Some scientists wait years to see their research resonate with patients. The drug delivery research of Zhen Gu, a biomedical engineering professor at NC State University and the University of North Carolina at Chapel Hill, is still early but he sees diabetics express interest in his work every day. One of Gu’s projects is a … Continue reading “Joint Biomedical Engineering Program Bridges Campuses on Tobacco Road”
Author: Frank Vinluan
Xconomy Editor Frank Vinluan is a business journalist with experience covering technology and life sciences. Based in Raleigh, he was a staff writer at the Triangle Business Journal covering technology, biotechnology and energy before joining MedCityNews.com as North Carolina bureau chief. Prior to moving to North Carolina’s Research Triangle in 2007 he held business reporting positions at The Des Moines Register and The Seattle Times.
NC Biotech, Windsor Circle, Willow Hill, & More NC Innovation News
Summer is just around the corner, and as rainy April rolls into muggy May, here’s a look at the headlines from the last week in North Carolina tech, biotech, agtech, and cleantech news: —The North Carolina Biotechnology Center awarded $2.5 million in loans and grants for life sciences work at companies and universities during the … Continue reading “NC Biotech, Windsor Circle, Willow Hill, & More NC Innovation News”
Finistere, IFC Team Up on New Ag Fund Willow Hill Ventures
Agricultural technology startups face challenges finding the capital to scale their companies, but they also struggle to find the farmland to test their products. Two companies experienced in agricultural investments have come together to launch a new venture fund that they say can address both problems. Willow Hill Ventures combines the agtech investment experience of … Continue reading “Finistere, IFC Team Up on New Ag Fund Willow Hill Ventures”
Energy Storage Tech Catches On, But Policy Is Still Catching Up
The electric grid we have today operates largely as it has for decades—electricity produced and dispatched across power lines is used by customers right away. But nearly 30 years ago, a tiny North Carolina electric cooperative did something no other electric utility had done before. It used a battery to store some of that grid … Continue reading “Energy Storage Tech Catches On, But Policy Is Still Catching Up”
Argos Lays Off 18 and Executive Resigns, But Phase 3 Still on Track
Argos Therapeutics has already secured financing expected to carry the company far enough to report late-stage clinical trial results for its experimental kidney cancer treatment, but that hasn’t stopped the company from taking additional cost-cutting measures. Durham, NC-based Argos (NASDAQ: [[ticker:ARGS]]) is laying off 18 workers, representing 13 percent of its workforce, according to a … Continue reading “Argos Lays Off 18 and Executive Resigns, But Phase 3 Still on Track”
Elanco Gets FDA Nod on Biological Drug for Dairy Cows
A mastitis diagnosis in a cow spells trouble for a dairy farmer, who faces certain loss in milk production and possible loss of the cow. Antibiotics can treat this infection of the udder, but these drugs have fallen out of favor due to growing drug resistance. Soon, though, U.S. farmers will have a biological alternative … Continue reading “Elanco Gets FDA Nod on Biological Drug for Dairy Cows”
Viamet Revisits IPO Plans, This Time With More Data
Viamet Pharmaceuticals is taking another swing at the public markets, filing plans for an initial public offering intended to finance the work needed to bring its lead antifungal drug to the brink of late-stage clinical studies in two types of infections. Durham, NC-based Viamet could raise up to $100 million in the stock offering, according … Continue reading “Viamet Revisits IPO Plans, This Time With More Data”
Novo Nordisk, TransLoc, Duke Energy, & More NC Innovation News
Here are some of the top headlines from the last week in North Carolina tech, biotech, cleantech, and fintech news: —Novo Nordisk (NYSE: [[ticker:NVO]]) broke ground on a $1.8 billion production facility in Clayton that the Denmark-based company says will produce active pharmaceutical ingredients for products across its diabetes portfolio. Novo Nordisk expects the 833,000 … Continue reading “Novo Nordisk, TransLoc, Duke Energy, & More NC Innovation News”
TransLoc Steps on the Gas With $8M for Mass Transit Software
For commuters and transit system operators, travel planning is a headache. Many commuters use a hodge-podge of transit modes to get around cities. Meanwhile, mass transit operators have a hard time gathering accurate and timely data about how their systems are used—data crucial to planning expensive and necessary upgrades. TransLoc, a transportation technology startup based … Continue reading “TransLoc Steps on the Gas With $8M for Mass Transit Software”
Envisia Gets $16.5M More to Back Extended-Release Eye Drugs
Investors in Envisia Therapeutics are pumping $16.5 million more into the eye drug developer to carry the company’s lead candidate, a potential glaucoma treatment, through mid-stage clinical trials. Envisia’s new financing adds to the $25 million Series A round the Research Triangle Park, NC-based company initially raised in 2013. At that time, Envisia was spun … Continue reading “Envisia Gets $16.5M More to Back Extended-Release Eye Drugs”
Heat Biologics Prices $6.8M Stock Sale to Continue Cancer Trials
Heat Biologics is pressing forward with a stock offering expected to raise about $6.8 million—a little more than half of the target the cancer immunotherapy developer set in January but enough to advance its clinical programs to a point where they can report data. Durham, NC-based Heat (NASDAQ: [[ticker:HTBX]]) priced the offering of 9.1 million … Continue reading “Heat Biologics Prices $6.8M Stock Sale to Continue Cancer Trials”
What Connect NC Means for AgBio Research, & More Innovation News
[Corrected, 1:15pm. See below] North Carolina will hold its primary election on Tuesday, and while most political observers are watching to see which candidates voters pick for the presidential election, voters will also have an opportunity to weigh in on a financing issue that’s key to a major agricultural biotechnology research initiative in the state. … Continue reading “What Connect NC Means for AgBio Research, & More Innovation News”
Valencell Raises $11M to Support Wearable Tech R&D
Biometric sensor company Valencell has closed on $11 million in new funding to support the company’s global expansion into more wearable technology products. The Raleigh, NC-based company’s Series D round was led by GII Tech, a new venture fund launched by the United Arab Emirates-based Gulf Islamic Investments. Previous investors TDF Ventures and WSJ Joshua Fund … Continue reading “Valencell Raises $11M to Support Wearable Tech R&D”
Argos Nabs Up to $60M to Continue Kidney Cancer Treatment Work
Argos Therapeutics reached an investment deal that provides up to $60 million in financing as the drug developer plows ahead on late-stage clinical trial work for its experimental immune-based kidney cancer treatment. Durham, NC-based Argos (NASDAQ: [[ticker:ARGS]]) said Monday that the private placement financing should provide the company enough cash to last until it reaches … Continue reading “Argos Nabs Up to $60M to Continue Kidney Cancer Treatment Work”
Biotech Dealmaking Is Tough, But AgBio Deals Prove Even Tougher
It’s a familiar story: a biotechnology company develops a promising product but falls short of sales projections. The company then cuts staff, realigns resources, and turns to startups to fill its depleted pipeline. While this scenario does play out in pharmaceuticals, it also describes what is happening in agriculture. Big ag companies face pressures to … Continue reading “Biotech Dealmaking Is Tough, But AgBio Deals Prove Even Tougher”
Precision BioSciences, Chimerix, Spreedly, & More NC Innovation News
Here are the highlights from a busy week in North Carolina biotech, tech, and cleantech news. —Precision BioSciences inked a deal with Baxalta (NYSE: [[ticker:BXLT]]) that pays the Durham biotech company $105 million up front and up to $1.6 billion, plus royalties, if the partnership successfully develops new cancer immunotherapies. Key to the deal is … Continue reading “Precision BioSciences, Chimerix, Spreedly, & More NC Innovation News”
NephroGenex Pauses Kidney Drug Trial to Restructure, Seek Merger
Cash-starved NephroGenex is pausing studies on its diabetic nephropathy treatment as the company repositions itself as a possible target for companies that want a public stock listing and a drug in late-stage clinical trials. Raleigh, NC-based NephroGenex (NASDAQ: [[ticker:NRX]]) said Wednesday that its board of directors has decided to pursue a corporate restructuring that could … Continue reading “NephroGenex Pauses Kidney Drug Trial to Restructure, Seek Merger”
After Failed Trial, Chimerix Shuts Down Two More Phase 3 Tests
[Updated 2/22/16, 11:43 am. See below. ] Chimerix is shutting down two late-stage trials for a drug meant to prevent infections in kidney transplant patients, a decision that follows the drug’s recent Phase 3 failure in people who have received stem cell transplants. Durham, NC-based Chimerix (NASDAQ: [[ticker:CMRX]]) announced over the weekend that it would … Continue reading “After Failed Trial, Chimerix Shuts Down Two More Phase 3 Tests”
North Carolina Equity Investments Double, Topping $1B in 2015
Some North Carolina entrepreneurs lament a shortage of available capital that can help their companies grow. A new report suggests that companies in the state are raising more money than ever before, and they’re attracting those investments from more places—in some cases, overseas. Companies in technology, life sciences, cleantech, and advanced manufacturing raised $1.2 billion … Continue reading “North Carolina Equity Investments Double, Topping $1B in 2015”
Mobile Health Firm Medfusion Names Kimberly Labow CEO
Medfusion has named Kimberly Labow CEO of the health IT company, taking the place of former chief executive Vern Davenport. The company gave no reason for the leadership change, saying only that Davenport “recently announced his departure from the company.” Labow rises to the top post after serving as the Cary, NC-based company’s vice president … Continue reading “Mobile Health Firm Medfusion Names Kimberly Labow CEO”
Startup RewardStock Points the Way to Credit Card Rewards & Travel
If someone offered you a way to take a free tropical vacation, you might think it was too good to be true. But Jon Hayes traveled to a tropical island for free. His global jaunts also include trips throughout South America and Europe, all taken for free or relatively little cash cost. Hayes left a … Continue reading “Startup RewardStock Points the Way to Credit Card Rewards & Travel”
BioCryst Stock Tanks After Rare Disease Drug’s Phase 2 Failure
BioCryst Pharmaceuticals’ strategy to recast itself as a rare disease drug developer hit a stumbling block Monday when the company released results showing that its experimental treatment for a rare genetic disorder failed to work better than a placebo in a mid-stage clinical trial. The BioCryst (NASDAQ: [[ticker:BCRX]]) drug, called avoralstat, was developed to treat … Continue reading “BioCryst Stock Tanks After Rare Disease Drug’s Phase 2 Failure”
Syngenta, NC Biotech, PSEG Solar, & More NC Innovation News
Panthers country is licking its wounds from Sunday night’s big game, but there’s plenty going on in the business community to take minds off of the stinging Super Bowl defeat. Here’s a recap of some of the top headlines in North Carolina biotech, tech, and cleantech news. —Switzerland-based agribusiness giant Syngenta (NYSE: [[ticker:SYT]]), which maintains … Continue reading “Syngenta, NC Biotech, PSEG Solar, & More NC Innovation News”
FDA Puts Heat Biologics Bladder Cancer Trial on Partial Hold
The FDA has stopped Heat Biologics from enrolling patients in a clinical trial evaluating a treatment for bladder cancer while the company works through an issue regarding the cells used as the source for its cancer immunotherapy. Chapel Hill, NC-based Heat (NASDAQ: [[ticker:HTBX]]) said Wednesday that it does not believe that there are any safety … Continue reading “FDA Puts Heat Biologics Bladder Cancer Trial on Partial Hold”
AgBio Edges Pharma and Other Takeaways on the RTP Biotech Scene
When North Carolina State University crop science professor Wesley Everman was in graduate school more than a decade ago, aerial images of crops were available intermittently. Planes didn’t fly often and when they did, the images they provided were just a snapshot in time. These days, Everman gets crop image data as needed and in … Continue reading “AgBio Edges Pharma and Other Takeaways on the RTP Biotech Scene”
Heat Biologics Seeks More Cash for Bladder Cancer Immunotherapy Push
Cancer drug developer Heat Biologics is looking to raise $12.5 million through a stock offering as the company continues mid-stage clinical trials for its bladder cancer immunotherapy. Durham, NC-based Heat (NASDAQ: [[ticker:HTBX]]) disclosed the plans in a securities filing, but the company did not say how many shares it will sell, nor did it set … Continue reading “Heat Biologics Seeks More Cash for Bladder Cancer Immunotherapy Push”
Argos Therapeutics Names Lee Allen Chief Medical Officer
Lee Allen has joined Argos Therapeutics (NASDAQ: [[ticker:ARGS]]) as the drug developer’s chief medical officer. Allen joins Durham, NC-based Argos as the company continues late-stage clinical trials on a cancer immunotherapy, AGS-003, in kidney cancer. Allen most recently served as chief medical officer for Nevada-based cancer drug company Spectrum Pharmaceuticals (NASDAQ: [[ticker:SPPI]]). His experience also … Continue reading “Argos Therapeutics Names Lee Allen Chief Medical Officer”
Novozymes Spins Off Pharma Unit as Separate Blood Protein Company
Novozymes is best known as a maker of enzymes used in industrial applications ranging from biofuels production to beer making, but the company has also spent the last nine years developing a way to make a protein that can stabilize drugs and vaccines in the blood. This biopharmaceuticals work has always been a smaller part … Continue reading “Novozymes Spins Off Pharma Unit as Separate Blood Protein Company”
Medtronic Veteran Joseph Knight Named President of InnAVasc
Medical device industry veteran Joseph Knight has been named president of InnAVasc, a Research Triangle Park, NC-based startup designing and developing products to improve access to blood vessels for patients undergoing hemodialysis. Knight comes to InnAVasc, a Duke University spinout, from Medtronic (NYSE: [[ticker:MDT]]), where he worked in several positions, most recently as director of … Continue reading “Medtronic Veteran Joseph Knight Named President of InnAVasc”
$100M Richer, Cempra Still Needs FDA OK To Market Pneumonia Drug
Cempra is raising nearly $100 million through a stock sale to bring its first drug, a new antibiotic called solithromycin, to market as a pneumonia treatment. But Chapel Hill, NC-based Cempra (NASDAQ: [[ticker:CEMP]]) can’t move forward with those plans until the FDA gives its blessing. That could take a while. The firm said in a … Continue reading “$100M Richer, Cempra Still Needs FDA OK To Market Pneumonia Drug”
Valencell Sues Apple, Fitbit, Claims Wearable Sensor Tech Infringed
As Steven LeBoeuf, president and co-founder of Valencell, wrapped up a 2014 tech conference pitch describing how his startup’s biometric sensor technology works in wearable devices, he was asked to comment about Apple’s then widely expected but still yet-to-launch smart watch. “Absolutely not,” LeBoeuf told the audience at the CED Tech Venture conference in Raleigh, … Continue reading “Valencell Sues Apple, Fitbit, Claims Wearable Sensor Tech Infringed”
Chimerix, DeSimone, Merz, & More in NC Innovation News
As we kick off the new year, here’s a look at some of the headlines in North Carolina biotech and tech news from the holiday break. —Chimerix’s (NASDAQ: [[ticker:CMRX]]) lead antiviral drug candidate failed a late-stage clinical trial of its ability to prevent a potentially deadly infection in transplant patients, sparking a more than 80 … Continue reading “Chimerix, DeSimone, Merz, & More in NC Innovation News”
Chimerix Stock Plunges After Anti-Infection Drug Fails Phase 3 Trial
A drug meant to fight a broad spectrum of viruses has failed a key study in the prevention of a potentially fatal infection in transplant patients, crushing the stock price of the drug’s developer, Chimerix. Durham, NC-based Chimerix (NASDAQ: [[ticker:CMRX]]) said Monday that its drug brincidofovir did not meet a Phase 3 study goal of … Continue reading “Chimerix Stock Plunges After Anti-Infection Drug Fails Phase 3 Trial”
Novan Therapeutics Raises $30M Ahead of Acne Drug’s Phase 3 Trial
Novan Therapeutics has pocketed $30 million in new financing as the company ramps up for late-stage clinical trials on its lead drug—a treatment for acne. Durham, NC-based Novan reported positive Phase 2 clinical trial results for its acne drug, SB204, in September. At that time, the company said it planned to begin enrollment in two … Continue reading “Novan Therapeutics Raises $30M Ahead of Acne Drug’s Phase 3 Trial”
Financial Tech Firm DealCloud Lands $5.3M in Growth Financing
The uptick in merger and acquisition activity across business sectors is contributing to demand for software to manage all of the information gathered and analyzed leading up to a deal. DealCloud, which specializes in M&A software, is ramping up to feed the appetite for these financial tools with a $5.3 million round of growth financing. … Continue reading “Financial Tech Firm DealCloud Lands $5.3M in Growth Financing”
Bunker Labs’ RTP Base Charts Entrepreneurial Course for Veterans
Military veterans may not realize it, but skills they learned in the armed forces are not much different from skills that entrepreneurs use to succeed in business. So says Dean Bundschu, an Army veteran and executive director of Bunker Labs RDU, a business accelerator for veterans now open in North Carolina’s Research Triangle Park. Veterans … Continue reading “Bunker Labs’ RTP Base Charts Entrepreneurial Course for Veterans”
Pozen, Tribute Pharma Nix Ireland Move in Favor of Canada HQ
Pozen has formally selected Canada for its new headquarters after it merges with Canada-based Tribute Pharmaceuticals, abandoning plans for an Ireland base of operations that could give the combined company a lower tax rate but could also put it in the crosshairs of U.S. regulators trying to clamp down on corporate maneuvering to evade taxes. … Continue reading “Pozen, Tribute Pharma Nix Ireland Move in Favor of Canada HQ”
Larry Altstiel Named vTv Therapeutics Chief Medical Officer
Alzheimer’s drug developer vTv Therapeutics (NASDAQ: [[ticker:VTVT]]) has named Larry Altstiel the High Point, NC, company’s chief medical officer. Altstiel’s experience includes research and management roles at Pfizer (NYSE: [[ticker:PFE]]) and Eli Lilly (NYSE: [[ticker:LLY]]). Most recently, Altstiel was CEO of Provectra Biotherapeutics, which is developing a gene therapy for neurogenerative diseases. Last July, vTv … Continue reading “Larry Altstiel Named vTv Therapeutics Chief Medical Officer”
Bioventus Fleshes Out Bone-Healing Portfolio with BioStructures Deal
Bioventus, a company that develops biological products aimed at helping bones heal, has acquired medical device company BioStructures in a move to expand its own offerings for bone graft surgeries. Durham, NC-based Bioventus disclosed no financial terms for the deal, which gives it access to BioStructures’ commercialized bone-healing products, along with technologies still in research … Continue reading “Bioventus Fleshes Out Bone-Healing Portfolio with BioStructures Deal”
Alexandria Rolls Out Plans for Its RTP Innovation Cluster
Alexandria Real Estate Equities’ vision to turn a mostly undeveloped property in Research Triangle Park into its latest life science cluster is moving forward with a first phase intended to boost offerings for early-stage startups. Pasadena, CA-based Alexandria (NYSE: [[ticker:ARE]]), which operates science and technology campuses across the country, announced the RTP plans today. Alexandria … Continue reading “Alexandria Rolls Out Plans for Its RTP Innovation Cluster”
Novozymes, TranS1, Symberix, & More in NC Innovation News
Here are some of the top headlines in recent North Carolina biotech, tech, and cleantech news: —Novozymes (NASDAQ OMX: [[ticker:NZYM]]) and Monsanto (NYSE: [[ticker:MON]]) set an ambitious target of having their agricultural microbials reach between 250 million and 500 million acres of U.S. farmland by 2025. Currently, microbial products from the two companies are used … Continue reading “Novozymes, TranS1, Symberix, & More in NC Innovation News”
Newcomers Help Fuel Rise of Raleigh’s Startup Community
The tech startup community’s emergence in Raleigh, NC, shows itself in different ways, such as the expansion of co-working space or a company that lands investment from an out-of-state venture capital firm. At VergeNC this week, that progress was apparent in a show of hands. Will Hardison, host of the monthly event for entrepreneurs and … Continue reading “Newcomers Help Fuel Rise of Raleigh’s Startup Community”
Salvaged From Bankruptcy, TranS1 Medical Device Finds New Life
Spinal fusion is a complex procedure that requires a surgeon to navigate through muscle, nerves, and organs before reaching bone. TranS1, a Raleigh, NC, medical device company, developed an alternative: a minimally invasive medical device that can fuse the lowest spinal joint in less time, at less cost, and with faster patient recovery. TranS1, named … Continue reading “Salvaged From Bankruptcy, TranS1 Medical Device Finds New Life”
Big Data Analytics Startup Fuzzy Logix Raises $5.5M in Series A
There’s no shortage of big data analytics companies pledging to help industries make greater sense—and use—of the data they have. Startup Fuzzy Logix is throwing its hat into the ring with a $5.5 million fundraising round to scale its growth. New Science Ventures led the Series A round for Charlotte, NC-based Fuzzy Logix, which markets … Continue reading “Big Data Analytics Startup Fuzzy Logix Raises $5.5M in Series A”
Bristol-Myers to Add Cardioxyl’s Heart Failure Drug With $300M Deal
Bristol-Myers Squibb is set to buy Cardioxyl Pharmaceuticals and its portfolio of clinical and pre-clinical heart drugs in a deal that boosts the big pharma company’s cardiovascular drug pipeline. Under the definitive agreement announced this morning, New York-based Bristol-Myers (NYSE: [[ticker:BMS]]) will pay up to $300 million in upfront and near-term milestone payments to acquire … Continue reading “Bristol-Myers to Add Cardioxyl’s Heart Failure Drug With $300M Deal”
Pendo’s Engagement Software Clicks With VCs, Sparking $11M Round
Pendo, a company whose software helps companies glean insights about their customers by analyzing their Web behavior, has raised $11 million in a Series A round of financing. Battery Ventures led the round, joined by Salesforce Ventures and existing investors Contour Venture Partners, Core Capital Partners, and IDEA Fund Partners. With Pendo’s new financing, Battery … Continue reading “Pendo’s Engagement Software Clicks With VCs, Sparking $11M Round”
Patheon’s Mullen: Drug Price Debate Could Shape Pharma’s Future
Even as Patheon CEO Jim Mullen sees promise in the scientific advances made in drug development, he says many of the pharmaceutical industry’s challenges ahead are economic. With pharmacoeconomics—the comparison of the economic value of therapies—playing a greater role in how insurance companies cover medicines, it’s critical for companies to think about reimbursement early on, … Continue reading “Patheon’s Mullen: Drug Price Debate Could Shape Pharma’s Future”
BioDelivery Sciences Opioid Gets FDA Approval for Chronic Pain
BioDelivery Sciences International has received FDA approval for a chronic pain treatment that uses the company’s proprietary drug-delivery technology. With the regulatory nod, Raleigh, NC-based BioDelivery (NASDAQ: [[ticker:BDSI]]) is now in line for a $50 million milestone payment from Endo Pharmaceuticals, the unit of Endo International (NASDAQ: [[ticker:ENDP]]) that licensed the treatment in 2012. The … Continue reading “BioDelivery Sciences Opioid Gets FDA Approval for Chronic Pain”
Humacyte Lands $150M Series B for Phase 3 Study of Lab-Grown Veins
Regenerative medicine company Humacyte has nabbed $150 million in financing to take its lab-grown blood vessels into late-stage testing. The funding for the Research Triangle Park, NC-based company comes from a group of new and existing investors including Access Industries, Bangkok Bank Public Company Ltd., Pacific Eagle Asset Management, Reignwood Group, and individual investors Brady … Continue reading “Humacyte Lands $150M Series B for Phase 3 Study of Lab-Grown Veins”
Could North Carolina’s Next Wave of Innovation Come From the Sea?
Diabetics may someday be able to ditch daily needle sticks and opt instead for a less frequent injection of tiny insulin-bearing particles to manage their blood sugar. Key to this experimental drug delivery method is the source material: shrimp shells and seaweed. This nanoparticle technology, developed in labs at the joint biomedical engineering program at … Continue reading “Could North Carolina’s Next Wave of Innovation Come From the Sea?”