Alkermes, the Cambridge, MA based biotech company, said today that a strategically important drug it is developing to help people beat addictions was found in a pair of early-stage clinical trials to be safe and practical as a once-daily pill. The Alkermes drug, called ALKS 33, was found to be well-tolerated, absorbed into the bloodstream … Continue reading “Alkermes’ Anti-Addiction Drug, Key to Company Pipeline, Passes Early Test”
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.
Seattle Genetics Adds Marketing Boss
Seattle Genetics, the Bothell, WA-based developer of targeted antibody drugs for cancer, said today it has hired its first head of commercial operations to prepare for the introduction of what it hopes will be its first marketed product. The company (NASDAQ: [[ticker:SGEN]]) said it hired Bruce Seeley for the new position of executive vice president, … Continue reading “Seattle Genetics Adds Marketing Boss”
Medical Device Startups Getting Squeezed by Recession, Lawmakers, Says E&Y Report
People who make a living creating innovative medical devices—whether it’s an ultrasound diagnostic tool, a stent to prop open clogged arteries, or an MRI machine—are an unhappy bunch these days. Let us count the ways, as described in the second annual medical device industry analysis being released today by Ernst & Young. Because unemployment is … Continue reading “Medical Device Startups Getting Squeezed by Recession, Lawmakers, Says E&Y Report”
Dendreon Recruits Genentech CEO, Former Lilly Manufacturing Chief to Board
Seattle-based Dendreon recruited some serious industry experience in marketing and manufacturing today to its board of directors. The company has added Ian Clark, the CEO of Roche’s Genentech unit and former head of Genentech’s commercial operations, along with Pedro Granadillo, a former senior vice president of manufacturing at Eli Lilly, according to two separate regulatory … Continue reading “Dendreon Recruits Genentech CEO, Former Lilly Manufacturing Chief to Board”
Eastbourne Capital Dumps Entire Stake in Amylin After Partial Victory in Proxy Battle
[Updated: 10/9/09, 3:51 pm Pacific] Eastbourne Capital, one of the powerful dissident shareholders who won a partial victory in a proxy fight this spring against San Diego’s Amylin Pharmaceuticals, has sold its entire stake in the company, according to a regulatory filing released late today. Eastbourne unloaded all of its holdings in Amylin (NASDAQ: [[ticker:AMLN]]) … Continue reading “Eastbourne Capital Dumps Entire Stake in Amylin After Partial Victory in Proxy Battle”
Bionavitas, Blue Marble Cut Algae Deal
Redmond, WA-based Bionavitas, the developer of light technology to grow more efficient algae, said today it has formed a partnership with Seattle-based Blue Marble Energy to make “high margin biochemicals” from algae. The companies didn’t say what they plan to make under this alliance, but it’s not biofuels. Bionavitas CEO Michael Weaver explained the company’s … Continue reading “Bionavitas, Blue Marble Cut Algae Deal”
Uptake Snags $1.2M in Equity
Seattle-based Uptake Medical has secured $1.2 million in a second closing of an equity financing, meaning it has raised a total of $4.6 million so far in a round that could be worth as much as $13.3 million if the company achieves certain milestones, says CEO King Nelson. The company is developing a minimally invasive … Continue reading “Uptake Snags $1.2M in Equity”
Amgen’s Seattle and Boston Teams Seek to Boost Biotech Hit Rate 20 to 30 Percent
One of the inconvenient truths of the biotech and pharmaceutical industry is that only about one out of every 10 drug candidates good enough to enter clinical trials passes all the tests to graduate as an FDA-approved therapy. Every major drugmaker is searching for ways to boost that success rate, and yesterday I got an … Continue reading “Amgen’s Seattle and Boston Teams Seek to Boost Biotech Hit Rate 20 to 30 Percent”
Omeros, First U.S. Biotech IPO Since February 2008, Sees Shares Drop 13 Percent in First Day
Shares of Seattle-based Omeros, the first true U.S. biotech company to go public in more than 18 months, dropped about 13 percent in the company’s first day of trading. Omeros (NASDAQ: [[ticker:OMER]]) opened trading at $10, but tumbled $1.27, or 13 percent, to close its first day at $8.73. The company now has 21.3 million … Continue reading “Omeros, First U.S. Biotech IPO Since February 2008, Sees Shares Drop 13 Percent in First Day”
Polaris Picks Immuneering, Developer of Personalized Cancer Test, as First Life Sciences Startup in Dog Patch Incubator
Immuneering, the Cambridge, MA-based developer of computer models that aim to predict which patients are likely to respond to certain cancer drugs, has found a new home as the first life sciences startup to join Polaris Venture Partners‘ new Dog Patch Labs startup incubator in Cambridge. Immuneering is the brainchild of CEO Ben Zeskind, a … Continue reading “Polaris Picks Immuneering, Developer of Personalized Cancer Test, as First Life Sciences Startup in Dog Patch Incubator”
The Boston Biotech Survival Index: Big Fish Still Swimming, Minnows Getting Eaten
New England has a deep pond with many of the very biggest fish in the global life sciences industry, but it also has its share of minnows, and they are getting eaten alive in the downturn. That finding leaped out at me after I scoured through financial data on 85 publicly traded life sciences companies … Continue reading “The Boston Biotech Survival Index: Big Fish Still Swimming, Minnows Getting Eaten”
Omeros Raises $68.2M in Washington’s First IPO in Two Years
Omeros, the Seattle biotech company developing a treatment to improve recovery from knee surgery, completed its initial public offering late last night in the state’s first IPO in more than two years. The company sold 6.82 million shares to investors at $10 apiece, for total proceeds of $68.2 million. The underwriters of the offering, led … Continue reading “Omeros Raises $68.2M in Washington’s First IPO in Two Years”
Omeros Accused on Eve of IPO, Seattle Genetics Trial Fails, How Much Biotechies Really Earn, & More Seattle-Area Life Sciences News
Omeros is attempting to become the first true biotech company to go public in more than a year, and the first in Washington state in two years, but it will have to overcome controversy to do it. —Seattle-based Omeros, the biotech company with a treatment to help patients recover from knee surgery, has been listed … Continue reading “Omeros Accused on Eve of IPO, Seattle Genetics Trial Fails, How Much Biotechies Really Earn, & More Seattle-Area Life Sciences News”
Epizyme Snags $32M Round to Make Drugs Against Cancer and More
Epizyme, the Cambridge, MA-based biotech company developing drugs based on insights from epigenetics into how to turn specific genes on and off, said today it has raised $32 million in a Series B venture round. San Francisco-based Bay City Capital led the round, which included Amgen Ventures, Astellas Venture Partners and the company’s original investors, … Continue reading “Epizyme Snags $32M Round to Make Drugs Against Cancer and More”
Geospiza Wins NIH Cancer Grant
Geospiza, the Seattle-based maker of software to help researchers analyze genomic data, said today it has been awarded a $110,000 Small Business Innovation Research Grant from the National Human Genome Research Institute to improve methods for spotting rare gene mutations that may determine how a cancer cell grows, and whether it will resist treatment.
Sage Bionetworks, Biology’s Open Source Spark, Snags “Major” Donation from Quintiles
[Updated: 10/05/09, 7:05 pm Pacific] Sage Bionetworks, the Seattle-based nonprofit seeking to spark an open source movement for biology, has secured a “major founding donation” from Durham, NC-based Quintiles, the giant contract research organization for pharmaceutical and biotech companies. Sage didn’t disclose how much the donation is worth in its statement announcing the news. But … Continue reading “Sage Bionetworks, Biology’s Open Source Spark, Snags “Major” Donation from Quintiles”
Veratect Secures $4.2M Debt
Veratect, the Kirkland, WA-based company that tracks emerging health threats like swine flu, has raised $4.2 million out of $5 million debt financing, according to an amended regulatory filing today. The filing doesn’t say who invested, but the company’s list of directors includes William Savoy, the former manager of billionaire Paul Allen’s Vulcan investment portfolio … Continue reading “Veratect Secures $4.2M Debt”
Genzyme Drug Fails to Win FDA Nod
The FDA turned down Genzyme’s application to market clofarabine (Clolar) for patients over age 60 with acute myeloid leukemia, saying the Cambridge, MA-based company should conduct another randomized, controlled clinical trial. The agency’s decision comes about a month after one of its advisory panels recommended the drug not be cleared for the new group of … Continue reading “Genzyme Drug Fails to Win FDA Nod”
Abimab Snags $8.2M in Equity
Adimab, the Lebanon, NH-based developer of technology to quickly make antibody drugs, has raised $8.2 million in a venture round, according to a regulatory filing. Adimab collected the Series D financing from Google Ventures, SV Life Sciences, Polaris Venture Partners, OrbiMed Advisors, and Borealis Ventures, as Ryan reported last week before the dollar amount became … Continue reading “Abimab Snags $8.2M in Equity”
Transdel’s Topical Pain Reliever Falls Short on One Goal, Hits Another
[Updated: 10/06/09, 10:55 am Pacific] San Diego’s Transdel Pharmaceuticals released a mixed bag of clinical trial results this morning. The company’s topical pain reliever fell short on one of its two primary goals in a 364-patient study, but was successful for about two-thirds of patients who followed the study rules. Transdel (OTC BB: [[ticker:TDLP]]) reported … Continue reading “Transdel’s Topical Pain Reliever Falls Short on One Goal, Hits Another”
Sequenom Meets With FBI, U.S. Attorney’s Office Investigators
Sequenom (NASDAQ: [[ticker:SQNM]]), the San Diego medical diagnostics company that disclosed earlier this year it had “mishandled data” from a clinical trial, has met with investigators from the FBI and U.S. Attorney’s office looking into the matter, according to a regulatory filing today. The company previously acknowledged the Securities and Exchange Commission was investigating, so … Continue reading “Sequenom Meets With FBI, U.S. Attorney’s Office Investigators”
Omeros Made Errors on NIH Grant, But Feds Accepted Internal Investigation Saying They Weren’t Overbilled
Omeros, the Seattle biotech company accused by its former chief financial officer of filing false time records on grant work for the National Institutes of Health, disclosed late last night in a federal court filing that it alerted the government to its internal mistakes, and that the NIH accepted the results of an internal investigation … Continue reading “Omeros Made Errors on NIH Grant, But Feds Accepted Internal Investigation Saying They Weren’t Overbilled”
Hutch Pulls In $40M From Stimulus
The Fred Hutchinson Cancer Research Center has been awarded 60 grants worth a combined $40.4 million under the $787 billion American Recovery & Reinvestment Act of 2009, otherwise known as the federal stimulus. The Hutch estimates that 2.3 jobs in the community are created or retained for every $100,000 of grant funding, so the awards … Continue reading “Hutch Pulls In $40M From Stimulus”
AVI Nabs $11.5M Defense Contract
AVI Biopharma, the Bothell, WA-based developer of RNA-based therapies, said today it has won an expanded $11.5 million contract from the U.S. Defense Department to develop its drug candidate for Junin virus infection. The new contract means AVI has received $45 million in combined contracts to develop treatments for Ebola, Marburg, and now Junin viral … Continue reading “AVI Nabs $11.5M Defense Contract”
Seattle Genetics Shares Drop on Halted Lymphoma Trial
Some unexpected bad news out of Seattle Genetics is driving down its stock 14 percent this morning. The Bothell, WA-based developer of antibody drugs for cancer (NASDAQ: [[ticker:SGEN]]) said a mid-stage clinical trial of an experimental lymphoma drug was halted midway through enrollment after an independent panel of data monitors determined the experimental drug was … Continue reading “Seattle Genetics Shares Drop on Halted Lymphoma Trial”
Seattle’s Theraclone Strikes $18M Deal to Make Flu-Fighting Antibodies with Japanese Company
Theraclone Sciences has formed a partnership with a Japanese drug company, worth as much as $18 million over time, to discover new antibodies that could broadly protect millions of people in a flu pandemic. Seattle-based Theraclone has formed the alliance with Tokyo-based Zenyaku Kogyo, which markets a blockbuster antibody drug for cancer and rheumatoid arthritis, … Continue reading “Seattle’s Theraclone Strikes $18M Deal to Make Flu-Fighting Antibodies with Japanese Company”
Novalar Tests Market, Learns a Few Things, Before National Rollout of Dental Drug
While making small talk on my last trip to the dentist, I mentioned that as a biotech journalist, I sometimes interview entrepreneurs who create new dental products, like the Sonicare toothbrush. The dentist, maybe to test if I knew what I was talking about, asked me what cool ideas I’ve seen lately. I stammered a … Continue reading “Novalar Tests Market, Learns a Few Things, Before National Rollout of Dental Drug”
Ironwood Recruits Genentech, Facebook Star as Company Knocks on Wall Street Doors
Personnel moves usually make for boring news, but sometimes they carry deeper meaning. I couldn’t help but wonder about the deeper meaning when Cambridge, MA-based Ironwood Pharmaceuticals said last month it had recruited David Ebersman, the former chief financial officer of Genentech, to join its board. Ebersman, a boyish-looking guy just 39, took the chief … Continue reading “Ironwood Recruits Genentech, Facebook Star as Company Knocks on Wall Street Doors”
UW Gets $25M For Genome Center
The University of Washington has been awarded a two-year, $25 million grant from the federal stimulus program to establish a new genome sequencing center to explore underlying causes of heart, lung, and blood diseases. The new UW center, to be led by scientist Deborah Nickerson, is one of two such sequencing centers being set up … Continue reading “UW Gets $25M For Genome Center”
Teranode Gets $900K Debt Deal
Seattle-based Teranode, the maker of software to organize life sciences laboratories, has raised $900,000 in a debt financing, according to a regulatory filing. The document doesn’t say who invested, although Cameron Myhrvold of Bellevue, WA-based Ignition Partners is on the board. Teranode, a spinoff from the University of Washington, was founded in 2002, according to … Continue reading “Teranode Gets $900K Debt Deal”
On Verge of Omeros IPO, Former Finance Chief Accuses Company of Filing False Records with NIH
Seattle-based Omeros, the biotech company attempting to raise as much as $80 million in an initial public offering slated for next week, has been accused of submitting false timekeeping records to the National Institutes of Health for grant work, according to a federal lawsuit filed by the company’s former chief financial officer. Richard J. Klein … Continue reading “On Verge of Omeros IPO, Former Finance Chief Accuses Company of Filing False Records with NIH”
Omeros Teed Up for IPO Next Week, Seeking to Rake In More Than $80M
Seattle-based Omeros is on the docket to go public next week, and will attempt to become the first pure-play biotechnology company to take the plunge since February 2008, according to Renaissance Capital, an IPO analysis firm. Omeros, which is developing an anti-inflammatory treatment to help people recover from arthroscopic knee surgery, has set a goal … Continue reading “Omeros Teed Up for IPO Next Week, Seeking to Rake In More Than $80M”
How Much Do Biotech Workers Really Earn? Maybe Not as Much as Politicians Say
The biotech industry enjoys a lot of political clout in Washington D.C. and state capitals largely because it attracts highly educated people into high-paying jobs. But I spotted an intriguing bit of data this week that suggests biotech workers aren’t really taking home nearly as much money as some of the industry’s lobbyists and political … Continue reading “How Much Do Biotech Workers Really Earn? Maybe Not as Much as Politicians Say”
Vaccine Exec Named SBRI Chair
Todd Patrick, a longtime vaccine company executive, has been named the chairman of the board of trustees at Seattle Biomedical Research Institute. Patrick is the former president of ID Biomedical, the Vancouver, BC and Bothell, WA-based vaccine developer that was acquired by GlaxoSmithKline for $1.5 billion in 2005. Patrick has served on the SBRI board … Continue reading “Vaccine Exec Named SBRI Chair”
Merrimack Pharma Grabs $60M Upfront From Sanofi for Cancer Antibody
Cambridge, MA-based Merrimack Pharmaceuticals struck a big deal today with Paris-based pharmaceutical giant Sanofi-Aventis that will bring $60 million in upfront cash to the smaller company in exchange for rights to co-develop and co-market an experimental antibody drug for cancer. The deal calls for Sanofi to pay all developments costs, plus another $470 million in … Continue reading “Merrimack Pharma Grabs $60M Upfront From Sanofi for Cancer Antibody”
AVI Settles In, ZymoGenetics MS Drug Fails, Dendreon’s FDA Filing Set for Mid-November & More Seattle-Area Life Sciences News
Dendreon watchers got all hyped up in anticipation of the company’s analyst day in New York, but there really wasn’t much in the way of news. So I dug up some other stuff for your reading enjoyment. —The biggest piece of news out of Seattle-based Dendreon‘s analyst day was that the company says it plans … Continue reading “AVI Settles In, ZymoGenetics MS Drug Fails, Dendreon’s FDA Filing Set for Mid-November & More Seattle-Area Life Sciences News”
Nexus Dx, Stealthy San Diego Company with Kleiner Perkins and Bay City Ties, Raises $15M
Nexus Dx, a stealthy San Diego biotechnology company that appears to be an emerging diagnostics maker, has raised $9 million in new equity funding and $6 million in debt and options, according to a pair of regulatory filings. The documents don’t say who is providing the money, but they list Risa Stack, a partner with … Continue reading “Nexus Dx, Stealthy San Diego Company with Kleiner Perkins and Bay City Ties, Raises $15M”
Spiration Pulls in $7M Debt Financing For Device to Treat Lung Diseases
[Update: 1:55 pm, 09/30/09. See below] Spiration, the Redmond, WA-based maker of a device to treat deadly lung diseases like emphysema and chronic bronchitis, has raised $7 million in debt out of a $10 million financing, according to a regulatory filing. The financing is coming entirely from Spiration’s partner in Europe and Japan, Olympus Medical … Continue reading “Spiration Pulls in $7M Debt Financing For Device to Treat Lung Diseases”
Fate Therapeutics Growing Fast on “Industrialized” Stem Cell Technology
Want to know how fast Fate Therapeutics is growing? When I toured the La Jolla, CA, company’s labs to get an update last week, one young scientist stood up from his desk, looked me in the eye, offered a firm handshake, and said “Welcome aboard.” I understood why a visiting journalist in a button-down shirt … Continue reading “Fate Therapeutics Growing Fast on “Industrialized” Stem Cell Technology”
Boston Scientific Pays $716M to Settle Patent Dispute with J&J
Boston Scientific has agreed to pay $716 million to Johnson & Johnson to settle 14 lawsuits related to patent disputes in the field of interventional cardiology. Both companies make products in that field that seek to be less invasive alternatives for patients with cardiovascular disease, who otherwise might be headed toward open-heart surgery. Natick, MA-based … Continue reading “Boston Scientific Pays $716M to Settle Patent Dispute with J&J”
Amylin CEO, Putting Boardroom Coup Behind Him, Turns Up Heat on New Diabetes Drug
The first half of this year, Amylin Pharmaceuticals CEO Dan Bradbury was absorbed in the closest thing corporate America has to political warfare—a boardroom challenge from billionaire Carl Icahn and another unhappy shareholder, Eastbourne Capital. The second half has been more about doing the basics Amylin (NASDAQ: [[ticker:AMLN]]) must do if the San Diego diabetes … Continue reading “Amylin CEO, Putting Boardroom Coup Behind Him, Turns Up Heat on New Diabetes Drug”
AVI Biopharma Settles Into New Digs, Scopes Out Seattle Biotech Talent Pool
The day I stopped by to visit Seattle’s newest biotech company, the building was chilly on one side and hot on the other. An assistant wasn’t sure at first where the light switch was in the conference room. Nobody answered right away when I called from the security phone outside. “Hopefully the next time you … Continue reading “AVI Biopharma Settles Into New Digs, Scopes Out Seattle Biotech Talent Pool”
Sequenom Shares Tank After Executives Ousted Over Data Mishandling
Sequenom shares plummeted 44 percent today in after-hours trading after the San Diego-based company said it has ousted CEO Harry Stylli and its head of R&D in the wake of an investigation into mishandling of data for its prenatal genetic test for Down Syndrome. Chairman Harry Hixson, 71, the former president of Amgen, has assumed … Continue reading “Sequenom Shares Tank After Executives Ousted Over Data Mishandling”
Sequenom Ousts CEO Harry Stylli, After Investigating Mishandling of Down Syndrome Test
[Update: 1:58 pm Pacific, 9/28/09] San Diego-based Sequenom has ousted president and CEO Harry Stylli after an investigation by independent members of the company’s board raised “serious concerns” about the mishandling of data to support the company’s non-invasive prenatal test for Down Syndrome, the company said today in a statement. Besides terminating Stylli, the board … Continue reading “Sequenom Ousts CEO Harry Stylli, After Investigating Mishandling of Down Syndrome Test”
ZymoGenetics Partner Halts Multiple Sclerosis Trials After Drug Fails
More bad news out of ZymoGenetics (NASDAQ: [[ticker:ZGEN]]) this morning. The Seattle-based biotech company disclosed in a regulatory filing today that its partner, Germany-based pharmaceutical giant Merck KGaA, has halted studies of their atacicept drug candidate for multiple sclerosis after concluding the drug’s benefit wasn’t worth the risk. One trial showed that multiple sclerosis patients … Continue reading “ZymoGenetics Partner Halts Multiple Sclerosis Trials After Drug Fails”
Alkermes’ Ambitious Builder, Richard Pops, Grabs Reins to Re-Ignite Growth Phase
Richard Pops is not the sort of guy to sit still and patiently wait for good things to happen. He took the CEO job at Cambridge, MA-based Alkermes when he was just 28 years old, built it from 20 employees to more than 400, and made it profitable by the end of his 16-year run … Continue reading “Alkermes’ Ambitious Builder, Richard Pops, Grabs Reins to Re-Ignite Growth Phase”
Botox’s Singh Moves on to San Diego’s Transdel, Developer of Pain Reliever to Rival Advil
The woman who helped bring the famous anti-wrinkle treatment Botox to the U.S. market is working on a pain reliever that she says can compete with some of the best-known drugs in the world—Tylenol and Advil. Her name is Juliet Singh, and she’s the CEO of a tiny La Jolla, CA-based company called Transdel Pharmaceuticals. … Continue reading “Botox’s Singh Moves on to San Diego’s Transdel, Developer of Pain Reliever to Rival Advil”
Lee Hood’s New Idea, Calypso Scores $50M, Novo’s Historic Mistake Pays Off for Seattle, & More Seattle-Area Life Sciences News
This week featured the best run of positive news for Seattle biotech I’ve seen this year. —Seattle-based Calypso Medical Technologies raised the biggest venture capital round of the year in the Northwest, pulling in $50 million. Calypso, which sells a device that pinpoints radiation therapy for prostate cancer so it doesn’t go off track and … Continue reading “Lee Hood’s New Idea, Calypso Scores $50M, Novo’s Historic Mistake Pays Off for Seattle, & More Seattle-Area Life Sciences News”
Dendreon to Turn in Provenge Application to FDA in Mid-November
Dendreon has been saying for months that it plans to file its amended application to the FDA in the fourth quarter, and today it got a little more specific, saying it expects to complete that job by mid-November. That means it should be on target to start selling sipuleucel-T (Provenge) to U.S. prostate cancer patients … Continue reading “Dendreon to Turn in Provenge Application to FDA in Mid-November”
Biotech Pioneer Steve Gillis on Life as a VC, How Today’s Entrepreneurs Can Make It, and Seattle’s Future in Life Sciences (Part 2)
Yesterday, we ran the first installment of an extended interview with Steve Gillis, the biotechnology pioneer who’s now a managing director at Arch Venture Partners. Today, we have the second half of the conversation, in which Gillis talks more about ways biotech entrepreneurs can adjust to the tough fundraising climate, and Seattle’s realistic assets as … Continue reading “Biotech Pioneer Steve Gillis on Life as a VC, How Today’s Entrepreneurs Can Make It, and Seattle’s Future in Life Sciences (Part 2)”