[Updated 1/26/17, 1:15 pm. See below.] The U.S. Patent and Trademark Office has awarded Cellectar Biosciences a patent on two cancer drugs the company is developing, including its lead drug candidate, according to the company. Madison, WI-based Cellectar (NASDAQ: [[ticker:CLRB]]) says the patent covers the use of its lead drug candidate, CLR 131, for treating … Continue reading “Cellectar Awarded Another Cancer Drug Patent”
Author: Jeff Buchanan
Jeff formerly led Xconomy’s Seattle coverage since. Before that, he spent three years as editor of Xconomy Wisconsin, primarily covering software and biotech companies based in the Badger State. A graduate of Vanderbilt, he worked in health IT prior to being bit by the journalism bug.
WEDC Awards $500K As Part Of Entrepreneurship Support Program
The Wisconsin Economic Development Corp. (WEDC) said this week that it gave grants worth a combined $500,000 to 11 nonprofits based in the state as part of a program aimed at improving Wisconsin’s entrepreneurial climate. (Disclosure: WEDC is a supporter of Xconomy in Wisconsin, but our coverage is determined independently by our editors.) Four of the grants support … Continue reading “WEDC Awards $500K As Part Of Entrepreneurship Support Program”
Redox Raises $9M to Help Developers Plug Into Health Records Systems
Redox, a Madison, WI-based startup that develops digital tools that enable healthcare applications to access data from electronic health records systems, says it has raised $9 million from investors. New York-based RRE Ventures led the Series B financing. Other participants in the funding round included return backers .406 Ventures (in Boston), HealthX Ventures (Madison), and … Continue reading “Redox Raises $9M to Help Developers Plug Into Health Records Systems”
Stemina, Abele, Stem Pharm, & IoT: This Week’s Wisconsin Watchlist
Catch up on news from Wisconsin’s innovation community with these recent headlines: —A blood test developed by Madison-based Stemina Biomarker Discovery that would help determine whether children with autism disorder are able to process certain foods or vitamin supplements could become available in the next year, the Wisconsin State Journal reported. NeuroPointDX, a division of … Continue reading “Stemina, Abele, Stem Pharm, & IoT: This Week’s Wisconsin Watchlist”
Elucent, With $7.2M in Tow, Advances Breast Cancer Treatment Device
Elucent Medical, a medical device startup based in Eden Prairie, MN, but with roots and employees in Wisconsin, raised $7.2 million from investors in a Series A funding round that closed last year, says co-founder and CEO Laura King. The investment flew under the radar, and Elucent hasn’t discussed it publicly until now. Xconomy spoke … Continue reading “Elucent, With $7.2M in Tow, Advances Breast Cancer Treatment Device”
Gener8tor To Launch ‘Hackathon And Accelerator Hybrid’ For Startups
The Wisconsin-based startup accelerator Gener8tor says it’s working to create a new, three-week program for individuals and teams with ideas for new products and companies. Gener8tor would run the new program, called gALPHA, alongside its core 12-week accelerator and gBETA, a shorter, no-strings-attached accelerator it introduced in 2015. The organization has held its core program … Continue reading “Gener8tor To Launch ‘Hackathon And Accelerator Hybrid’ For Startups”
Under New Ownership, Alfalight Remains Laser-Focused
When an unfamiliar vehicle approaches a military checkpoint, soldiers posted at the station often have little time to determine whether the person behind the wheel is a friend or foe. One organization that had been working to help keep troops safe in such scenarios—as well as protect any approaching allies or civilians whom they may … Continue reading “Under New Ownership, Alfalight Remains Laser-Focused”
Epic, VC Totals, Shine, & More: This Week’s Wisconsin Watchlist
Keep up with the latest news from Wisconsin’s innovation community with these recent headlines: —The United States Supreme Court will hear a case involving Verona-based Epic Systems and whether organizations can make it mandatory for employees to sign arbitration agreements that keep them from pursuing group claims in court, the Associated Press reported. Groups of … Continue reading “Epic, VC Totals, Shine, & More: This Week’s Wisconsin Watchlist”
Northwestern Mutual Launches $50M Venture Capital Fund
Northwestern Mutual, the life insurance giant based in Milwaukee, said it has launched a $50 million fund that will be used to invest in startups over the next several years. The fund, which the insurer is calling Northwestern Mutual Future Ventures, will make investments in the range of $500,000 to $3 million in early-stage companies. … Continue reading “Northwestern Mutual Launches $50M Venture Capital Fund”
GrocerKey Parlays Woodman’s Success Into New Sales, Raises $700K
Jeremy Neren founded Madison, WI-based GrocerKey in 2014 to help introduce grocers to e-commerce and create online replicas of their physical stores. In mid-2015, Neren told Xconomy he was talking with dozens of supermarket chains around the country about using his startup’s software. GrocerKey has since converted a number of prospects into paying customers, and … Continue reading “GrocerKey Parlays Woodman’s Success Into New Sales, Raises $700K”
Mortara To Be Sold To Chicago Holding Company For $330M
Mortara Instrument, a Milwaukee-based medtech company, says it has been acquired by Hill-Rom Holdings, of Chicago, for $330 million in cash. Mortara’s product line includes electrocardiograph machines and other medical devices used to monitor patients. One of Hill-Rom’s (NYSE: [[ticker:HRC]]) holdings is Welch Allyn, a manufacturer of medical diagnostic equipment based in Skaneateles Falls, NY, … Continue reading “Mortara To Be Sold To Chicago Holding Company For $330M”
Exact Sciences Boosted By Investors, As Analysts Eye Profitability
For Exact Sciences, could a long journey to reach profitability—21 years and counting—be nearing a close? Madison-based Exact (NASDAQ: [[ticker:EXAS]]), which received regulatory approval for its flagship stool-based DNA screening test for colorectal cancer in 2014, posted better-than-expected results in the fourth quarter of 2016, according to preliminary numbers released Sunday. The company said it completed … Continue reading “Exact Sciences Boosted By Investors, As Analysts Eye Profitability”
Arrowhead Nets $9.6M Investment From U.K.-Based Silence Therapeutics
Silence Therapeutics, a publicly traded biotech firm based in the U.K., said it has made a $9.6 million equity investment in Arrowhead Pharmaceuticals. Silence said it acquired about 8.4 percent of the outstanding shares of common stock in Arrowhead (NASDAQ: [[ticker:ARWR]]), which is based in Pasadena, CA, but houses its research and development team in … Continue reading “Arrowhead Nets $9.6M Investment From U.K.-Based Silence Therapeutics”
Noncompetes, Wine Clubs, Broadband, & More: This Week’s WI Watchlist
Gyms are swarming with people, temperatures are dropping below zero, and the Green Bay Packers are alive in the NFL playoffs—it must be January in Wisconsin. Make it a resolution to stay plugged into the state’s innovation community, starting with these recent headlines: —Wisconsin could be hurting itself in its effort to spur more entrepreneurship by … Continue reading “Noncompetes, Wine Clubs, Broadband, & More: This Week’s WI Watchlist”
A Year After CEO’s Departure, Quintessence Remains ‘Dormant’
A Madison, WI-based cancer drug development company is in a holding pattern as it searches for a new leader to replace the chief executive who departed early last year. Quintessence Biosciences has been without a CEO since Ralph Kauten, one of Wisconsin’s more successful biotech entrepreneurs, resigned in early 2016, Kauten says. Kauten, who continues to … Continue reading “A Year After CEO’s Departure, Quintessence Remains ‘Dormant’”
Cancer Diagnostic Startup Capio Moves to Wisconsin, Raises $2.9M
In certain patients who are being treated for cancer, it’s possible for cells to detach from the tumors inside their bodies and begin moving through the bloodstream. These circulating tumor cells, or CTCs, can help oncologists and other clinicians determine how a disease is progressing, and how effective treatments given to that patient have been. … Continue reading “Cancer Diagnostic Startup Capio Moves to Wisconsin, Raises $2.9M”
ParqEx Raises $1.2M to Connect Private Parking Owners, Seekers
[Updated 1/4/17, 10:42 am. See below.] ParqEx, a Chicago-based company with several Wisconsin ties whose technology allows users to find or rent out private parking spots, has raised $1.2 million from investors, according to multiple media reports. Two Madison, WI-based venture capital groups, Venture Management and Wisconsin Investment Partners, were among the participants in the seed financing … Continue reading “ParqEx Raises $1.2M to Connect Private Parking Owners, Seekers”
Subscription-Based Startups Size Up Amazon, Brick-And-Mortar Stores
Amazon said it shipped more than one billion items worldwide this holiday season, marking another record-setting year for the Seattle-based online retailer. Sales figures tell part of the story, while Amazon’s (NASDAQ: [[ticker:AMZN]]) steadily expanding geographic footprint tells another. The upshot is that for a new company looking to break into e-commerce, Amazon is likely … Continue reading “Subscription-Based Startups Size Up Amazon, Brick-And-Mortar Stores”
Titan Spine, Alfred, IoT, & More: This Week’s Wisconsin Watchlist
The year 2016 will soon be in the rear-view mirror. Catch up on news from Wisconsin’s innovation community, and take a look ahead to 2017, with these recent headlines: —The Milwaukee Journal Sentinel profiled Titan Spine, a Mequon-based company that makes titanium cages of various shapes and sizes designed for spinal surgeons to use when … Continue reading “Titan Spine, Alfred, IoT, & More: This Week’s Wisconsin Watchlist”
Xemex Raises $250K For Adhesive-Mixing Nozzle
Xemex Static Mixer, a Madison, WI-based startup that’s developing a nozzle for mixing two-part adhesives, raised $250,000 in equity financing from a single investor, according to a federal securities filing. Potential users of the disposable device, which contains no moving parts, include groups in the construction industry and manufacturers that sell to medical and dental care … Continue reading “Xemex Raises $250K For Adhesive-Mixing Nozzle”
Cellular Dynamics Plans to Relocate, Build New Manufacturing Center
Cellular Dynamics International intends to construct a new, 100,000-square-foot headquarters in Verona, WI, and move its operations there, according to a company proposal posted on the city’s website. Verona is a suburb of Madison, WI, where the company, known as CDI, is currently based. The facility would be both a research and cell-manufacturing center, and … Continue reading “Cellular Dynamics Plans to Relocate, Build New Manufacturing Center”
Exact Sciences, Fiserv, OneEvent, & More: This Week’s WI Watchlist
Stay out of the snow, and in the know, with these recent headlines from Wisconsin’s innovation community. —Madison-based Exact Sciences (NASDAQ: [[ticker:EXAS]]) said that Cologuard, the company’s stool-based DNA test for colorectal cancer, will be covered as an in-network service for members of the Louisville, KY-based health insurer Humana (NYSE: [[ticker:HUM]]), effective Jan. 1. Cologuard … Continue reading “Exact Sciences, Fiserv, OneEvent, & More: This Week’s WI Watchlist”
Arch Virtual Gives Madison Officials High-Tech Tour of StartingBlock
Last year, the yet-to-be-constructed entrepreneurial center StartingBlock Madison released renderings of the building it would occupy, helping to bring the project to life in the minds of many observers. Earlier this week, StartingBlock presented another preview of the space, this time with an added dimension—literally. At a meeting of Madison, WI’s municipal Plan Commission, whose … Continue reading “Arch Virtual Gives Madison Officials High-Tech Tour of StartingBlock”
Panel: Healthcare Innovation Has Lagged, But Future Could Be Bright
“Healthcare stinks at innovation, period.” That statement, from Frank Byrne—formerly president of St. Mary’s Hospital in Madison, WI, and now an advisor to the healthtech-focused VC group HealthX Ventures—was probably the most provocative one made during a panel discussion on healthcare and potentially transformative technologies held on Thursday in Madison. The forum was part of WTN Media’s … Continue reading “Panel: Healthcare Innovation Has Lagged, But Future Could Be Bright”
Shine Medical Awarded $10M by Federal Nuclear Security Agency
Shine Medical Technologies, which has for years been working to resume domestic production of a crucial medical isotope, says it has been awarded $10 million in funding from the National Nuclear Security Administration (NNSA), part of the U.S. Department of Energy. Janesville, WI-based Shine received the funding through a program the NNSA created in 2010—the … Continue reading “Shine Medical Awarded $10M by Federal Nuclear Security Agency”
Hyperloop, Epic, Wantable, & More: This Week’s Wisconsin Watchlist
Catch up on news from Wisconsin’s innovation community with these recent headlines: —A team of students at the University of Wisconsin-Madison has constructed a prototype for a vehicle that could potentially zoom through an above-ground vacuum tube at speeds of 200 miles per hour, the school said. The “Badgerloop” team is one of 30 from … Continue reading “Hyperloop, Epic, Wantable, & More: This Week’s Wisconsin Watchlist”
Asto CT Envisions Better Imaging Tech for Horses, Other Animals
An average of 24 horses die at U.S. racetracks every week, according to a 2012 New York Times investigation. In some of these cases, catastrophic injuries suffered by horses—which can also cause serious harm to the jockeys riding them—are freak, unforeseen incidents. But there are also times when the people who train horses and monitor … Continue reading “Asto CT Envisions Better Imaging Tech for Horses, Other Animals”
BrightStar Wisconsin Invests $550K in 3 Milwaukee Startups
BrightStar Wisconsin Foundation has invested a combined $550,000 in three Milwaukee-based startups, the nonprofit said Thursday in a news release. The most recent additions to BrightStar’s portfolio, which now comprises 32 companies, are: Access HealthNet, which gives employees of business clients the ability to purchase and schedule common medical procedures from local providers; OnKöl, which sells … Continue reading “BrightStar Wisconsin Invests $550K in 3 Milwaukee Startups”
Medical Imaging Startup OnLume Seeks to Show Surgeons The Light
The prospect of undergoing a surgical procedure with the operating room lights dimmed or switched off would probably make a lot of people bristle. But with some procedures, darkened operating environments make sense because they allow surgical teams to use fluorescent compounds that highlight particular tissues in patients’ bodies. This imaging technique is known as … Continue reading “Medical Imaging Startup OnLume Seeks to Show Surgeons The Light”
Zika, Sector67, Video Games, & More: This Week’s Wisconsin Watchlist
Keep up with the latest news from Wisconsin’s innovation community, starting with these recent headlines: —Takeda, a pharmaceutical company based in Japan, is developing a vaccine for Zika virus at the laboratory it operates in Madison, the Wisconsin State Journal reported. The company is reportedly working on tests that would tell researchers whether the vaccine, … Continue reading “Zika, Sector67, Video Games, & More: This Week’s Wisconsin Watchlist”
With MIR Deal, Propeller Health Helps Patients Track Lung Function
Propeller Health’s respiratory disease management platform—which combines sensor-equipped inhalers with software applications and analytics—will now also be able to pull in measurements of patients’ lung function, thanks to a partnership with Italy-based Medical International Research (MIR) announced on Thursday. MIR has for years manufactured spirometers, which measure the volume of air someone breathes in and … Continue reading “With MIR Deal, Propeller Health Helps Patients Track Lung Function”
Arrowhead Chief Scientific Officer David Lewis Among 34 Laid Off
Arrowhead Pharmaceuticals has terminated the employment of chief scientific officer David Lewis, effective later this month, the company said in a regulatory filing that was made public on Thursday. Vincent Anzalone, a vice president at Arrowhead (NASDAQ: [[ticker:ARWR]]), confirmed Lewis’ imminent departure in a phone interview. Anzalone said that Lewis was terminated as part of … Continue reading “Arrowhead Chief Scientific Officer David Lewis Among 34 Laid Off”
Arrowhead’s Future Could Now Ride on Progress of Amgen Partnership
After canceling three liver drug programs and slashing its staff, Arrowhead Pharmaceuticals has nothing left in clinical trials. But a separate partnership with another biotech company, Amgen, could signal where Arrowhead goes next. The strategy shift became necessary after Arrowhead (NASDAQ: [[ticker:ARWR]]) said Tuesday that it would halt work on its troubled liver drugs, which … Continue reading “Arrowhead’s Future Could Now Ride on Progress of Amgen Partnership”
Arrowhead Shares Plunge Amid Layoffs, Canceled Liver Drug Programs
Arrowhead Pharmaceuticals said on Tuesday that it has canceled the development of three experimental drug candidates for liver diseases and plans to lay off part of its workforce, sending the company’s stock down nearly 60 percent in after-hours trading. Arrowhead’s (NASDAQ: [[ticker:ARWR]]) stock price was $1.77 a share as of 7:39 p.m. in New York, down from … Continue reading “Arrowhead Shares Plunge Amid Layoffs, Canceled Liver Drug Programs”
100state’s Growth Highlights Increasing Popularity of Coworking
Launching a technology business out of a garage may put it in some esteemed company, but in certain areas at certain times of year—like Wisconsin in November—the founders would probably want to move their workspace inside. For a startup that’s budget-conscious but would rather not work from a private residence, one option is leasing shared office … Continue reading “100state’s Growth Highlights Increasing Popularity of Coworking”
Cellectar Announces $8M Stock Offering, Sending Shares Lower
Another day, another stock offering from Cellectar Biosciences. The Madison, WI-based biotech, which announced a $3.3 million stock offering in September 2015 and then said in April that it had raised $8 million from investors, now says it’s raising another $8 million in an offering that’s expected to close on Nov. 29. Cellectar’s pipeline includes … Continue reading “Cellectar Announces $8M Stock Offering, Sending Shares Lower”
MoolaPitch’s Crowdfunding Site Connects WI Startups, Investors
In 2014, when Facebook announced it had spent $2 billion to purchase the virtual reality headset maker Oculus VR, the deal seemed to exemplify a basic formula for startup success: show the technology community a promising concept, raise money to support the work of turning that concept into a marketable product, and cash out. Not … Continue reading “MoolaPitch’s Crowdfunding Site Connects WI Startups, Investors”
Arrowhead, Microbes, Diabetes, & More: This Week’s WI Watchlist
Stay current on the latest happenings in Wisconsin’s innovation community with these headlines: —Arrowhead Pharmaceuticals, which is based in Pasadena, CA, but houses its R&D operations in Madison, WI, provided updates on some of its drug candidates and development programs at two recent industry conferences. At one of the meetings, Arrowhead (NASDAQ: [[ticker:ARWR]]) shared preclinical … Continue reading “Arrowhead, Microbes, Diabetes, & More: This Week’s WI Watchlist”
Cellectar Advances Drug Research With Pierre Fabre, Other Partners
Less than a year after Cellectar Biosciences announced a partnership with Pierre Fabre aimed at developing new cancer treatments, the collaboration appears to be bearing fruit. Madison, WI-based Cellectar (NASDAQ: [[ticker:CLRB]]) said Thursday that it has created multiple tumor-targeting compounds and has already started using them in a series of studies. The compounds were made … Continue reading “Cellectar Advances Drug Research With Pierre Fabre, Other Partners”
StartingBlock Madison Nets Federal Grant, Partners with Bunker Labs
The U.S. Economic Development Administration awarded a $471,875 grant to StartingBlock Madison, a still-to-be-built entrepreneurial center in Wisconsin’s capital city, the agency said on Tuesday. Scott Resnick, executive director of StartingBlock Madison, said that the grant will be paid out over three years. His organization plans to use the money to fund operations, including hiring … Continue reading “StartingBlock Madison Nets Federal Grant, Partners with Bunker Labs”
Arrowhead Stock Falls After FDA Places Hold on Clinical Trial
Shares in Arrowhead Pharmaceuticals took a nosedive Wednesday after the FDA placed a hold on a phase 2 clinical trial of the company’s lead drug candidate, which is aimed at treating chronic hepatitis B virus (HBV). The company said in a press release Tuesday that the FDA has not sent any written communications to Arrowhead … Continue reading “Arrowhead Stock Falls After FDA Places Hold on Clinical Trial”
Silatronix, Propeller, BrainXell, & More: This Week’s WI Watchlist
The 2016 presidential campaign is coming to a close and for many, not a day too soon. Renew your faith in humanity with these recent headlines from Wisconsin’s innovation community: —Madison-based Silatronix—a developer of silicon-based materials that can be used as electrolytes in batteries and other energy storage devices—was on a list of “10 Startups … Continue reading “Silatronix, Propeller, BrainXell, & More: This Week’s WI Watchlist”
Milwaukee Wine Subscription Startup Now Also Shipping Cheese
Bright Cellars appears to have little difficulty adjusting to its surroundings. The monthly wine service, which started in Boston but moved to Milwaukee last year, says it is now also shipping boxes of artisan cheeses to customers’ doorsteps. The cheeses are all made in the Badger State, Bright Cellars says. “Wisconsin has some of the … Continue reading “Milwaukee Wine Subscription Startup Now Also Shipping Cheese”
Simplifide Raises $1M for User Authentication Software
Simplifide, a Madison, WI-based startup that’s developing technology to verify identities based on physical characteristics, says it has raised $1 million from investors. The company, launched earlier this year, is on the verge of signing its first customer and is discussing conducting pilot projects with a handful of organizations in the U.S. and Europe, says … Continue reading “Simplifide Raises $1M for User Authentication Software”
Midwestern BioAg Raises $21M to Ramp Up Fertilizer Production
Midwestern BioAg, a Madison, WI-based manufacturer and distributor of fertilizers, seed, and other products designed to improve soil health and increase crop yields, says it has raised $21.3 million from investors. Midwestern BioAg says that the money will be used in part to expand its fertilizer manufacturing capacity. The company also plans to start working … Continue reading “Midwestern BioAg Raises $21M to Ramp Up Fertilizer Production”
Breg Partners With Redox to Improve Tracking of Orthotic Devices
For more than two decades, Breg has built and sold braces, splints, walking boots, and other devices designed to help rehabilitate injured patients. The Carlsbad, CA-based company has also developed software that it says can help healthcare providers and other organizations keep track of orthotic devices and bill patients for their use. On Tuesday, Breg … Continue reading “Breg Partners With Redox to Improve Tracking of Orthotic Devices”
Isomark, gBETA, Gregor, & More: This Week’s Wisconsin Watchlist
Keep up with the latest news from Wisconsin’s innovation community with these recent headlines: —Members of the University of Wisconsin-Madison’s football team are using a device developed by the startup Isomark that gives them feedback on how they’re metabolizing food, the Wisconsin State Journal reported. The device, called Energy Balance, reportedly tells users what and … Continue reading “Isomark, gBETA, Gregor, & More: This Week’s Wisconsin Watchlist”
CUNA Mutual Group Venture Arm Exits Stealth, Reveals Investments
CMFG Ventures, an arm of CUNA Mutual Group that supports fintech and insurance technology startups, says it led a $10 million Series A investment in Chicago-based ForeverCar, which helps users purchase extended vehicle warranties. Madison, WI-based CUNA Mutual provides insurance and financial services to its member organizations, many of which are credit unions. According to … Continue reading “CUNA Mutual Group Venture Arm Exits Stealth, Reveals Investments”
Exact Sciences Shares Dip After Company Adjusts Revenue Forecast
Exact Sciences reported third-quarter earnings Wednesday and despite increases in revenue and other closely watched metrics, the reaction from investors was unfavorable. Madison, WI-based Exact (NASDAQ: [[ticker:EXAS]]) reported a net loss of $37.8 million for the three-month period that ended Sept. 30, on revenues of $28.1 million. Those figures marked improvements over the same period … Continue reading “Exact Sciences Shares Dip After Company Adjusts Revenue Forecast”
Healthfinch’s Drug Refill App Graduates to Athenahealth Marketplace
Healthfinch, a Madison, WI-based developer of software that’s aimed at saving healthcare providers and patients time and energy, said on Monday that one of its products recently became available to a wider audience. Swoop, an application Healthfinch created to make the process of reviewing prescription refill requests more efficient, is now listed on the Athenahealth … Continue reading “Healthfinch’s Drug Refill App Graduates to Athenahealth Marketplace”