Allozyne, the Seattle-based developer of targeted therapies, is announcing today that its experimental antibody drug that hits not just one, but two targets on inflammatory cells, passed a pair of animal tests that will pave the way for clinical trials. That’s not normally much in the way of news, but it signals a shift of … Continue reading “Allozyne’s Next Drug, Made to Kill Two Birds With One Stone, Being Prepped for Clinic”
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.
Report: UCSF Strikes $85M Deal With Pfizer to Develop Biotech Drugs
UC San Francisco has struck a big sponsorship deal with Pfizer, the world’s largest drugmaker, to develop innovative new biologic treatments, according to an online report from the Wall Street Journal. This deal, to be announced tomorrow, calls for Pfizer (NYSE: [[ticker:PFE]]) to pay as much as $85 million over the next five years to … Continue reading “Report: UCSF Strikes $85M Deal With Pfizer to Develop Biotech Drugs”
Brody Gives $1M to Sanford-Burnham
San Diego businessman Art Brody has pledged $1 million to the Sanford-Burnham Medical Research Institute to help the academic center turn some of its basic science discoveries into new healthcare products. The gift is being used to create the Art Brody Innovation Fund, which will support promising research that otherwise might not advance with the … Continue reading “Brody Gives $1M to Sanford-Burnham”
Physio-Control, iPhone Appmaker Seek Smooth Wireless Data Between Ambulance and Hospital
Physio-Control has made some unhappy headlines the past few years because of quality control problems that temporarily caused it to halt shipments of its heart defibrillators. But at the same time it was trying to fix that short-term issue, it has been investing for the long-term in wireless infrastructure that it hopes could save precious … Continue reading “Physio-Control, iPhone Appmaker Seek Smooth Wireless Data Between Ambulance and Hospital”
Targeted Genetics Seeks Merger
Targeted Genetics, the Seattle-based gene therapy company that has struggled to survive the past two years, said today it has agreed to merge with London-based Biocontrol. The deal seeks to combine Biocontrol’s science with Targeted Genetics’ technology for using adeno-associated viruses to deliver gene therapies inside cells. The deal must be approved by Biocontrol shareholders.
Motricity Ends T-Mobile Deal, Cuts Jobs
Motricity (NASDAQ: [[ticker:MOTR]]), the Bellevue, WA-based company that manages wireless data for carriers, has terminated a contact with T-Mobile and cut “a small number of jobs,” according to a report in TechFlash. A Motricity spokeswoman said the move will help the company expand its profit margins. The move is a bit of a surprise, given … Continue reading “Motricity Ends T-Mobile Deal, Cuts Jobs”
Ouch for Arch: VC Bob Nelsen Says Ikaria Will March On After Withdrawing Big IPO
If Bob Nelsen ever wanted to hide, yesterday would’ve been the time. Ikaria, the futuristic “hibernation-on-demand” company he bankrolled five years ago, was on the cusp of going public this week at a valuation of more than $700 million. It was a moment he had been eagerly awaiting a long time. Two years ago, Nelsen … Continue reading “Ouch for Arch: VC Bob Nelsen Says Ikaria Will March On After Withdrawing Big IPO”
Complete Genomics Goes Public, 23andMe Raises $22M, Genomic Health’s Dx Vision, & More Bay Area Life Sciences News
The stock market, and its lackluster appetite for new IPOs, was the story of the week on the biotech beat. —Complete Genomics, the Mountain View, CA-based company seeking to be a leader in the race to deliver complete human genome sequences for $1,000 or less, pulled the trigger on its initial public offering this week. … Continue reading “Complete Genomics Goes Public, 23andMe Raises $22M, Genomic Health’s Dx Vision, & More Bay Area Life Sciences News”
Forget About a Second Genomics Bubble: Complete Genomics Tumbles on IPO First Day
Super-fast, super-cheap DNA sequencing technologies have made big news in biotech the last couple years. But the early returns have made it clear that investors haven’t gone ga-ga for genomics like they did a decade ago. The latest data point arrived today in the form of Complete Genomics (NASDAQ: [[ticker:GNOM]]). This Mountain View, CA-based company, … Continue reading “Forget About a Second Genomics Bubble: Complete Genomics Tumbles on IPO First Day”
Cadence Tacks on $86.2M
Cadence Pharmaceuticals (NASDAQ: [[ticker:CADX]]), the San Diego-based maker of an intravenous pain reliever, said it has raised $86.2 million through an underwritten stock offering. The company sold 11.5 million shares at $8 apiece, and it may raise more if its underwriters exercise options to buy another 1,725,000 shares over the next 30 days, the company … Continue reading “Cadence Tacks on $86.2M”
Ceregene Adds $11.5M
Ceregene, the San Diego-based gene therapy company, said today it has raised $11.5 million in a Series D venture round. Hamilton BioVentures and Alta Partners led the deal, which included MPM Capital and Investor Growth Capital. Ceregene said plans to use the money to complete a Phase 2b clinical trial of its experimental treatment CERE-120 … Continue reading “Ceregene Adds $11.5M”
ZymoGenetics CEO Exits Stage, Resolve’s Recession-Era Biotech Plan, Ikaria Pulls IPO, & More Seattle-Area Life Sciences News
Two of the Seattle area’s venture capitalists watched the IPO market with bated breath this week, and while one looks like it will get a cherished liquidity event, another saw its hopes dashed at the 11th hour. —Ikaria, the hibernation-on-demand company with technology from the Fred Hutchinson Cancer Research Center, slashed its IPO asking price … Continue reading “ZymoGenetics CEO Exits Stage, Resolve’s Recession-Era Biotech Plan, Ikaria Pulls IPO, & More Seattle-Area Life Sciences News”
Report: Ikaria Withdraws IPO, Leaving Arch, Hutch in the Lurch
Ikaria, the company with the futuristic “hibernation-on-demand” technology with roots at the Fred Hutchinson Cancer Research Center in Seattle, has withdrawn its IPO plans, according to a report from Dow Jones News Services. Goldman Sachs, an underwriter of the deal, confirmed it has been withdrawn, according to the wire service. Earlier in the day, Xconomy … Continue reading “Report: Ikaria Withdraws IPO, Leaving Arch, Hutch in the Lurch”
Dendreon Seeks OK to Grow NJ Factory
Dendreon (NASDAQ: [[ticker:DNDN]]), the Seattle-based maker of an immune-boosting therapy for prostate cancer, said today it has applied for FDA approval to essentially quadruple the capacity of its New Jersey factory. The company has FDA approval currently to make sipuleucel-T (Provenge) at 12 workstations, and the new filing is to seek permission to do the … Continue reading “Dendreon Seeks OK to Grow NJ Factory”
Complete Genomics Gets Ho-Hum Reception, Cuts IPO Price More than 30%, to $9
Complete Genomics has an audacious goal to make DNA sequencing super-fast and super-cheap, but this bold vision hasn’t ginned up the enthusiasm on Wall Street that the company was hoping for. The Mountain View, CA-based company said in a regulatory filing on Monday that it was planning to sell 6 million shares in its initial … Continue reading “Complete Genomics Gets Ho-Hum Reception, Cuts IPO Price More than 30%, to $9”
Optimer Halts Study After Antibiotic for Traveler’s Diarrhea Linked to Rash; Shares Drop
Optimer Pharmaceuticals has some bad news out today. The San Diego-based developer of antibiotics said it has halted a study of an experimental antibiotic for traveler’s diarrhea after a higher than expected rate of skin rashes. Shares of Optimer (NASDAQ: [[ticker:OPTR]]) fell more than 15 percent after the news broke. The company made the disclosure … Continue reading “Optimer Halts Study After Antibiotic for Traveler’s Diarrhea Linked to Rash; Shares Drop”
Ikaria IPO Finds So-So Demand, Company Slashes Proposed Offering 38 Percent
One of the hotly anticipated life science IPOs of the fall is getting a tepid reception during a rough week in the stock market. Ikaria, the Clinton, NJ-based biotech company with futuristic “hibernation-on-demand” technology from the Fred Hutchinson Cancer Research Center, has scaled back its IPO plans this week, according to a filing today with … Continue reading “Ikaria IPO Finds So-So Demand, Company Slashes Proposed Offering 38 Percent”
Resolve Therapeutics, UW Spinoff With an Eye on Lupus, Crafts Recession-Era Business Plan
The economists all say that the recession is over, but you’d hardly know from the creative contortions entrepreneurs must perform to start a biotech company in 2010. The latest sign of the times comes from Resolve Therapeutics, an interesting new startup in Seattle. Resolve is the latest spinoff from the University of Washington, where it … Continue reading “Resolve Therapeutics, UW Spinoff With an Eye on Lupus, Crafts Recession-Era Business Plan”
23andMe Raises $22M
23andMe, the Mountain View, CA-based maker of genetic tests for consumers, said today it has raised more than $22 million in a Series C venture financing. The money came from a new investor, Johnson & Johnson Development Corporation, in addition to existing investors New Enterprise Associates and Google Ventures. The financing comes a couple months … Continue reading “23andMe Raises $22M”
Who Will Keep the Flame Alive for Seattle Biotech? Hear From the Players Nov. 29
Seattle’s life sciences industry has been on life support for a few years, but now, for the first time in a long time, biotech has started to show some legit signs of rebirth. Will the Northwest seize this moment, and become a stronger and more vibrant place for companies that dare to develop new drugs, … Continue reading “Who Will Keep the Flame Alive for Seattle Biotech? Hear From the Players Nov. 29”
Q&A With Doug Williams: Reflecting on ZymoGenetics, Looking Ahead at Seattle Biotech
Yesterday, we broke the news here at Xconomy that ZymoGenetics CEO Doug Williams has left the company now that it has been taken over by Bristol-Myers Squibb. He is now officially scoping out his next gig. This is news, because he’s one of the few people that national life sciences VCs would back in a … Continue reading “Q&A With Doug Williams: Reflecting on ZymoGenetics, Looking Ahead at Seattle Biotech”
Arena Reloads for Round 2 with FDA, With More Data on Weight Loss Drug in Diabetes Patients
Arena Pharmaceuticals is getting ready to make another run for U.S. regulatory approval of its obesity drug, and now it has some clinical trial data that the FDA has said it wants to see. The San Diego-based biotech company (NASDAQ: [[ticker:ARNA]]) is announcing today that its experimental weight loss treatment, lorcaserin (Lorqess), reached all three … Continue reading “Arena Reloads for Round 2 with FDA, With More Data on Weight Loss Drug in Diabetes Patients”
Ambit Biosciences Seeks $86M IPO as Market Warms Up
Ambit Biosciences, the San Diego-based biotech company in its third incarnation, is now gearing up to take the IPO leap. Ambit is hoping to raise as much as $86.3 million in an initial public offering underwritten by JP Morgan, Credit Suisse, Leerink Swann, and Wedbush PacGrow Life Sciences, according to an investor prospectus filed with … Continue reading “Ambit Biosciences Seeks $86M IPO as Market Warms Up”
Marina Biotech Adds $3.3M
Marina Biotech (NASDAQ: [[ticker:MRNA]]), the Bothell, WA-based developer of RNA-based therapies, said today it has raised $3.3 million through a securities offering. Investors in the deal, who bought 1.8 million shares at $1.84 apiece, also got a subscription unit to buy another 2.4 million shares at any time over the next 16 months for no … Continue reading “Marina Biotech Adds $3.3M”
Genomic Health Seeks to Build Momentum For Healthcare Shift from Rx to Dx
Genomic Health is one of the big success stories of the past decade in the diagnostics business, and an early leader in the movement toward more personalized medicine. The Redwood City, CA-based company generated $150 million in revenue last year, saw sales climb almost 20 percent in the second quarter, and has reached cash flow … Continue reading “Genomic Health Seeks to Build Momentum For Healthcare Shift from Rx to Dx”
OncoGenex Hires Burris
Bothell, WA-based OncoGenex Pharmaceuticals (NASDAQ: [[ticker:OGXI]]) said today it has hired Michelle Burris as its executive vice president of operations and chief financial officer. Burris most recently served as senior vice president and chief operating officer at Seattle-based Trubion Pharmaceuticals (NASDAQ: [[ticker:TRBN]]) until it was acquired by Emergent BioSolutions. Burris, a veteran chief financial officer … Continue reading “OncoGenex Hires Burris”
ZymoGenetics CEO Doug Williams Exits the Stage, Mulls Next Free Agent Move
Doug Williams, one of the few nationally prominent biotechnology executives in Seattle, has officially left his job as ZymoGenetics CEO now that the company’s $885 million takeover by Bristol-Myers Squibb has been completed, Xconomy has learned. Both Williams and former ZymoGenetics president Stephen Zaruby have left the company after it was acquired last month by … Continue reading “ZymoGenetics CEO Doug Williams Exits the Stage, Mulls Next Free Agent Move”
Amgen, Abbott Win BayBio Awards
Amgen (NASDAQ: [[ticker:AMGN]]) and Abbott Laboratories (NYSE: [[ticker:ABT]]) took home a couple of the top prizes last night at the BayBio Pantheon Awards. Amgen received honors for the best therapeutic with denosumab (Prolia) for osteoporosis, while Abbott won for the outstanding medical device—a product called MitraClip that repairs leaky heart valves without requiring surgery, which … Continue reading “Amgen, Abbott Win BayBio Awards”
Steve Davis, the Techie Turned Global Healthie, Gets Dose of Reality at Close Range in India
Nobody can accuse Steve Davis of being a dilettante on global health. He’s best known for his strategic business thinking as the former CEO of Corbis, the digital image heavyweight, but even during his high-pressure 80-hour weeks, he spent time digging into global health issues on the nonprofit boards of Seattle-based PATH, and the Fred … Continue reading “Steve Davis, the Techie Turned Global Healthie, Gets Dose of Reality at Close Range in India”
Hyperion Nails Pivotal Trial, ChemoCentryx Aims High Against Crohn’s, Vivus Shot Down by FDA, & More Bay Area Life Sciences News
Who am I kidding about the importance of biotech news this week? The San Francisco Giants and the election owned the news cycle, and rightfully so. I hear from a reliable source that Xconomy founder Bob Buderi, a Bay Area native and lifelong Giants fan, is “very happy.” But in case you missed a few … Continue reading “Hyperion Nails Pivotal Trial, ChemoCentryx Aims High Against Crohn’s, Vivus Shot Down by FDA, & More Bay Area Life Sciences News”
J&J Dumps Arena Diabetes Drug
San Diego-based Arena Pharmaceuticals (NASDAQ: [[ticker:ARNA]]), the developer of treatments for obesity and diabetes, said today that Johnson & Johnson has terminated a partnership to co-develop a diabetes drug after reviewing results from a Phase I clinical trial. Full rights to the drug, APD597, will go back to Arena. The drug, an oral pill, is … Continue reading “J&J Dumps Arena Diabetes Drug”
Clearwire Cuts 15% of Staff
Clearwire (NASDAQ: [[ticker:CLWR]]), the Kirkland, WA-based provider of wireless Internet service, said today in its quarterly earnings report that it is cutting 15 percent of its workforce, and making a “substantial reduction” in its use of contract workers, as part of a restructuring plan. The company didn’t say how many people are actually losing their … Continue reading “Clearwire Cuts 15% of Staff”
Optimum Energy Names New CEO
Optimum Energy, the Seattle-based developer of energy efficiency technology, said today that Matthew Frey has been hired as its new president and CEO. Frey was previously president and chief operating officer of World Wide Packets. He replaces Optimum founder Nathan Rothman, who continues as chairman of the board.
Dendreon’s Plan to Meet Demand, Arch Banks on Ikaria IPO, RF Surgical Leaves No Sponge Behind, & More Seattle-Area Life Sciences News
There was that minor election thing this week, but the biotech community didn’t have the good sense to stand down and let the politicians hog all the spotlight. Get caught up on your headlines here. —Dendreon (NASDAQ: [[ticker:DNDN]]) reported its third quarter financial results, and since this is just the second quarter of operations since … Continue reading “Dendreon’s Plan to Meet Demand, Arch Banks on Ikaria IPO, RF Surgical Leaves No Sponge Behind, & More Seattle-Area Life Sciences News”
ChemoCentryx, Pursuing the Dream For Autoimmune Disease, Seeks to Put a Pill in a Bottle
One of the big dreams in the pharmaceutical business is to develop a once-daily oral pill that can relieve symptoms of autoimmune diseases. These are the kind of energy-sapping, pain-inflicting, or disfiguring illnesses people get when the body’s immune system goes awry and attacks healthy tissue like it’s a foreign virus. No one has come … Continue reading “ChemoCentryx, Pursuing the Dream For Autoimmune Disease, Seeks to Put a Pill in a Bottle”
Dendreon, Hemmed in By Tight Supply, Sees $350M to $400M in 2011 Sales Plan
Dendreon can’t reap the full potential of its pioneering treatment for prostate cancer until it gets more manufacturing capacity built up, but it’s making enough progress to project how this supply-constraint story will play out over the coming year. The Seattle-based biotech company (NASDAQ: [[ticker:DNDN]]) said today that it generated $20.2 million in the most … Continue reading “Dendreon, Hemmed in By Tight Supply, Sees $350M to $400M in 2011 Sales Plan”
Acceleron Pharma Cuts 40 Percent of Workforce
[Updated: 3:57 pm Eastern] One of the hot privately-held biotech companies in the Boston area, Acceleron Pharma, has made some significant job cuts. The Cambridge, MA-based company eliminated 57 jobs, or about 40 percent of its workforce, late last month, according to a story first reported today in the Boston Globe. Acceleron’s vice president of … Continue reading “Acceleron Pharma Cuts 40 Percent of Workforce”
No Surgical Sponge Left Behind: RF Surgical Seeks to Lead Market for High-Tech Gauze
The lowly surgical sponge is one of the basic commodities all hospital operating rooms need, and which most just buy in bulk from the cheapest suppliers they can find. But to RF Surgical Systems, a Bellevue, WA-based company with an engineering center in San Diego, there’s a lot more going on in surgical sponges. The … Continue reading “No Surgical Sponge Left Behind: RF Surgical Seeks to Lead Market for High-Tech Gauze”
Biogen Idec Axes 650 Jobs, Closes San Diego Site, Bets Future on Neurology
Biogen Idec CEO George Scangos is putting his stamp on the direction of the company, by making some bold moves to cut jobs, facilities, and drug development programs. It’s all part of a bid to make a bigger impact in one area—neurology. Weston, MA-based Biogen Idec (NASDAQ: [[ticker:BIIB]]), the world’s largest maker of multiple sclerosis … Continue reading “Biogen Idec Axes 650 Jobs, Closes San Diego Site, Bets Future on Neurology”
Hyperion Hits Goal in Trial for Rare-Disease Drug, Prepping FDA Application
Hyperion Therapeutics raised $60 million in venture capital a year ago, and it should be in a position fairly soon to generate some return on that investment. The South San Francisco-based biotech company said yesterday its experimental drug met its primary goal in a pivotal study including 46 patients with a rare phenomenon known as … Continue reading “Hyperion Hits Goal in Trial for Rare-Disease Drug, Prepping FDA Application”
Dendreon’s Provenge Launch Story Enters Second Chapter, With Today’s Earnings Call
Dendreon, the Seattle-based cancer drug developer that people either love or love to hate, is going to provide a lot more grist for debate later today. The company is preparing to release its third quarter financial report today at the close of markets, and will host a webcast conference call at 4:30 pm Eastern/1:30 pm … Continue reading “Dendreon’s Provenge Launch Story Enters Second Chapter, With Today’s Earnings Call”
Why Do Biotechs Love the IRS Today? Washington Companies Just Got $34M in Grants
Biotechies around the country are feeling a lot of love toward the Internal Revenue Service today. And the impact is being felt in Washington state’s biotech cluster, as 83 local biotech companies were awarded grants worth a combined $34 million, in one of the little-known postscripts to the new healthcare reform law that was enacted … Continue reading “Why Do Biotechs Love the IRS Today? Washington Companies Just Got $34M in Grants”
Cadence Wins FDA Green Light for Hospital-Based Pain Reliever
Cadence Pharmaceuticals had to wait a little longer than it wanted, but today it got its wish. The San Diego-based biotech company (NASDAQ: [[ticker:CADX]]) said today it won FDA clearance to start selling an intravenous form of the pain reliever acetaminophen (Ofirmev) for use in hospitals. The drug, known in its over-the-counter form as Tylenol … Continue reading “Cadence Wins FDA Green Light for Hospital-Based Pain Reliever”
Nektar Gets $50M Deal From Amgen
Nektar Therapeutics (NASDAQ: [[ticker:NKTR]]), the San Carlos, CA-based biotech company, has struck a $50 million agreement to manufacture certain polymers for Amgen, according to a Reuters report. The polymers are a key ingredient in pegfilgrastim (Neulasta) a drug used to stimulate production of infection-fighting white blood cells in cancer patients suffering from the side effects … Continue reading “Nektar Gets $50M Deal From Amgen”
Arch, Hutch Stand to Gain From “Hibernation on Demand” Through Ikaria IPO
It’s keep-your-fingers-crossed time for the people at Arch Venture Partners and the Fred Hutchinson Cancer Research Center in Seattle. Both organizations have millions of dollars at stake in the upcoming initial public offering of Ikaria. Ikaria, a Clinton, NJ-based company developing futuristic “hibernation-on-demand” technology with roots at the Hutch, is hoping to cash in on … Continue reading “Arch, Hutch Stand to Gain From “Hibernation on Demand” Through Ikaria IPO”
Salesforce.com Strikes $278M Land Deal to Move HQ to San Francisco’s Mission Bay
Salesforce.com CEO Marc Benioff made headlines earlier this year with a $100 million donation to help build the UCSF Children’s Hospital at Mission Bay. Now, he’s investing even more in the neighborhood, through a real estate deal that will bring a lot of techies into this spot that’s already got quite a few biotechies. Salesforce … Continue reading “Salesforce.com Strikes $278M Land Deal to Move HQ to San Francisco’s Mission Bay”
Ironwood Passes 4th Big Trial
Ironwood Pharmaceuticals (NASDAQ: [[ticker:IRWD]]), the Cambridge, MA-based biotech company, said today that it passed its fourth major clinical trial of its lead drug candidate. The company, along with its partner Forest Laboratories, said that their experimental drug linaclotide showed a statistically significant benefit on all four primary study goals, when compared against a placebo for … Continue reading “Ironwood Passes 4th Big Trial”
Allon Therapeutics Adds $10M
Allon Therapeutics, the Vancouver, BC-based developer of drugs for neurological disorders, said today it has raised $10 million from a limited partnership of the Nordic Biotech Venture Fund. The cash will be used to further develop davunetide, which is being prepared for a pivotal clinical trial in patients with progressive supranuclear palsy (PSP). CEO Gordon … Continue reading “Allon Therapeutics Adds $10M”
Montgomery Joins Alder Board
Alder Biopharmaceuticals, the Bothell, WA-based developer of antibody drugs, said today it has added veteran drug developer Bruce Montgomery to its board of directors. Montgomery, 57, most recently served as senior vice president of respiratory drugs at Gilead Sciences (NASDAQ: [[ticker:GILD]]) in Seattle. Montgomery stepped down from Gilead in August to look for new opportunities, … Continue reading “Montgomery Joins Alder Board”
Avvo Adds Doctor Ratings
Avvo, the Seattle-based company that runs an online ratings service that profiles lawyers, said today it is expanding to provide online ratings of physicians. Avvo says its service will offer consumers detailed information on a doctor’s “background, experience, and disciplinary record.” The company says it has compiled profiles on 800,000 physicians around the country. Avvo … Continue reading “Avvo Adds Doctor Ratings”