The oncology division of Gilead Sciences (NASDAQ: [[ticker:GILD]]) is losing two of its leaders. Alessandro Riva, executive vice president of oncology therapeutics for the Foster City, CA, company, is leaving to become CEO of a Glenmark Pharmaceuticals spinout in Paramus, NJ. The yet-to-be-named Glenmark spinoff will take with it eight programs spanning cancer, immunology, and … Continue reading “Gilead’s Cancer Division Loses Alessandro Riva, Victoria Smith”
Category: San Francisco
Apple Updates Plans, Now Expects to Create 1,200 Jobs in San Diego
About three months ago, Apple announced it planned to add 1,000 jobs in the San Diego region over the next three years. On Wednesday, the Cupertino, CA-based tech giant said it would increase that total by 200 jobs as part of a plan to make the city one of its principle engineering hubs. Apple (NASDAQ: … Continue reading “Apple Updates Plans, Now Expects to Create 1,200 Jobs in San Diego”
Intel Reveals Ideas on Promoting AI in U.S. as Chinese Growth Looms
Even as the executive order President Trump issued last month on artificial intelligence furthered the conversation about a developing national strategy for the sector, it was met with certain criticism. A common complaint was that the plan won’t implement itself. “The administration’s American AI Initiative includes all of the right elements; the critical test will … Continue reading “Intel Reveals Ideas on Promoting AI in U.S. as Chinese Growth Looms”
Joining AI Drug Discovery Race, Erasca Adds $22M For Cancer Work
Erasca, a biotech startup run by the former CEO of Ignyta, debuted in December with $42 million and an audacious plan to “erase cancer,” but provided little explanation as to how. Erasca is still keeping many of those details under wraps. But Jonathan Lim, the company’s co-founder and executive chairman, this week outlined, at least … Continue reading “Joining AI Drug Discovery Race, Erasca Adds $22M For Cancer Work”
Blue Squad Aims to Bring Election Tech Up and Down the Ballot
Austin—All politics is local, the adage goes, and those campaigns are sorely stuck in analog mode. That’s why Shion Deysarkar co-founded Blue Squad two years ago as a “digital coalition” to support progressive candidates by providing them with greater access to accurate voter data. Now, Blue Squad is more formally launching as a political tech startup … Continue reading “Blue Squad Aims to Bring Election Tech Up and Down the Ballot”
Two Years and Done: FDA Commissioner Gottlieb To Resign
Two months after insisting on Twitter that he wasn’t going anywhere, Food and Drug Administration Commissioner Scott Gottlieb announced his resignation today. He leaves a record of health and medical regulation that was more active than critics who spoke out against his nomination in early 2017 might have expected. Gottlieb’s remit extended beyond drugs, of … Continue reading “Two Years and Done: FDA Commissioner Gottlieb To Resign”
Tasso Gets $6M For Device That Lets Users Self-Collect Blood Samples
Tasso, a Seattle-based startup that is developing an at-home blood sample collection device, announced Tuesday it has raised $6.1 million from investors. The new money will support its effort to launch sales of the device, Tasso OnDemand, in the coming months, and to add staff, Tasso says. Vertical Venture Partners, a Silicon Valley-based investment fund, … Continue reading “Tasso Gets $6M For Device That Lets Users Self-Collect Blood Samples”
Precision Bio Preps IPO to Test “Off-the-Shelf” Cancer Cell Therapy
Precision BioSciences has filed for an initial public offering to continue its development of gene-edited cell therapies, including a cancer treatment that is set to start tests in humans in the coming months. The company is also forging ahead in gene therapy and agricultural applications, giving it breadth that sets it apart from others in … Continue reading “Precision Bio Preps IPO to Test “Off-the-Shelf” Cancer Cell Therapy”
Retailers Turn to Analytics, 3D Tech to Promote Fit, Reduce Returns
One size fits most (at best), and a women’s sizing system created during the Depression doesn’t gibe in an e-commerce business that prizes personalization. That’s why startups are turning to new technologies like 3D scanning and machine learning software to produce customized clothing that can be made for the masses. “People want to buy a … Continue reading “Retailers Turn to Analytics, 3D Tech to Promote Fit, Reduce Returns”
Cybersecurity on Tap: Agenda for Cyber Madness in Boston April 8
When it comes to cybersecurity, no one has all the answers. The best anyone can do is try to fend off cyber attacks with the latest technology and strategies, learn from their successes and failures, and maybe even share their experiences for the benefit of others. That last point is the goal of “Cyber Madness: … Continue reading “Cybersecurity on Tap: Agenda for Cyber Madness in Boston April 8”
After AGTC Deal Flops, Biogen Bets $800M on Gene Therapy Rival Nightstar
Biogen’s biggest recent foray into gene therapy, an ill-fated pact with AGTC, didn’t pay dividends. So the company this morning agreed to buy a rival, Nightstar Therapeutics, and its portfolio of gene therapies for rare eye diseases, for $800 million. Biogen (NASDAQ: [[ticker:BIIB]]) this morning agreed to pay $25.50 per share in cash for Nightstar … Continue reading “After AGTC Deal Flops, Biogen Bets $800M on Gene Therapy Rival Nightstar”
Privacy Watch: FTC, Facebook, EU, the Cloud Act, & More CA bills
Privacy issues continued to boil to the surface in February. In part, it’s a reflection of the long tail of consequences that began in early 2018 when the broader public learned that Facebook had shared data from millions of user profiles with now-shuttered political marketing firm Cambridge Analytica. The consequences of that wider public awareness … Continue reading “Privacy Watch: FTC, Facebook, EU, the Cloud Act, & More CA bills”
SPECIAL REPORT: 2019 Biopharma Outlook – Facing an Uncertain Future
After years of boom times, the U.S. biopharmaceutical industry is dealing with unprecedented threats on several fronts: public backlash against high drug prices, slowing sales, and the possibility of more government regulation. In this Xconomy Special Report, our veteran biotech journalists Alex Lash and Ben Fidler bring you deep insights, based on conversations with key … Continue reading “SPECIAL REPORT: 2019 Biopharma Outlook – Facing an Uncertain Future”
Bio Roundup: Pharma in DC, Bristol-Cel in Trouble, Roche Gets A Spark
Could a shareholder revolt doom the planned marriage of Bristol-Myers Squibb and Celgene? Analysts have hinted at the possibility since the two companies shook hands in January, but the threat became real this week. Bristol (NYSE: [[ticker:BMY]]) and Celgene (NASDAQ: [[ticker:CELG]]) have campaignned heavily, starting with a joint presentation by their CEOs at the J.P. … Continue reading “Bio Roundup: Pharma in DC, Bristol-Cel in Trouble, Roche Gets A Spark”
Ex-Google CEO: New MIT College Could Help Shrink A.I. Talent Gap
Eric Schmidt believes we’re entering an era where artificial intelligence will underpin most facets of human life. But we don’t yet have enough people with the right skills to build that future. Schmidt, the former CEO of Google and former executive chairman of its parent company Alphabet (NASDAQ: [[ticker:GOOGL]]), argues that the A.I. talent shortage … Continue reading “Ex-Google CEO: New MIT College Could Help Shrink A.I. Talent Gap”
7 Tips for Biotech Companies Seeking Capital in a Volatile Market
Last year was a remarkable year for biotech companies going public. Not only did an unusually large number of biotech companies go public, but a significant number of early-stage biotech companies went public at premium valuations relative to their later-clinical stage peers. There were approximately 58 biotech IPOs in 2018 (excluding offerings with under $25 … Continue reading “7 Tips for Biotech Companies Seeking Capital in a Volatile Market”
Rani’s “Robotic Pill” for Biologics Clears First Hurdle in Humans
Swallowing a pill is a convenience that’s not available for all drugs. The cells and proteins in biological therapies can’t survive digestive enzymes, whose role is to break things down. That’s why insulin and other biologics must be injected. But what if there were a pill you could swallow that administers the injection inside your … Continue reading “Rani’s “Robotic Pill” for Biologics Clears First Hurdle in Humans”
Carmera, Toyota Research Institute Zoom Ahead on AV Mapping Project
Carmera, the maker of dynamic, real-time, high-definition maps for use in mobility applications, announced today that it has entered into a commercial partnership with Toyota Research Institute-Advanced Development, the carmaker’s division focused on the development of autonomous vehicle technologies. The monetary value of the partnership was not disclosed. The two companies will collaborate on a … Continue reading “Carmera, Toyota Research Institute Zoom Ahead on AV Mapping Project”
With $191M Haul, Maze Therapeutics Takes Aim at Genetic Diseases
People who share the same disease-causing genetic mutation can have a wide range of severity in their disease. Some don’t get sick at all. Environment can play a role, but with ever-more genetic data available, scientists are unraveling how much other genes can counteract the effect of the main disease-causing gene, too. Two high-profile biotech … Continue reading “With $191M Haul, Maze Therapeutics Takes Aim at Genetic Diseases”
Walmart’s Store No 8 Acquires Aspectiva to Bring A.I. to Shopping
Walmart’s Store No 8 innovation arm has acquired an Israeli machine learning startup, the retail giant announced Wednesday. Aspectiva joined the two-year-old Store No 8 Monday, and its employees will remain in Tel Aviv. “Store No 8’s record of innovation and of developing capabilities that will transform retail as we know it makes for the … Continue reading “Walmart’s Store No 8 Acquires Aspectiva to Bring A.I. to Shopping”
Early-Stage VC Firm Sorenson Ventures Closes Inaugural Fund at $110M
Sorenson Ventures, an offshoot of Utah private equity firm Sorenson Capital, announced today it has closed its first fund with more than $110 million to invest in early-stage security and enterprise software companies. The young venture capital firm was formed in 2017 by Sorenson Capital, which recruited former Intel Capital executive Ken Elefant as managing … Continue reading “Early-Stage VC Firm Sorenson Ventures Closes Inaugural Fund at $110M”
Amazon, Google, Facebook Boosted 2018 Tech Hiring Spree in U.S. Hubs
A tech hiring slowdown in 2018 in America’s three largest innovation hubs would not have surprised John Barrett, given global economic uncertainty stemming from factors such as trade disputes, slower economic growth in China and Europe, and the UK’s looming exit from the EU. Instead, the pace of tech hiring in the San Francisco Bay … Continue reading “Amazon, Google, Facebook Boosted 2018 Tech Hiring Spree in U.S. Hubs”
Blackstone, Novartis Start Up Anthos With $250M and a Heart Drug
Blackstone Life Sciences, the biopharma investing arm of private equity firm Blackstone Group, has made its first strike. It has joined with Novartis (NYSE: [[ticker:NVS]]) to start a new biotech, Anthos Therapeutics, backed with $250 million in cash and rights to an experimental drug originally discovered by the Swiss firm. The Cambridge, MA, startup, Anthos … Continue reading “Blackstone, Novartis Start Up Anthos With $250M and a Heart Drug”
Pharma CEOs to Senate: We Will Lower Drug Prices if Rebates Go Away
Seven top pharmaceutical executives gathered today in Washington, DC, for a Senate hearing on drug prices, bringing face-to-face two groups held in the lowest esteem possible by the American public. Top executives from seven companies—AbbVie, AstraZeneca, Bristol-Myers Squibb, Merck, Johnson & Johnson, Pfizer, and Sanofi, which represent a combined $1.1 trillion in market value—stuck to … Continue reading “Pharma CEOs to Senate: We Will Lower Drug Prices if Rebates Go Away”
Oyster Point Gets $93M To Clear Up Dry Eye With a Nasal Spray
Dry eye disease affects millions of people in the U.S., and while several treatments, mostly eye drops, are available, they all have flaws. An emerging startup called Oyster Point Pharmaceuticals is trying a completely different approach—a nasal spray that coaxes the body into making tears. And the company just got enough cash to get that … Continue reading “Oyster Point Gets $93M To Clear Up Dry Eye With a Nasal Spray”
Ginkgo’s Motif Launches with $90M for Animal-Free Meat & Milk Proteins
[Updated 6:16 p.m. See below.] Plant-based foods and beverages are getting more grocery store shelf space as consumers increasingly shop for meat and milk alternatives. But these products typically carry premium prices because making proteins in a lab is still far more expensive than conventional agriculture. Motif Ingredients says it can use biotechnology and fermentation … Continue reading “Ginkgo’s Motif Launches with $90M for Animal-Free Meat & Milk Proteins”
Bill Maris’s VC Firm Section 32 Raises $200M for Second Fund
Section 32, the venture capital fund based in San Diego’s Cardiff-by-the-Sea community, has raised nearly $200 million for its second fund. A document filed with securities regulators Friday shed light on comments made the previous week to Xconomy by Section 32 founder Bill Maris, who started the firm in 2017. Maris on Feb. 15 confirmed … Continue reading “Bill Maris’s VC Firm Section 32 Raises $200M for Second Fund”
Roche Bets $4.8B on Spark Therapeutics and the Future of Gene Therapy
Roche has agreed to buy Spark Therapeutics for $4.8 billion, the latest strong signal that major pharmaceutical companies are ready to gamble on the promise of gene therapy despite its uncertain commercial prospects. The Swiss pharma giant will pay $114.50 per share, in cash, for Spark (NASDAQ: [[ticker:ONCE]]), a 122 percent premium to the gene … Continue reading “Roche Bets $4.8B on Spark Therapeutics and the Future of Gene Therapy”
Bio Roundup: NASH News, Merck Strikes, Digital Tokens & More
The growing epidemic of the fatty liver disease known as NASH, which has no FDA-approved treatment, has led to a frenzied race among drug companies. This week, one company, Intercept Pharmaceuticals, solidified its lead. But how much will being first to the finish line mean when all is said and done? Intercept (NASDAQ: [[ticker:ICPT]]) reported … Continue reading “Bio Roundup: NASH News, Merck Strikes, Digital Tokens & More”
Merck Scooping Up Cancer Drug Developer Immune Design for $300M
Four months after Immune Design halted a late-stage study for its lead cancer vaccine and saw its stock price cut nearly in half, the immunotherapy company is now in line to join Merck’s pipeline in a deal worth approximately $300 million. Merck (NYSE: [[ticker:MRK]] announced Thursday that it has agreed to pay $5.85 per share … Continue reading “Merck Scooping Up Cancer Drug Developer Immune Design for $300M”
Menlo Ventures Devotes New $500M Fund to Mid-Stage Growth Companies
Menlo Ventures, like many other Silicon Valley venture capital firms, has at times looked for big returns from spotting early-stage companies with great promise. But as it launches a new $500 million fund, it plans to hunt for companies that are further along, and seem poised to take off on a growth curve. Those early-growth … Continue reading “Menlo Ventures Devotes New $500M Fund to Mid-Stage Growth Companies”
Former Avexis Exec Kamal Named 4D Molecular Chief Technical Officer
Gene therapy developer 4D Molecular Therapeutics has appointed Fred Kamal to serve as chief technical officer. Kamal joins Emeryville, CA-based 4D Molecular from Avexis, where he was senior vice president of quality and regulatory CMC (chemistry, manufacturing, and controls). Last September, 4D Molecular raised $90 million as it prepared for a clinical trial testing its … Continue reading “Former Avexis Exec Kamal Named 4D Molecular Chief Technical Officer”
With New Data, Intercept On Track for First-Ever Approved NASH Drug
The first-ever marketed medicine for the fatty liver disease known as nonalcoholic steatohepatitis, or NASH, could be on the horizon. The data, from a closely watched drug known as obeticholic acid, aren’t perfect. But they are nonetheless expected by the drug’s developer, Intercept Pharmaceuticals, to be good enough to support approval. Intercept (NASDAQ: [[ticker:ICPT]]) this … Continue reading “With New Data, Intercept On Track for First-Ever Approved NASH Drug”
Bill Maris Fund Section 32 Notches Two Wins with Life Science Exits
[Updated 6:35 p.m. PT. See below.] Section 32, a venture capital firm headquartered near San Diego that launched in 2017 with a $151 million fund, has had a big month. The firm, based in San Diego’s coastal Cardiff-by-the-Sea community, was started by Bill Maris, who launched and previously headed Google’s corporate venture investment arm, GV (originally called … Continue reading “Bill Maris Fund Section 32 Notches Two Wins with Life Science Exits”
Google Confirms New Madison Office, Part of $13B National Expansion
Google confirmed this week that it will expand its satellite office in Madison, WI, as part of a $13 billion investment in data centers and offices nationwide in 2019. Xconomy reported Jan. 31 that the Bay Area tech giant intends to triple the size of its downtown Madison outpost by adding a second office, located … Continue reading “Google Confirms New Madison Office, Part of $13B National Expansion”
“Stigma is Going Away”: Cannabis IP is Thorny, But Not Impossible
No longer solely the provenance of hippie or outlaw types, the U.S. cannabis industry has become more sophisticated and tech-enabled as it has come out of the shadows over the past decade. Michigan voters pushed the state to joined the ranks of nine others last fall in approving adult use of recreational marijuana. But with … Continue reading ““Stigma is Going Away”: Cannabis IP is Thorny, But Not Impossible”
Bio Roundup: Trump’s Scalps, Policy Pressure, NASH Crash & More
While politicians continue to debate what kind of healthcare system is best for the American people, the mostly U.S.-based pharmaceutical industry is trying to convince those same politicians—and anyone else who will listen—that what’s good for the industry is also good for America. Forcing drug prices lower, industry argues, would be bad for our health, … Continue reading “Bio Roundup: Trump’s Scalps, Policy Pressure, NASH Crash & More”
Finding True Love Can Be Ruff, But This Startup Could Have Your Match
Too many people treat pet adoption like a one-night stand. “You look at a dog, and see his eyes, and think he’s cute,” says Tama Lundquist, co-president of Houston PetSet, an organization that works with about 70 animal shelters in the Houston area. “But if you’re a couch potato and he likes to run, that’s … Continue reading “Finding True Love Can Be Ruff, But This Startup Could Have Your Match”
It’s Not You, It’s Your Officials: Amazon Cancels HQ Plan for NYC
[Updated, 02/15/19, 8:50 CT] After a whirlwind courtship and brief engagement, Amazon has broken off its plans to establish another headquarters in New York’s Long Island City neighborhood. Amazon (NASDAQ: [[ticker:AMZN]]) rationalized its Valentine’s Day breakup with the Big Apple by saying that the problem was state and local officials, not New Yorkers themselves. A … Continue reading “It’s Not You, It’s Your Officials: Amazon Cancels HQ Plan for NYC”
Passage Bio Gets $116M As Wilson, Yamada Team Up On Gene Therapy Again
Longtime biopharmaceutical executive Tachi Yamada helped keep the work of gene therapy pioneer James Wilson alive 20 years ago when Wilson was mired in controversy and the emerging field was in its darkest days. Now that gene therapy has come of age, in part because of Wilson’s work, the two are teaming up again. They’ve … Continue reading “Passage Bio Gets $116M As Wilson, Yamada Team Up On Gene Therapy Again”
DBV Rejoins Peanut Allergy Treatment Race, But Aimmune Takes the Lead
[Updated 9:20 p.m., see below.] DBV Technologies is jumping back into the race to bring an FDA-approved peanut allergy treatment to the market, but it might not be enough to beat its main rival. The France-based company says it expects to resubmit its application for FDA approval of Viaskin Peanut, the company’s experimental peanut allergy … Continue reading “DBV Rejoins Peanut Allergy Treatment Race, But Aimmune Takes the Lead”
Johnson & Johnson to Buy Robotics Startup Auris Health for $3.4B
[Updated 2:07 p.m. See below.] Johnson & Johnson is acquiring medical robotics developer Auris Health for $3.4 billion in cash, a deal that builds on the company’s stated plans to become a player in “digital surgery.” Privately held Auris has commercialized a robotic system cleared by the FDA to assist surgeons in diagnosing and treating … Continue reading “Johnson & Johnson to Buy Robotics Startup Auris Health for $3.4B”
Why Did Amazon Buy Eero? Wi-Fi Users Covet Simplicity, Security
Being able to call on Alexa, the voice of Amazon’s Echo virtual assistants, to play a song or read a weather forecast requires a working Internet connection, of course. Amazon has now opened new avenues to put its own stamp on Wi-Fi routers and other home networking equipment, following the company’s purchase of San Francisco-based … Continue reading “Why Did Amazon Buy Eero? Wi-Fi Users Covet Simplicity, Security”
Losing “Scalps”? Despite Pharma Fear, A Split on Trump Rx-Price Plans
Despite angry presidential tweets and other anti-pharma rhetoric, the drug industry has benefited under the Trump administration, thanks in part to a massive corporate tax cut. Indeed, for nearly two decades, the industry has been able to fend off its critics and gain win after win from politicians and regulators, including tax holidays, faster drug … Continue reading “Losing “Scalps”? Despite Pharma Fear, A Split on Trump Rx-Price Plans”
Graybug Vision Taps Ex-Novartis Exec Guerard for CEO Post
Frédéric Guerard has been appointed CEO of Graybug Vision. Guerard joins the Redwood City, CA-based eye diseases drug developer from Novartis (NYSE: [[ticker:NVS]]), where he had several roles, most recently worldwide business franchise head of ophthalmology. Graybug’s lead drug candidate, GB-102, is being prepared for Phase 2 studies testing it as a treatment for the … Continue reading “Graybug Vision Taps Ex-Novartis Exec Guerard for CEO Post”
May Mobility Snags $22M Investment, Will Expand to New Cities in ’19
May Mobility, an Ann Arbor, MI-based startup developing self-driving shuttles, today announced that it has raised a $22 million Series A funding round. The company has raised approximately $33.5 million since its inception in 2017. The new investment was co-led by Millennium New Horizons and Cyrus Capital Partners, with participation from LG Technology Ventures, Thayer … Continue reading “May Mobility Snags $22M Investment, Will Expand to New Cities in ’19”
With Low Expectations, Gilead’s Top NASH Drug Fails 1st Major Test
Gilead Sciences (NASDAQ: [[ticker:GILD]]) said after market close Monday that its most advanced candidate to treat the fatty liver disease known as NASH failed the first of two Phase 3 trials. NASH, or nonalcoholic steatohepatitis, is a quickly growing condition, thanks to the obesity epidemic. It causes liver inflammation and scarring, and when it progresses … Continue reading “With Low Expectations, Gilead’s Top NASH Drug Fails 1st Major Test”
AbbVie Joins Myeloma Race with $90M Deal for Rights to Teneobio Drug
AbbVie is paying $90 million up front for rights to a multiple myeloma drug from Teneobio that’s now being prepared for tests in humans. The Teneobio drug, TNB383B, is the first to come out of the labs of the Menlo Park, CA, biotech. Under the deal, AbbVie has the right to develop the drug after … Continue reading “AbbVie Joins Myeloma Race with $90M Deal for Rights to Teneobio Drug”
Qualcomm Sells Medical Device Connectivity Business to PE Firm
Francisco Partners, a San Francisco-based private equity firm, said Monday it has acquired Qualcomm Life, a subsidiary of the San Diego chipmaker that focuses on connecting medical devices to software applications installed at hospitals and other healthcare organizations. Terms of the deal between Qualcomm (NASDAQ: [[ticker:QCOM]]) and Francisco Partners weren’t disclosed. The company will be … Continue reading “Qualcomm Sells Medical Device Connectivity Business to PE Firm”
GV Taps Ex-Agios CEO Schenkein to Lead Life Science Investments
It hasn’t taken former Agios Pharmaceuticals CEO David Schenkein very long to find a new gig. Schenkein—the Genentech veteran who helped steer Agios (NASDAQ: [[ticker:AGIO]]) to two drug approvals in less than a decade—has been hired by GV, the venture arm of Google’s parent company, Alphabet (NASDAQ: [[ticker:GOOGL]]), Bloomberg first reported. In his new role … Continue reading “GV Taps Ex-Agios CEO Schenkein to Lead Life Science Investments”