OVP Venture Partners, the Kirkland, WA-based venture firm, said today it has hired Carl Weissman as managing director, promoting him from venture partner. While filling that part-time role at OVP, Weissman’s full-time job has been as president and CEO of Accelerator, a Seattle-based biotech startup incubator. Weissman will continue to serve as chairman and CEO … Continue reading “OVP Names Carl Weissman Managing Director”
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.
Orexigen Director, Daniel Turner, Buys 300,000 Shares After Bad News Depressed The Stock
One of the directors of San Diego-based Orexigen Therapeutics, Daniel K. Turner III of Montreux Equity Partners, bought 300,000 shares of the company’s stock today for his fund after the price dipped on some bad news. Turner, who joined the board in April 2005, disclosed today’s purchases, at prices between $3.20 and $3.50 a share, … Continue reading “Orexigen Director, Daniel Turner, Buys 300,000 Shares After Bad News Depressed The Stock”
Eden Bioscience Folds
Eden Bioscience, the agricultural biotechnology company that developed a crop-boosting product called Messenger, said today it has decided to shut down for good and liquidate its assets. The Woodinville, WA-based company (NASDAQ: [[ticker:EDEN]]) sold its proprietary harpin protein technology in February 2007 to Pittsburgh-based Plant Health Care. Since then, Eden has tried to sustain itself … Continue reading “Eden Bioscience Folds”
Ariad Directors Resign En Masse, Accuse CEO of “Grossly Inappropriate” Behavior
A boardroom dispute at Cambridge, MA-based Ariad Pharmaceuticals exploded into public late today. Four of the biotech company’s nine directors quit over “vigorous disagreements” with CEO Harvey Berger, accusing him of “grossly inappropriate” and “manipulative” conduct in pushing through a merger with a gene therapy operation, according to a filing today with the Securities and … Continue reading “Ariad Directors Resign En Masse, Accuse CEO of “Grossly Inappropriate” Behavior”
Calypso Medical Cuts 36 Jobs To Save Cash
Seattle-based Calypso Medical Technologies has cut 36 jobs, or about one-fifth of its workforce, to conserve cash during the economic downturn. Calypso didn’t issue a press release, but CEO Eric Meier gave me the bad news this morning in a phone call. Calypso’s management and board made the cuts effective immediately, Meier says. It means … Continue reading “Calypso Medical Cuts 36 Jobs To Save Cash”
Orexigen Shares Tank as it Quits Developing Two Drug Candidates, Executives Bail
(This story has been updated with information on severance packages, and the closing share price) Orexigen Therapeutics is getting hammered by investors today. The San Diego biotech company (NASDAQ: [[ticker:OREX]]) dropped 35 percent to $3.51 at the close of trading after it said it is scrapping development of two experimental drugs to conserve cash, and … Continue reading “Orexigen Shares Tank as it Quits Developing Two Drug Candidates, Executives Bail”
Northstar Finance Chief Resigns
Northstar Neuroscience (NASDAQ: [[ticker:NSTR]]), a Seattle-based maker of a brain stimulation device for severe depression, said today that Chief Financial Officer Raymond Calvert is resigning at the end of the year to “pursue other interests.” He will get severance worth six months of base salary, which was $210,000 in 2007, according to the company’s annual … Continue reading “Northstar Finance Chief Resigns”
Out With the Old Shots, In With the New: Xconomy Forum To Explore Disruptive Changes in Vaccines
Old-school vaccines like shots for tetanus don’t add up to good business anymore for doctors who give them, according to a report this week in the Associated Press. Then again, the market for a new breed of vaccines against all sorts of other diseases is booming, on a trajectory from an estimated $10 billion in … Continue reading “Out With the Old Shots, In With the New: Xconomy Forum To Explore Disruptive Changes in Vaccines”
Optimer Sharpens Up Commercial Game Plan, After “C.Diff” Drug Success
Of all the people I met last month on a whirlwind of meetings with San Diego biotech companies, none had more bounce in their step than the folks at Optimer Pharmaceuticals. This company passed a huge test last month that suggests it has created the first new drug in decades for a bacterial invader called … Continue reading “Optimer Sharpens Up Commercial Game Plan, After “C.Diff” Drug Success”
PATH Invests $3M in Flu Vaccine Candidate
Seattle-based PATH, a nonprofit organization devoted to improving global health, said today it is investing $3 million in a vaccine candidate against pandemic flu. The vaccine is being developed by Lentigen, a Gaithersburg, MD-based biotech company. If successful, the vaccine will mimic the potentially deadly H5N1 strains of flu virus, known as “bird flu.” The … Continue reading “PATH Invests $3M in Flu Vaccine Candidate”
Helicos Cuts 30 Percent of Workforce
Helicos Biosciences, the Cambridge, MA-based maker of genetic analysis tools, said today in a regulatory filing it is cutting 30 percent of its workforce, about 30 jobs, to conserve cash. The cuts will come between now and the end of the year, and cause the company to take a $450,000 charge for termination benefits. Earlier … Continue reading “Helicos Cuts 30 Percent of Workforce”
Bruce Carter Exits Stage Left, Targeted Genetics Cuts Payroll, OncoGenex Cancer Drug Prolongs Lives, & More Seattle-Area Life Sciences News
The big news of the past couple weeks came before Thanksgiving, when one of Seattle’s biotech pioneers, Bruce Carter, decided to exit stage left. Here is that and other highlights of the past two weeks: —ZymoGenetics’ charismatic CEO Bruce Carter, 65, has decided to retire at year’s end, and promote Doug Williams to take his … Continue reading “Bruce Carter Exits Stage Left, Targeted Genetics Cuts Payroll, OncoGenex Cancer Drug Prolongs Lives, & More Seattle-Area Life Sciences News”
Traditional Venture Model is “Broken” for Biotech, Companies Need to Adapt, Says VC Alan Frazier
Alan Frazier controls one of the world’s biggest life sciences venture capital funds, so it would only be natural that he’d like to hide under a rock these days. But he was still willing to sit down with me at his 32nd floor office in downtown Seattle this week for a wide-ranging talk about the … Continue reading “Traditional Venture Model is “Broken” for Biotech, Companies Need to Adapt, Says VC Alan Frazier”
Glaxo Promotes Sirtris’ Christoph Westphal to Drug Discovery Leadership Role
Christoph Westphal is not only sticking around at Cambridge, MA-based Sirtris after the biotech company was acquired by drug giant GlaxoSmithKline, he’s just accepted a promotion. Westphal, one of the region’s top life sciences entrepreneurs, agreed to take on a new responsibility as senior vice president of Glaxo’s Center of Excellence for External Drug Discovery, … Continue reading “Glaxo Promotes Sirtris’ Christoph Westphal to Drug Discovery Leadership Role”
Spiration Promotes Finance Chief Greg Sessler to COO
Spiration, the Redmond, WA-based medical device company, said today it has promoted Greg Sessler from chief financial officer to chief operating officer. Sessler takes on the new responsibility two months after Spiration won FDA clearance to sell its first product—a tiny valve that doctors insert to block off air to damaged parts of the lung. … Continue reading “Spiration Promotes Finance Chief Greg Sessler to COO”
Prostate Cancer Drug from OncoGenex, Isis Prolongs Lives; OncoGenex Shares Soar
Some eye-opening news for prostate cancer patients crossed the wire this morning, sending shares of OncoGenex Pharmaceuticals rocketing up 80 percent. An experimental drug from OncoGenex and Isis Pharmaceuticals, used in combination with standard treatments, helped men with prostate cancer live a median time of 10.6 months longer than if they took the usual chemo … Continue reading “Prostate Cancer Drug from OncoGenex, Isis Prolongs Lives; OncoGenex Shares Soar”
The Pros (and Not Many Cons) of Merck’s HPV Vaccine, According to UW’s Laura Koutsky
Everyone has human papillomavirus (HPV) crawling all over our skin. This usually doesn’t cause us any harm, but in about 11,000 cases a year in the U.S., sexual activity leads to an infection that causes cervical cancer, which kills about 3,800 women a year. This basic fact is at the root of a revolution in … Continue reading “The Pros (and Not Many Cons) of Merck’s HPV Vaccine, According to UW’s Laura Koutsky”
Meritage Pharma Aims to Develop Drug to Reduce Swelling in the Food Pipe
Intense allergic reactions to things like bee stings or peanuts can be life-threatening because some people can suffocate from massive inflammation in the windpipe. But it’s a little-known fact that the same kind of allergic reaction can also cause swelling and narrowing in the food pipe (aka the esophagus). Sometimes it’s so severe that food … Continue reading “Meritage Pharma Aims to Develop Drug to Reduce Swelling in the Food Pipe”
Targeted Genetics Cuts 7 Jobs, Lowers Executive Pay
Targeted Genetics, a Seattle biotech company, said today it is cutting payroll costs by 25 percent, and other costs by 15 percent. The company said it is eliminating seven jobs, and deferring salary or switching some of its seven most senior executives to half-time work to achieve the cost savings. Targeted Genetics (NASDAQ: [[ticker:TGEN]]) had … Continue reading “Targeted Genetics Cuts 7 Jobs, Lowers Executive Pay”
Helicos Shuffles CEOs, Names Lowy to Top Job
Helicos Biosciences, (NASDAQ: [[ticker:HLCS]]) the Cambridge, MA-based maker of genetic analysis tools, said it has hired Ronald Lowy as CEO, replacing Steve Lombardi, who was promoted to the top job in August. Lombardi will continue working at the company as president and as a member of the board, while concentrating on commercializing the HeliScope product … Continue reading “Helicos Shuffles CEOs, Names Lowy to Top Job”
Zevalin Gets 6-Month FDA Review
Seattle-based Cell Therapeutics said its drug for non-Hodgkin’s lymphoma is getting a faster-than-usual regulatory review of an application that could broaden its usage. The FDA is giving a six-month review, instead of the usual 10-month examination, to ibritumomab tiuxetan (Zevalin) for newly diagnosed patients with Hodgkin’s disease. That means the agency has a deadline of April 2 … Continue reading “Zevalin Gets 6-Month FDA Review”
Ceregene Drug Fails in Parkinson’s Trial
Ceregene said its experimental gene therapy technique for Parkinson’s disease failed in a mid-stage clinical trial of 58 patients. The San Diego-based biotech company said its injectable treatment, CERE-120, didn’t offer a signficant improvement compared with a placebo. Ceregene’s chief scientist, Raymond Bartus, said in a statement he was “stunned” by the result, and will … Continue reading “Ceregene Drug Fails in Parkinson’s Trial”
Alkermes Gets Alcohol Drug Rights From Cephalon
Cambridge, MA-based Alkermes is getting full commercial rights to a drug for alcohol dependence after its partner, Frazer, PA-based Cephalon, relinquished its share of the product. Alkermes (NASDAQ: [[ticker:ALKS]]) will receive an $11 million payment from Cephalon to cover estimated losses from commercializing naltrexone for extended release injectable suspension (Vivitrol), while Alkermes will pay Cephalon about … Continue reading “Alkermes Gets Alcohol Drug Rights From Cephalon”
Scout Medical: The Device Incubator That Batted 3-For-3
Everybody in the Seattle life sciences scene has heard about Accelerator, as a model for venture-backed incubators of promising biotech startups. But when the report cards come due on its portfolio companies in a few years, it may end up the second-ranked local incubator of life sciences startups behind Scout Medical Technologies. Scout was founded … Continue reading “Scout Medical: The Device Incubator That Batted 3-For-3”
MicroRNA Leaps Ahead: Alnylam-Isis Venture, Regulus, Shows Its Drug Works in Animals With Heart Failure
The scientific community, and Wall Street, will be buzzing this week about microRNA. That’s because a Carlsbad, CA-based company called Regulus Therapeutics and its collaborators have suggested for the first time that a drug that blocks microRNA can prevent and treat heart failure in animals. Regulus, a joint venture of Cambridge, MA-based Alnylam Pharmaceuticals (NASDAQ: … Continue reading “MicroRNA Leaps Ahead: Alnylam-Isis Venture, Regulus, Shows Its Drug Works in Animals With Heart Failure”
Arena Pharmaceuticals’ Sleeper Drug Aims To Help You Stay Asleep
Arena Pharmaceuticals is known on Wall Street for one thing—obesity. The San Diego biotech company has a modified form of the fen-phen combination drug that’s supposed to help people lose weight without causing the heart damage that killed that Wyeth product a decade ago. But Arena (NASDAQ: [[ticker:ARNA]]) has a sleeper in pipeline— a novel … Continue reading “Arena Pharmaceuticals’ Sleeper Drug Aims To Help You Stay Asleep”
Vulcan’s “Digital Aristotle” Moves Toward Vision of Computers that Answer Scientific Questions
The days when any one person could be a credible expert on all the world’s scientific knowledge, capable of distilling complex data and concepts into a clear, understandable answer, are said to have ended with Aristotle. Now Paul Allen, the billionaire co-founder of Microsoft, is pursuing a vision of a computer program that harnesses scientific … Continue reading “Vulcan’s “Digital Aristotle” Moves Toward Vision of Computers that Answer Scientific Questions”
Gates Foundation Pares Back Grants for 2009, Still Plans 10 Percent Spending Boost
The Bill & Melinda Gates Foundation is planning to dole out less grant money in 2009 than anticipated, in response to the global financial crisis. The Seattle-based foundation, the world’s largest philanthropy devoted to global health, is still planning to spend 10 percent more on grants next year than in 2008, although that’s less than … Continue reading “Gates Foundation Pares Back Grants for 2009, Still Plans 10 Percent Spending Boost”
Light Sciences Oncology Finishes Enrollment in Pivotal Clinical Trial
Light Sciences Oncology, a Bellevue, WA-based developer of cancer drugs, said it has completed enrollment of 200 patients with liver tumors in a clinical trial. The goal of the study is to see whether patients live longer after they get LitX. The company’s treatment is designed to use a light-emitting diode, threaded inside a tumor, … Continue reading “Light Sciences Oncology Finishes Enrollment in Pivotal Clinical Trial”
Hold on Tight: Biotech Execs Predict Hard Times for Industry as Cash Dwindles
Most biotech companies live and die based on how much cash they have in the bank to fuel drug development. So we’ve combed through the cash statements of more than 70 publicly traded life sciences companies in Xconomy’s home cities of Boston, San Diego, and Seattle, to see just how well-positioned the local clusters are … Continue reading “Hold on Tight: Biotech Execs Predict Hard Times for Industry as Cash Dwindles”
Biotech Survival Index: Boston Life Sciences Companies Brace for Long, Hard Winter
Boston is the biggest center of life sciences in the Xconomy network, and by our analysis, the Bay State’s biotech sector is also the best equipped to survive the economic crisis. I reached this conclusion by combing through public company filings of more than 70 life sciences companies in Boston, Seattle, and San Diego. For … Continue reading “Biotech Survival Index: Boston Life Sciences Companies Brace for Long, Hard Winter”
Sequenom May Spot Single-Gene Birth Defects, like Cystic Fibrosis, in a Sample of Mother’s Blood
Sequenom has its sights on developing more than just the first non-invasive prenatal test for Down syndrome. Today, scientists affiliated with the San Diego-based biotech company are reporting how their methods of analyzing genes in a sample of blood from the mother can be used to detect whether a developing fetus has a single-gene defect, … Continue reading “Sequenom May Spot Single-Gene Birth Defects, like Cystic Fibrosis, in a Sample of Mother’s Blood”
Genzyme Asks FDA To Approve Drug for Acute Myeloid Leukemia
Genzyme said today it has applied for FDA approval of clofarabine (Clolar) for patients over age 60 with acute myeloid leukemia, in addition to its existing use for acute lymphoblastic leukemia. The Cambridge,MA-based biotech company (NASDAQ: [[ticker:GENZ]]) has asked for an expedited six-month review of the new use, which means the treatment could be approved … Continue reading “Genzyme Asks FDA To Approve Drug for Acute Myeloid Leukemia”
Agios Pharmaceuticals Forges Ahead With Lab to Starve Cancer Cells
Agios Pharmaceuticals is moving full steam ahead. The company has moved into a new 21,000-square-foot space in Cambridge, MA, that it says is the world’s largest lab devoted to studying how to throw a wrench into the overactive metabolism of cancer cells that normally allows them to grow and thrive. It has also recruited five … Continue reading “Agios Pharmaceuticals Forges Ahead With Lab to Starve Cancer Cells”
Antigenics Cancer Vaccine, In Small Study, Helps Brain Tumor Patients Live Longer
(Update: Antigenics stock surged 13 percent today after this news appeared.) Antigenics is offering a glimmer of hope for patients with terminal brain tumors. The Lexington, MA-based biotech company said its experimental treatment, designed to stimulate the immune system to fight cancer, helped a small group of patients live about four months longer than their … Continue reading “Antigenics Cancer Vaccine, In Small Study, Helps Brain Tumor Patients Live Longer”
ZymoGenetics CEO Bruce Carter Retires, Promotes Doug Williams, Says Sad Goodbyes to Biotech “Family”
It’s a sad day for Seattle biotech. One of the charismatic pioneers of the local life sciences cluster, Bruce Carter, is retiring from his job as CEO of ZymoGenetics. “I’m quite sad,” Carter says. “I’ve been here a long time, and it’s sort of like my family.” The news is really no surprise. Carter, 65, … Continue reading “ZymoGenetics CEO Bruce Carter Retires, Promotes Doug Williams, Says Sad Goodbyes to Biotech “Family””
Ironwood, Flush With Cash, Anticipates Big Year with Constipation Drug
Ask Ironwood Pharmaceuticals CEO Peter Hecht what he’s trying to accomplish in the next six to 12 months, and he doesn’t tiptoe around. “We’re trying to build the next great pharmaceutical company,” Hecht says. “I know that sounds ludicrous, but I thought I’d just start out with our ambition first.” It’s an open question whether … Continue reading “Ironwood, Flush With Cash, Anticipates Big Year with Constipation Drug”
Accelerator Startup, GPC-Rx, Uses Computers to Make Drugs Without Side Effects
Accelerator’s newest startup could, if it wanted to, make a version of marijuana that wouldn’t give people the munchies. Seattle-based GPC-Rx isn’t going to do that, but it is using sophisticated 3-D computer modeling to help researchers design other drugs to specifically do their main job, without the usual side effects. This company has its … Continue reading “Accelerator Startup, GPC-Rx, Uses Computers to Make Drugs Without Side Effects”
Infinity Snags $75 Million Through Alliance with Purdue Pharma and Mundipharma
Infinity Pharmaceuticals, a Cambridge, MA-based developer of cancer drugs, got a significant boost today. It signed a partnership worth $75 million upfront from Stamford, CT-based Purdue Pharma, the maker of the pain reliever oxycodone (OxyContin), and Mundipharma, an affiliated company with operations outside the U.S. Under the deal, Purdue Pharma has agreed to pay $45 … Continue reading “Infinity Snags $75 Million Through Alliance with Purdue Pharma and Mundipharma”
CombinatoRx Cuts 30 More Jobs, Wiping out Two-Thirds of Staff in Last Month
CombinatoRx, the Cambridge, MA-based biotech company, said this afternoon it is cutting 30 more jobs, which means it has now eliminated two-thirds of its staff since its lead drug candidate for arthritis failed in a clinical trial in early October. The company (NASDAQ: [[ticker:CRXX]]), which will be left with 55 employees, should have enough cash … Continue reading “CombinatoRx Cuts 30 More Jobs, Wiping out Two-Thirds of Staff in Last Month”
Geospiza to Acquire VizX Labs’ Genesifter Technology For Genomic Data
Geospiza, a Seattle-based maker of software to help researchers keep track of massive amounts of genomic data, said today it has acquired the Genesifter technology created by Seattle-based VizX Labs. Terms of the acquisition weren’t disclosed. Geospiza president Rob Arnold said in a statement that the acquisition will enable his company to speed up expansion … Continue reading “Geospiza to Acquire VizX Labs’ Genesifter Technology For Genomic Data”
Immune Design Obtains Vaccine Booster From IDRI
Immune Design, the Seattle-based vaccine development company, has obtained a worldwide exclusive license to develop a vaccine-boosting compound invented at the Infectious Disease Research Institute (IDRI). The technology, a glycopyranosyl lipid adjuvant, may be used to enhance the effectiveness of vaccines. The nonprofit IDRI will receive an upfront payment, milestone payments on success in testing, … Continue reading “Immune Design Obtains Vaccine Booster From IDRI”
Seattle’s Pharma Godfather, Vaccine Impresario Re-Emerges, Accelerator Gets New Investor & More Seattle-Area Life Sciences News
We scored exclusive interviews with a couple of biotech industry leaders this week, and heard their views on some of the most intriguing technologies they see emerging in Seattle and around the world. —Former Merck research leader Bennett Shapiro, who lives in a waterfront home in Seattle’s Magnolia neighborhood, explained why he thinks life sciences … Continue reading “Seattle’s Pharma Godfather, Vaccine Impresario Re-Emerges, Accelerator Gets New Investor & More Seattle-Area Life Sciences News”
Targanta Antibiotic Shot Down By FDA Panel
(Update: The fourth paragraph includes a statement from Targanta about the panel’s vote.) Targanta Therapeutics was dealt a blow late this afternoon. A panel of expert advisers to the FDA voted by a 10-8 margin that the Cambridge, MA-based company’s experimental antibiotic for complex skin infections hasn’t yet shown enough evidence that it’s safe and … Continue reading “Targanta Antibiotic Shot Down By FDA Panel”
Local Seattle News Site, Crosscut, May Switch to Nonprofit Model To Pay the Bills
One of Seattle’s best-known technology investors, Tom Alberg of Madrona Venture Group, had a conversation a couple years ago with David Brewster, the founding editor of Seattle Weekly, about how the Internet was transforming journalism. “Tom said, ‘Local news is a big opportunity, and online media is a big opportunity. Let’s brainstorm some ideas,’” Brewster … Continue reading “Local Seattle News Site, Crosscut, May Switch to Nonprofit Model To Pay the Bills”
Young Innovators Network Aims to Boost Leading-Edge Ideas at “‘The Hutch”‘
Get ’em while they’re young. It’s true of the folks who market breakfast cereals, and also in the world of philanthropy. The Fred Hutchinson Cancer Research Center has a reputation as a world-class research center, and it has no trouble enticing A-list Seattle businesspeople to join its board and open their checkbooks. Usually these people … Continue reading “Young Innovators Network Aims to Boost Leading-Edge Ideas at “‘The Hutch”‘”
Biotech Analyst Runs For City Council
David Miller, the co-founder and CEO of Biotech Stock Research, an independent stock research firm in Seattle, has filed paperwork to run for the Seattle City Council. Miller plans to continue operating his stock newsletter throughout the campaign which ends in November 2009, and plans to keep the company operating if he wins, he and … Continue reading “Biotech Analyst Runs For City Council”
WBBA Hires Chris Rivera As President, Replacing Retiring Jack Faris
Chris Rivera, a longtime biotech industry executive with experience in sales and marketing, has been hired as the new president of the Washington Biotechnology & Biomedical Association, the state’s trade group for the life sciences industry. He will officially replace Jack Faris, who is retiring, on Jan. 1. “I feel a great sense of responsibility … Continue reading “WBBA Hires Chris Rivera As President, Replacing Retiring Jack Faris”
Zacharon Raises $5.7 Million from VCs, Government, Hires CEO
Zacharon Pharmaceuticals has gotten a shot of cash to develop a new class of drugs. The San Diego company said it has raised $3.5 million in a Series A venture round provided by Avalon Ventures, along with $2.2 million in research grants from the National Institutes of Health. The company also named Jay Lichter of … Continue reading “Zacharon Raises $5.7 Million from VCs, Government, Hires CEO”
Geospiza Sells Genetics Software To Harvard Medical, Children’s Hospital Boston
Geospiza, a Seattle-based maker of software to help researchers analyze reams of genomic data, said today it has sold its FinchLab product to the Molecular Genetics Core Facility shared by Children’s Hospital Boston and Harvard Medical School. Terms of the transaction weren’t disclosed, although Geospiza president Rob Arnold said it June that it typically charges … Continue reading “Geospiza Sells Genetics Software To Harvard Medical, Children’s Hospital Boston”