Category: San Francisco

Matching Amgen, Regeneron to Cut List Price of Heart Drug by 60%

Regeneron Pharmaceuticals and partner Sanofi are cutting the list price of their heart drug alirocumab (Praluent) by 60 percent, the latest acknowledgement that the treatment—which has shown a striking ability to lower cholesterol, but has struggled to sell because of its high price tag—isn’t getting to the patients who need it. Starting in early March, … Continue reading “Matching Amgen, Regeneron to Cut List Price of Heart Drug by 60%”

Bain Capital Backs ImageMoverMD’s Medical Image Management Tools

ImageMoverMD, a Madison, WI-based startup trying to modernize the processes for capturing and managing medical images, said Friday it pulled in a $4 million venture investment led by Bain Capital Ventures, Cultivation Capital, and previous backer HealthX Ventures. The startup said it plans to use the new cash to expand the capabilities of its software … Continue reading “Bain Capital Backs ImageMoverMD’s Medical Image Management Tools”

French Auto Supplier Valeo Moves Toward Mobility with New Innovations

Although the timeline for getting fully driverless cars on the road is in flux, the mobility industry is moving along at a rapid clip. Yet another huge investment in the sector was announced this week when Aurora Innovations, based in Pittsburgh and San Francisco, scored more than half a billion dollars from a group of … Continue reading “French Auto Supplier Valeo Moves Toward Mobility with New Innovations”

Bio Roundup: New CRISPR Feud, A NY Splash, Pharma vs. Congress & More

If you’re into congressional spectacles, stay tuned later this month. A group of top biopharma executives—the full roster isn’t known yet—will testify at a Feb. 26 hearing before the Senate Committee on Finance to defend their drug pricing practices. No executives showed up for the previous hearing, but reports indicate industry has changed its stance … Continue reading “Bio Roundup: New CRISPR Feud, A NY Splash, Pharma vs. Congress & More”

Gossamer Bio Adds $276M in Second Biotech “Unicorn” IPO of 2019

Gossamer Bio, the San Diego-based biotech founded by former Receptos executives, has raised $276 million in its initial public offering, a total that puts it in a rare class among biotechs that have gone public in recent years. The amount raised surpassed expectations. During the partial federal government shutdown in January, Gossamer announced it would … Continue reading “Gossamer Bio Adds $276M in Second Biotech “Unicorn” IPO of 2019″

Harpoon’s IPO Spears $76M as Prostate Cancer Drug Continues Testing

Cancer immunotherapy developer Harpoon Therapeutics is the latest biotech to enter the public markets, raising approximately $76 million in an initial public offering. South San Francisco, CA-based Harpoon offered 5.4 million shares Thursday evening priced at $14 each, which was the midpoint of the range that the company had targeted. Harpoon shares are expected to … Continue reading “Harpoon’s IPO Spears $76M as Prostate Cancer Drug Continues Testing”

In Landmark Gene-Editing Study, Sangamo Reports Little Benefit

The first U.S. trial of a gene-editing medicine in humans isn’t going well. Sangamo Therapeutics (NASDAQ: [[ticker:SGMO]]) reported Phase 1 results this morning for its treatment for Hunter syndrome, a rare genetic disease. While relatively safe, the treatment, known as SB-913, did not seem to help patients much, based on measurements of proteins in their … Continue reading “In Landmark Gene-Editing Study, Sangamo Reports Little Benefit”

NYCEDC Finally Puts Its NY Bio Fund to Work With $60M For HiberCell

It’s been a question posed for years by many around the New York biotech scene: What is going on with the New York City Economic Development Corp.’s $150 million biotech fund, which was formed in 2013 but hadn’t made an investment? Finally, today, there’s an answer. A small piece of the money from the NYCEDC’s … Continue reading “NYCEDC Finally Puts Its NY Bio Fund to Work With $60M For HiberCell”

Alector IPO Banks $176M to Test Alzheimer’s Drugs in Clinical Trials

Alector, a company taking an immunotherapy approach to Alzheimer’s disease and other brain disorders, has raised approximately $176 million in an initial public offering. The South San Francisco, CA, biotech sold 9.25 million shares Wednesday evening priced at $19 apiece, which was the midpoint of its targeted $18 to $20 per share range. Those shares … Continue reading “Alector IPO Banks $176M to Test Alzheimer’s Drugs in Clinical Trials”

New CRISPR Fight: Old Friends Intellia, Caribou in License Dispute

An epic legal battle over CRISPR-Cas9 genome editing ended last year. But another one, smaller in scope and involving two long-time CRISPR allies, has quietly begun. Last October, Intellia Therapeutics (NASDAQ: [[ticker:NTLA]]) began an arbitration proceeding against Caribou Biosciences, alleging in a recent regulatory filing that its longstanding partner had broken the terms of a … Continue reading “New CRISPR Fight: Old Friends Intellia, Caribou in License Dispute”

Foot Traffic Startup Scraffic Mulls New Funding, Machine Learning

San Antonio—[Updated and corrected 2/15/19, 10:53 a.m. CT. See below.] Scraffic, a small startup that helps retailers count foot traffic in their stores, has gone international. The San Antonio-based business, which has four employees, now has customers in the Philippines, Spain, and Canada, as well as users in the U.S. Scraffic found opportunity to expand … Continue reading “Foot Traffic Startup Scraffic Mulls New Funding, Machine Learning”

Bolt Bio Bags $54M for Drugs that Turn the Heat Up on “Cold” Tumors

In cancer lingo, “cold” tumors are cancers that the immune system doesn’t recognize or respond to, even when immune-stimulating drugs are given. Bolt Biotherapeutics is developing drugs intended to turn cold tumors—the majority of cancers—“hot” so that other immunotherapies can work, and has raised $54 million to support its research. The Redwood City, CA, startup … Continue reading “Bolt Bio Bags $54M for Drugs that Turn the Heat Up on “Cold” Tumors”

Cancer Cures and the Importance of Communicating Responsibly

Last week, it was reported by multiple media outlets (see here, and here, and here) that a group of Israeli scientists had found “a cure for all cancer” and that it could be ready within a year. As a long-time life sciences industry executive my knee-jerk reaction was not “finally!” but “crap, not again!” As … Continue reading “Cancer Cures and the Importance of Communicating Responsibly”

Maxwell, Struggling Battery-Technology Maker, to Sell to Tesla

Battery-technology business Maxwell Technologies has agreed to be acquired by Silicon Valley electric car company Tesla (NASDAQ: [[ticker:TSLA]]) in an all-stock deal valued at about $218 million, the San Diego-based company announced Monday. Maxwell (NASDAQ: [[ticker:MXWL]]) said Palo Alto, CA-based Tesla would buy its shares at $4.75 apiece, a 55 percent premium over its stock … Continue reading “Maxwell, Struggling Battery-Technology Maker, to Sell to Tesla”

Privacy Watch: Facebook Rebounds, But Privacy Concerns Accelerate

After Facebook posted a record profit of almost $7 billion in the fourth quarter on nearly $17 billion in revenue last week, an early investor, former advisor to CEO Mark Zuckerberg, and current shareholder said he’s making it a mission to “fix’’ the 15-year-old tech giant. Roger McNamee, in a podcast interview with The New … Continue reading “Privacy Watch: Facebook Rebounds, But Privacy Concerns Accelerate”

Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More

Pharmaceutical companies typically raise prescription drug prices at the start of each year and this year was no different. The increases were the latest reminder that, despite President Trump’s fiery campaign rhetoric, the administration had done little to actually lower drug prices. But a new plan aimed at the secretive rebate deals between pharma companies … Continue reading “Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More”

Aleksandra Rizo Departs Celgene for Geron Chief Medical Post

Aleksandra Rizo has been appointed chief medical officer of Geron (NASDAQ: [[ticker:GERN]]). Rizo comes to the Menlo Park, CA, drug developer from Summit, NJ-based Celgene (NASDAQ: [[ticker:CELG]]), where she was executive director, strategy and clinical lead. Geron also says it will open a New Jersey office to support its lead drug candidate, imetelstat. The Geron … Continue reading “Aleksandra Rizo Departs Celgene for Geron Chief Medical Post”

Google’s Madison Expansion to Triple Size of Local Offices

[Updated 1/31/19, 12:12 pm CT. See below.] Google is building out a new office near downtown Madison, WI, in an expansion project that will triple the size of its local outpost—giving it enough space for an estimated total of 200-plus local employees, Xconomy has learned. The Bay Area-based tech giant, part of parent company Alphabet … Continue reading “Google’s Madison Expansion to Triple Size of Local Offices”

Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup

Taylor Cavanah, whose background is in physics, once caused a fellow scientist to do a spit take after learning Cavanah runs a software startup focused on pet care. Just as surprising is the tale of how Cavanah and co-founders Ken Tsui and Aaron Bannister built the San Diego, CA-based company, called PetDesk. It sells online … Continue reading “Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup”

Packers, Microsoft Play to Green Bay’s Strengths With TitletownTech

As Jill Enos tries to improve the environment for entrepreneurs in Green Bay, WI, she says she has studied how communities such as Boulder, CO, Kansas City, MO, and Wilmington, NC, have attempted to build startup hubs. The key? Don’t try to be something you’re not. That means, for example, focusing on sectors that have … Continue reading “Packers, Microsoft Play to Green Bay’s Strengths With TitletownTech”

Genentech’s Mobasher Joins Corvus as Chief Medical Officer

Corvus Pharmaceuticals (NASDAQ: [[ticker:CRVS]]) has appointed Mehrdad Mobasher to serve as vice president and chief medical officer. Mobasher comes to Burlingame, CA-based Corvus after eight years at Genentech, where he was most recently group medical director. Lead Corvus drug candidate CPI-444 is in early-stage clinical testing in various solid tumors. Corvus is developing that drug … Continue reading “Genentech’s Mobasher Joins Corvus as Chief Medical Officer”

Aduro Biotech Slashes Staff 37%, Turns Focus to Lead Cancer Drugs

Aduro Biotech is laying off more than a third of its workforce in a restructuring intended to keep its focus on its cancer drugs now in clinical development. The corporate shakeup will cut the headcount of Aduro (NASDAQ: [[ticker:ADRO]]) by 37 percent, the company announced Wednesday. At the end of the third quarter of last … Continue reading “Aduro Biotech Slashes Staff 37%, Turns Focus to Lead Cancer Drugs”

Retailers Brace For Possible Economic Headwinds in 2019

Even as retailers struggle with a technology-disrupted business model and changing consumer desires, at least a generally positive overall economy and low unemployment rates seemed to keep shoppers’ wallets open. But a 2019 that started with stock market losses, a recently ended (but longest-ever) government shutdown, and other headwinds might now force consumers to pull … Continue reading “Retailers Brace For Possible Economic Headwinds in 2019”

With Insurers Signaling Interest, Can Blockchain Disrupt Healthtech?

Late last week, IBM and several other large companies that serve the healthcare industry announced a collaboration aimed at determining whether, and how, blockchain technology could be used to improve patient care and lower costs for industry stakeholders. The announcement came about nine months after a separate conglomerate of healthcare businesses, including insurer and health … Continue reading “With Insurers Signaling Interest, Can Blockchain Disrupt Healthtech?”

Equidate, Re-Named Forge Global, Boosts Series B to $85M

Equidate, one of the trading platforms that help employees sell their shares in pre-IPO unicorn companies, rolled out a new name today and announced a $35 million expansion of its $50 million funding round publicized in July. Re-branded as Forge Global, the five-year-old company plans to continue broadening the services it developed as many venture … Continue reading “Equidate, Re-Named Forge Global, Boosts Series B to $85M”

Billie, Subscription Shaving Products Service for Women, Raises $25M

Billie, a monthly subscription service for shaving and body care products for women, has raised $25 million. The New York-based startup said Tuesday that the new funding round, which is being led by Goldman Sachs Private Capital Investing group, brings its total investment to $35 million. Previous investors Silverton Partners, Female Founders Fund, and Lakehouse … Continue reading “Billie, Subscription Shaving Products Service for Women, Raises $25M”

Gilead, Gates Foundation Join Lyndra’s $55M Funding for Phase 2 Tests

Lyndra Therapeutics, a startup whose technology turns daily pills into extended-release formulations intended to last a week or longer, has raised $55 million to advance several of its drugs into mid-stage studies. The Series B round of funding was led by Polaris Partners, the firm that also led Lyndra’s Series A financing nearly two years … Continue reading “Gilead, Gates Foundation Join Lyndra’s $55M Funding for Phase 2 Tests”

Former Sanofi Exec Koenig Joins Portola as Chief Commercial Officer

Portola Pharmaceuticals (NASDAQ: [[ticker:PTLA]]) has named Sheldon Koenig executive vice president and chief commercial officer. He comes to South San Francisco, CA-based Portola from Sanofi (NYSE: [[ticker:SNY]]), where he was head of the company’s cardiovascular franchise. His experience also includes leadership positions at Merck (NYSE: [[ticker:MRK]]). Portola received FDA approval last year for andexanet alfa … Continue reading “Former Sanofi Exec Koenig Joins Portola as Chief Commercial Officer”

Healthcare Technology Bubble Concerns Are Likely Overblown

By nearly every measure, 2018 was a banner year for the venture capital industry, particularly in the healthcare technology sector. Over $130 billion of venture capital was invested across all sectors in the U.S., easily eclipsing the prior high-water mark in 2000 and nearly 4.8 times what was invested a decade ago. While certain sectors … Continue reading “Healthcare Technology Bubble Concerns Are Likely Overblown”

Norwest VC Eyes Waves of Change in A.I., Marketing, Cloud for 2019

Venture capital firms invest in potentially disruptive technologies with the hope of profit, then keep watch for further advances that could overtake their existing portfolio companies. All this is done while they guide startups through other external challenges such as fundraising droughts and overall market downturns. Scott Beechuk, a partner at Norwest Venture Partners, is … Continue reading “Norwest VC Eyes Waves of Change in A.I., Marketing, Cloud for 2019”

MEDC Leader Details Michigan’s Road to the Waymo AV Factory Deal

This week, Michigan’s economic development office notched a win when it announced that Waymo, Google’s mobility arm, had chosen the Great Lakes State as the location for a new manufacturing operation. According to a press release from the Michigan Economic Development Corporation (MEDC), Waymo will invest $13.6 million in a factory that will integrate Waymo’s … Continue reading “MEDC Leader Details Michigan’s Road to the Waymo AV Factory Deal”

America Should Welcome Immigrant Entrepreneurs

When I came to America in 1987, as a wide-eyed University of Texas grad student, I arrived with just a suitcase and a few hundred dollars — money that my mother, back in India, had scraped together by selling her beloved jewelry collection. Three decades later, I’m a successful biomedical researcher and serial entrepreneur with … Continue reading “America Should Welcome Immigrant Entrepreneurs”

What $1M in Bay Area Startup Dollars Buys You in 12 Other Cities

The cost of doing business is always on the mind of startup executives. Salaries, rent, and other expenses like software licenses can often make or break a company. Much of the math comes down to how much money you can raise for your business, and startups often look to San Francisco and Silicon Valley to … Continue reading “What $1M in Bay Area Startup Dollars Buys You in 12 Other Cities”

Bio Roundup: Bosley’s Editas Exit, Bridge Bucks, CRISPR Crime & More

In a week of big personnel moves, none was more surprising than Editas Medicine CEO Katrine Bosley’s departure. After guiding the CRISPR-Cas9 genome-editing startup from scientific breakthrough toward the development of a potential cutting-edge medicine, slogging victoriously through a legendary patent fight, and reaching the cusp of an historic clinical trial, the well-traveled Bosley is … Continue reading “Bio Roundup: Bosley’s Editas Exit, Bridge Bucks, CRISPR Crime & More”

Alexander Hardy Returns to Genentech as CEO

Roche’s Genentech unit has appointed Alexander Hardy to serve as CEO. He initially joined South San Francisco, CA-based Genentech in 2005 and worked there in several senior management roles until 2014 when he became head of Asia Pacific for Roche’s pharmaceuticals division. Hardy is currently Roche’s head of global product strategy. At Genentech, he will … Continue reading “Alexander Hardy Returns to Genentech as CEO”

Autonomic CEO Gavin Sherry on Mobility, China, and Data Privacy

In a tech culture that looks toward self-driving cars as the pinnacle of mobility innovation, we’re still debating whether fully autonomous vehicles are an imminent reality for our roads or an ever-receding Shangri-La. But looking back from the viewpoint of 2019, it’s worth considering whether the really pivotal, world-changing advances in transportation have not already … Continue reading “Autonomic CEO Gavin Sherry on Mobility, China, and Data Privacy”

In Another Lung Cancer Setback, Bristol Yanks FDA App For Drug Combo

Bristol-Myers Squibb has lost yet more ground in its ongoing cancer immunotherapy battle with rival Merck. Along with its earnings, the pharma firm reported Thursday that it has pulled a key approval application to use a combo regimen of its already approved immunotherapies, nivolumab (Opdivo) and ipilimumab (Yervoy), in a portion of patients with newly … Continue reading “In Another Lung Cancer Setback, Bristol Yanks FDA App For Drug Combo”

BridgeBio Pharma Hauls in $299M for Genetic Disease Drugs R&D

Biotech startup creator BridgeBio Pharma has raised $299.2 million to support its work developing new drugs to treat rare, genetic diseases. Palo Alto, CA-based BridgeBio searches for promising drug research at universities, academic medical centers, and drug companies. After acquiring rights to a compound, BridgeBio forms a subsidiary company to develop it. Operating under a … Continue reading “BridgeBio Pharma Hauls in $299M for Genetic Disease Drugs R&D”

2019 Will See Progress on Personalization’s Last Frontier: Education

Today, technology and data science have combined to create artificial intelligence—data-driven algorithms that seemingly provide us with options for a fully personalized life. Gone are the days of Henry Ford’s “You can have any color so long as it’s black.” There are way more than three major network TV channels. We live in an era … Continue reading “2019 Will See Progress on Personalization’s Last Frontier: Education”

Detroit Trends in 2018? More Traction, Diversity, and Collaboration

Editor’s note: This is part of a series of posts sharing thoughts from industry and technology leaders about 2018 trends. A few trends come to mind that continue to shape and define the startup ecosystem in Detroit: —Marketplaces continue to evolve and attract funding (initial and follow-on), and gain traction that has to be recognized and respected. … Continue reading “Detroit Trends in 2018? More Traction, Diversity, and Collaboration”

Failed Clinical Trial Puts Eli Lilly Cancer Drug in Limbo

An Eli Lilly drug on the market for a rare form of cancer is now in limbo, after it failed a trial needed to retain the FDA approval the treatment, known as olaratumab (Lartruvo), won two years ago. Lilly (NYSE: [[ticker:LLY]]) said Friday that patients in a Phase 3 study with soft tissue sarcoma who … Continue reading “Failed Clinical Trial Puts Eli Lilly Cancer Drug in Limbo”

How 3 Detroit Founders Built Tech Startups Despite City’s Bankruptcy

On July 18th, 2013, the city of Detroit filed for Chapter 9 bankruptcy, becoming the largest city in American history to do so. Just four years earlier, Chrysler and General Motors—automobile companies that were long a staple of the Detroit economy—had filed for Chapter 11 bankruptcy. “You hear stories about the Great Depression in the … Continue reading “How 3 Detroit Founders Built Tech Startups Despite City’s Bankruptcy”

Michigan Mobility Institute Aims to Expand AV Talent, Ecosystem

A new tech education effort is forming in Detroit—created by Fontinalis Partners co-founder Chris Thomas—that focuses on teaching adult students the skills they need to compete for the increasingly large number of open jobs in the mobility industry. Called the Detroit Mobility Lab, it has two goals: to build the mobility talent infrastructure necessary to … Continue reading “Michigan Mobility Institute Aims to Expand AV Talent, Ecosystem”

Bio Roundup: Aimmune Drama, Shutdown Blues, Perlmutter Talks Cancer

The partial government shutdown, now the longest in U.S. history, began to take a bite out of biotech this week, served with a hot side dish of confusion. On Tuesday, Aimmune Therapeutics (NASDAQ: [[ticker:AIMT]]) said the shutdown would delay the review—and potential approval—of its experimental treatment for peanut allergy. Aimmune said it received a letter … Continue reading “Bio Roundup: Aimmune Drama, Shutdown Blues, Perlmutter Talks Cancer”

Educational Play Kit Company Osmo Sold to India’s Edtech Firm Byju’s for $120M

Byju’s, an edtech company based in India that claims a $3.6 billion valuation based on its sales success there, announced it has acquired Palo Alto, CA-based learning-through-play firm Osmo for $120 million. Named after the teacher Byju Raveendran, who founded the company in 2011, Byju’s is making its first acquisition in the United States to … Continue reading “Educational Play Kit Company Osmo Sold to India’s Edtech Firm Byju’s for $120M”

Terns Pharma Names Ex-Gilead Exec Erin Quirk Chief Medical Officer

Terns Pharmaceuticals has appointed Erin Quirk to serve as its chief medical officer. Quirk most recently worked at Gilead Sciences (NASDAQ: [[ticker:GILD]]), where she was vice president, clinical research. Terns, which has operations in San Mateo, CA, and Shanghai, China, raised $30 million in financing last year to support development of drugs for the fatty … Continue reading “Terns Pharma Names Ex-Gilead Exec Erin Quirk Chief Medical Officer”

FDA’s Gottlieb Adds Confusion to Aimmune’s Claims of Shutdown Delay

The first biotech company to cite the partial government shutdown as a reason for serious delay was Aimmune Therapeutics (NASDAQ: [[ticker:AIMT]]), as Xconomy reported Tuesday. The announcement, however, soon raised more questions than answers. Aimmune reported in a regulatory filing Tuesday that the FDA would not start reviewing its peanut-allergy treatment, AR101, because of the … Continue reading “FDA’s Gottlieb Adds Confusion to Aimmune’s Claims of Shutdown Delay”

What’s Your Emergency? Law Enforcement’s Increasing Interest in Tech

Fort Worth, TX—Data analytics and visual search technologies are increasingly being used by law enforcement agencies, growth that has captured the attention of tech giant Motorola. The Chicago-based tech company, which has long sold narrow-band radios to law enforcement, has been building its arsenal of software and camera technologies through a series of acquisitions. The … Continue reading “What’s Your Emergency? Law Enforcement’s Increasing Interest in Tech”

CommonGrounds Raises $100M to Open More New Flexible Office Spaces

Billions of dollars have already flowed to the purveyors of shared workspaces, and the investment spigot isn’t turning off yet. CommonGrounds Workspace, a San Diego, CA-based company that operates flexible office spaces in California and Colorado today, announced Wednesday that it had raised $100 million in a Series A financing to expand its lineup to … Continue reading “CommonGrounds Raises $100M to Open More New Flexible Office Spaces”