Seattle Genetics said today that its underwriters have exercised their options to purchase another 1.5 million shares at $15.50 apiece, which they were entitled to as part of a financing announced yesterday. The underwriter purchases mean the company has raised another $23 million, bringing the total of the new financing to $178 million. Seattle Genetics … Continue reading “SeaGen Tacks on $23M”
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.
NanoString, Snapping Up Genomic Health Veteran, Seeks to Prove Economic Value of Cancer Diagnostic
There aren’t a lot of success stories out there in molecular diagnostics, but Redwood City, CA-based Genomic Health (NASDAQ: [[ticker:GHDX]]) is one. So if you’re the CEO of a small private company like Seattle-based NanoString Technologies, and you’re trying to find a way to turn an innovative scientific instrument into a bigger moneymaking diagnostic tool, … Continue reading “NanoString, Snapping Up Genomic Health Veteran, Seeks to Prove Economic Value of Cancer Diagnostic”
ISB Partners With P&G
The Institute for Systems Biology, a Seattle-based research center, is announcing today that it has formed a new three-year research collaboration with consumer products giant Procter & Gamble (NYSE: [[ticker:PG]]). Terms of the partnership aren’t being disclosed, but the research will focus on how biological systems function in various skin conditions, including skin aging.
Seattle Genetics Reloads, Uptake Ups and Leaves, PhysioSonics Raises Cash, & More Seattle-Area Life Sciences News
One of Seattle’s biotech stalwarts raised a lot of money this week that it will use to hire people for its inaugural commercialization drive. —Seattle Genetics (NASDAQ: [[ticker:SGEN]]) pulled in $155 million this week through an underwritten stock offering of 10 million new shares. The company is preparing to seek FDA approval for its first … Continue reading “Seattle Genetics Reloads, Uptake Ups and Leaves, PhysioSonics Raises Cash, & More Seattle-Area Life Sciences News”
Vulcan’s Kiha Software Cuts Staff
Seattle-based Kiha Software, a company backed with $20 million from Paul Allen’s Vulcan Capital, has laid off an undisclosed number of employees, and ended a public beta test of software for organizing contacts on mobile devices, according to a report by Brier Dudley of The Seattle Times. Vulcan spokesman David Postman told the Times that … Continue reading “Vulcan’s Kiha Software Cuts Staff”
What Will the Bay Area Biotech Hub Look Like in 20 Years? Xconomy Event To Take the Long View on March 16
Quarterly earnings season is going full throttle, which means short-term thinking is top of mind in the markets. But in biotech, where innovations often take two decades to go from idea to the marketplace, it’s legit to ask now where things are really going in 20 years. So that’s the theme we’re tackling at the … Continue reading “What Will the Bay Area Biotech Hub Look Like in 20 Years? Xconomy Event To Take the Long View on March 16”
Seattle Genetics Reloads Cash Reserves With $155M, On Cusp of Selling First Drug
Seattle Genetics has raised a new load of cash to brace itself for a big year ahead, as it prepares to hire a lot of people and introduce its first drug on the U.S. market. The Bothell, WA-based company (NASDAQ: [[ticker:SGEN]]) said today it has raised another $155 million through a stock sale. The company … Continue reading “Seattle Genetics Reloads Cash Reserves With $155M, On Cusp of Selling First Drug”
Vertex Urges CDC to Recommend Hep C Screening, To Nudge “Second Tsunami” of Patients
If Vertex Pharmaceuticals gets its way in talks with U.S. public health officials, most people over 50 could soon get blood tests to screen for hepatitis C infections at the doctor’s office. If the U.S. Centers for Disease Control and Prevention (CDC) agrees this is a good idea, it could prompt another 1 million patients … Continue reading “Vertex Urges CDC to Recommend Hep C Screening, To Nudge “Second Tsunami” of Patients”
What To Do With The Mother Lode of Genomic Data? Find Out at ‘Computing In the Age of the $1,000 Genome’ on Monday Feb 7
We all have 3 billion chemical units of DNA in each of our cells, and scientists say they will soon be able to unravel our unique genome sequences for $1,000 or less. Since genes get dialed up or down at different points in life, when we are healthy or diseased, scientists want to sequence our … Continue reading “What To Do With The Mother Lode of Genomic Data? Find Out at ‘Computing In the Age of the $1,000 Genome’ on Monday Feb 7”
California Biotech, Despite Lots of Ugliness, Poised to Add Jobs, CEO Survey Says
California has horrific budget deficits, high taxes, high unemployment, and an overall economy for investment that’s still a bit shell-shocked from the financial crisis of 2008. And yet in one of the riskiest of all industries, life sciences, leading executives in California are confident that things are starting to turn for the better. That’s a … Continue reading “California Biotech, Despite Lots of Ugliness, Poised to Add Jobs, CEO Survey Says”
Orexigen Fails to Win FDA Approval of Obesity Drug, Stock Crashes
Anyone who briefly thought Orexigen Therapeutics was the ray of light in a dismal world for obesity drug development will have to think again. Orexigen lost more than 70 percent of its value this morning on some devastating news from U.S. drug regulators. San Diego-based Orexigen Therapeutics (NASDAQ: [[ticker:OREX]]) and its partner, Japan-based Takeda Pharmaceuticals, … Continue reading “Orexigen Fails to Win FDA Approval of Obesity Drug, Stock Crashes”
UW, Backed by Intel and U.S. Military, Sets Up Center to Merge Electronics, Photonics
Carver Mead and Lynn Conway pioneered a government/university/industry collaboration in the ’70s and ’80s that helped train a generation of engineers to design the chips inside the electronic devices we use today. Now the University of Washington is hoping to spark a new kind of alliance, inspired by Mead and Conway, to help scientists experiment … Continue reading “UW, Backed by Intel and U.S. Military, Sets Up Center to Merge Electronics, Photonics”
Scripps President Richard Lerner To Step Down, Be Replaced by Berkeley Chemist, Sources Say
Richard Lerner, the president of one of San Diego’s leading research institutions for the past two decades, will soon step down from the top job at The Scripps Research Institute—and he is likely to be replaced by a top chemist and molecular biologist from UC Berkeley, Xconomy has learned. No formal announcement has been made, … Continue reading “Scripps President Richard Lerner To Step Down, Be Replaced by Berkeley Chemist, Sources Say”
Tableau Doubles Sales, Hiring 150
Seattle-based Tableau Software said it plans to hire another 150 people this year, after it more than doubled its revenues in 2010. The company’s revenue grew by about 106 percent last year when compared to the prior year, and now totals just under $40 million annually, according to a company statement. Tableau, which makes programs … Continue reading “Tableau Doubles Sales, Hiring 150”
Motricity Snaps Up Adenyo For $150M
Motricity, the Bellevue, WA-based maker of mobile technology, said today it has acquired Adenyo, a mobile marketing, advertising and analytics solutions provider in the U.S., Canada and France. Motricity (NASDAQ: [[ticker:MOTR]]) has agreed to pay $100 million upfront through a combination of cash and stock, plus as much as $50 million more in cash and … Continue reading “Motricity Snaps Up Adenyo For $150M”
Uptake Medical Ups and Goes to the O.C., Retains Technical Center in Seattle
One of the best-financed medical device startups in Seattle, Uptake Medical, has moved its headquarters to southern California to tap into a deeper pool for medical device industry talent, Xconomy has learned. Uptake Medical moved its headquarters to the medical device hub in Orange County last fall, CEO King Nelson says. The company has retained … Continue reading “Uptake Medical Ups and Goes to the O.C., Retains Technical Center in Seattle”
San Diego’s Fight Against Diabesity: The Photo Gallery
Obesity and diabetes are the two biggest health scourges we’ll face over the coming decades, according to public health officials. Yet it has never seemed more daunting to develop new treatments or technologies to put a dent in the twin epidemics. We had a fascinating conversation about the dilemma of this business last night at … Continue reading “San Diego’s Fight Against Diabesity: The Photo Gallery”
Merck, Staring at a Biotech Future, Seeks to Get in the Game With New Protein Drugs, Biosimilars
Biotech drugs will soon dominate the pharmaceutical industry, according to analyst estimates of what are projected to be the world’s top 10 selling therapies in 2014. Eight of these brands on this list are products of genetic engineering, while only two are traditional oral pills made through chemical synthesis. One other thing jumps out. Not … Continue reading “Merck, Staring at a Biotech Future, Seeks to Get in the Game With New Protein Drugs, Biosimilars”
Arena Pharmaceuticals Axes One-Fourth of Workforce As it Hangs On With Obesity Drug
Arena Pharmaceuticals (NASDAQ: [[ticker:ARNA]]) is making a big round of job cuts today to conserve cash as it keeps pushing to satisfy questions U.S. regulators have about its lead obesity drug in development. The San Diego-based developer of the obesity treatment lorcaserin said today it has eliminated 66 jobs, or about 25 percent of its … Continue reading “Arena Pharmaceuticals Axes One-Fourth of Workforce As it Hangs On With Obesity Drug”
See You Tonight at “San Diego’s Fight Against Diabesity”
If two-thirds of all Americans are too heavy, and millions more continue to get diabetes, how will we pay the trillions in medical bills over the next decade? Who will find ways to solve this public health problem, and build real businesses on prevention and treatment? How are some of San Diego’s biotech leaders adapting … Continue reading “See You Tonight at “San Diego’s Fight Against Diabesity””
PhysioSonics, a UW Ultrasound Spinoff, Raises Cash from Medtronic, Kirby Cramer
PhysioSonics, a University of Washington spinoff developing ultrasound imaging technology to monitor blood flow in the brain, has raised its second round of equity financing. The deal was led by medical device giant Medtronic (NYSE: [[ticker:MDT]]) and the prominent local investor Kirby Cramer, Xconomy has learned. Brad Harlow, the CEO of Bellevue, WA-based PhysioSonics, says … Continue reading “PhysioSonics, a UW Ultrasound Spinoff, Raises Cash from Medtronic, Kirby Cramer”
Seattle Genetics Manager Accused of Insider Trading, Bristol Stays in Seattle, Amgen Buys BioVex, & More Seattle-Area Life Sciences News
We had news galore this week on the Seattle biotech beat, with a mondo acquisition, an accusation of insider trading, and a prominent report pronouncing the U.S. medical device industry in a state of decline. Take a gander at the flurry of headlines here. —Amgen (NASDAQ: [[ticker:AMGN]]), which has significant immunology R&D operations in Seattle, … Continue reading “Seattle Genetics Manager Accused of Insider Trading, Bristol Stays in Seattle, Amgen Buys BioVex, & More Seattle-Area Life Sciences News”
Calypso Names New CEO
Calypso Medical Technologies, the Seattle-based maker of a system to pinpoint radiation therapy for prostate cancer, said today that Ed Vertatschitsch has been named the company’s CEO. Vertatschitsch, who joined Calypso in 2003, has been at the helm on an interim basis since August, when former CEO Eric Meier left the company at a time … Continue reading “Calypso Names New CEO”
Computing in the Age of the $1,000 Genome, Coming February 7
If scientists will soon be decoding entire human genomes in an afternoon, for $1,000 or less, how will that change the way we think about health and wellness? What are the business opportunities for companies that figure this out early? How will tech companies handle the gargantuan IT challenges of separating signal from the noise … Continue reading “Computing in the Age of the $1,000 Genome, Coming February 7”
Amgen’s R&D Chief, Roger Perlmutter, on Why BioVex’s Cancer-Fighting Virus Is Worth $1B
Roger Perlmutter, the guy who runs R&D at the largest biotech company in the world, is an immunologist by training. So it shouldn’t be any surprise that he’s fascinated by recent advances in which scientists have shown they can harness the immune system to fight tumors. Now he’s acting on that emerging knowledge of cancer … Continue reading “Amgen’s R&D Chief, Roger Perlmutter, on Why BioVex’s Cancer-Fighting Virus Is Worth $1B”
Korrio Gets $3.3M Deal Led by Ignition
Seattle-based Korrio, the developer of online technology to help run youth sports leagues, is announcing today it has raised $3.3 million in a Series A investment led by Bellevue, WA-based Ignition Partners. Ignition’s John Connors led the round, and is taking a seat on the Korrio board. He was joined in the deal by Martin … Continue reading “Korrio Gets $3.3M Deal Led by Ignition”
Bristol-Myers Squibb to Stay in Seattle, Keep ZymoGenetics Workers
Pharmaceutical giant Bristol-Myers Squibb scoped out the neighborhood for a couple months, and has decided to put down roots in Seattle. The New York-based pharmaceutical giant (NYSE: [[ticker:BMY]]), which spent $885 million to acquire ZymoGenetics in October, has decided to maintain its presence here, according to Chris Rivera, the president of the Washington Biotechnology & … Continue reading “Bristol-Myers Squibb to Stay in Seattle, Keep ZymoGenetics Workers”
PerkinElmer Licenses Geospiza Software
Geospiza, the Seattle-based maker of software for analyzing genomic data, said today that PerkinElmer (NYSE: [[ticker:PKI]]), the Waltham, MA-based life sciences toolmaker, has taken a multi-year license to Geospiza’s technology. Financial terms of the license weren’t disclosed.
How ZymoGenetics Coulda Been a Contender: The Big Break That Came Too Late
ZymoGenetics, if it had stayed an independent company in Seattle, would be worth tens of millions of dollars more today than what it was in September when it agreed to be acquired by Bristol-Myers Squibb (NYSE: [[ticker:BMY]]). Bristol clearly scored a big break with its new ZymoGenetics assets on December 21, about two months after … Continue reading “How ZymoGenetics Coulda Been a Contender: The Big Break That Came Too Late”
The 20-Year Outlook for Bay Area Life Sciences, Coming March 16
Biotechnology was born in the San Francisco Bay Area about 35 years ago, and by most ways of keeping score, it remains the most vibrant cluster in the world for life sciences innovation. But will that still be true 20 years from now? These are the kinds of deep questions we love to ask at … Continue reading “The 20-Year Outlook for Bay Area Life Sciences, Coming March 16”
Axonia Seeks to Regenerate Nerves a New Way, Sidestepping Stem Cell Controversy
Biotech executives were on the prowl a couple weeks ago in San Francisco, many of them urgently seeking tens or hundreds of millions of dollars from Wall Street. But one of the fun, offbeat ideas I encountered during my trip was from a Kalamazoo, MI, entrepreneur seeking to nail down his first $5 million for … Continue reading “Axonia Seeks to Regenerate Nerves a New Way, Sidestepping Stem Cell Controversy”
Amgen to Acquire BioVex for Up To $1B, to Obtain Cancer-Killing Virus Therapy
Amgen is sticking its scientific neck out, and potentially $1 billion of its cash, to buy a company in Woburn, MA that hopes to deliver the first FDA-approved virus engineered to specifically kill cancer cells. Thousand Oaks, CA-based Amgen (NASDAQ: [[ticker:AMGN]]) said today it has agreed to pay $425 million upfront, plus another $575 million … Continue reading “Amgen to Acquire BioVex for Up To $1B, to Obtain Cancer-Killing Virus Therapy”
Nektar Pockets $220M
San Francisco-based Nektar Therapeutics (NASDAQ: [[ticker:NKTR]]) said today it has raised $220 million in net proceeds through a public offering of stock. The company agreed to sell 19 million shares of new stock, and has granted its underwriter the option to buy another 2.85 million more shares to cover over-allotments. Jefferies & Co. acted as … Continue reading “Nektar Pockets $220M”
Genoptix Agrees to $470M Takeover by Novartis
Genoptix has found itself a buyer after spending more than a month on the auction block. The Carlsbad, CA-based company, which runs a centralized lab to test help doctors manage blood cancer patients, has agreed to be acquired by Switzerland-based pharmaceutical giant Novartis for $470 million. Carlsbad, CA-based Genoptix (NASDAQ: [[ticker:GXDX]]) said it has agreed … Continue reading “Genoptix Agrees to $470M Takeover by Novartis”
Calibra, Inspired by Inventor With Diabetes, Homes in on Cheap, Easy Way to Deliver Insulin
Clif Alferness has made a long and decorated career out of inventing medical devices. But until about five years ago, he never thought seriously about a practical invention for his own illness—Type 1 diabetes. Now, after years in stealth mode, the latest startup he helped launch is on the verge of creating a new category … Continue reading “Calibra, Inspired by Inventor With Diabetes, Homes in on Cheap, Easy Way to Deliver Insulin”
SEC Accuses Seattle Genetics Employee of Insider Trading
Seattle Genetics had some great news for shareholders and cancer patients last September, and now federal securities regulators say it was too good for one of the company’s managers and a member of his family. The Securities and Exchange Commission has accused Zizhong (James) Fan, an employee of Seattle Genetics, of tipping off his family … Continue reading “SEC Accuses Seattle Genetics Employee of Insider Trading”
Calypso Pulls in $6.4M
Calypso Medical Technologies, the Seattle-based maker of a system to pinpoint radiation therapy for prostate cancer patients, has taken in another $6.4 million through an offering of debt, options, and other securities, according to a regulatory filing. The company last raised $50 million in venture capital in September 2009. Xconomy last wrote about Calypso in … Continue reading “Calypso Pulls in $6.4M”
Vivus Faces New Safety Issue
Vivus (NASDAQ: [[ticker:VVUS]]), the Mountain View, CA-based developer of an obesity drug, said today that U.S. regulators have asked the company about whether it could look for any connection between one of the key ingredients in its new drug and oral clefts in newborns. Vivus is seeking approval of a combination of phentermine and topiramate … Continue reading “Vivus Faces New Safety Issue”
Plexxikon Cancer Drug Extends Lives, Med Devices Lose Swagger, Amgen Sells Fremont Facility, & More Bay Area Life Sciences News
One of the Bay Area’s emerging biotech companies built up some suspense this week when it said its lead drug helped extend the lives of patients with a deadly skin cancer. —Berkeley, CA-based Plexxikon, along with its partners at the Genentech unit of Roche, said this week that an experimental drug for metastatic melanoma was … Continue reading “Plexxikon Cancer Drug Extends Lives, Med Devices Lose Swagger, Amgen Sells Fremont Facility, & More Bay Area Life Sciences News”
Amylin Keeps Its Chin Up After A Rough 2010 With New Diabetes Drug
Amylin Pharmaceuticals CEO Dan Bradbury was brimming with enthusiasm at the JP Morgan Healthcare Conference one year ago. San Diego-based Amylin (NASDAQ: [[ticker:AMLN]]) was psyched about what many analysts thought was a slam-dunk FDA approval for the first diabetes drug that can be injected just once a week. Last week at the same conference, Bradbury … Continue reading “Amylin Keeps Its Chin Up After A Rough 2010 With New Diabetes Drug”
Venture Capital in the Northwest Still Struggling to Rebound From Downturn
More than a few commentators have referred to the 2000s as a “lost decade” for venture capital. Now that we have closed the book on the past 10 years of venture investments, the numbers show it’s still a pretty discouraging scene out there for venture-backed companies. Venture capitalists invested about $806 million in companies in … Continue reading “Venture Capital in the Northwest Still Struggling to Rebound From Downturn”
Amazon Buys Lovefilm
Seattle-based Amazon (NASDAQ: [[ticker:AMZN]]) said today it has reached an agreement to acquire Lovefilm International, a European company that sends movies to customers through the mail and through streaming media. Amazon already has a minority ownership stake in the company, which operates in the U.K., Germany, Norway, Sweden, and Denmark. Terms of the acquisition weren’t … Continue reading “Amazon Buys Lovefilm”
Vertex Granted Speedy FDA Review
Cambridge, MA-based Vertex Pharmaceuticals (NASDAQ: [[ticker:VRTX]]) said today that the FDA has granted the company’s request for a priority review, meaning that the agency will take six months (instead of the usual 10) to analyze the company’s application to market telaprevir as a new treatment for hepatitis C. The FDA sometimes grants such faster reviews … Continue reading “Vertex Granted Speedy FDA Review”
Is the U.S. Losing its Medical Device Innovation Mojo? PwC Report Says Yes
The United States has been the undisputed leader in medical device innovation for the past 50 years. But there are some out there who insist that title is in jeopardy. It would certainly take a breathtaking free fall, if you look at the standings today. The U.S. is where most of the R&D gets done, … Continue reading “Is the U.S. Losing its Medical Device Innovation Mojo? PwC Report Says Yes”
Theraclone Nabs Big Pfizer Deal, Dendreon Pockets $540M, Seattle Genetics’ Close-Up, & More Seattle-Area Life Sciences News
One of the Accelerator graduates made news last week (Allozyne) and this week another alumnus from the Seattle biotech startup propeller took its turn making headlines. —Seattle-based Theraclone Sciences (an Accelerator grad) said it has formed an alliance with the world’s largest drugmaker, New York-based Pfizer (NYSE: [[ticker:PFE]]). Pfizer will get access to Theraclone’s antibody … Continue reading “Theraclone Nabs Big Pfizer Deal, Dendreon Pockets $540M, Seattle Genetics’ Close-Up, & More Seattle-Area Life Sciences News”
Boehringer Buys Amgen Fremont
Germany-based Boehringer Ingelheim has agreed to buy a facility for biotech drug development and manufacturing in Fremont, CA owned by Amgen (NASDAQ: [[ticker:AMGN]]). The 100,000 square foot facility, where about 360 people work, is expected to formally be handed over to Boehringer Ingelheim before the end of March, the companies said. Terms of the deal … Continue reading “Boehringer Buys Amgen Fremont”
Sanford-Burnham, Receptos Join “San Diego’s Fight Against Diabesity” on Jan. 27
There’s a biotech “Big Three” in San Diego fixated on developing new diabetes and obesity drugs (Amylin, Arena, Orexigen). But they aren’t the only ones in town dedicated to treating these closely related public health scourges. So I’ve been rounding up more and more creative businesspeople from all over the West Coast to add their … Continue reading “Sanford-Burnham, Receptos Join “San Diego’s Fight Against Diabesity” on Jan. 27″
Calico Partners With Digi
Seattle-based Calico Energy Services said today it has formed a partnership with Minnetonka, MN-based Digi International (NASDAQ: [[ticker:DGII]]) to market a new smart grid technology for utilities. The Calico system, which is being integrated into the Digi X-Grid platform, is supposed to help utilities get more detailed visibility into how residential and commercial customers are … Continue reading “Calico Partners With Digi”
The State of Seattle Biotech 2011: Xconomy’s Chat With UW Faculty & Students
Seattle biotech is coming off the single best year that I’ve seen in the 10 years I’ve been covering the local industry. Hands down, no doubt about it. The FDA approval of Dendreon’s immune-booster for prostate cancer was a watershed for the company and the field of cancer immunotherapy, and Seattle Genetics had some truly … Continue reading “The State of Seattle Biotech 2011: Xconomy’s Chat With UW Faculty & Students”
Top Trends to Watch in 2011 From Experts in Infotech, Biotech, Cleantech
Innovators have to be very optimistic to believe they can create new technologies that will shake up a market. So it shouldn’t be any surprise that the high tech business leaders Xconomy writes about are looking forward to big things to come in 2011. But these people—from diverse backgrounds in high tech, life sciences, and … Continue reading “Top Trends to Watch in 2011 From Experts in Infotech, Biotech, Cleantech”