Seattle-based NanoString Technologies has made a big bet that the future of the company depends on turning its genetic analysis research tool into a diagnostic workhorse. Today, it presented some hard data that suggests it is on its way. The company reported today that its instrument, called nCounter, was able to predict whether or not … Continue reading “NanoString Nails Breast Cancer Study, Challenging Genomic Health”
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.
Microsoft, GE Pool Health IT Resources to Form New Company in Seattle
Microsoft and General Electric are mashing together some of their health IT business lines to create a new company in Seattle that will attempt to bring more efficiencies to the massively inefficient $2.6 trillion U.S. healthcare industry. The new company, which doesn’t yet have a name, will be a 50/50 joint venture between Microsoft (NASDAQ: … Continue reading “Microsoft, GE Pool Health IT Resources to Form New Company in Seattle”
The Genetics Institute Impact: Agenda for Xconomy’s Big Event Dec. 14
[Update: Noon ET, 12/9/11] We’re less than a week away from Xconomy’s biggest event of the year for the Boston biotech community, “The Genetics Institute Impact.” This is shaping up to be a truly special reunion for the people who built one of Boston’s pioneering life sciences companies, and who are still making waves in … Continue reading “The Genetics Institute Impact: Agenda for Xconomy’s Big Event Dec. 14”
Affymax Passes FDA Panel Scrutiny, Looks to Challenge Amgen Anemia Drug
Wall Street didn’t give Affymax much of a chance at success today in front of an FDA advisory committee, but the Palo Alto, CA-based company clearly proved its skeptics wrong. Affymax (NASDAQ: [[ticker:AFFY]]) received a 15-1 positive recommendation from an expert panel of FDA advisors today, who said the benefits of its experimental anemia drug … Continue reading “Affymax Passes FDA Panel Scrutiny, Looks to Challenge Amgen Anemia Drug”
Genentech’s Two-Drug Strategy Raises the Bar in Breast Cancer
Two drugs together aren’t always better than one, but today Genentech is making the argument that two antibody treatments in combination are the way to go for certain patients with breast cancer. Genentech, the South San Francisco-based unit of Roche, is announcing today results from a clinical trial that shows patients were able to live, … Continue reading “Genentech’s Two-Drug Strategy Raises the Bar in Breast Cancer”
Dendreon Pulls In $125M By Selling Royalty Slice of Merck’s Hepatitis C Drug
Dendreon has never lifted a finger to develop any new drugs for hepatitis C, but now the Seattle cancer drug developer is getting $125 million in cash for its stake in the emerging market for the chronic liver infection. The company (NASDAQ: [[ticker:DNDN]]) said today it made the money by selling off the rights to … Continue reading “Dendreon Pulls In $125M By Selling Royalty Slice of Merck’s Hepatitis C Drug”
Theraclone Names Cliff Stocks, Vet of Icos & Calistoga, as New CEO
Theraclone Sciences has been searching for more than a year for a new CEO, and it found one close to home in Cliff Stocks. The Seattle-based biotech company is announcing today that Stocks, a veteran biotech dealmaker with experience at Icos and Calistoga Pharmaceuticals, is taking over as CEO at Theraclone. Stocks is replacing Steve … Continue reading “Theraclone Names Cliff Stocks, Vet of Icos & Calistoga, as New CEO”
It Takes a Village to Raise a Biotech Startup: Highlights from the Tweetchat
Carol Gallagher, the former CEO of Calistoga Pharmaceuticals, is glad to see Gilead Sciences spending billions on acquiring a new drug for hepatitis C, rather than spending billions on stock buybacks. And Jason Rhodes, the chief business officer of Epizyme, borrowed a line from Hillary Clinton, on how “it takes a village” to raise a … Continue reading “It Takes a Village to Raise a Biotech Startup: Highlights from the Tweetchat”
W Fund Nabs $5M from State to Top Off $25M Investment Pool
The state of Washington is chipping in $5 million from a federal jobs program to put the finishing touch on a new $25 million investment fund that will look to spin more startups out of research labs at the University of Washington, Washington State University, and other local research institutions. Gov. Chris Gregoire is announcing … Continue reading “W Fund Nabs $5M from State to Top Off $25M Investment Pool”
Join Us at 3 pm ET/Noon PT for Tweetchat on Biotech Startups
Quick reminder for those of you on Twitter to join us for a live chat at 3 pm Eastern/Noon Pacific on the state of biotech startups. Carol Gallagher (@carol_gallagher) and Jason Rhodes (@JasonPaulRhodes) are the featured guests, who will field questions on how biotech startups can make it at a time when biotech venture capital … Continue reading “Join Us at 3 pm ET/Noon PT for Tweetchat on Biotech Startups”
Affymax Shares Climb As FDA Considers Wider Use for Anemia Drug
[Corrected: 3:48 pm, 12/7/11] Investors have had pretty low expectations about the prospects for Affymax’s anemia drug, which seeks to challenge Amgen’s 22-year monopoly in the field. But the expectations are starting to rise today, as Affymax approaches its make-or-break moment. Palo Alto, CA-based Affymax (NASDAQ: [[ticker:AFFY]]) saw its shares rise more than 20 percent … Continue reading “Affymax Shares Climb As FDA Considers Wider Use for Anemia Drug”
Steve Jobs’s Dying Realization About Biology and Technology
Take a guess who made the following statement: “I think the biggest innovations of the 21st century will be at the intersection of biology and technology. A new era is beginning.” A. Bill Gates B. Steve Jobs C. Paul Allen The comment has gotten little attention in the last few weeks, but it jumped off … Continue reading “Steve Jobs’s Dying Realization About Biology and Technology”
The Immunex Impact: Some Great Memories and Photos
What was it, I asked last night, that made Immunex so special? Co-founder Steve Gillis summed it all up pretty succinctly, as usual. “It was the people,” Gillis said. The brainpower, entrepreneurial spirit, good humor, and camaraderie from Seattle’s pioneering biotech company were all on display last night at our big event, “The Immunex Impact.” … Continue reading “The Immunex Impact: Some Great Memories and Photos”
Oncothyreon CEO Bob Kirkman Returns from Medical Leave
Bob Kirkman, the CEO of Seattle-based Oncothyreon (NASDAQ: [[ticker:ONTY]]), took an unexplained medical leave from the company back in September. The company said at the time he’d return in the fourth quarter of 2011, but now it’s official that he’s back on the job as CEO, Xconomy has learned. “Bob is back,” says Christopher Henney, … Continue reading “Oncothyreon CEO Bob Kirkman Returns from Medical Leave”
Join Us for a Tweetchat Monday on Biotech Startups
[Update: 10:50 am PT] Biotech VCs had their chance to vent on Twitter last week about the sad state of affairs in financing startups, and now it’s time for the entrepreneurs to take their turn. So we’re bringing together a couple of top biotech startup executives, Carol Gallagher and Jason Rhodes, to share their thoughts … Continue reading “Join Us for a Tweetchat Monday on Biotech Startups”
See You Tonight at “The Immunex Impact”
We’re gathering our things to head over to the Institute for Systems Biology to get ready for this evening’s big event, “The Immunex Impact.” We are sold out now, having registered 244 people, so this undoubtedly is going to be one of the biggest networking events of the year in Seattle biotech. Those of you … Continue reading “See You Tonight at “The Immunex Impact””
Seattle Genetics Sees Case of PML, Causing Market Twitch
Seattle Genetics has had a bit of a dust-up today in the stock market, as investors have been seeking to make sense of a second case of a dangerous adverse event seen in a patient on the company’s new lymphoma drug. Shares of the company (NASDAQ: [[ticker:SGEN]]) dipped almost 6 percent early in the day, … Continue reading “Seattle Genetics Sees Case of PML, Causing Market Twitch”
Genentech Looks to Turn the Page at Breast Cancer Confab
Genentech was at the center of controversy over the past year in the breast cancer world because of an argument about one of its top-selling antibody drugs. But now the biotech giant is hoping that a new antibody in the pipeline will get people talking again about clear-cut medical progress. The South San Francisco-based unit … Continue reading “Genentech Looks to Turn the Page at Breast Cancer Confab”
Spiral Genetics, Started by UW Classmates, Looks to Crunch DNA Data in New Way
DNA data is piling up on servers and hard drives near you, and scientists are struggling to sort through it all as genome sequencing keeps getting faster and cheaper. Seattle-based Spiral Genetics is the latest startup in town with ambitions to help relieve some of the IT pain that biomedical scientists are feeling. Spiral was … Continue reading “Spiral Genetics, Started by UW Classmates, Looks to Crunch DNA Data in New Way”
Idera Regains Cancer Drug Rights From Germany’s Merck; Stock Climbs
Idera Pharmaceuticals looked like it was in a pretty serious bind back in July when its partner, Germany-based Merck KGaA, terminated a collaboration to co-develop an experimental cancer drug. But now Idera is bouncing back a bit today, after saying it has regained global rights to the drug, and plans to continue developing it, even … Continue reading “Idera Regains Cancer Drug Rights From Germany’s Merck; Stock Climbs”
Affymetrix Pushes Into Diagnostics, Acquiring eBioscience for $330M
Gene chip pioneer Affymetrix is continuing its push into becoming more of a diagnostics player, through a sizable acquisition announced today. Santa Clara-based Affymetrix (NASDAQ: [[ticker:AFFX]]) said today it has agreed to acquire San Diego-based eBioscience for $330 million in cash. Through this deal, Affymetrix is getting eBioscience’s flow cytometer instruments (which count cells in … Continue reading “Affymetrix Pushes Into Diagnostics, Acquiring eBioscience for $330M”
The Immunex Impact: What to Expect Tomorrow Night
We here at Xconomy are eagerly anticipating our biggest Seattle biotech event of the year: “The Immunex Impact.” We expect to pack the house tomorrow night at the Institute for Systems Biology in Seattle, as more than 230 people have registered. There is still a little bit more room to squeeze a few more folks … Continue reading “The Immunex Impact: What to Expect Tomorrow Night”
Infinity Pharmaceuticals Snags $50M Extension From Mundipharma
Cambridge, MA-based Infinity Pharmaceuticals has found a way to secure more than $50 million for its R&D programs, through an extension of its partnership with Mundipharma. Infinity (NASDAQ: [[ticker:INFI]]) said today that Mundipharma has committed more than $50 million in 2013 to the development of drug candidates from Infinity’s pipeline, including IPI-145, a molecule designed … Continue reading “Infinity Pharmaceuticals Snags $50M Extension From Mundipharma”
Alkermes Spinoff, Civitas, Gets Michael J. Fox Support for Inhalable Parkinson’s Drug
For decades, people with Parkinson’s disease have been taking L-dopa pills to keep symptoms of the neurodegenerative disease under control. But now the Michael J. Fox Foundation is betting that a new form of the drug can be inhaled into the lungs to provide fast relief when the old standby isn’t getting the job done. … Continue reading “Alkermes Spinoff, Civitas, Gets Michael J. Fox Support for Inhalable Parkinson’s Drug”
Versant Ventures’ Partner Cuts Back on Biotech Work to Spend Time With Family. For Real
You learn early in journalism that when a business leader says he or she is resigning to “spend more time with family,” it’s usually baloney. Maybe they clashed with colleagues, got a better job somewhere else, or are bailing out from a sinking ship. The shades of gray are rarely discussed publicly. Yet Versant Ventures’ … Continue reading “Versant Ventures’ Partner Cuts Back on Biotech Work to Spend Time With Family. For Real”
What Happens When a Herd of VCs Runs Away From Biotech? Highlights From Yesterday’s Tweetchat
[Corrected: 8:41 am ET] Turns out you can say a whole lot about the biotech venture capital crisis in 140 characters or less. Yesterday, Xconomy hosted a lively back-and-forth on the state of life sciences investing and innovation with guest Daphne Zohar (@daphnezohar), the founder and managing partner of Boston-based PureTech Ventures. I tried to … Continue reading “What Happens When a Herd of VCs Runs Away From Biotech? Highlights From Yesterday’s Tweetchat”
Pfizer Acquires Excaliard, an Isis Spinout With Drug to Fight Excessive Scarring
Pfizer is making a new bet on a new drug to fight excessive scarring, by acquiring a former skunkworks project from Isis Pharmaceuticals (NASDAQ: [[ticker:ISIS]]). New York-based Pfizer (NYSE: [[ticker:PFE]]) said today it has reached an agreement to acquire Carlsbad, CA-based Excaliard Pharmaceuticals, a spinoff from Isis. Terms of the deal aren’t being disclosed, but … Continue reading “Pfizer Acquires Excaliard, an Isis Spinout With Drug to Fight Excessive Scarring”
Prospect Venture Partners’ Alex Barkas Dies Suddenly
Xconomy is sad to report that Alex Barkas, a prominent biotech venture capitalist with Prospect Venture Partners, died suddenly on Monday. He was 64. The cause of death hasn’t been determined, but it was sudden and unexpected, said David Schnell, a longtime colleague and fellow managing director at Prospect. “Alex was genuinely a wonderful person, … Continue reading “Prospect Venture Partners’ Alex Barkas Dies Suddenly”
Join Us at Noon ET/9 am PT for a Tweetchat on the Biotech VC Crisis With Daphne Zohar
Just a quick reminder here to join us for the Tweetchat today with Daphne Zohar of PureTech Ventures. This chat, on the crisis in biotech venture capital, will be on Twitter today at Noon Eastern/9 am Pacific. I will be asking questions from @ldtimmerman and @xconomy while Zohar will be answering from her account (@daphnezohar).You … Continue reading “Join Us at Noon ET/9 am PT for a Tweetchat on the Biotech VC Crisis With Daphne Zohar”
Eli Lilly CEO John Lechleiter on Tackling the Pharmaceutical R&D Crisis (Part 2)
Yesterday, we ran the first installment of an interview with Eli Lilly CEO John Lechleiter, in which he says the pharmaceutical industry is breaking out of its current rut, and is beginning to get more productive at pumping out more innovative new drugs. Today, we follow up with the second half of the interview, which … Continue reading “Eli Lilly CEO John Lechleiter on Tackling the Pharmaceutical R&D Crisis (Part 2)”
Eli Lilly CEO John Lechleiter on Tackling the Pharmaceutical R&D Crisis (Part 1)
John Lechleiter has spent his entire 32-year career at Eli Lilly, and now he’s the CEO just as the company faces one of the bigger challenges in its history. Over a three-year stretch, Lilly will lose patent protection on five blockbuster drugs that generated $12.7 billion in sales last year—more than half of its revenues. … Continue reading “Eli Lilly CEO John Lechleiter on Tackling the Pharmaceutical R&D Crisis (Part 1)”
Melinda Moree Steps Down as CEO of BIO Ventures for Global Health
Melinda Moree, the Seattle-based CEO of a group that serves as a liaison between for-profit biotech and nonprofit global health organizations, is moving on. Moree is stepping down as CEO of BIO Ventures for Global Health, a nonprofit seeks to help develop biotech innovations like drugs, vaccines and diagnostics that can be applied in poor … Continue reading “Melinda Moree Steps Down as CEO of BIO Ventures for Global Health”
Regeneron Wins FDA Approval of Drug for Leading Cause of Blindness in Elderly
The folks at Regeneron Pharmaceuticals are going to have a happy weekend right before they settle down for Thanksgiving. Tarrytown, NY-based Regeneron (NASDAQ: [[ticker:REGN]]) said today it has gotten clearance from the FDA to start selling afilbercept (Eylea) as a new treatment for the “wet” form of age-related macular degeneration. The drug, also known scientifically … Continue reading “Regeneron Wins FDA Approval of Drug for Leading Cause of Blindness in Elderly”
My Immunex Remembrance: Getting Scooped on the Biggest Biotech Story of 2001
We’re less than two weeks away from our biggest Seattle biotech event of the year, “The Immunex Impact” on Dec. 1. As part of this event, I’ve enlisted a number of well-known veterans of Immunex—Dave Urdal, Stewart Parker, Steve Graham, Janis Wignall, Doug Williams and Patricia Beckmann—to share one of their favorite stories about the … Continue reading “My Immunex Remembrance: Getting Scooped on the Biggest Biotech Story of 2001”
Veracyte Finds a Way to Make a Buck Cutting Waste in Thyroid Cancer Treatment
How can a company charge $3,500 per patient for some new gee-whiz diagnostic test, and then go around claiming it will save the healthcare system money? Lots of companies hem and haw when asked to prove their medical innovations save the system money, but South San Francisco-based Veracyte is putting cost-effectiveness front and center in … Continue reading “Veracyte Finds a Way to Make a Buck Cutting Waste in Thyroid Cancer Treatment”
Eli Lilly Pumps $4M into IDRI to Continue Hunt for TB Drugs
Pharmaceutical giant Eli Lilly is increasing its bet on a small team of TB drug hunters in Seattle. Indianapolis-based Lilly (NYSE: [[ticker:LLY]]) said today it has agreed to provide $4.2 million over the next four and a half years to the Seattle-based Infectious Disease Research Institute to continue its efforts to discover drugs for tuberculosis. … Continue reading “Eli Lilly Pumps $4M into IDRI to Continue Hunt for TB Drugs”
Physio-Control Breaks Away From Medtronic, Via $487M Acquisition by Bain Capital
One of the venerable names of the Seattle life sciences cluster, Physio-Control, is going to stand on its own two legs once again with the help of some old friends from Bain Capital. Minneapolis-based Medtronic (NYSE: [[ticker:MDT]]) is announcing today an agreement to sell 100 percent of its ownership in Redmond, WA-based Physio-Control, the maker … Continue reading “Physio-Control Breaks Away From Medtronic, Via $487M Acquisition by Bain Capital”
Affymax Gears Up for its Make-or-Break Moment, As Anemia Drug Faces FDA Scrutiny
Take one look at Affymax’s stock chart and you’d never guess the most important day in its history, a classic make-or-break moment, is coming up Dec. 7. It looks like nobody is giving the company a snowball’s chance in you-know-where to succeed. The big event coming up for Palo Alto, CA-based Affymax (NASDAQ: [[ticker:AFFY]]) will … Continue reading “Affymax Gears Up for its Make-or-Break Moment, As Anemia Drug Faces FDA Scrutiny”
Join Us for a Live “Tweetchat” on the Biotech VC Crisis with Daphne Zohar of PureTech Ventures
The biotech VC world is in crisis. Just in the space of a few weeks, some venerable names have made some disturbing news. Prospect Venture Partners said it was unable to raise a new fund, Morgenthaler Ventures and Advanced Technology Ventures said they are splitting off their life sciences teams to raise a new merged … Continue reading “Join Us for a Live “Tweetchat” on the Biotech VC Crisis with Daphne Zohar of PureTech Ventures”
CardioDx Passes Trial, Determining When Chest Pain Is No Big Deal
Chest pain is one of the big reasons people go to the ER or to see their primary care doc. Often when people get there, it’s hard to tell who has serious heart disease or something less serious. Now Palo Alto, CA-based CardioDx is presenting study results that say its new blood test, in certain … Continue reading “CardioDx Passes Trial, Determining When Chest Pain Is No Big Deal”
The Immunex Impact: A Trivia Quiz
Did you know that an Immunex employee once ended up swimming with the otters at the Seattle Aquarium during a company holiday party? Or that Immunex executives once mocked an uptight Big Pharma partner from Wayne, NJ by producing a video spoof on “Wayne’s World,” the comedy sketch from Saturday Night Live? Yes, these are … Continue reading “The Immunex Impact: A Trivia Quiz”
Geron Dumps Stem Cell R&D Programs, Axes 38% of Workforce
[Update: 3:35 pm PT] Geron, for better or worse, has been the poster child for embryonic stem cell therapies for a decade. And now with a new CEO at the helm, that’s all in the past. Menlo Park, CA-based Geron (NASDAQ: [[ticker:GERN]]) said today it is getting out of the business of developing stem cell … Continue reading “Geron Dumps Stem Cell R&D Programs, Axes 38% of Workforce”
Genetics Institute Mementos: A Slide Show
Rummage through some of the memorabilia from Genetics Institute and a couple things become obvious right away. This was a company full of young, idealistic people that worked hard and knew how to have a good time. There’s the company softball jersey with “DNAces” stitched on the back. There’s a coffee mug that’s supposed to … Continue reading “Genetics Institute Mementos: A Slide Show”
The Herman Cain-Inspired “1-100-0” Plan for Personalized Medicine?
You could feel Herman Cain’s presence last week on the biotech beat. And there was a lot of grousing about it. Cain, the Republican presidential candidate known for his simple 9-9-9 tax plan and some dubious extra-curricular activities, didn’t attend the Personalized Medicine Conference at Harvard Medical School. But a former advisor to President Obama, … Continue reading “The Herman Cain-Inspired “1-100-0” Plan for Personalized Medicine?”
The Old Immunex Headquarters, 51 University St., Being Reinvented Once More
The old waterfront warehouse that Immunex gutted and turned into Seattle’s biotech hotspot in the 1980s and 1990s is being transformed once again. This time, it’s being turned into a modern office building, with a whisky distillery on the ground floor. The building at 51 University Street was acquired earlier this year by Sam Zell’s … Continue reading “The Old Immunex Headquarters, 51 University St., Being Reinvented Once More”
Vertex Stock Drops 17% Over Two Days, As Potent Hep C Rivals Emerge
Cambridge, MA-based Vertex Pharmaceuticals has seen its stock take a whopping 17 percent hit in the past two days at a scientific meeting, as investors have had time to think about the implications of new clinical trial data from a couple of competitors in the hepatitis C field. Vertex (NASDAQ: [[ticker:VRTX]]) saw its stock tumble … Continue reading “Vertex Stock Drops 17% Over Two Days, As Potent Hep C Rivals Emerge”
The Fortune Story that Saved Immunex, & More Mementos: A Photo Slide Show
When Stewart Parker walked into my office on Seattle’s First Hill the other day, she didn’t mince words. “Here’s the story that saved Immunex,” Parker said, reaching into her bag for a yellowed copy of Fortune magazine from November 1985. This issue has a bold cover story, written by Gene Bylinsky, with the headline “Cancer … Continue reading “The Fortune Story that Saved Immunex, & More Mementos: A Photo Slide Show”
Ariad’s Second Cancer Drug Found Safer Than Expected in Early Review of Key Study
Ariad Pharmaceuticals CEO Harvey Berger has been fielding questions from investors for months about how much toxicity his company’s experimental cancer drug might be causing to the pancreas. The final verdict isn’t in yet, but an interim analysis being released today suggests the drug is safer than most thought it would be. The preliminary results … Continue reading “Ariad’s Second Cancer Drug Found Safer Than Expected in Early Review of Key Study”
NanoString Grabs $20M From GE, Former Genzyme CEO to Pursue Molecular Diagnostics
NanoString Technologies has pulled in another $20 million to capitalize on its genetic analysis instrument for researchers, and to pursue the lofty goal of creating a workhorse diagnostic tool that enables more personalized medicines. The Seattle-based company is announcing today it has raised $20 million in its Series D venture financing, which includes new investors … Continue reading “NanoString Grabs $20M From GE, Former Genzyme CEO to Pursue Molecular Diagnostics”
Groupon: The IPO With More Sizzle, and Money, Than the Entire Biotech IPO Class of 2011
Groupon raked in so much cash through its initial public offering last week that it could buy the entire class of life sciences companies that have gone public in 2011. For those of you who aren’t following the Groupon melodrama, the Chicago-based online daily deals site raised $700 million last week in its IPO after … Continue reading “Groupon: The IPO With More Sizzle, and Money, Than the Entire Biotech IPO Class of 2011”