Gilead Sciences (NASDAQ: [[ticker:GILD]]) has had a tough time branching out into treatment of cystic fibrosis, but today it got some good news. The Foster City, CA-based biotech giant, which has a lung disease research center in Seattle, said today that a panel of expert advisers to the FDA has recommended that the company’s inhalable … Continue reading “Gilead Cystic Fibrosis Drug Gets Green Light From FDA Panel”
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.
Oncothyreon Partner Starts New Lung Cancer Trial, Prompts Takeover Scuttle
Seattle-based Oncothyreon (NASDAQ: [[ticker:ONTY]]), the developer of a vaccine treatment to stimulate the immune system against cancer cells, said today that its partner has started another pivotal trial of the product. Germany-based Merck KGaA has begun a trial that will include 420 patients in Asia who will get the vaccine, dubbed Stimuvax, or a placebo … Continue reading “Oncothyreon Partner Starts New Lung Cancer Trial, Prompts Takeover Scuttle”
Dendreon Hires COO From Bayer
[Update: 11:35 am Eastern, 12/10/09] Dendreon, the Seattle-based company developing a treatment to stimulate the immune system against prostate cancer, said today it has hired Hans Bishop as its chief operating officer. Bishop had previously been president of the specialty medicine division at Bayer Healthcare, where he oversaw cancer, neurology, and hematology products. He has … Continue reading “Dendreon Hires COO From Bayer”
Acceleron Pharma Invests in Bricks & Mortar When Virtual is In Vogue
Acceleron Pharma had to be kidding, I figured, when it scheduled me to visit their labs and offices a few weeks ago in Cambridge, MA. They insisted that I take a walking tour of their biotech drug factory. Why is that unusual? Quite a few biotech startups are pinching pennies, and operating in a “virtual” … Continue reading “Acceleron Pharma Invests in Bricks & Mortar When Virtual is In Vogue”
Dendreon Grasps for $400M, ZymoGenetics Cuts 52 Jobs, Calistoga Advances at ASH, & More Seattle-Area Life Sciences News
I groused last week that Seattle biotech news was slow, so naturally, this week I got swamped. —Seattle-based Dendreon (NASDAQ: [[ticker:DNDN]]), the developer of a first-of-its-kind treatment to stimulate the immune system against cancer, is seeking to raise more than $400 million in a stock offering. The company plans to use the loot to build … Continue reading “Dendreon Grasps for $400M, ZymoGenetics Cuts 52 Jobs, Calistoga Advances at ASH, & More Seattle-Area Life Sciences News”
Gov. Gregoire’s Budget Axe Leaves Life Sciences Discovery Fund Unscathed
Washington state’s Life Sciences Discovery Fund has apparently survived the first round of major budget cuts circulating in Olympia. Gov. Chris Gregoire released her proposed state budget this morning that makes deep cuts in aid to college students, state health insurance for poor people, and assistance to the disabled. But based on an initial read … Continue reading “Gov. Gregoire’s Budget Axe Leaves Life Sciences Discovery Fund Unscathed”
Breast Cancer “Smart Bomb” From Roche, ImmunoGen Shows Tumor Shrinkage in Big Test
The “smart bomb” drug for breast cancer from Roche and Waltham, MA-based ImmunoGen looks to have passed an important test. Full data aren’t being released yet, but ImmunoGen (NASDAQ: [[ticker:IMGN]]) today disclosed an interesting tidbit in a regulatory filing on its new version of trastuzumab (marketed as Herceptin) that combines an antibody with a toxin … Continue reading “Breast Cancer “Smart Bomb” From Roche, ImmunoGen Shows Tumor Shrinkage in Big Test”
Protalix Seeks Gaucher Drug Approval
Protalix Biotherapeutics, the Israel-based developer of a treatment for Gaucher’s disease that aims to compete with Cambridge, MA-based Genzyme, said today it has filed an application for FDA approval of its drug candidate. Protalix is seeking clearance to sell taliglucerase alfa. The company, which earlier this month formed a partnership with Pfizer to co-market the … Continue reading “Protalix Seeks Gaucher Drug Approval”
Nobel Laureate from Caltech, RNAi Leader To Headline Xconomy San Diego Event on Monday
Which San Diego biotech companies have the potential to rewrite the history of medicine? Who are the brightest young scientific entrepreneurs at San Diego’s research centers? What does this place have going for it that other biotech hubs around the world don’t? Yes, you can say I’m a little excited. These are some of the … Continue reading “Nobel Laureate from Caltech, RNAi Leader To Headline Xconomy San Diego Event on Monday”
Biogen Idec’s Dream: Antibodies That Kill Two Birds With One Stone
Some of the most successful biotech drugs ever created are designed to hit just one specific target on diseased cells, while sparing all sorts of markers found on healthy cells. But if Biogen Idec scientist Tony Manning and his colleagues are right, antibodies that specifically hit two targets could someday be better than one. Cambridge, … Continue reading “Biogen Idec’s Dream: Antibodies That Kill Two Birds With One Stone”
Dendreon Seeks to Raise More Than $400 Million to Support Prostate Cancer Drug Launch
Dendreon is on the prowl for another big round of financing. The Seattle-based biotech company (NASDAQ: [[ticker:DNDN]]) said today that it is seeking to sell 15 million new shares of stock to investors in an offering that’s being underwritten by JP Morgan Securities and Deutsche Bank. The company didn’t release any terms of the financing, … Continue reading “Dendreon Seeks to Raise More Than $400 Million to Support Prostate Cancer Drug Launch”
Quidel OKs $25M in Share Buybacks
San Diego-based Quidel (NASDAQ: [[ticker:QDEL]]), the maker of diagnostic tests for flu and other infectious diseases, said today its board has authorized the company to buy back an extra $25 million worth of its shares. The company was previously authorized to repurchase about $26 million worth of shares, and the board allowed extra buybacks to … Continue reading “Quidel OKs $25M in Share Buybacks”
Epizyme Tacks On Extra $8M Financing For Drugs that Turn Genes On or Off
Epizyme has found a new benefactor. The Cambridge, MA-based biotech company, which develops drugs that dial genes on or off using “epigenetic” techniques, has raised another $8 million in its Series B venture financing from New Enterprise Associates (NEA). Tacking on that extra cash means Epizyme has now raised a total of $40 million in … Continue reading “Epizyme Tacks On Extra $8M Financing For Drugs that Turn Genes On or Off”
Calistoga Builds More Momentum for Cancer Drug, Eyes Pivotal Trial Next Year
Seattle-based Calistoga Pharmaceuticals has gathered more evidence that it may have a real drug for blood cancers, which is shrinking tumors in patients without killing too many other healthy cells in the blood. The drug, CAL-101, didn’t work for everybody, but it did cause tumors to shrink at least by half for 60 percent of … Continue reading “Calistoga Builds More Momentum for Cancer Drug, Eyes Pivotal Trial Next Year”
Arzeda Gets Federal Grant to Make Renewable Enzyme for Tires, Sidesteps VC Funding Model
Arzeda is finding out what it wants to be when it grows up. The Seattle-based startup, which designs custom-made enzymes on computers, has pocketed a grant from the National Science Foundation to see if it can create an enzyme that can turn plant biomass into one of the key ingredients in synthetic rubber tires. The … Continue reading “Arzeda Gets Federal Grant to Make Renewable Enzyme for Tires, Sidesteps VC Funding Model”
ZymoGenetics Sells Inflammatory Drug to Old Parent, Novo Nordisk, for $24M Upfront
Seattle-based ZymoGenetics has struck a deal with its former parent from Denmark, Novo Nordisk, that will give Novo a jumpstart on its quest to become a bigger player in autoimmune diseases. Novo said it agreed to pay $24 million in upfront cash, and milestone payments worth as much as $157.5 million over time to ZymoGenetics … Continue reading “ZymoGenetics Sells Inflammatory Drug to Old Parent, Novo Nordisk, for $24M Upfront”
Seattle Genetics, Genentech Lymphoma Drug Passes Early Test with “Naked” Antibody
Seattle Genetics gets attention for its “empowered” antibody that targets tumor cells with a potent toxin, but today it presented some impressive data from a more typical “naked” antibody that doesn’t carry an extra lethal toxin. The Bothell, WA-based biotech company (NASDAQ: [[ticker:SGEN]]) said today that half of the 30 patients with diffuse large B-cell … Continue reading “Seattle Genetics, Genentech Lymphoma Drug Passes Early Test with “Naked” Antibody”
WSU, Startups Get $2M Algae Grant
Washington State University will receive a $2 million federal grant to develop algae-based biofuels in a collaboration with a couple of Seattle-based startup companies. The grant, secured with help of Washington Sen. Patty Murray, will support what’s called the Washington State Algae Alliance, a partnership of WSU, Seattle-based Targeted Growth, and Seattle’s Inventure Chemical.
5AM Raises $200M Fund
5AM Ventures, the life sciences venture fund with offices in Waltham, MA and Menlo Park, CA, has raised a $200 million for a new fund, according to a statement. Most of the fund will go early-stage investments to develop new drugs, although it will put “a meaningful portion” of the fund into diagnostics, materials, medical … Continue reading “5AM Raises $200M Fund”
Advanced Cell Gets $2.8M
Worcester, MA-based Advanced Cell Technology, the developer of human embryonic stem cell technology, has raised $2.77 million in financing from debt and options, according to a regulatory filing. Half of the financing arrived in mid-November, and the other half is due within 90 days of the original closing, according to the regulatory filing. Last month, … Continue reading “Advanced Cell Gets $2.8M”
Somaxon Shares Tumble as Insomnia Drug Rejected by FDA
San Diego’s Somaxon Pharmaceuticals (NASDAQ: [[ticker:SOMX]]) took one on the chin this morning. The company said the FDA, for the second time this year, has rejected its application to market a new insomnia medicine. Shares of the company lost about two-thirds of their value on the news. The second letter from the FDA says that … Continue reading “Somaxon Shares Tumble as Insomnia Drug Rejected by FDA”
Infinity Names New CEO
Cambridge, MA-based Infinity Pharmaceuticals (NASDAQ: [[ticker:INFI]]) said today that Adelene Perkins has been named its new chief executive officer, starting January 1. Perkins joined Infinity in 2002, and currently serves as its president and chief business officer. She will replace Steve Holtzman, who has been Infinity’s CEO since the company was founded in 2001. Holtzman … Continue reading “Infinity Names New CEO”
Celgene Agrees to Acquire Gloucester Pharma for $340M Cash Upfront, $300M Later
Investors in Gloucester Pharmaceuticals have just made a bundle. The privately held biotech company in Cambridge, MA has agreed to be acquired by Summit, NJ-based Celgene (NASDAQ: [[ticker:CELG]]) for $340 million in cash, plus $300 million in future milestone payments. Celgene expects the deal to be completed before the end of March, and to see … Continue reading “Celgene Agrees to Acquire Gloucester Pharma for $340M Cash Upfront, $300M Later”
Hutch Snaps Up $8.9M in Donations
[Updated: 2:15 pm Pacific, 12/8/09 with larger fundraising numbers from this year’s gala.] The Fred Hutchinson Cancer Research Center, the Seattle-based nonprofit, said it raised $8.85 million at its annual Hutch Holiday Gala on Saturday night. Most of the money, $7.95 million, was directed toward research to boost people’s immune systems to fight cancer cells. … Continue reading “Hutch Snaps Up $8.9M in Donations”
Supercharged Herceptin Nears Pivot Point, as ImmunoGen, Roche Await Data on Breast Cancer “Smart Bomb”
ImmunoGen has been in business for 28 years without developing a single FDA approved drug. This week, after all those lean years, the Waltham, MA-based biotech (NASDAQ: [[ticker:IMGN]]) and its partner, Roche, are getting ready to show the world they have something big for patients with breast cancer. The company is striving to develop the … Continue reading “Supercharged Herceptin Nears Pivot Point, as ImmunoGen, Roche Await Data on Breast Cancer “Smart Bomb””
Vertex Snags Extra $58M
Cambridge, MA-based Vertex Pharmaceuticals said today that the underwriters of this week’s $442.8 million stock offering have agreed to buy an extra 1.5 million shares of stock at $38.50. That means the company has pulled in another $57.8 million, bringing the grand total of this week’s financing to $500.5 million before commissions and expenses. Vertex … Continue reading “Vertex Snags Extra $58M”
Hutch Wins $55M Federal Contract, Plans to Hire 60 People
The Fred Hutchinson Cancer Research Center just brought home some big federal bucks. The Seattle-based nonprofit research center said today it has been awarded a multi-year, $55.4 million contract from the National Cancer Institute to be the only site of its kind that operates a cancer information service for the public. This contract will nearly … Continue reading “Hutch Wins $55M Federal Contract, Plans to Hire 60 People”
NormOxys Emerges from Stealth with New Class of Oxygen Drugs for Cancer, Heart Failure
Everyone needs oxygen, and major health problems can pop up when certain tissues get too little or too much. Now a small biotech company based in Wellesley, MA, co-founded by a Nobel Laureate, says it has discovered a new class of drugs that delivers targeted oxygen to tissues that are starving for it, without going … Continue reading “NormOxys Emerges from Stealth with New Class of Oxygen Drugs for Cancer, Heart Failure”
ZymoGenetics Axes 52 Jobs, Quits Discovery of Immunology Drugs, to Conserve Cash
Bad news today for employees of ZymoGenetics (NASDAQ: [[ticker:ZGEN]]). The Seattle-based biotech company said today in a regulatory filing it is cutting 52 jobs, or about 15 percent of its workforce, and scrapping its group that seeks to discover immunology drugs, so that it can put its resources into its marketed drug for surgical bleeding … Continue reading “ZymoGenetics Axes 52 Jobs, Quits Discovery of Immunology Drugs, to Conserve Cash”
Quitting Smoking is Good Business, Good Health, as Free & Clear Wins VC Deal of the Year
There haven’t been many home run venture investments in the Northwest this year, but one of the year’s biggest hits flew below most people’s radar—including mine. It basically made a lot of money by helping people quit smoking. Seattle-based Free & Clear, the developer of a proprietary smoking cessation program, was picked last night as … Continue reading “Quitting Smoking is Good Business, Good Health, as Free & Clear Wins VC Deal of the Year”
Alkermes Bets $10M on Long-Lasting Drug Technology from Startup Neighbor, Acceleron
Cambridge, MA-based Alkermes said today it is betting $10 million on a crosstown startup that it hopes has found a way to make the world’s best-selling rheumatoid arthritis drug more convenient for patients. Alkermes (NASDAQ: [[ticker:ALKS]]) has agreed to pay $2 million upfront for a license from Cambridge, MA-based Acceleron Pharma, make an $8 million … Continue reading “Alkermes Bets $10M on Long-Lasting Drug Technology from Startup Neighbor, Acceleron”
Scripps’ Young Tech Transfer Boss Seeks to Cut Deals With Industry, Not Just Push Paper
There’s an ambitious young director of technology transfer on the job at The Scripps Research Institute, and if he gets his way, people will soon think differently about how the San Diego research center relates with the business world. “Historically, people have perceived that Scripps is more or less a subsidiary of a Big Pharma … Continue reading “Scripps’ Young Tech Transfer Boss Seeks to Cut Deals With Industry, Not Just Push Paper”
Pathway Founder Gets Startup Itch, Ekos Endures Tough Year, EndoGastric Bags $21.5M, & More Seattle-Area Life Sciences News
Seattle biotechies must have gorged on too much turkey in the holiday week, because the news was slow, slow, slow this week. But there were a few interesting things to say about medical devices. —Tom Clement, the founder of Kirkland, WA-based Pathway Medical Technologies, told me that after six months of scouting around the University … Continue reading “Pathway Founder Gets Startup Itch, Ekos Endures Tough Year, EndoGastric Bags $21.5M, & More Seattle-Area Life Sciences News”
Vertex Raises $443M in Yet Another Monster Stock Sale
Investors apparently have an endless appetite for shares of Vertex Pharmaceuticals, so the company is taking advantage of this good fortune to raise another mountain of cash. The Cambridge, MA-based biotech said its latest stock sale this year has raised $443 million. The company (NASDAQ: [[ticker:VRTX]]) fattened up its cash hoard by selling 11.5 million … Continue reading “Vertex Raises $443M in Yet Another Monster Stock Sale”
Microvision Nabs $9.3M Stock Sale
Microvision, the Redmond, WA-based developer of light display technologies, said today it has raised $9.3 million in a stock offering. The company (NASDAQ: [[ticker:MVIS]]) sold 3.33 million shares, at $3 apiece, to a single current institutional investor. Oppenheimer & Co. was the sole book-running manager of the offering, while Craig Hallum Capital served as co-manager.
Phenomix Strikes European Partnership for Diabetes Drug, Potentially Worth $163M
Phenomix has found a partner to help it develop a diabetes drug in Europe and certain other countries. The San Diego-based biotech company said today that the Italy-based Chiesi Farmaceutici has agreed to pay $28 million in near-term cash and equity payments, and a total of as much as $163 million if the Phenomix treatment … Continue reading “Phenomix Strikes European Partnership for Diabetes Drug, Potentially Worth $163M”
Taris Biomedical, MIT Spinoff With Bladder Drug Device, Leaps Ahead To Mid-Stage Trial
Taris Biomedical played its cards close to the vest in its early days, but it was apparently moving with great speed. The Cambridge, MA-based biotech company, a startup from the MIT labs of Michael Cima and Bob Langer, left stealth mode about six months ago and is already bounding ahead to mid-stage clinical trials. Taris … Continue reading “Taris Biomedical, MIT Spinoff With Bladder Drug Device, Leaps Ahead To Mid-Stage Trial”
Rested and Ready, Pathway Medical Founder Scouts UW, Gets Itch to Start Something New
One of the Northwest’s leading medical device entrepreneurs has had a chance to rest for the first time in 20 years, do a little scuba diving, and sniff around the University of Washington for the next big idea. Now Tom Clement says he’s getting the “itch” to get back to work. “I’m anxious to get … Continue reading “Rested and Ready, Pathway Medical Founder Scouts UW, Gets Itch to Start Something New”
Dyax Shares Rocket as FDA Clears Treatment for Rare Inflammatory Disease
Dyax got some good news late today that sent shares booming. The Cambridge, MA-based company (NASDAQ: [[ticker:DYAX]]) said it has received FDA clearance to start selling a drug that treats hereditary angioedema, a rare genetic condition in which people get rapid attacks of pain and swelling in the face, hands, feet, and lungs. The company … Continue reading “Dyax Shares Rocket as FDA Clears Treatment for Rare Inflammatory Disease”
Santarus Shares Boom on FDA Approval of Over-the-Counter Heartburn Drug
San Diego-based Santarus (NASDAQ: [[ticker:SNTS]]) got some good news late today. The company’s partner, the Schering-Plough unit of Merck, has gotten clearance from the FDA to start selling an over-the-counter version of Santarus’ fast-acting heartburn drug. U.S. drug regulators gave the green light for capsules of omeprazole (Zegerid OTC) in a 20 milligram dose, a … Continue reading “Santarus Shares Boom on FDA Approval of Over-the-Counter Heartburn Drug”
Forma Therapeutics Snags $25.5M Venture Round, Punctuating Startup’s Breakout Year
Anybody drawing up a list of New England’s biotech companies that really broke through in 2009 would have to consider Forma Therapeutics. The Cambridge, MA-based startup has nailed down a $25.5 million Series B venture round, which means it has now raised a total of more than $50 million this year to support what it … Continue reading “Forma Therapeutics Snags $25.5M Venture Round, Punctuating Startup’s Breakout Year”
San Diego Biotech Leaders on the Future of Stem Cells, MicroRNA, & Cancer Biology
San Diego has some of the most intriguing biotech companies in the world, and one of the things I’ve noticed is that they aren’t all packed in one neighborhood where everyone can mingle. So we at Xconomy are thrilled that we are about two weeks away from bringing together some of the brightest biotech minds … Continue reading “San Diego Biotech Leaders on the Future of Stem Cells, MicroRNA, & Cancer Biology”
Ekos, Enduring Tough Year for Devices, Sticks With Goal to Break Even Next Year
Ekos is on a quest to change the way doctors think about how to best dissolve blood clots. Like a lot of bold visions, this hasn’t happened overnight or without some bumps along the way. But even in a very tough year for new medical devices, the Bothell, WA-based ultrasound company has been gradually increasing … Continue reading “Ekos, Enduring Tough Year for Devices, Sticks With Goal to Break Even Next Year”
Hyper-Analytical “Insanity” Cripples Drug R&D, Says Alnylam CEO John Maraganore
There’s one thing drug makers love to use to figure out which drugs to invest in: spreadsheets. Not Alnylam Pharmaceuticals, though. Estimates of future cash flows and other financial analysis tools are one of the big reasons why drugmakers spend so much on R&D that creates so few important drugs, says CEO John Maraganore. “I … Continue reading “Hyper-Analytical “Insanity” Cripples Drug R&D, Says Alnylam CEO John Maraganore”
Illumina OKs $100M Share Buyback
San Diego-based Illumina (NASDAQ: [[ticker:ILMN]]) said today that its board has authorized a program to buy back $100 million of stock. The new program is on top of a $75 million share repurchase program the company announced in August.
Ocera Therapeutics, Pursuing New Drug for Liver, Hopes to Help People Stay Mentally Sharp
The liver is hot in the biotech world. Cambridge, MA-based Vertex Pharmaceuticals (NASDAQ: [[ticker:VRTX]]) has made headlines this year with an antiviral drug that it hopes will do for hepatitis C—a chronic liver-damaging condition affecting millions of people—what a previous generation of treatments did for HIV. But away from the spotlight, a small San Diego … Continue reading “Ocera Therapeutics, Pursuing New Drug for Liver, Hopes to Help People Stay Mentally Sharp”
Bezos Family Gives $10M to Hutch, Bruce Carter Back in the Saddle, Dendreon Deadline Set, & More Seattle-Area Life Sciences News
A flurry of Seattle biotech news kept us very busy around here right before the holiday. —The parents of Amazon.com founder Jeff Bezos made one of the largest private donations ever to the Fred Hutchinson Cancer Research Center this week, when they pledged $10 million to support immunotherapy research. —Seattle-based Bio Architecture Lab, the developer … Continue reading “Bezos Family Gives $10M to Hutch, Bruce Carter Back in the Saddle, Dendreon Deadline Set, & More Seattle-Area Life Sciences News”
Infinia Grabs $2.6M
Infinia, the Kennewick, WA-based company developing new solar power generation technology, has raised $2.6 million in new financing from equity and options, according to a regulatory filing. That comes a month after the company pulled in $3.25 in debt and options, according to a previous filing. Infinia, as I described in a profile back in … Continue reading “Infinia Grabs $2.6M”
Orexigen Beefs Up Management
Orexigen Therapeutics (NASDAQ: [[ticker:OREX]]), the San Diego-based developer of obesity drugs, said today it has added four new executives to its management team. Dawn Viveash is the new head of global regulatory affairs; Suzanne McDonald will be responsible for managed markets and government affairs; Preston Klassen will be the head of the global Contrave program; … Continue reading “Orexigen Beefs Up Management”
Seattle Genetics Gets $12M From Agensys
Seattle Genetics, the Bothell, WA-based developer of cancer drugs, said today it will get a $12 million upfront fee from Agensys, an affiliate of Japan-based Astellas Pharma, under a renegotiated partnership to develop targeted antibody treatments loaded with toxins to make them more potent. Seattle Genetics (NASDAQ: [[ticker:SGEN]]) struck its first partnership with Agensys in … Continue reading “Seattle Genetics Gets $12M From Agensys”