynamics, More”
Can NYC Create an Infrastructure for Medical Device Startups?
[Updated 1/22/13, 9:00 am. See below.] Xconomy New York has been chronicling New York City’s efforts to develop a welcoming environment for life sciences startups since we started, and we always come back to the same problems—the high cost of real estate, a small VC community, and the lack of a vibrant startup infrastructure such … Continue reading “Can NYC Create an Infrastructure for Medical Device Startups?”
Alnylam, Lawsuit Settled, Announces $125 Million Stock Offering
(Updated 1/16/2013, 7:37 am. See below.) Two months after agreeing to pay out $65 million to settle a tense intellectual property lawsuit, Cambridge, MA-based Alnylam Pharmaceuticals (NASDAQ: [[ticker:ALNY]]) announced on Monday a public stock offering of $125 million. Alnylam and Tekmira Pharmaceuticals (NASDAQ: [[ticker:TKMR]]) had been locked in a legal battle since March 2011, an … Continue reading “Alnylam, Lawsuit Settled, Announces $125 Million Stock Offering”
Aileron Secures Funding for First Stapled Peptide Clinical Trial
[Updated 1/14/13, 1:31 pm. See below] Aileron Therapeutics said today that, as the result of successful preclinical studies, it secured the $12 million it needs to move its experimental treatment ALRN-5281 into initial clinical trials, in patients with rare endocrine disorders. According to Aileron, ALRN-5281 will be the first of a new class of drugs called stapled … Continue reading “Aileron Secures Funding for First Stapled Peptide Clinical Trial”
ArQule’s Lead Cancer Drug Fails Another Clinical Trial
More bad news for ArQule’s (NASDAQ: [[ticker:ARQL]]) lead drug candidate, tivantinib. Just months after the drug failed a Phase 3 trial in non-small cell lung cancer, ArQule said today that tivantinib also failed in a Phase 2 trial against colorectal cancer. The Woburn, MA-based company is developing the drug in partnership with Daiichi Sankyo of Japan. ArQule’s … Continue reading “ArQule’s Lead Cancer Drug Fails Another Clinical Trial”
East Coast Life Sciences Roundup: Bind, Boston Children’s, J&J, More
The life sciences industry was focused on the west coast, not the east, this week. Virtually all of the industry’s movers, shakers, and wannabes were at the 31st Annual JP Morgan Healthcare Conference in San Francisco Jan 7-9. My colleague Luke Timmerman will be combing his notebooks for features from this premier industry meeting for … Continue reading “East Coast Life Sciences Roundup: Bind, Boston Children’s, J&J, More”
Biogen ALS Failure Highlights Clinical Trial Frustrations
Drug development doesn’t get much more depressing than the so-far futile search for a lasting treatment for amyotrophic lateral sclerosis (ALS), or Lou Gehrig’s disease. More than 20 experimental drugs have failed in clinical trials, the most recent being Biogen Idec’s (NASDAQ: [[ticker:BIIB]]) closely watched dexpramipexole. Dex, as it is often called, made it all … Continue reading “Biogen ALS Failure Highlights Clinical Trial Frustrations”
BIND CEO Says Amgen Deal Marks Nanomedicine Turning Point
BIND Bioscience CEO Scott Minick is having a good JP Morgan Health Conference. As reported early Tuesday by Xconomy, he was able to announce just one day in to the meeting that BIND signed its first major drug development deal, worth at least $180.5 million, with biotech powerhouse Amgen (NASDAQ: [[ticker:AMGN]]) of Thousand Oaks, CA. … Continue reading “BIND CEO Says Amgen Deal Marks Nanomedicine Turning Point”
Shire Buys Third Rock’s Lotus Tissue Repair
Third Rock Ventures, the prolific five-year-old Boston-based VC firm, likes to bet on biotech startups that are developing unusual drugs, and today one of those bets paid off. Shire (NASDAQ: [[ticker:SHPG]]) announced that it agreed to acquire Lotus Tissue Repair of Cambridge for an undisclosed amount, just 18 months after Third Rock unveiled the startup. Third … Continue reading “Shire Buys Third Rock’s Lotus Tissue Repair”
Amgen in $180.5 Million Drug Development Deal with BIND Biosciences
Cambridge, MA-based BIND Biosciences got a large vote of confidence today for its novel targeted nanomedicine technology. The startup announced today that Amgen (NASDAQ: [[ticker:AMGN]]), in Thousand Oaks, CA, has agreed to invest up to $180.5 million to co-develop a cancer drug based on BIND’s drug development platform, starting with upfront and milestone payments of … Continue reading “Amgen in $180.5 Million Drug Development Deal with BIND Biosciences”
Repligen in Drug Development Licensing Deal with Pfizer
In a boost to the drug discovery side of its business, Repligen (NASDAQ: [[ticker:RGEN]]) said it has found a very big pharma partner for its spinal muscular atrophy program—New York-based Pfizer (NYSE: [[ticker:PFE]]). Pfizer has agreed to pay up to $70 million to Waltham, MA-based Repligen for the licensing rights to any drugs that come out of … Continue reading “Repligen in Drug Development Licensing Deal with Pfizer”
East Coast Life Sciences Roundup: Pfizer, J&J, Alkermes, More
Xconomy took Christmas week off, but the FDA didn’t—the agency issued a flurry of new drug approvals in the last two weeks of the year, bringing its total number of approvals for 2012 to 39, the highest yearly total in 16 years. Some of those last minute approvals benefited East Coast companies. (Drumroll, please): —- … Continue reading “East Coast Life Sciences Roundup: Pfizer, J&J, Alkermes, More”
Biogen Idec’s ALS Drug Fails Phase III Trial
A lot of patients’ hopes were dashed today with the news that Biogen Idec’s (NASDAQ: [[ticker:BIIB]]) closely watched drug dexpramipexole for amyotrophic lateral sclerosis (ALS) failed in a late-stage clinical trial. The Weston, MA-based company said it will discontinue further development of the once-promising drug. Biogen said the drug neither slowed the loss of muscle … Continue reading “Biogen Idec’s ALS Drug Fails Phase III Trial”
Synageva BioPharma Announces $80 Million Stock Offering
Synageva BioPharma (NASDAQ: [[ticker:GEVA]]) announced today that it is commencing an $80 million secondary offering, less than six months after raising $115 million in a July secondary offering. The Lexington, MA-based company is developing drugs for very rare diseases, and currently has one candidate, SBC-102, in a Phase I/II clinical trial. The drug targets lysosomal … Continue reading “Synageva BioPharma Announces $80 Million Stock Offering”
FDA Approves J&J Drug for Multi-Drug Resistant Tuberculosis
The Food & Drug Administration today approved the first drug to treat multi-drug resistant tuberculosis, Johnson & Johnson’s (NYSE: [[ticker:JNJ]]) bedaquiline (Sirturo), an important breakthrough in the global fight against one of the world’s deadliest diseases. Made by J&J’s Janssen Therapeutics division, based in Titusville, NJ, bedaquiline is meant for patients who have failed to … Continue reading “FDA Approves J&J Drug for Multi-Drug Resistant Tuberculosis”
The Year In New York Biotech—Still Trying to Make It Here
It’s been a year and a half since Xconomy added New York to the cities it covers. I came on as New York Editor in October, taking over from Arlene Weintraub, who pioneered coverage here, knowing that the city is a rich source of tech stories and more than deserving of Xconomy’s focus. It might … Continue reading “The Year In New York Biotech—Still Trying to Make It Here”
NPS Wins First FDA Approval, for Short Bowel Syndrome Drug
NPS Pharmaceuticals (NASDAQ: [[ticker:NPSP]]) finally scored today with its first FDA drug approval since its founding 26 years ago. The agency said it approved teduglutide (Gattex) for adults with short bowel syndrome who do not receive enough nutrition from intravenous feeding, which is standard treatment for this rare and often fatal disease. The approval wasn’t … Continue reading “NPS Wins First FDA Approval, for Short Bowel Syndrome Drug”
East Coast Life Sciences Roundup: Blend, Amicus, Vertex, & More
Christmas came early for a bunch of biotech startups in the form of new funds, while Amicus and Vertex got only coal in their stocking. —- On Tuesday, Avaxia Biologics, based in Lexington, MA, pulled in $6.4 million in a Series B financing, which will help pay for its first clinical trial of AVX-70, a … Continue reading “East Coast Life Sciences Roundup: Blend, Amicus, Vertex, & More”
Amicus-GlaxoSmithkline Drug for Fabry Disease Fails Clinical Trial
Amicus Therapeutics (NASDAQ: [[ticker:FOLD]]) waited until late afternoon on Wednesday to announce that its lead drug, a treatment for rare Fabry disease, failed to meet its end point in a pivotal Phase III clinical trial, but that didn’t lessen the investor freakout. The Cranbury, NJ-based company’s stock dropped 50.65 percent in after hours trading, to $2.85. … Continue reading “Amicus-GlaxoSmithkline Drug for Fabry Disease Fails Clinical Trial”
Xconomist of the Week: Alexis Borisy Still Likes Early Stage Biotechs
The trending topic among biotech people and the people who fund them these days is that it is almost impossible to scrounge up financing for startups in the earliest stages of drug development. As Xconomy’s Luke Timmermanwrote in July, the amount of money invested in first-round biotech financings fell by 60 percent in the first … Continue reading “Xconomist of the Week: Alexis Borisy Still Likes Early Stage Biotechs”
Domain-Rusnano Partnership Invests $93 Million in Three Biotechs
Last March, life sciences venture firm Domain Associates and Russia’s state-owned Rusnano announced that they will jointly invest as much as $760 million in biotech. Today the partnership announced it is putting $93 million of that money into three Domain portfolio companies, bringing to four the number of deals they’ve done so far. Marinus Pharmaceuticals of … Continue reading “Domain-Rusnano Partnership Invests $93 Million in Three Biotechs”
Promedior Joins Ranks of Woman-Helmed Biotechs in Massachusetts
It seems counterintuitive, given that only a handful of life sciences companies of any size have women at the helm, but the biotech startup world is a relatively good place to be a woman. A 2006 survey of New England biotech firms found that 21 percent were founded by women. By comparison, a nationwide study … Continue reading “Promedior Joins Ranks of Woman-Helmed Biotechs in Massachusetts”
Avaxia Gets $6.4 Million More for Anti-TNF Oral Drug Trial
Avaxia Biologics, a Lexington, MA-based startup that is developing an oral version of popular anti-tumor necrosis (TNF) factor drugs, said today that it has raised $6.4 million in Series B financing. Avaxia will use the funds to finance the first clinical trial of AVX-470, an anti-TNF antibody designed to suppress inflammation in the gastrointestinal tract, … Continue reading “Avaxia Gets $6.4 Million More for Anti-TNF Oral Drug Trial”
Blend Therapeutics Raises $16 Million to Fund Cancer Drug Development
Just a month shy of its first birthday, Blend Therapeutics of Watertown, MA, says it has secured $16 million in Series B financing. It plans to use the money in part to finance its development of cancer treatments based on a new generation of platinum-based drugs. NanoDimension led the round with participation from existing investors Flagship … Continue reading “Blend Therapeutics Raises $16 Million to Fund Cancer Drug Development”
Enzon, under Pressure from Carl Icahn, Seeks Buyer
It looks like investor Carl Icahn may be having his way with Enzon Pharmaceuticals (NASDAQ: [[ticker:ENZN]]). The Piscataway, NJ, company announced today that it is seeking a buyer for some or all of the company, 19 days after Icahn signaled he wanted to talk to the biotech about its operations. Icahn, whose investment firm owns … Continue reading “Enzon, under Pressure from Carl Icahn, Seeks Buyer”
FDA Approves Ariad Leukemia Drug Three Months Ahead of Schedule
In a surprising move, the Food & Drug Administration today approved Ariad Pharmaceutical’s (NASDAQ: [[ticker:ARIA]]) ponatinib (Iclusig), a drug for two rare forms of leukemia, three months ahead of schedule. The drug is a tyrosine kinase inhibitor, meant as a successor to drugs like Bristol-Myers’ dasatinib (Sprycel), which reached the market six years ago. The FDA approved … Continue reading “FDA Approves Ariad Leukemia Drug Three Months Ahead of Schedule”
Sarepta Announces Price of $125 Million Stock Offering
Sarepta Therapeutics (NASDAQ: [[ticker:SRPT]]), based in Cambridge, MA, said it is planning a $125 million public stock offering, and on Thursday priced an aggregate of 4,950,485 shares at $25.25 each. It expects the offering to close by Dec. 18. Sarepta, which is developing a treatment for Duchenne muscular dystrophy, said it also granted the underwriters a … Continue reading “Sarepta Announces Price of $125 Million Stock Offering”
East Coast Life Sciences Roundup: Ariad, Celgene, Amgen, More
—The last of the year’s major medical conferences, the American Society of Hematology annual meeting in Atlanta, was held this week (Dec. 8-11), and several biotechs reported promising clinical data results. Ariad Pharmaceuticals (NASDAQ: [[ticker:ARIA]]), in Cambridge, MA, said on Monday that 56 percent of 444 chronic myeloid leukemia patients treated with its drug ponatinib, all … Continue reading “East Coast Life Sciences Roundup: Ariad, Celgene, Amgen, More”
Nielsen Backs VC Fund Pereg Focused on Marketing, Israeli Startups
Nielsen (NYSE: [[ticker:NLSN]]), the television ratings company, is backing a new VC firm, Pereg Ventures, based in New York, that will be looking for early stage advertising and Web-based-marketing technology startups, as well as Israeli entrepreneurs seeking to crack the US market. Pereg said in its press release that it will invest in “market intelligence … Continue reading “Nielsen Backs VC Fund Pereg Focused on Marketing, Israeli Startups”
New VC Fund Quantum Wave Focusing on Quantum Physics
Quantum physics, the focus of the 2012 Nobel Prize for Physics, may be ready for a commercial close-up. The newly formed Quantum Wave Fund, based in Boston, announced today that it has raised $30 million in capital, with plans to reach $100 million dollars, to fund early stage companies that are developing products and services … Continue reading “New VC Fund Quantum Wave Focusing on Quantum Physics”
East Coast Life Sciences Roundup: Zafgen, Moderna, Merck, More
—Obesity is paying off for Cambridge, MA-based Zafgen. On Tuesday the company said it closed on $21 million in a Series D equity funding to support continued development of its obesity drug, beloranib, currently in a Phase IIa clinical trial. New investor Alta Partners joined existing backers Atlas Ventures and Third Rock Ventures in this round. … Continue reading “East Coast Life Sciences Roundup: Zafgen, Moderna, Merck, More”
Onyx, Millennium, Ariad: Firms to Watch at Hematology Meeting
[Corrected 12/07/12, 10:18 pm. See below.] The life sciences industry has been talking up personalized medicine for more than a decade, but so far the idea that diseases will be treated with a unique drug regimen tailored to each patient has made little headway in actual clinical practice. A number of drug developers large and … Continue reading “Onyx, Millennium, Ariad: Firms to Watch at Hematology Meeting”
Flexion Therapeutics Secures $20 Million to Fight Osteoarthritis
[Corrected 12/04/12, 9:08 a.m. See below.] Flexion Therapeutics, based in Woburn, MA, said today that it has raised $20 million in a Series B financing led by Novo Ventures, a new investor. Flexion CEO Michael Clayman told me that the money will be used to start a Phase 2b clinical trial of its leading drug candidate, … Continue reading “Flexion Therapeutics Secures $20 Million to Fight Osteoarthritis”
1stdibs Raises $42 Million in Series B Round
[Updated 12/03/12 5:55 pm. See below.]When it comes to online shopping, you can’t get more high-end than 1stdibs, an 11-year-old online retailer based in New York that trades in very pricey antiques and luxury goods. Clearly, the site appeals to more than just the rich folks who shop there—1stdibs today said it has raised $42 … Continue reading “1stdibs Raises $42 Million in Series B Round”
Fashion Sites Nomorerack, Rent the Runway Raise Funds
Christmas is coming early for two web-based fashion startups in New York, often referred to as the Target and the Netflix of online shopping. Nomorerack, the Target counterpart, is a discount e-commerce site that said on Friday it has raised $12 million in Series A financing, led by Giosis Gmarket, a large Asian e-market company … Continue reading “Fashion Sites Nomorerack, Rent the Runway Raise Funds”
East Coast Life Sciences Roundup: Selecta, Rib-X, Cambridge, & More
Big Pharma expanded its love affair with biotech startups this week, making investments and doing deals, while Cambridge continued to be the place to do business for emerging life sciences companies. New York, on the other hand, is hosting an awful lot of clinical trials. —On Thursday, Rib-X Pharmaceuticals of New Haven, CT, closed the … Continue reading “East Coast Life Sciences Roundup: Selecta, Rib-X, Cambridge, & More”
Rib-X Closes First Tranche of $67.5 Million Preferred Stock Financing
[Updated 11:21 a.m.] Rib-X Pharmaceuticals of New Haven, CT, said today that it closed the first tranche of a $67.5 million Series 2 preferred stock financing, with a second tranche expected to close by year end. The company says it will use the money to fund a Phase 3 clinical trial of delafloxacin, an antibiotic for … Continue reading “Rib-X Closes First Tranche of $67.5 Million Preferred Stock Financing”
Nick Beim Jumps from Matrix Partners to Venrock
Boston-based venture capital firm Matrix Partners has lost its New York-based partner. Star investor Nick Beim, who had been with Matrix for 12 years and in New York for the firm since 2010, has joined Manhattan-based Venrock. A Venrock spokesperson says the firm is not commenting on Beim’s switch. But according to Beim’s Linkedin page, … Continue reading “Nick Beim Jumps from Matrix Partners to Venrock”
Selecta in Development Deal with Sanofi Worth up to $900 Million
[Updated 11/28/12, 11:04 a.m.]Selecta Biosciences, one of the many startups to emerge from the lab of famed MIT bioengineer Robert Langer, reported today that it scored a development deal with Paris-based Sanofi (NYSE: [[ticker:SNY]]) that includes potential milestone payments of up to $300 million each for new drugs for three life-threatening allergies. The Watertown, MA-based startup … Continue reading “Selecta in Development Deal with Sanofi Worth up to $900 Million”
Pfizer Invests in Rhythm to Support Diabetes, Obesity Drug Programs
Boston-based Rhythm can move ahead with its experimental drugs for obesity and diabetes assured of a very deep-pocketed partner. The startup announced today that Pfizer Venture Investments, the venture capital arm of New York pharma giant Pfizer (NYSE: [[ticker:PFE]]), agreed to invest $8 million in the company, completing a $33 million Series B financing. That … Continue reading “Pfizer Invests in Rhythm to Support Diabetes, Obesity Drug Programs”
Coridea Out to Prove Devices can Replace Drugs—and Succeeding
The burning question of the biopharma industry over the last several years is “where are the new drugs?” With blockbusters going off patent and investigational drugs failing in clinical trial after clinical trial, there has been a dearth of important new medications, and venture capital financing in life sciences startups has dropped like a stone. A … Continue reading “Coridea Out to Prove Devices can Replace Drugs—and Succeeding”