Gossamer Bio, headed by former Receptos executives, made its debut in January with $100 million in financing. Seven months later, it tacked on another $230 million. Now, the San Diego-based startup is looking to Wall Street for additional funds. The company last Friday outlined plans for an initial public offering to advance its development of … Continue reading “Gossamer Bio Files for IPO at End of Year in Which It Raised $330M”
Category: San Francisco
Gates Foundation, Bristol-Myers Join $27M Funding for Vedanta Bio
Microbiome drug developer Vedanta Biosciences has raised $27 million in funding to press forward with clinical trials for four therapeutic candidates. Vedanta’s experimental treatments are compositions of live bacteria that the Cambridge, MA, company says trigger a targeted immune response. By shifting the ecosystem of gut bacteria, Vedanta says its therapies can potentially treat autoimmune … Continue reading “Gates Foundation, Bristol-Myers Join $27M Funding for Vedanta Bio”
VCs May Face Backlash if Profits Come at Expense of Responsibility
Venture capital is, by nature, an optimistic industry, and venture capitalists have historically gone about their work comfortable that they were making positive societal contributions. When looking at VC activity over the past half century, one can see venture capital’s role in championing endeavors that advanced knowledge, improved health, increased worker productivity, and preserved natural … Continue reading “VCs May Face Backlash if Profits Come at Expense of Responsibility”
Ligand Inks Deal, Ionis Details Succession Plan, & More SD Biotech
San Diego’s life sciences companies didn’t tap their brakes much as December chugged along. This week—for many, the last full work week before a holiday break—has been peppered with financings and deals news. So while it might be nearly time to board your plane (or hop in the car, or simply spend a little time … Continue reading “Ligand Inks Deal, Ionis Details Succession Plan, & More SD Biotech”
Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More
It’s beginning to look a lot like, well, the last roundup of the year, with plenty of news to pack in before our holiday breather. Whew. Before you fly off, or drive, or simply unplug, check out our preview of what could be next year’s top clinical studies; the tumult in big pharma’s on again-off … Continue reading “Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More”
German Court Sides with Qualcomm in Patent Litigation Versus Apple
A court in Munich, Germany, has ordered Apple to stop imports and sales in Germany of all models of iPhone that infringe on Qualcomm’s intellectual property, the San Diego wireless giant said Thursday. The court ruled that Cupertino, CA-based Apple (NASDAQ: [[ticker:AAPL]]) infringed a Qualcomm patent that relates to a way to extend a smartphone’s … Continue reading “German Court Sides with Qualcomm in Patent Litigation Versus Apple”
Former Nimbus Exec Rosana Kapeller Lands at GV
Rosana Kapeller, former chief scientific officer at Nimbus Therapeutics, is now entrepreneur-in-residence for life sciences at GV, according to an Endpoints News report. Kapeller co-founded Cambridge, MA-based Nimbus, a company that uses computational techniques to discover new drugs. At GV, the Mountain View, CA-based venture arm of Google, Kapeller will help start companies that apply … Continue reading “Former Nimbus Exec Rosana Kapeller Lands at GV”
DBV Pulls FDA Application for Peanut Allergy Treatment, Stock Craters
The race to a peanut allergy treatment just got a little more interesting, with a major player, DBV Technologies withdrawing its application to the FDA for approval of its “Viaskin Peanut” patch. France-based DBV (NASDAQ: [[ticker:DBVT]]) said in a statement late Wednesday that its decision was based on feedback from the agency, and the company … Continue reading “DBV Pulls FDA Application for Peanut Allergy Treatment, Stock Craters”
Gilead Sciences Commits $150M to Agenus in Cancer Drug R&D Pact
For the second time this week, Gilead Sciences has partnered with a Boston-area biotech, this time with a deal that covers up to five experimental cancer immunotherapies being developed by Agenus. Under the deal terms, Foster City, CA-based Gilead (NASDAQ: [[ticker:GILD]]) will pay Agenus (NASDAQ: [[ticker:AGEN]]) $120 million cash up front and make a $30 … Continue reading “Gilead Sciences Commits $150M to Agenus in Cancer Drug R&D Pact”
With New Results, FibroGen’s Anemia Pill Inches Closer to FDA Review
There was a new development today in the high-stakes race to use pills, not injectable biologic drugs, to treat anemia. San Francisco, CA-based FibroGen and partners AstraZeneca and Astellas Pharma have reported that their experimental drug, roxadustat, has succeeded in five more Phase 3 trials, which bolster its chances of approvals in the U.S. and … Continue reading “With New Results, FibroGen’s Anemia Pill Inches Closer to FDA Review”
Remote Exercise Startup FitOn Grabs $4.6M to Ride Home Workout Wave
More Americans work from home than ever before, and there’s a parallel trend of people increasingly ditching trips to the gym to instead work out at home. Companies like Peloton and FitOn, a new startup that recently raised a round of venture funding to support its growth, are using software to host virtual classes during … Continue reading “Remote Exercise Startup FitOn Grabs $4.6M to Ride Home Workout Wave”
Gilead, Scholar Rock Sign $80M Up Front Deal for Fibrosis Drugs
Drugmakers are increasingly turning their attention toward fibrosis, the excessive growth of connective tissue that can lead to scarring and dysfunction of multiple organs including the lungs, liver and kidneys. In the latest deal centered on this disorder, Gilead Sciences (NASDAQ: [[ticker:GILD]]) will pay Scholar Rock of Cambridge, MA (NASDAQ: [[ticker:SRRK]]) $80 million up front … Continue reading “Gilead, Scholar Rock Sign $80M Up Front Deal for Fibrosis Drugs”
SoftBank Vision Fund Pours $500M Into Cambridge Mobile Telematics
Last month, Xconomy asked tech CEOs what $100 million in venture capital can buy. How about $500 million? Cambridge Mobile Telematics said Wednesday morning it has pulled in half a billion dollars in an investment from—you guessed it—the SoftBank Vision Fund. That’s Japan-based SoftBank Group’s reportedly $100 billion fund that has made waves in the … Continue reading “SoftBank Vision Fund Pours $500M Into Cambridge Mobile Telematics”
Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs
Two of the world’s top drugmakers want to focus on making prescription drugs. Pfizer and GlaxoSmithKline have agreed to merge their consumer health businesses and spin them off into a joint venture, a move that will both create a new consumer healthcare giant and increase the pressure on each company to churn out innovative medicines. … Continue reading “Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs”
Can Pay-For-Results Drug Pricing Work? A Q&A With Michael Sherman
[Editor’s note: This is part of a series of posts sharing thoughts from industry and technology leaders about 2018 trends.] It’s been almost a year since Harvard Pilgrim Health Care signed what’s known as a “value-based agreement” with Spark Therapeutics to cover Luxturna, Spark’s $850,000 gene therapy for a form of vision loss. In doing so, Harvard … Continue reading “Can Pay-For-Results Drug Pricing Work? A Q&A With Michael Sherman”
Graphcore Scores $200M to Scale Up A.I. Chip Production
One of the leading contenders in the A.I. chip race, Graphcore, announced Tuesday it pulled down $200 million in a Series D fundraising round that set its valuation at $1.7 billion. The Bristol, U.K.-based startup, founded in 2016, has now secured a total of more than $300 million in financing from venture capital firms and … Continue reading “Graphcore Scores $200M to Scale Up A.I. Chip Production”
Cisco to Pay $660M for Luxtera, Maker of Advanced Data Center Chips
Cisco has agreed to pay $660 million for Luxtera, a Caltech spinout that makes optical chips for data centers. The semiconductor company, founded in 2001, is based in Carlsbad, CA, a San Diego suburb. Cisco, the San Jose, CA-based tech giant (NASDAQ: [[ticker:CSCO]]), said Tuesday that Luxtera’s advanced chips will help it offer its customers … Continue reading “Cisco to Pay $660M for Luxtera, Maker of Advanced Data Center Chips”
Gener8tor’s Fellowship.art Brings Startup Accelerator Model to Art
You could make the case that the lines that separate an artist from an entrepreneur are virtually nonexistent. Just like startup founders or other business owners, artists are passion-driven individuals. They are making a product and seeking to sell it in a marketplace. They’re creating something tangible, pushing the boundaries, and often assuming great risks … Continue reading “Gener8tor’s Fellowship.art Brings Startup Accelerator Model to Art”
NGM Bio’s Jeff Jonker Joins Ambys Medicines as President & CEO
Jeff Jonker has been appointed president and CEO of Ambys Medicines. Jonker comes to the Redwood City, CA-based biotech from NGM Bio, where he was president. His experience also includes senior positions at Theravance Biopharma (NASDAQ: [[ticker:TBPH]]), Satori Pharmaceuticals, and Genentech. Ambys is developing treatments for liver diseases. In August, Ambys launched with a $60 … Continue reading “NGM Bio’s Jeff Jonker Joins Ambys Medicines as President & CEO”
$100M Round Turns San Diego’s Seismic into Region’s Newest Unicorn
Seismic, an enterprise software company with ambitious growth plans, has raised $100 million in a Series E financing and added Microsoft chairman John W. Thompson to its board of directors. The venture investment, which the San Diego startup announced Tuesday, is one of only a few so-called mega-rounds—$100 million or more—recorded this year in the … Continue reading “$100M Round Turns San Diego’s Seismic into Region’s Newest Unicorn”
15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)
On Monday, Xconomy began our annual look ahead at clinical trials that could define biotech and have profound healthcare effects in the coming year. Today we’re circling back with the rest of the list, which includes studies of drugs for nonalcoholic steatohepatitis, cystic fibrosis, spinal muscular atrophy and more. Read on for the details. [Editor’s … Continue reading “15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)”
Versant Ventures Unveils Two New Biotech Funds Totaling $700M
Two years after closing a $400 million fund for biotech investing, Versant Ventures is at it again, this time with $700 million in two new funds. The first of the new funds, Versant Venture Capital VII, is a $600 million biotech fund that the venture capital firm says will be invested in 20 or more … Continue reading “Versant Ventures Unveils Two New Biotech Funds Totaling $700M”
A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency
[Editor’s note: This is part of a series of posts sharing thoughts from technology leaders about 2018 trends and 2019 forecasts.] Today’s artificial intelligence technologies have demonstrated they’re capable of handling specific tasks, such as identifying pictures of cats or spotting cancer in CT scans. Researchers are hopeful the industry’s next breakthroughs will enable A.I. … Continue reading “A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency”
Seer Launches to Develop Liquid Biopsy for Cancer, Brain Disease
Omid Farokhzad has, as he says, “been around the block a few times” in biotech. The cancer nanomedicine researcher has cofounded a handful of companies that have tried to develop nanotech-based and other drugs for cancer and other diseases. But their results have been mixed. BIND Therapeutics had some clinical disappointments and went bankrupt in … Continue reading “Seer Launches to Develop Liquid Biopsy for Cancer, Brain Disease”
15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)
It can take decades and billions of dollars to develop a drug, and its fate—and often that of its developer—rests in the outcome of clinical trials. Just look at some of 2018’s biggest biotech stories. The failure of a closely watched cancer immunotherapy combination sent ripples through the sector and led several companies to change … Continue reading “15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)”
Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More
Pharmaceutical industry critics lament the cost of rare disease drugs, but some of the steepest price hikes have come on widely used insulin. The patent holder, the University of Toronto, gave companies the right to manufacture insulin. But the university also allowed them to patent the improvements they made, which enabled them to slap higher … Continue reading “Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More”
Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization
Udacity, a pioneer in the online teaching of IT skills, is celebrating a milestone today—50,000 students have now graduated from one of its revenue-generating “Nanodegree” programs. Launched four years ago, the Nanodegree courses allow students worldwide to gain expertise in areas such as data analytics, machine learning, and autonomous flight engineering by completing coursework that … Continue reading “Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization”
Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion
Austin — [Updated 3:10 p.m. See below.] Apple expects to make thousands of new hires around the country from Seattle to New York, the company announced Thursday, with its biggest growth planned for Austin, TX. The computer and smartphone manufacturer plans to hire 5,000 new employees in Austin and to spend $1 billion building a new … Continue reading “Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion”
Napa Summit 2019
Napa Summit 2019 makes the eighth convening of an intimate and interdisciplinary gathering where far-seeing technologists and exemplary business leaders and investors come together to explore what’s over the horizon. Together we’ll discuss insights, challenges, and proposed solutions to big issues spanning global markets and the economy, and fields such as venture capital, A.I. and … Continue reading “Napa Summit 2019”
Aiera Bags $3.5M for A.I. to Help Wall Street Analysts Pick Stocks
Machine learning startups are trying to establish a deeper presence on Wall Street. The latest move comes from Aiera (pronounced like “era”), a New York- and Boston-based company that announced today it took in $3.5 million in seed funding. Flybridge Capital Partners led the investment and was joined by Macquarie Group, Innovation Endeavors, Fin Venture … Continue reading “Aiera Bags $3.5M for A.I. to Help Wall Street Analysts Pick Stocks”
ExactTarget’s McCorkle Hatches MetaCX to Improve Software Experience
Scott McCorkle, one of Indiana’s more seasoned software executives, is back in the startup arena with MetaCX, a High Alpha-backed company focused on “customer success” software. MetaCX launched last week with $14 million in seed funding led by Los Angeles-based Upfront Ventures. Upfront Ventures partner Kobie Fuller will join the MetaCX board along with McCorkle … Continue reading “ExactTarget’s McCorkle Hatches MetaCX to Improve Software Experience”
Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National
Foodies in New York City may not realize it, but some of the tasty kale, bok choy, and other leafy greens they buy trace their origins to an industrial park in New Jersey. The produce grown by indoor farming startup Bowery never sees soil or natural sunlight before making its way to select restaurants and … Continue reading “Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National”
The Power of Dreams: Making a Difference as a Detroit Entrepreneur
Those born and raised in Detroit are used to defying expectations, but making your dreams a reality is never an easy task. It involves overcoming both personal and professional hardships, which is why I named my business Make Your Dreams Come True (MYDCT). Inspired by what I wanted to do for both myself and others, … Continue reading “The Power of Dreams: Making a Difference as a Detroit Entrepreneur”
House Members Grill Google CEO Amid Bipartisan Privacy Concerns
Google CEO Sundar Pichai took his turn in the Congressional hotseat on Tuesday, following similar appearances by the chief executives of Facebook and Twitter earlier this year before lawmakers who are increasingly alert to the vast societal impact of Silicon Valley tech giants. House Majority Leader Kevin McCarthy opened a hearing before the House Judiciary … Continue reading “House Members Grill Google CEO Amid Bipartisan Privacy Concerns”
Survey: Microsoft’s Collaboration Tools Now More Popular Than Slack
Many young professionals like to reminisce about technologies that were popular during their teenage years, like Nokia cellphones and AOL instant messenger. While AIM’s best days seem to have passed, many modern workplaces still use software with built-in chat tools, which tend to have a less formal feel than e-mail. One such offering, Microsoft Teams, … Continue reading “Survey: Microsoft’s Collaboration Tools Now More Popular Than Slack”
Pear Therapeutics App Gets FDA Nod for Treating Opioid Abuse
Doctors and other caregivers have a new weapon to combat the opioid epidemic. But it’s not a pharmaceutical drug—it’s a mobile app. This week, the FDA cleared “reSET-O,” an app developed by “digital therapeutics” startup Pear Therapeutics, for sale in the U.S. as a treatment for patients recovering from opioid abuse disorder. Doctors can now … Continue reading “Pear Therapeutics App Gets FDA Nod for Treating Opioid Abuse”
Dell Sets Return to Public Market With Shareholder OK of VMware Deal
Austin—Dell Technologies is on its way to becoming a public company again. Shareholders of a stock that’s linked to Dell subsidiary VMware approved a plan for Dell to buy out the stock, allowing it to return to the public market. Dell, based in Round Rock, TX, announced Tuesday that 61 percent of the shareholders of … Continue reading “Dell Sets Return to Public Market With Shareholder OK of VMware Deal”
HubSpot Wants to Stoke Innovation With $30M Corporate Venture Fund
Hubspot is launching a $30 million corporate venture capital fund to invest in promising startups that can boost its marketing platform. HubSpot Ventures will back companies with software tools that align with the Cambridge, MA-based company’s aim to help small and medium businesses grow, the company says. Target companies will also need to align with … Continue reading “HubSpot Wants to Stoke Innovation With $30M Corporate Venture Fund”
Black Diamond Emerges with $20M, Aiming for Cancer’s Hidden Targets
Nearly two years ago, Versant Ventures used some of its new $400 million fund to set up a drug discovery unit in Europe. The goal was to produce drugs and technology to spin out into independent companies. The first to launch from that effort, Black Diamond Therapeutics, has just emerged with an unusual approach to … Continue reading “Black Diamond Emerges with $20M, Aiming for Cancer’s Hidden Targets”
IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies
The IPO of any private company comes as the resolution of a mystery, as closely held details about its financial performance and strategies are revealed. But the suspense is heightened in the case of San Francisco-based companies Uber and Lyft, which pioneered the huge ride-hailing industry but have yet to come close to turning a … Continue reading “IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies”
Qualcomm Says Chinese Court Has Banned Some Apple iPhone Sales
Qualcomm announced a win Monday in its ongoing and multijurisdictional legal battle with Apple. The San Diego chipmaker said a Chinese court has ordered four Apple (NASDAQ: [[ticker:AAPL]]) subsidiaries in China to stop the sale and import of seven iPhone models in that country. Qualcomm (NASDAQ: [[ticker:QCOM]]) said the court had granted two preliminary injunctions … Continue reading “Qualcomm Says Chinese Court Has Banned Some Apple iPhone Sales”
After $2B+ Cisco Buyout, Dug Song Reflects on Duo Security’s Journey
Successful startup founders who are also humble and down-to-earth are a rare breed in the tech industry. But Duo Security co-founder and former CEO Dug Song is a mensch in every sense of the word. Song is best known as the guy who started and nurtured a cybersecurity company worth billions in Ann Arbor, MI—outside … Continue reading “After $2B+ Cisco Buyout, Dug Song Reflects on Duo Security’s Journey”
Roche Vet O’Day Tapped to Shape Gilead’s Future as Hep C Sales Fall
Daniel O’Day, a veteran executive from Swiss pharma giant Roche, has been tapped for one of the top jobs in biotech. He’s been named the CEO of Gilead Sciences (NASDAQ: [[ticker:GILD]]), which is searching for a new direction after the quick rise and fall of a once-lucrative business for hepatitis C medicines. The Foster City, … Continue reading “Roche Vet O’Day Tapped to Shape Gilead’s Future as Hep C Sales Fall”
McAfee CTO On Election Hacking, Cryptojacking, Quantum Security
Election hacking. Information warfare. Adversarial artificial intelligence. All worrisome topics racing through Steve Grobman’s head these days. But the McAfee chief technology officer seems surprisingly upbeat about the prospects of meeting these cybersecurity challenges—or at least putting up a good fight. I met Grobman at a coffee shop in downtown Boston last week. He was … Continue reading “McAfee CTO On Election Hacking, Cryptojacking, Quantum Security”
Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO
The biggest yearly meeting for blood disease research has come and gone, and yet the stories to come out of the American Society of Hematology’s gathering in San Diego represent just a fraction of what happened in biopharma this week. Even if ASH wasn’t on your radar, the CRISPR baby saga—the apparent birth of gene … Continue reading “Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO”
As Unicorns Multiply, Bootstrapped Tech Businesses Holding Steady
[Corrected 12/11/18, 11:20 p.m. See below.] Why do unicorns get all the attention? Brian de Haaff wonders this sometimes, especially as compared to his own tech business, Aha. It’s not a “unicorn”—a business with a valuation of more than $1 billion—and it’s not even close. Instead, Aha is a bootstrapped startup. Founded in 2013 by … Continue reading “As Unicorns Multiply, Bootstrapped Tech Businesses Holding Steady”
SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?
An experimental attention deficit hyperactivity drug developed by SuperNus Pharmaceuticals has met the main goals of two late-stage studies, bolstering the company’s case that it could provide an alternative to currently available ADHD therapies. But shares of the Rockville, MD-based company promptly fell on concerns of whether the drug is any better than a widely … Continue reading “SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?”
Brii Bio’s Alliance with VBI Vaccines Adds Hepatitis B Drug to Pipeline
Brii Biosciences launched earlier this year with $260 million and a mission to find new medicines in infectious disease and other therapeutic areas and bring them to China. Today, the startup is announcing new partnerships that jump-start its pipeline, with an eye on potentially curing hepatitis B. Brii, co-founded by GlaxoSmithKline (NYSE: [[ticker:GSK]]) infectious disease … Continue reading “Brii Bio’s Alliance with VBI Vaccines Adds Hepatitis B Drug to Pipeline”
5 Reasons to Seek Geographic Diversity in a Venture Portfolio
Silicon Valley. New York City. Boston. Call them tech hubs or startup capitals, they are drawing in our nation’s venture capital dollars. But when it comes to new investments, venture capitalists can’t be so short-sighted. The opportunities beyond these markets may be richer than many realize. In July 2018, my venture capital firm, Alumni Ventures … Continue reading “5 Reasons to Seek Geographic Diversity in a Venture Portfolio”
Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud
G. Steven Burrill, once a noted biotech investment fund founder, sought-after conference speaker, and life sciences publisher, was sentenced Wednesday to serve 30 months in federal prison for defrauding his investors and evading taxes. Burrill was indicted by a federal grand jury on September 14, 2017. He was accused of diverting more than $18 million … Continue reading “Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud”