There’s a story going on in biotech venture capital, and it’s about a slow and painful death. Four years after the start of the Great Recession, and after a decade of too much promising and too little delivering, the majority of biotech VCs are struggling to stay afloat. Firms are shutting their doors, forcing partners … Continue reading “Which VCs Are Poised to Cash In On the Biotech IPOs of 2012?”
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.
Exclusive: OVP Venture Partners, NW’s Oldest VC Firm, To Shut Down
OVP Venture Partners, the Kirkland, WA-based venture firm that has invested $750 million in more than 125 high tech, biotech and clean energy companies in its history, won’t raise any new funds and is gradually winding down operations after almost 30 years in business, Xconomy has learned. Three of OVP’s six managing directors—Mark Ashida, Lucinda … Continue reading “Exclusive: OVP Venture Partners, NW’s Oldest VC Firm, To Shut Down”
Genocea Snags $30M from Gates Foundation, VCs for New Vaccines
Genocea Biosciences, one of the big ideas for new vaccines in Boston biotech, just got another $30 million boost from a group of investors that includes the Seattle-based Bill & Melinda Gates Foundation. Cambridge, MA-based Genocea said today it raised its Series C investment round from the Gates Foundation, CVF, and all of its existing … Continue reading “Genocea Snags $30M from Gates Foundation, VCs for New Vaccines”
See the Agenda for ‘Reinventing Biotech’s Business Model’ Oct. 16 in SF
We’re less than a week away from our biggest life sciences event of the year in the San Francisco Bay Area. So today it’s time to scratch an important event prep item off my to-do list, by giving you the updated agenda for our big conference on “Reinventing Biotech’s Business Model.” This event will be … Continue reading “See the Agenda for ‘Reinventing Biotech’s Business Model’ Oct. 16 in SF”
Vaxxas Entices Merck to Try Needle-Free Vaccine Technique
Scientists have been trying for a long time to deliver vaccines without needles. Now the Boston biotech community is importing a new take on this idea from Australia that’s also caught the eye of Merck. Vaxxas, a company founded in Mark Kendall’s lab at the University of Queensland in Australia, said it is establishing a … Continue reading “Vaxxas Entices Merck to Try Needle-Free Vaccine Technique”
Watch Out SF, Boston Is Turning Into Biotech’s No. 1 Cluster
Biotech has never concentrated in just one place. This industry tends to grow up in geographic clusters, but it will always be spread across the map, partly because great science comes from hundreds of academic hotspots around the world. But there have always been two places—San Francisco and Boston—that have stood out far above all … Continue reading “Watch Out SF, Boston Is Turning Into Biotech’s No. 1 Cluster”
Celgene Puts $35M into VentiRx, Gets Option to Buy Cancer Drugmaker
Celgene became one of the world’s biggest biotech companies because of its drug for blood cancers that scientists say works at least partly by stimulating an immune reaction against cancer cells. Now it’s putting some big money into a partnership with Seattle-based VentiRx Pharmaceuticals that aims to go a step further in developing cancer immunotherapies. … Continue reading “Celgene Puts $35M into VentiRx, Gets Option to Buy Cancer Drugmaker”
Sarepta Drug Helps Boys With Duchenne to Walk; Shares Boom
[Updated 9:42 am ET] Sarepta Therapeutics looked like road kill last spring when researchers pored over early results from a clinical trial of its drug for Duchenne Muscular Dystrophy. But now, as long-term follow-up data has arrived, the company looks like it is onto something big and important in the treatment of this crippling genetic … Continue reading “Sarepta Drug Helps Boys With Duchenne to Walk; Shares Boom”
See What GSK, J&J, KPCB, Third Rock & Orbimed Have in Common Oct. 16
Everywhere in biotech, people are scrambling to come up with more sustainable business models. Entrepreneurs, venture capital firms, public biotech companies, and Big Pharma all have their different ideas, but it all boils down to a pretty simple theme. They all want to get a lot more bang out of every buck they spend on … Continue reading “See What GSK, J&J, KPCB, Third Rock & Orbimed Have in Common Oct. 16”
Genentech, ImmunoGen Souped-Up Breast Cancer Drug Extends Lives
Genentech dominated the headlines with its “souped-up” breast cancer drug at the big American cancer meeting in the spring. Now it’s making headlines again this fall at a European cancer meeting with some new details about the drug. The South San Francisco-based biotech company said today that its experimental drug trastuzumab emtansine (T-DM1) was able … Continue reading “Genentech, ImmunoGen Souped-Up Breast Cancer Drug Extends Lives”
Betting on Biotech to Catalyze U.S. Job Growth? Don’t Count On It
The big national conversation this election year is about jobs. The number of unemployed, underemployed, and discouraged workers in the U.S. has been scary-high for a few years now. Everyone wants to know in the wake of the Great Recession how to create more jobs, more high-wage jobs, and train more Americans to get those … Continue reading “Betting on Biotech to Catalyze U.S. Job Growth? Don’t Count On It”
Bayer, Onyx Cancer Drug Wins FDA Approval Ahead of Schedule
Bayer and South San Francisco-based Onyx Pharmaceuticals (NASDAQ: [[ticker:ONXX]]) have had a long-running partnership in marketing one cancer drug, and now they have a second one to start selling together. The FDA said today it has approved regorafenib (Stivarga) as a new treatment in the U.S. for patients with colorectal cancer that has spread after … Continue reading “Bayer, Onyx Cancer Drug Wins FDA Approval Ahead of Schedule”
NanoString Gets EU Clearance To Sell Breast Cancer Diagnostic Test
Seattle-based NanoString Technologies has been maneuvering over the last couple years to get into the diagnostics business, and now it has gotten itself in position to start bringing in real revenues from this new line of business. NanoString is announcing today it has gotten a CE Mark designation from the European Union, which allows the … Continue reading “NanoString Gets EU Clearance To Sell Breast Cancer Diagnostic Test”
VLST Cuts Scientific Group As Focus Shifts to Clinical Trials
Seattle-based VLST is laying off about two-thirds of its staff as it seeks to save cash for clinical trials of a cancer drug candidate it licensed from Pfizer, Xconomy has learned. The biotech company will be downsizing from 17 employees to five at the end of this year, CEO Martin Simonetti says. VLST is eliminating … Continue reading “VLST Cuts Scientific Group As Focus Shifts to Clinical Trials”
Who Should Life Science Pros Follow on Twitter?
[Updated: 6:45 pm ET] Last week, I made a case that Twitter has begun to come of age in biotech, and it’s now a must-read source of real-time industry news and information. But one helpful reader (on Twitter, of course) pointed out something was missing in that column: a list of people in the biotech … Continue reading “Who Should Life Science Pros Follow on Twitter?”
UW Spinoff Cardiac Insight Gets New CEO, Gears Up for FDA Push
Cardiac Insight got its start with a scientist at the University of Washington. Then it needed an experienced engineer/entrepreneur to put together a medical device that was good enough to put on the market. Now it’s turning to the guy who it hopes will end up selling the company for a big return. Bellevue, WA-based … Continue reading “UW Spinoff Cardiac Insight Gets New CEO, Gears Up for FDA Push”
Third Rock’s MyoKardia Gets $38M for Genetic Forms of Heart Disease
When Boston Celtics star Reggie Lewis dropped dead during a shootaround 20 years ago, little was known about his underlying heart problem. It took an autopsy to confirm that he had a genetic defect known as hypertrophic cardiomyopathy, which leads to thickening of the heart tissue and irregular heartbeats. Years later, as a slew of … Continue reading “Third Rock’s MyoKardia Gets $38M for Genetic Forms of Heart Disease”
Foundation Medicine Grabs $42.5M For Cancer Genome Test
You rarely, if ever, see hedge funds, drugmakers, venture capitalists, and diagnostic companies rally around any single idea in biotech. But that unusual cast of characters is coming together to put their money to work in a startup, Cambridge, MA-based Foundation Medicine. Foundation is announcing today it has snapped up $42.5 million in its Series … Continue reading “Foundation Medicine Grabs $42.5M For Cancer Genome Test”
Innovative Pulmonary Pockets $10.6M, Finds New CEO
Innovative Pulmonary Solutions, a stealthy Bellevue, WA-based medical device startup, has raised more than $10 million in venture capital and recruited a new CEO with experience selling a couple of other startups, Xconomy has learned. The company is planning to announce today that it closed a Series B equity financing in March worth $10.6 million, … Continue reading “Innovative Pulmonary Pockets $10.6M, Finds New CEO”
Join Cliff Stocks, Pat Gray, Mike Gallatin & More Nov. 27 for ‘The Icos Impact’
Icos was once the great hope for Seattle biotech. Founded in 1990 with investment from Bill Gates and inspirational leadership from George Rathmann, it went on over the next 15 years to assemble a team of 700 employees and create a $1 billion molecule. But as anyone in business more than a few years knows, … Continue reading “Join Cliff Stocks, Pat Gray, Mike Gallatin & More Nov. 27 for ‘The Icos Impact’”
Illumina Steps Up Diagnostics Game, Acquires UK’s BlueGnome
Illumina wants to become not just a genomic instrument company, but a more diversified maker of genetic diagnostic tools that make it into everyday clinical use. Today it took another step in that direction. The San Diego-based maker of DNA sequencing tools (NASDAQ: [[ticker:ILMN]]) said it has agreed to acquire Cambridge, UK-based BlueGnome for an … Continue reading “Illumina Steps Up Diagnostics Game, Acquires UK’s BlueGnome”
Complete Genomics Sold to BGI-Shenzhen for $117.6M
Complete Genomics has been looking for a life raft the past few months as its cash ran low. Today it got what it was looking for from BGI-Shenzhen, the Chinese genome sequencing operation. Mountain View, CA-based Complete Genomics (NASDAQ: [[ticker:GNOM]]) said today it agreed to be acquired by BGI for $3.15 a share, or about … Continue reading “Complete Genomics Sold to BGI-Shenzhen for $117.6M”
Biotech Begins to Come of Age on Twitter
Two years ago, most everybody in biotech had heard of Twitter but most people were looking for reasons to ignore it. A year ago, people in the industry began realizing that even though they’re busy, it’s not a fad, and maybe they should see what the fuss was about. Now we’re just beginning to see … Continue reading “Biotech Begins to Come of Age on Twitter”
Cardiac Dimensions Nabs $5.8M for Heart Failure Device
[Updated: 10:20 am 9/13/12] Cardiac Dimensions has pulled in another round of financing as it looks to sell its first marketable product in Europe. The Kirkland, WA-based company has raised $5.8 million in a combination of equity, debt, and warrants to buy more shares from a group of 17 investors, according to a filing with the … Continue reading “Cardiac Dimensions Nabs $5.8M for Heart Failure Device”
Join Us Oct. 16 for ‘Reinventing Biotech’s Business Model’ in SF
How are you supposed to start a biotech company without a bunch of fat checks from venture capital firms? Entrepreneurs are wondering about that as quite a few early-stage biotech VCs have gone the way of the dodo bird. There’s no shortage of exciting advancements in biomedical research, and lots of patients with diseases that … Continue reading “Join Us Oct. 16 for ‘Reinventing Biotech’s Business Model’ in SF”
The FDA Turns Friendly Toward Pharma in 2012
The FDA, for most of the past 10 years, was the regulatory agency that many people in biotech and pharma loved to hate. Critics have long complained about bureaucratic foot-dragging, byzantine organization, poor communication, excessive aversion to risk, and arbitrary decisions around whether to approve new drugs for sale in the U.S. But FDA bashers, … Continue reading “The FDA Turns Friendly Toward Pharma in 2012”
Sarepta Moves From Seattle to Boston for the Talent
Just when it looked like Seattle might be getting another emerging biotech company in Sarepta Therapeutics, it has picked up and moved East. Sarepta (NASDAQ: [[ticker:SRPT]]), the company formerly known as AVI Biopharma, has moved its headquarters from Bothell, WA, to Cambridge, MA, CEO Chris Garabedian said yesterday in a phone interview. The company currently … Continue reading “Sarepta Moves From Seattle to Boston for the Talent”
Zymeworks Hits Antibody Drug Milestone For Merck, Raises $11M
One year ago, Zymeworks was a little company that hardly anybody in the U.S. biotech or pharmaceutical industry had ever heard of. Then it formed a collaboration worth as much as $187 million with Merck (NYSE: [[ticker:MRK]]). Suddenly, it seemed to Zymeworks CEO Ali Tehrani like everybody in the pharma industry wanted to hear about … Continue reading “Zymeworks Hits Antibody Drug Milestone For Merck, Raises $11M”
Fearless Football and Biotech Picks For Fall 2012
Football season starts this week, which means a few things to me. Summer vacation season is over, people’s batteries should be recharged, and it’s time to start fresh at work and school. This is also the time of year I look for lessons and storylines from America’s most popular spectator sport for ways to liven … Continue reading “Fearless Football and Biotech Picks For Fall 2012”
Medivation Wins FDA Approval of Prostate Cancer Drug
[Updated: 3:10 pm ET] The FDA usually waits until the last-minute deadline to finish its review of whether to approve a new drug for sale in the U.S. But the agency has given San Francisco-based Medivation clearance to start selling its prostate cancer drug today—about three months ahead of its statutory deadline. Medivation (NASDAQ: [[ticker:MDVN]]) … Continue reading “Medivation Wins FDA Approval of Prostate Cancer Drug”
VLST Scoops Up Antibody for Cancer From Pfizer
Biopharmaceutical companies, sooner or later, must get drug candidates moving through clinical trials where most of the value gets created for investors. VLST has spent eight long years working to get to that point, and now it has its first product ready to roll in tests of human beings. The Seattle-based biotech company is announcing … Continue reading “VLST Scoops Up Antibody for Cancer From Pfizer”
Ironwood Pharmaceuticals Wins FDA Approval For Constipation Drug
[Updated 3:23 pm ET] Ironwood Pharmaceuticals CEO Peter Hecht is fond of saying he wants to build the next great pharmaceutical company, and now he’ll have a chance to prove it. The company was cleared today by the FDA to start selling its first drug in the U.S. Cambridge, MA-based Ironwood (NASDAQ: [[ticker:IRWD]]) was given … Continue reading “Ironwood Pharmaceuticals Wins FDA Approval For Constipation Drug”
Matrix Genetics Snags Investment from Avista for Algae Biofuel
Matrix Genetics is pursuing the dream of turning algae into the workhorses of oil production, and now it has gotten some financing to go after it. The Seattle-based startup, led by Margaret McCormick, said today it has secured an investment from Avista Development, the venture arm of Spokane, WA-based energy company Avista (NYSE: [[ticker:AVA]]). The … Continue reading “Matrix Genetics Snags Investment from Avista for Algae Biofuel”
Alder Gets $3.5M Milestone as Bristol-Myers Starts Crohn’s Study
Alder Biopharmaceuticals struck its first big partnership three years ago with Bristol-Myers Squibb based largely on the potential of its antibody drug candidate for rheumatoid arthritis. But the product has more potential uses than that, and now Alder is pulling in some more cash as Bristol-Myers is advancing the drug as a treatment for Crohn’s … Continue reading “Alder Gets $3.5M Milestone as Bristol-Myers Starts Crohn’s Study”
CardioDx Pockets $58M, Right After Medicare OK
CardioDx persuaded the folks who work for Medicare that its molecular diagnostic test is a worthwhile medical advance, and now it has persuaded investors to put some more money to work into making it a commercial success. The Palo Alto, CA-based company said today it has completed a two-part equity financing worth $58 million. The … Continue reading “CardioDx Pockets $58M, Right After Medicare OK”
Genentech, ImmunoGen Breast Cancer Drug Extends Lives
Genentech’s new souped-up antibody drug for breast cancer was the star of the show at the American Society of Clinical Oncology’s big conference in June, even though the clinical data wasn’t yet fully baked. But now the data is in, and confirms what most everybody thought it would show—that the drug is extending lives. South … Continue reading “Genentech, ImmunoGen Breast Cancer Drug Extends Lives”
Alzheimer’s R&D Isn’t Doomed, it’s Learning From Failure
The biggest hope for the treatment of Alzheimer’s disease in a long time just went up in smoke. The next high-profile drug candidate will probably be toast in a few weeks, analysts say. The easiest thing now would be to write off the whole field of Alzheimer’s R&D, and declare that scientists have to go … Continue reading “Alzheimer’s R&D Isn’t Doomed, it’s Learning From Failure”
IDRI, Medicago To Test Self-Injectable Pandemic Flu Vaccine
One of the worst fears of public health officials is that a new flu strain could emerge, sweeping the world and killing millions of people, like the notorious “Spanish flu” pandemic of 1918. Now the Seattle-based Infectious Disease Research Institute and a Canadian biotech company are working on testing a flu vaccine candidate that people … Continue reading “IDRI, Medicago To Test Self-Injectable Pandemic Flu Vaccine”
Biogen Idec, Regulus Cut Deal to Monitor Multiple Sclerosis
Regulus Therapeutics has staked out a strategy as a developer of drugs that alter microRNA, but today it has struck a new deal with Biogen Idec to look at microRNA in a different way. The plan is to track the progress of multiple sclerosis and how patients might be responding to a given therapy. San … Continue reading “Biogen Idec, Regulus Cut Deal to Monitor Multiple Sclerosis”
Richard Brewer, Former Scios CEO and Dendreon Chairman, Dies at 61
[Updated: 12:55 pm PT] Richard Brewer, the veteran biotech executive who served as CEO of Sunnyvale, CA-based Scios and chairman of Seattle-based Dendreon (NASDAQ: [[ticker:DNDN]]), has died from multiple myeloma. He was 61. Most recently, Brewer had been serving as CEO of Salt Lake City, UT-based Myrexis (NASDAQ: [[ticker:MYRX]]), a company seeking to in-license drug … Continue reading “Richard Brewer, Former Scios CEO and Dendreon Chairman, Dies at 61”
Bill Gates Turns His Attention, and Money, to Toilet Innovation
Very little innovation has happened with toilets over the past 200 years. If Thomas Crapper, the 19th century plumber associated with commodes, were alive today “he would find the toilets we use quite familiar,” Bill Gates said yesterday afternoon. Maybe Crapper would notice an extra handle, or rolls for toilet paper, but that’s about all, … Continue reading “Bill Gates Turns His Attention, and Money, to Toilet Innovation”
Northeastern University Finds a Home at ISB in South Lake Union
Northeastern University’s plan to open a graduate school in Seattle depends on delivering a lot of coursework via the Internet, but it still needs a physical location for students to occasionally meet each other and the faculty. Now it has picked a home, in one of the busiest high-tech and biotech neighborhoods in Seattle. Northeastern … Continue reading “Northeastern University Finds a Home at ISB in South Lake Union”
Kineta Pulls in $5.8M for Autoimmune Drug
Seattle-based Kineta has continued raising cash to fuel its unconventional business model for drug development. Kineta One, a unit within the Kineta parent company, has raised $5.8 million in new equity financing from a group of 133 investors, according to a filing with the Securities and Exchange Commission. The money will be used to develop … Continue reading “Kineta Pulls in $5.8M for Autoimmune Drug”
Relypsa Gets Another $50M for Drug to Fight Excess Potassium
Relypsa has soaked up a whole lot more venture capital to push its lead drug candidate through the later stages of clinical trials. The Santa Clara, CA-based biotech company has raised $49.7 million out of a financing round that could be worth as much as $80 million over time, according to a filing with the … Continue reading “Relypsa Gets Another $50M for Drug to Fight Excess Potassium”
Brace Yourself: Biotech IPOs Are Beating Tech’s Big Names
The average American on the street has a Facebook account, an opinion about Facebook, heard about the Facebook initial public offering, and knows it collapsed. That same person doesn’t see how their life connects with biotech, probably can’t name a single biotech company, and certainly hasn’t heard of any members of the biotech IPO class … Continue reading “Brace Yourself: Biotech IPOs Are Beating Tech’s Big Names”
Genentech Gets FDA OK of Lucentis for Diabetic Eye Disease
Genentech been losing market share to a tough new competitor in the field of macular degeneration, but now it has a new avenue for growth with its successful eye drug ranibizumab (Lucentis). Genentech, the South San Francisco-based unit of Roche, said today it has gotten clearance to start selling the drug as a treatment for … Continue reading “Genentech Gets FDA OK of Lucentis for Diabetic Eye Disease”
Nodality Snags Pfizer Deal to Improve Autoimmune R&D, Diagnostics
South San Francisco-based Nodality has spent five years honing an enabling technology for personalized medicine, which could help patients avoid wasteful treatments and improve the success rate in new drug R&D. Now it has persuaded New York-based Pfizer (NYSE: [[ticker:PFE]]), the world’s biggest drugmaker, to buy into its vision. Nodality, which raised $15 million of … Continue reading “Nodality Snags Pfizer Deal to Improve Autoimmune R&D, Diagnostics”
Join Risa Stack, Tony Coles & More for ‘Reinventing Biotech’
Back in the old days, biotech companies used to dream about becoming a “FIBCO,” as in, “fully integrated biopharmaceutical company.” Entrepreneurs sought to raise lots of venture capital and invest it in everything from research to development to marketing and manufacturing. Most companies failed, but the industry’s first-generation success stories—Amgen, Genentech, Biogen, Genzyme—set a powerful … Continue reading “Join Risa Stack, Tony Coles & More for ‘Reinventing Biotech’”
Seattle Genetics Gets $34.7M in Second-Quarter Sales of Cancer Drug
[Updated: 8:40 am PT, 8/9/12] Seattle Genetics generated steady sales of its cancer drug for the first two quarters of this year, and that disappointed some investors who were expecting to see more growth. The Bothell, WA-based biotech company (NASDAQ: [[ticker:SGEN]]) said today it pulled in $34.7 million in sales of brentuximab vedotin (Adcetris) in … Continue reading “Seattle Genetics Gets $34.7M in Second-Quarter Sales of Cancer Drug”
CardioDx Wins Medicare OK of Molecular Test for Heart Disease
CardioDx has spent three years marketing a new genetic test that can tell when a patient’s chest pain is a sign of serious heart disease, or no big cause for alarm. It still has a long way to go before becoming part of mainstream medicine, but now the company has taken a big step ahead … Continue reading “CardioDx Wins Medicare OK of Molecular Test for Heart Disease”