Cell Therapeutics has been known to travel the world to find new drugs to develop, and the latest stop is Singapore. The Seattle-based biotech company (NASDAQ: [[ticker:CTIC]]) said today it has agreed to acquire picritinib, a drug from S*Bio of Singapore, that’s designed to block biological targets known as JAK2 and FLT3. The company agreed to … Continue reading “Cell Therapeutics Shells Out $30M for New Drug”
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
Alder Biopharma Snags $38M To Charge Ahead With Antibody Drugs
Alder Biopharmaceuticals has nailed down the biggest round of venture capital the Seattle biotech community has seen in a long time. The Bothell, WA-based antibody drug developer is announcing today it has raised $38 million in a Series D financing led by new investor Novo Ventures. All of Alder’s previous backers— Sevin Rosen Funds, Ventures … Continue reading “Alder Biopharma Snags $38M To Charge Ahead With Antibody Drugs”
Illumina Stays Independent, Roche Walking Away
Illumina will remain an independent company, at least for now. The San Diego-based company (NASDAQ: [[ticker:ILMN]]), the market leading maker of DNA sequencing instruments, fended off a hostile takeover bid by Roche as its shareholders re-elected the four members of the Illumina board who were opposed by Roche nominees. Roche said in a statement that it … Continue reading “Illumina Stays Independent, Roche Walking Away”
Sage Bionetworks Moves from Thinking Stage to Doing Stage
Three years ago, Stephen Friend started a nonprofit with a bold vision to speed up drug discovery, which might represent the biggest cat-herding exercise in the history of biology. If it sounds equal parts promising and daunting, it should. The idea of creating an open-source movement for biology—a field in which scientists and corporations guard … Continue reading “Sage Bionetworks Moves from Thinking Stage to Doing Stage”
Dendreon CEO John Johnson: ‘This is My Last Stop’
Dendreon was run its entire 20-year history by people trained in science and medicine, and the big achievement was FDA approval of the first treatment to stimulate the immune system to fight cancer cells like a virus. But it stumbled in the early days of marketing its prostate cancer drug, so Dendreon did what many … Continue reading “Dendreon CEO John Johnson: ‘This is My Last Stop’”
Abbott’s Humira, the 3rd-in-Class Drug That Toppled Lipitor as No. 1
Sometimes the biggest success stories in business never make it to the magazine covers. There’s no single Eureka moment, no surprise turning point, no redemption, no swashbuckling CEO delivering the goods. There’s just a team pursuing genius like Edison once said: through 1 percent inspiration and 99 percent perspiration. Dull as it may sound, there … Continue reading “Abbott’s Humira, the 3rd-in-Class Drug That Toppled Lipitor as No. 1”
Mymetics Ropes in Dendreon, KPCB Vets to Restart Vaccine Developer
[Updated: 7:10 am PT] Sometimes little biotech companies hit the wall, and need a jolt from new management, new investors, and even a change of scenery to see if their technology is ever going to pan out. Mymetics is one of those classic biotech stories, of a little vaccine company heading West to reinvent itself. … Continue reading “Mymetics Ropes in Dendreon, KPCB Vets to Restart Vaccine Developer”
Oncothyreon Marches On With ‘Son of Stimuvax’ Cancer Vaccine
Many on Wall Street who follow Seattle-based Oncothyreon know it as the developer of Stimuvax, a product designed to stimulate the immune system to fight cancer cells. But what fewer realize is that Oncothyreon (NASDAQ: [[ticker:ONTY]]) has long envisioned a product that could trump its original Stimuvax, and it has only recently gotten the money … Continue reading “Oncothyreon Marches On With ‘Son of Stimuvax’ Cancer Vaccine”
Investing in Biotech Isn’t Just for Investors Anymore
There hasn’t been much to crow about for years in the world of biotech financing. There’s no getting around the fact that new drugs still take a long time and a lot of money to develop, and they usually fail. It doesn’t fly in an instant-gratification economy, where people take extraordinary technical achievements—like, say, streaming … Continue reading “Investing in Biotech Isn’t Just for Investors Anymore”
Presage Looks to Help Millennium Pick Cancer Drug Winners Early
Seattle-based Presage Biosciences, a spinoff from the Fred Hutchinson Cancer Research Center, is looking to help cancer drugmakers separate the winning compounds from the losers early in development, and now it’s found a major partner to put this idea to the test. Cambridge, MA-based Millennium, a unit of Takeda Pharmaceuticals, said today it has struck … Continue reading “Presage Looks to Help Millennium Pick Cancer Drug Winners Early”
AVI Biopharma Mulls Deal After Mixed Data With Muscular Dystrophy Drug
AVI Biopharma’s CEO, Chris Garabedian, said when he took the job a year ago that he wanted to build an independent biotech company for the long haul. Key to the plan was the idea that the Bothell, WA-based company (NASDAQ: [[ticker:AVII]]) would retain full ownership of its drug candidate for Duchenne Muscular Dystrophy, and drive … Continue reading “AVI Biopharma Mulls Deal After Mixed Data With Muscular Dystrophy Drug”
Reinventing Biotech’s Business Model: The Photo Gallery
Science is a risky business, and when money is tight, the margin for error gets narrower for those who dare to build biotech companies. Part of what that means is the CEO, or the head of R&D, sometimes ends up being a visionary as well as the chief cook and bottle washer. “When you’re building … Continue reading “Reinventing Biotech’s Business Model: The Photo Gallery”
See You This Afternoon at ‘Reinventing Biotech’s Business Model’
We’re getting ready to head over to PATH later today for our big event, “Reinventing Biotech’s Business Model.” More than 245 people have registered, so this is shaping up to be the biggest conference we’ve done so far at Xconomy Seattle. For those of you want to follow some of the highlights in real-time, the … Continue reading “See You This Afternoon at ‘Reinventing Biotech’s Business Model’”
AVI Biopharma Passes Small Study in Muscular Dystrophy
AVI Biopharma hit the main goal of its most important clinical trial yet for boys with Duchenne Muscular Dystrophy, and it’s bound to raise a whole set of new questions this year about what it really means for the treatment of this disabling genetic disease. The Bothell, WA-based biotech company (NASDAQ: [[ticker:AVII]]) said today that … Continue reading “AVI Biopharma Passes Small Study in Muscular Dystrophy”
Biotech Can’t Sidestep Cost-Effectiveness Anymore
Back in the old days of biotech, the business was pretty straightforward. You’d craft your scientific idea, aim a new drug at patients in need, charm investors to give you some money, run bang-up clinical trials, win FDA approval. Do all that, and you’re good as gold. Charge insurers whatever the market will bear, and … Continue reading “Biotech Can’t Sidestep Cost-Effectiveness Anymore”
Genentech, ImmunoGen ‘Smart Bomb’ for Breast Cancer Clears Big Hurdle
Genentech has been saying for years that it has confidence in a supercharged version of its hit breast cancer drug, and today it cleared a major hurdle on the way to making it a reality. The South San Francisco-based company, a unit of Roche, said today that trastuzumab emtansince (T-DM1) passed its biggest clinical trial … Continue reading “Genentech, ImmunoGen ‘Smart Bomb’ for Breast Cancer Clears Big Hurdle”
Genoa Pharma Aims To Satisfy Big Pharma’s Hunger for IPF Drugs
One of the hot areas of drug development these days can be filed under the header of “deadly lung scarring condition we don’t understand very well.” But the scientific knowledge of idiopathic pulmonary fibrosis is improving fast, and a new San Diego startup called Genoa Pharmaceuticals is betting it can satisfy Big Pharma’s hunger for … Continue reading “Genoa Pharma Aims To Satisfy Big Pharma’s Hunger for IPF Drugs”
Late Add: John Mendlein Joins “Reinventing Biotech” Lineup April 3
We already have a jam-packed lineup of creative entrepreneurs at next week’s big Xconomy event, but hey, you know what they say about the more the merrier? That’s what I figured this week when John Mendlein, one of the more successful biotech executives on the West Coast, agreed to be one of the speakers at … Continue reading “Late Add: John Mendlein Joins “Reinventing Biotech” Lineup April 3″
Roche Raises Illumina Takeover Bid to $51/Share
Roche has raised the stakes in its ongoing hostile takeover bid for San Diego-based Illumina (NASDAQ: [[ticker:ILMN]]) The Switzerland-based healthcare giant said it has raised its offer to $51 a share for Illumina, a 15 percent premium over its original offer in January of $44.50 a share. The new bid values Illumina, the market leader … Continue reading “Roche Raises Illumina Takeover Bid to $51/Share”
Oncothyreon Grabs $47M in Stock Offering
Seattle-based Oncothyreon has raised a lot more money to run clinical trials of its experimental cancer treatments. The company (NASDAQ: [[ticker:ONTY]]) said today it has raised $47 million from an underwritten stock offering, in which it sold 11.75 million shares to investors at $4 apiece. The company could end up getting another $7.1 million if … Continue reading “Oncothyreon Grabs $47M in Stock Offering”
MAP Pharmaceuticals Gets Rare Benefit of the Doubt With Migraine Drug
Biotech companies that bet the farm on a single drug usually get crushed when the FDA says ‘No’ to that molecule. It’s the time investors usually shoot first, and ask questions later. But the folks at Mountain View, CA-based MAP Pharmaceuticals (NASDAQ: [[ticker:MAPP]]), have to count themselves fortunate this week. In a rare case for … Continue reading “MAP Pharmaceuticals Gets Rare Benefit of the Doubt With Migraine Drug”
Accelerator Gets New Chief Scientist, David McElligott
The Accelerator, the place that starts more biotech companies than any other outfit in Seattle, has had a changing of the scientific guard. David McElligott, the chief scientific officer at one of Accelerator’s portfolio companies, Groove Biopharma, has been promoted to the role of chief scientific officer at Accelerator. He replaces Pat Gray, who announced … Continue reading “Accelerator Gets New Chief Scientist, David McElligott”
Amylin Booms on Report it Rejected Bristol’s $3.5B Takeover Bid
San Diego-based Amylin Pharmaceuticals (NASDAQ: [[ticker:AMLN]]) saw its shares boom today after it reportedly turned down a $3.5 billion takeover bid from New York-based Bristol-Myers Squibb (NYSE: [[ticker:BMY]]). Amylin shares rose 48 percent to $22.72 at Noon Eastern time today after Bloomberg News said Bristol privately bid $3.5 billion, or $22 a share, to acquire … Continue reading “Amylin Booms on Report it Rejected Bristol’s $3.5B Takeover Bid”
Affymax, Takeda Win Approval of Anemia Drug to Challenge Amgen
[Updated: 3:20 pm ET/12:20 pm PT] Affymax completed its surprising comeback today, as it won FDA clearance for its first marketed drug, a product for anemia that will be the first to rival a 23-year-old monopoly held by Amgen. Palo Alto, CA-based Affymax (NASDAQ: [[ticker:AFFY]]) and its partner Takeda Pharmaceuticals today won FDA approval of … Continue reading “Affymax, Takeda Win Approval of Anemia Drug to Challenge Amgen”
Theraclone’s Cliff Stocks Joins “Reinventing Biotech” Lineup Apr. 3
Theraclone Sciences was founded back in 2005, when biotech companies with hot platform technologies could sometimes be excused for thinking they could raise unlimited sums of venture capital. That’s certainly not true anymore, but Theraclone, an early stage antibody drug discovery shop, is still alive and kicking seven years later without raising limitless piles of … Continue reading “Theraclone’s Cliff Stocks Joins “Reinventing Biotech” Lineup Apr. 3″
DecisionView Looks to Help Speed Up Pharma’s Painfully Slow Trials
For years, real-time analytics have helped people to see patterns in data about traffic, weather, and the stock market. The pharmaceutical industry has plenty of ways it could benefit from real-time data feedback, and one of the obvious ones is in finding bottlenecks that slow down patient enrollment in the clinical trials that cost the … Continue reading “DecisionView Looks to Help Speed Up Pharma’s Painfully Slow Trials”
PATH Names Former Tech Exec Steve Davis as New CEO
PATH has turned to Steve Davis, the well-known technology executive and global health leader, to be its new president and CEO. The Seattle-based global health nonprofit said today that Davis, the former CEO of digital image company Corbis and a global director at the consulting firm McKinsey, will replace Chris Elias in PATH’s top job … Continue reading “PATH Names Former Tech Exec Steve Davis as New CEO”
Some Tongue-in-Cheek Fantasy Baseball (and Biotech) Picks
Baseball season starts this week, which means it’s time for me to spend too much time and energy on fantasy baseball. This is a strange little hobby in which millions of people use a combination of real-time data, news, and intuition to pick an imaginary team of baseball players that they hope will beat the … Continue reading “Some Tongue-in-Cheek Fantasy Baseball (and Biotech) Picks”
Paul Allen’s Big Bet to ‘Uncover the Essence of What Makes Us Human’
Following his second brush with cancer a couple of years ago, billionaire Paul Allen had some time to think about the legacy he’ll leave, beyond being the co-founder of Microsoft. Yesterday, he made clear that he wants to be the guy who helped spark new understanding of the human brain. “I’ve always been fascinated by … Continue reading “Paul Allen’s Big Bet to ‘Uncover the Essence of What Makes Us Human’”
Paul Allen Commits $300M to Expand Institute for Brain Science
Paul Allen is making one of the biggest bets of his life on brain science. The billionaire co-founder of Microsoft says he’s committing another $300 million of his fortune to the Allen Institute for Brain Science, a nonprofit research center he founded in Seattle in 2003. The new cash infusion—one of the largest private contributions … Continue reading “Paul Allen Commits $300M to Expand Institute for Brain Science”
OVP, Looking for a Home Run, Hits Bunt Single With Complete Genomics
OVP Venture Partners had one of its portfolio companies go public a little more than a year ago, so the Kirkland, WA-based firm had to have high hopes for the kind of home-run returns that can make up for a lot of misses in a portfolio. But now its investment in Mountain View, CA-based Complete … Continue reading “OVP, Looking for a Home Run, Hits Bunt Single With Complete Genomics”
Biotech Lagging Behind Go-Go Web Valuations, Survey Says
Developing the latest breakthrough drug just doesn’t pay these days as much as creating the hot new web app does. Private life sciences companies in Silicon Valley that got financing in the fourth quarter of 2011 had an average per-share value that was about 10 percent higher than their previous round of financing, which typically … Continue reading “Biotech Lagging Behind Go-Go Web Valuations, Survey Says”
Biotech’s New Frontier: Europe?
Plenty of places in the world are messed up, but Europe has been near the top of the list lately. If all the horrible scenarios play out, this will be the year the euro collapses, the European Union fractures, and some economically advanced countries could go bust. Yet while the world financial system holds its … Continue reading “Biotech’s New Frontier: Europe?”
OncoGenex Snags $50M for Prostate Cancer Drug Plan
OncoGenex Pharmaceuticals decided it needed to spend more money on the final stage of clinical trials for its prostate cancer drug, so today it went out and raised a lot more cash. The Bothell, WA and Vancouver, BC-based company (NASDAQ: [[ticker:OGXI]]) said today it has raised $50 million through an underwritten stock offering. The company … Continue reading “OncoGenex Snags $50M for Prostate Cancer Drug Plan”
Peter Schultz on New Merck-Funded Institute: ‘We’re Getting Lots of Resumes’
Merck made big news in San Diego yesterday when it said it is committing $90 million over seven years to a new nonprofit drug discovery shop led by chemist Peter Schultz. I caught up with Schultz briefly yesterday by phone to gather more information about the institute, called the California Institute for Biomedical Research (Calibr). … Continue reading “Peter Schultz on New Merck-Funded Institute: ‘We’re Getting Lots of Resumes’”
Groove Biopharma Joins Stellar Lineup at “Reinventing Biotech” Apr. 3
Groove Biopharma, one of the edgy biotech startups at Seattle’s Accelerator, could have easily raised $20 million based on the scientific goals it reached last year. That almost certainly would have been the case in 2005, 2006, or 2007. But since Groove hit its milestones in the post-downturn era, it pulled in $6 million and was … Continue reading “Groove Biopharma Joins Stellar Lineup at “Reinventing Biotech” Apr. 3″
The Greater Seattle Brain Science Cluster
[Update: 3/29/12 2:10 pm PT] Seattle has a lot of biotech talent, but not every major field of research is strong here, and I’d say it’s mostly an oncology, immunology, and infectious disease (global health) kind of town. Never in my time covering the local scene has it occurred to me think of Seattle a … Continue reading “The Greater Seattle Brain Science Cluster”
Shire Shells Out $100M to Buy Ferrokin Biosciences
Shire, the Dublin-based pharmaceutical company with operations in the Boston area, is paying $100 million upfront for a little San Francisco company seeking to help patients get rid of excessive amounts of iron in the blood. Shire said today it is has agreed to pay $100 million upfront, plus another $225 million if future development … Continue reading “Shire Shells Out $100M to Buy Ferrokin Biosciences”
Lee Hood’s P4 Initiative Finds Community Partner, PeaceHealth
Leroy Hood‘s fledgling institute for personalized medicine struck its first big partnership with an academic medical center two years ago. Now it’s branching out to include some Northwest hospitals that are philosophically a lot closer to the community than to the academy. The P4 Medicine institute, a nonprofit inside the Seattle-based Institute for Systems Biology, … Continue reading “Lee Hood’s P4 Initiative Finds Community Partner, PeaceHealth”
Merck Returns to SD, Pouring $90M Into New Schultz-Led Institute
The pharmaceutical giant Merck bet big once before that San Diego would be a source for innovative new drugs, and now it’s doing it again. Whitehouse Station, NJ-based Merck (NYSE: [[ticker:MRK]]) is announcing today that it is putting $90 million over the next seven years into a new nonprofit biomedical research institute in San Diego … Continue reading “Merck Returns to SD, Pouring $90M Into New Schultz-Led Institute”
Akili Interactive Seeks to Make Video Games That Heal, Not Harm
I’m no expert on video games, having only recently discovered the time-wasting phenomenon Angry Birds on my iPad. Like a lot of people, my general impression is that excessive use of video games is probably at least partly to blame for a bunch of neurological and behavioral problems, starting with attention-deficit/hyperactivity disorder in kids. But … Continue reading “Akili Interactive Seeks to Make Video Games That Heal, Not Harm”
Seattle Children’s Sets Up Rare Biobank to Study Premature Birth
Money may be the key fuel that drives biomedical research, but even if you’ve got money, it’s hard to get very far without good tissue samples. Now a group at Seattle Children’s Hospital aims to tackle that problem by setting up an unusual biobank of specimens, open to scientists all over the world, which could … Continue reading “Seattle Children’s Sets Up Rare Biobank to Study Premature Birth”
Omeros Bounces Back With Drug For Eye Surgeries; Shares Climb
Omeros was battered a year ago when its lead drug candidate failed in the final stage of clinical trials, but today it is bouncing back as its second product in line passed a key test. The Seattle-based biotech company (NASDAQ: [[ticker:OMER]]) said today that its experimental drug for use in eye surgeries met its goals … Continue reading “Omeros Bounces Back With Drug For Eye Surgeries; Shares Climb”
Seattle Genetics Digs Deeper Into the Proverbial Haystack
Everyone who has tried to discover new drugs has heard the one about looking for the proverbial needle in the haystack. At Seattle Genetics, they’ve already found one of the needles they’ve been looking for, and it raises a fascinating new set of questions. How many more needles are in the haystack? How can you … Continue reading “Seattle Genetics Digs Deeper Into the Proverbial Haystack”
Women in Bio, After Gaining Momentum Elsewhere, Arrives in SF
There’s no shortage of ways to network in the San Francisco Bay Area’s biotech industry if your interest is in science, dealmaking, patents, finance, or some other specialty. But there was no group until recently geared toward one distinct group of people within the industry—women. That’s changing now as Women in Bio, an international volunteer … Continue reading “Women in Bio, After Gaining Momentum Elsewhere, Arrives in SF”
AIDS Drugs Were the Start. Let’s See More FDA Accelerated Approvals
There’s been a lot of talk in biotech lately about the need for reforms at the FDA, to make it run faster and more predictably. One idea is taking shape in a bill starting to move through Congress. And at least at first glance, it looks like it’s based on good common sense. The idea … Continue reading “AIDS Drugs Were the Start. Let’s See More FDA Accelerated Approvals”
OncoGenex Doubles Down on Prostate Cancer, As Competition Heats Up
There’s some aggressive jockeying going on in the prostate cancer market, and today Vancouver, BC and Bothell, WA-based OncoGenex Pharmaceuticals made some moves that it hopes will keep its lead horse in the race. OncoGenex (NASDAQ: [[ticker:OGXI]]) and its partner Teva Pharmaceutical said today they are expanding one pivotal-stage clinical trial for men with prostate … Continue reading “OncoGenex Doubles Down on Prostate Cancer, As Competition Heats Up”
J&J Prostate Cancer Drug Hits Goal; Hurts Dendreon, Helps Medivation
[Updated: 11:20 am PT] Johnson & Johnson just delivered some encouraging news for prostate cancer patients that could end up being a boon for one of its competitors (San Francisco-based Medivation), and a drag for another (Seattle-based Dendreon). J&J, the New Brunswick, NJ-based healthcare giant (NYSE: [[ticker:JNJ]]), said today that it stopped a clinical trial of … Continue reading “J&J Prostate Cancer Drug Hits Goal; Hurts Dendreon, Helps Medivation”
Reinventing Biotech on April 3: Here’s the Agenda
We’re a little more than three weeks away from one of the biggest Seattle life sciences events of the year. Folks have been asking me about it lately, so I figure it’s time to unveil the program for “Reinventing Biotech’s Business Model” here in Seattle on April 3. This half-day conference is attracting top-notch speakers … Continue reading “Reinventing Biotech on April 3: Here’s the Agenda”
How Biogen Idec Overhauled R&D Under Doug Williams
Biogen Idec took heat for years from shareholders who accused it of bumbling in the R&D department. But a little over a year ago, the Weston, MA-based biotech company (NASDAQ: [[ticker:BIIB]]) brought in a new guy to run research and development, and—presto!—a few months later the new product engine was perceived as world-class once again. … Continue reading “How Biogen Idec Overhauled R&D Under Doug Williams”