Category: San Francisco

Bristol-Myers Bets Nearly $2B on Nektar for an Immunotherapy Boost

When it comes to spending cash on potential combinations for its cancer immunotherapy drugs, Bristol-Myers Squibb (NYSE: [[ticker:BMY]]) isn’t afraid of the b-word: billions. The New York-based pharma firm is paying Nektar Therapeutics (NASDAQ: [[ticker:NKTR]]) of San Francisco $1 billion in cash and buying another $850 million in shares, all to grab partial rights to … Continue reading “Bristol-Myers Bets Nearly $2B on Nektar for an Immunotherapy Boost”

With Qualcomm Buyout Looming, EvoNexus Aims for Self-Sufficiency

In the nine years since San Diego’s EvoNexus incubator began amid the great recession of 2009, CEO Rory Moore has emphasized it is a pro bono program—startup teams admitted to the technology accelerator get free office space and other perks, with no strings attached. EvoNexus operates as a non-profit, which is possible because dozens of … Continue reading “With Qualcomm Buyout Looming, EvoNexus Aims for Self-Sufficiency”

Fitbit Snaps Up Twine Health to Connect Dots for Patients, Doctors

Wearable device maker Fitbit is extending its reach into hospitals and doctors’ offices with the planned acquisition of Twine Health, an MIT spinout that sells healthcare coaching and collaboration software. The purchase price wasn’t disclosed in a press release announcing the deal Tuesday. The transaction is expected to close during the first quarter of this … Continue reading “Fitbit Snaps Up Twine Health to Connect Dots for Patients, Doctors”

FDA’s Rachel Sherman on Right to Try, Succession Trouble & More

The opioid crisis. Right to Try legislation. The first human trials of CRISPR-Cas9 gene editing technology. These are just a few of the many topics at the feet of the FDA this year. Speaking at the BIO CEO & Investor Conference in New York on Tuesday, principal deputy commissioner Rachel Sherman, the FDA’s second in … Continue reading “FDA’s Rachel Sherman on Right to Try, Succession Trouble & More”

Trump Budget Touts Lower Drug Prices, But No Medicare Negotiation

As president-elect, Donald Trump in January 2017 slammed drug companies for “getting away with murder” and said he supported Medicare negotiation. He vowed during last month’s State of the Union speech that drug prices “will come down.” Today, his administration’s fiscal 2019 budget proposal laid out what it calls a “comprehensive” strategy to lower drug … Continue reading “Trump Budget Touts Lower Drug Prices, But No Medicare Negotiation”

Buying Shoes? Digital Stylists Use A.I. to Suggest Clothing to Match

The black skirt had multiple personas. The fact that it was made of leather gave it an edgy vibe, but its A-line fit-and-flair cut was more flirty and feminine. “I fell in love with it,” says Michelle Bacharach, co-founder of FindMine. “But as soon as I brought it home, I wondered, ‘how do I wear … Continue reading “Buying Shoes? Digital Stylists Use A.I. to Suggest Clothing to Match”

Execs Talk Hurdles As Immunotherapy Combos, CAR-T Launches Progress

With multiple products on the market and many more coming, it’s easy to think that cancer immunotherapy has arrived. In reality, however, we’ve only just begun to figure out how to coax the immune system into killing cancer. That’s why a mad dash is on to expand its reach, and a panel of experts invested … Continue reading “Execs Talk Hurdles As Immunotherapy Combos, CAR-T Launches Progress”

As Trump Budget Addresses Opioid Crisis, BIO Report Reveals Scarce Pain Drug Development

[Updated 2/12/2018, 1:37pm ET, see below.] With the opioid epidemic showing little sign of letting up, new ways of treating chronic pain are desperately needed. But the development of non-addictive, non-opioid pain drugs lags far behind drug R&D for other diseases (I wrote a few months ago about why that is), and a report from … Continue reading “As Trump Budget Addresses Opioid Crisis, BIO Report Reveals Scarce Pain Drug Development”

Axovant CEO Hung, COO McCourt Resign After Brain Drug’s Failures

Axovant Sciences CEO David Hung has left the company, a move that comes a month after the firm halted development of a brain drug that failed in clinical trials. The shakeup of Basel, Switzerland-based Axovant (NASDAQ: [[ticker:AXON]]) includes the resignations of president and chief operating officer Marion McCourt, and three members of the board of directors. … Continue reading “Axovant CEO Hung, COO McCourt Resign After Brain Drug’s Failures”

Uber and Waymo Reach $245M Settlement in Driverless Tech Lawsuit

After months of breathless anticipation and a week of bro-tastic testimony, the Waymo v. Uber lawsuit, in which Google’s driverless tech arm sued the ride-hailing pioneer over allegedly stolen autonomous vehicle technology, is over. In a surprise move, Uber announced today that it has settled with Waymo, offering the company 0.34 percent of Uber’s equity at its current … Continue reading “Uber and Waymo Reach $245M Settlement in Driverless Tech Lawsuit”

Bio Roundup: Lung Cancer Questions, Migraine Races, HIV Battle & More

The top biopharma story of the week involves the fast-moving field of lung cancer, which, as we’ve written previously, has several key trials reading out in 2018. A big domino fell this week: data from a two-drug immunotherapy combination developed by Bristol-Myers Squibb. But the results, touted as positive, left more questions than answers. First, … Continue reading “Bio Roundup: Lung Cancer Questions, Migraine Races, HIV Battle & More”

Instant Gratification: Whole Foods, Target Offer Same-Day Delivery

[Updated 2/8/18, 1:39 pm.] The race is on to sign up consumers seeking same-day delivery of groceries, household items, and personal goods. Late on Wednesday, Amazon (NASDAQ: [[ticker:AMZN]]) announced it has started free two-hour delivery of products from Whole Foods Market, the most significant example of the e-commerce giant using technology at the Austin, TX-based … Continue reading “Instant Gratification: Whole Foods, Target Offer Same-Day Delivery”

Alexion’s Bedrosian Named Chief Medical Officer of Ultragenyx

Rare disease drug developer Ultragenyx Pharmaceutical (NASDAQ: [[ticker:RARE]]) has named Camille Bedrosian executive vice president and chief medical officer. Before joining the Novato, CA-based company, Bedrosian was senior vice president and chief medical officer of Alexion Pharmaceuticals (NASDAQ: [[ticker:ALXN]]) in New Haven, CT. Ultragenyx added gene therapy to its drug pipeline last fall through its … Continue reading “Alexion’s Bedrosian Named Chief Medical Officer of Ultragenyx”

Immelt Named Athenahealth Chairman as Firm’s Transition Rolls On

Former GE chief executive Jeff Immelt is keeping busy. Healthcare IT firm Athenahealth said Wednesday that Immelt (pictured on the left) has been appointed chairman of its board of directors, effective immediately. Watertown, MA-based Athenahealth (NASDAQ: [[ticker:ATHN]]) said Immelt will make a financial investment in the company (an undisclosed amount) and “plans to purchase approximately … Continue reading “Immelt Named Athenahealth Chairman as Firm’s Transition Rolls On”

Battery Startup Ionic Materials Gets $65M Jolt From Nissan & Others

[Updated 2/16/18, 5:27 pm. See below.] Big automakers are betting that solid-state battery technology from Massachusetts-based startup Ionic Materials could eventually challenge the standard lithium-ion batteries used in today’s electric vehicles. Woburn, MA-based Ionic announced Wednesday it secured $65 million in a Series C funding round. The investors include Alliance Ventures—a venture capital fund backed … Continue reading “Battery Startup Ionic Materials Gets $65M Jolt From Nissan & Others”

Theravance Snares $100M From Janssen in Stomach Drug Deal

Theravance Biopharma is teaming up with Janssen Biotech to develop a group of drugs for intestinal diseases such as ulcerative colitis and Crohn’s. Dublin, Ireland based-Theravance Biopharma (NASDAQ: [[ticker:TBPH]]), which has U.S. operations in South San Francisco, CA, will receive $100 million up front in the deal. The company could gain up to $900 million … Continue reading “Theravance Snares $100M From Janssen in Stomach Drug Deal”

Akamai Lays Off 400, Scales Back R&D Projects Amid Investor Pressure

Akamai Technologies has laid off about 400 people, or 5 percent of its global staff, as it pares research and development initiatives—primarily in its video content delivery division—that haven’t translated into commercial success. The cuts were disclosed Tuesday in a press release and conference call with investor analysts about Cambridge, MA-based Akamai’s (NASDAQ: [[ticker:AKAM]]) 2017 … Continue reading “Akamai Lays Off 400, Scales Back R&D Projects Amid Investor Pressure”

Ex-MAP Execs Start Xoc with Plans to Leapfrog New Migraine Drugs

Patients should have better ways to prevent migraine headaches, says Scott Borland, president and CEO of Xoc Pharmaceuticals. Current generic drugs bring unwanted side effects. New options are on the way, but they will likely be expensive. Los Gatos, CA-based Xoc is now in the mix too. Xoc is developing a pill meant to prevent … Continue reading “Ex-MAP Execs Start Xoc with Plans to Leapfrog New Migraine Drugs”

Big Car-Auction Firm KAR Buys SF Mobility Support Startup Stratim

With an eye toward a greater role in the future of mobility services, the big Indiana used-car auction company KAR announced Wednesday it acquired Stratim, a software startup that organizes maintenance and repairs for car-sharing fleets. Carmel, IN-based KAR (NYSE: [[ticker:KAR]]) says Stratim not only augments its core auction business, but also bolsters its advances … Continue reading “Big Car-Auction Firm KAR Buys SF Mobility Support Startup Stratim”

Medical and Patient Groups Warn Congress Against “Right to Try”

Dozens of medical organizations and patient advocacy groups are pushing back against so-called “right-to-try” legislation that passed the Senate in August and is now under consideration in the House. An open letter sent today to House leaders is the latest opposition to the Republican-led push to give desperate patients access to experimental drugs without FDA … Continue reading “Medical and Patient Groups Warn Congress Against “Right to Try””

Walmart Brings Virtual Reality to Retail With Purchase of Spatialand

Walmart’s tech incubator in Silicon Valley, Store No 8, has acquired Spatialand, a virtual reality software firm, as its third portfolio company. While much of the focus in using VR has been on gaming and entertainment, “virtual reality has the potential to reinvent the consumer experience—with an experience we call contextual commerce,” according to a … Continue reading “Walmart Brings Virtual Reality to Retail With Purchase of Spatialand”

CloudBees Buys Codeship to Boost Software Delivery Tools

[Updated 2/7/18, 4:04 pm. See below.] CloudBees is snapping up Codeship in a union of two software development toolmakers founded in the early 2010s. Terms of the acquisition weren’t disclosed in a press release. San Jose, CA-based CloudBees, which used to be headquartered in the Boston area, is bringing on Codeship’s team of around 30 … Continue reading “CloudBees Buys Codeship to Boost Software Delivery Tools”

A16Z Bio Fund’s Pande Sees A.I. as Way to Ride Bio Innovation

As Andreessen Horowitz begins to invest the $450 million the bellwether venture firm recently raised for its second bio fund, general partner Vijay Pande has been talking increasingly about the use of artificial intelligence in the life sciences. In a presentation a few months ago at the firm’s annual a16z Summit, Pande argued that many … Continue reading “A16Z Bio Fund’s Pande Sees A.I. as Way to Ride Bio Innovation”

Battery Ventures Recharges With $1.25B in Two New Funds

Battery Ventures, a 35-year-old global investment firm, has reeled in $1.25 billion to continue backing high-tech companies. Boston-based Battery announced two new funds on Tuesday: an $800 million fund, Battery Ventures XII; and a $450 million companion, Battery Ventures XII Side Fund, from which the firm will make larger growth and private-equity investments. Battery’s deals … Continue reading “Battery Ventures Recharges With $1.25B in Two New Funds”

As Migraine Races Heat Up, Allergan Touts New Data for Headache Pill

The push to treat migraines with a new class of medicines took another turn on Tuesday when Allergan presented clinical data for an experimental pill meant to help fend off the debilitating headaches after they start. Allergan’s (NASDAQ: [[ticker:AGN]]) ubrogepant, met its main goals in the first of two Phase 3 studies. In a trial … Continue reading “As Migraine Races Heat Up, Allergan Touts New Data for Headache Pill”

Pay It Forward: Capital Drives Bio Innovation in San Diego & Beyond

After starting Organovo in 2007, I spent much of the next decade as CEO seeking financing to advance our bioprinting technology. Because I stepped out of an operational role early last year, I am now in a position of providing financing to aspiring life sciences entrepreneurs.  The change has caused me to reflect a bit … Continue reading “Pay It Forward: Capital Drives Bio Innovation in San Diego & Beyond”

Prothena Chief Medical Officer Sarah Noonberg Resigns

Prothena’s (NASDAQ: [[ticker:PRTA]]) chief medical officer, Sarah Noonberg, is stepping down from her post nine months after starting the job. Ireland-based Prothena, which has its U.S. operations in South San Francisco, CA, gave no reason for Noonberg’s departure other than to say that she decided to resign and will provide “transitional support” to the company … Continue reading “Prothena Chief Medical Officer Sarah Noonberg Resigns”

Out of MIT, a $21M Startup Battle Brews Over Next-Gen A.I. Chips

Here are the makings of an interesting tale. It involves two competing tech spinouts from MIT, and two rival CEOs who were co-authors on a key research paper. And now, each company has raised on the order of $10 million from venture capitalists to win what could become a major race. It’s Lightelligence versus Lightmatter, … Continue reading “Out of MIT, a $21M Startup Battle Brews Over Next-Gen A.I. Chips”

E-Commerce Firm Dearduck Uses A.I. in the Hunt for the Perfect Gift

Houston—Knowledge is power, but too much of a good thing can render data meaningless. That’s the struggle many retailers have in an age of data analytics. Think about the retailer e-mails we receive daily or the ads that appear on Google or our social media sites. Though based on our Web searches, those ads don’t … Continue reading “E-Commerce Firm Dearduck Uses A.I. in the Hunt for the Perfect Gift”

College Testing Firm ACT Invests in Edtech Startup Smart Sparrow

ACT, the big college admissions testing organization whose CEO aims to make it an educational venture as well, is investing $7.5 million in interactive online learning startup Smart Sparrow. Smart Sparrow specializes in online courses that teach students how to master skills that have a physical component, such as biological laboratory techniques and drawing for … Continue reading “College Testing Firm ACT Invests in Edtech Startup Smart Sparrow”

Entrepreneurs Look to Angels and Micro-VCs for Cash

You don’t need me to tell you it’s a rough world out there for startups. Venture capitalists have been unusually stingy lately, hanging on to billions of dollars they’d typically be channeling into promising young companies. When those investors do open their wallets, they’re shunning risky investments in favor of what the Wall Street Journal … Continue reading “Entrepreneurs Look to Angels and Micro-VCs for Cash”

Bio Roundup: Wilson’s Warning, Amazon’s Health Biz, Moderna Cash & More

The State of the Union address was…. long. At one hour and 20 minutes, President Trump fell about 9 minutes shy of the high mark. But those who stayed tuned in heard comments about several health policy matters. The president credited the FDA for a record number of generic drug approvals in 2017, which PwC … Continue reading “Bio Roundup: Wilson’s Warning, Amazon’s Health Biz, Moderna Cash & More”

Ex-GE CEO Immelt Joins NEA as Execs Move Into Venture Investing

[Updated 2/1/18, 2:54 pm. See below.] Former General Electric chairman and CEO Jeff Immelt has joined New Enterprise Associates, the latest high-profile business executive to cross over to venture capital. Immelt has signed on as a venture partner at NEA, according to a press release. NEA has offices in the Bay Area; Washington, DC, area; … Continue reading “Ex-GE CEO Immelt Joins NEA as Execs Move Into Venture Investing”

Xconomy Bookclub: “Inferior” Peruses Science’s Historic #MeToo Bias

In his now infamous memo, ex-Google engineer James Damore cited scientific evidence to illustrate why women may not be suited for jobs at some of today’s leading tech companies. Women, he argued, are biologically more attuned to “people” jobs rather than “thing” jobs, like those in technology. But what Damore was doing, others pointed out, … Continue reading “Xconomy Bookclub: “Inferior” Peruses Science’s Historic #MeToo Bias”

With Pellini on Board, Maris Sets Course at Section 32

It’s not easy to catch up with Bill Maris at Section 32, the venture firm he founded last year near San Diego. It took a while to arrange a call to discuss how Foundation Medicine’s Michael Pellini had joined Section 32 as Maris’s first investing partner, and what they plan to do together. Maris acknowledged … Continue reading “With Pellini on Board, Maris Sets Course at Section 32”

Techstars, Air Force Reveal First Boston Accelerator Investments

[Updated 2/1/18, 9:52 am. See below.] Techstars today announced the companies participating in the inaugural session of its new autonomous technology startup accelerator program in Boston, and, as advertised, there are a lot of drones involved. Six of the 10 participating companies are focused on unmanned aerial vehicles, including businesses focused on designing and making … Continue reading “Techstars, Air Force Reveal First Boston Accelerator Investments”

MIT Raising Big Bucks From Corporations to Fund A.I. “Moonshots”

MIT plans to raise “hundreds of millions of dollars” from companies and philanthropic donors for a long-term, wide-ranging research initiative bringing together faculty, students, staff, and industry to attempt to better understand human intelligence—and use that knowledge to deliver breakthroughs in artificial intelligence that might have a broad impact on society. The initiative—called MIT Intelligence … Continue reading “MIT Raising Big Bucks From Corporations to Fund A.I. “Moonshots””

Look Out, Investors: Cryptocurrency Values Slide As Warnings Take Off

Bitcoin and other cryptocurrencies have seen dramatic but volatile price surges during the past year. But this month their billions in estimated market value are eroding, amid widening suspicions against one trading platform, a half-billion-dollar heist from another exchange, and an awakened global regulatory community. Warnings are on the rise from regulators, researchers, banking executives—and … Continue reading “Look Out, Investors: Cryptocurrency Values Slide As Warnings Take Off”

Bessemer Makes First Indiana Investment, Leads Zylo’s $9.3M Series A

When Indianapolis-based cloud software company Zylo was making the rounds in the Bay Area last year, talking to potential investors, the company kept hearing that it should meet with Silicon Valley firm Bessemer Venture Partners. Bessemer had never backed an Indiana tech company before but the meetings must have gone well, because Zylo has announced … Continue reading “Bessemer Makes First Indiana Investment, Leads Zylo’s $9.3M Series A”

Google Pulls Plug on Webpass in Boston Amid Growing Competition

In another setback for Google’s Internet business, the tech giant has decided to wind down the Boston-area operations of Webpass, a wireless Internet service provider Google Fiber acquired in June 2016. A statement e-mailed by a Google spokeswoman didn’t give a reason for the decision. “We’ll work with customers and partners to minimize disruption, and … Continue reading “Google Pulls Plug on Webpass in Boston Amid Growing Competition”

As A.I. Takes Off, We Need a Plan to Deal with Societal Disruption

As an Xconomist, I have been asked to predict what technology might really take off in 2018. My response is something of a “cheat” in that it relates to artificial intelligence (AI), a technology that has been poised to take off next year for the past several decades and a topic about which I have … Continue reading “As A.I. Takes Off, We Need a Plan to Deal with Societal Disruption”

Engine Biosciences Nabs $10M to Develop AI-Based Drug Discovery Tech

Engine Biosciences has raised $10 million in funding to further develop its artificial intelligence-based drug discovery tool. DHVC and 6 Dimensions Capital co-led the seed investment in the San Francisco-based company. Joining in the investment were WuXi AppTec, EDBI, Pavilion Capital, Baidu Ventures, WI Harper, and Nest.Bio Ventures. Engine says it has demonstrated that the … Continue reading “Engine Biosciences Nabs $10M to Develop AI-Based Drug Discovery Tech”

After Paper Shakes Sector, Gene Therapy Leader Jim Wilson Talks Safety

[Updated, 1/31/18, see below] Gene therapy pioneer James Wilson and University of Pennsylvania colleagues sounded an alarm Tuesday morning about the use of gene therapy to treat severe diseases like spinal muscular atrophy and Duchenne muscular dystrophy, sending a chill across the sector. Shares of several companies inched downward as word spread about the UPenn … Continue reading “After Paper Shakes Sector, Gene Therapy Leader Jim Wilson Talks Safety”

BridgeBio Picks Up Novartis Cancer Drug, Launches New Biotech Startup

BridgeBio Pharma has launched its latest biotech startup: a company built around an abandoned Novartis cancer drug candidate that is now backed by $65 million in fresh capital. The new company, QED Therapeutics, aims to pick up where Novartis (NYSE: [[ticker:NVS]]) left off. Novartis took the drug, infigratinib, as far as mid-stage clinical trials as … Continue reading “BridgeBio Picks Up Novartis Cancer Drug, Launches New Biotech Startup”

Evicted from the Smart City: No Citizens Needed

Tech vendors know when they knock on the doors of local politicians to pitch smart cities technologies and promising billions in savings, they are going to find a receptive audience. Big Tech promises what politicians desperately want to hear: that we can address deep-seated, structural urban problems through business-led technological innovation and somehow sidestep the … Continue reading “Evicted from the Smart City: No Citizens Needed”

Evergage Scoops Up MyBuys to Make Shopping More Personal

Evergage has acquired MyBuys in a deal that underscores the increasing importance of personalization in marketing products to consumers. Somerville, MA-based Evergage declined to share the price it paid to purchase the MyBuys merchandising products business from New York-based Magnetic, an advertising technology firm that merged with MyBuys in 2015. An undisclosed number of MyBuys … Continue reading “Evergage Scoops Up MyBuys to Make Shopping More Personal”

Dell Reportedly Mulling a VMware Reverse Merger: What Could It Mean?

Austin—Dell may be considering a reverse merger with VMware. Why? Dell has a load of debt and a group of private owners that bought the business off of the public markets in 2013, who may now be ready to get a return on their investment. News organizations reported during the last week that the Round … Continue reading “Dell Reportedly Mulling a VMware Reverse Merger: What Could It Mean?”

FDA Nixes Aradigm’s Inhaled Antibiotic, Asks for New Clinical Trial

Aradigm’s attempt to commercialize an inhalable version of a generic antibiotic as a treatment for chronic lung infections has stalled with the FDA’s rejection of the company’s drug approval application. Hayward, CA-based Aradigm (NASDAQ: [[ticker:ARDM]]) says it would be required to conduct another Phase 3 study of its version of ciprofloxacin (Linhaliq) in order to … Continue reading “FDA Nixes Aradigm’s Inhaled Antibiotic, Asks for New Clinical Trial”