An experimental GlaxoSmithKline treatment for multiple myeloma has achieved the main goal of a key study, and the drug maker plans to file for regulatory approval by the end of this year. GlaxoSmithKline (NYSE: [[ticker:GSK]]) said Friday that treatment with its drug, belantamab mafodotin, showed a “clinically meaningful overall response rate” in the study. The … Continue reading “GSK’s Cancer Comeback Continues With Data for Multiple Myeloma Drug”
Category: San Francisco
Bio Roundup: Sarepta’s Stumble, Opioid Suits, Shkreli’s Legacy & More
Biotech news tends to slow down in August but the past seven days have been busy for regulatory decisions. Three drugs and two devices won FDA nods. Not all companies were as fortunate. Several biotechs reported failed clinical trials or unfavorable FDA decisions. The most notable one might be the rejection of a Sarepta Therapeutics … Continue reading “Bio Roundup: Sarepta’s Stumble, Opioid Suits, Shkreli’s Legacy & More”
New BC Biotech Chinook Reels in $65M to Tackle Kidney Disease
About 15 percent of adults in the US, around 37 million people, are estimated to have chronic kidney disease, according to the Centers for Disease Control. They have very few therapeutic options and often progress to kidney failure, which is treatable only with dialysis or transplant. Chinook Therapeutics is looking to develop new treatments to … Continue reading “New BC Biotech Chinook Reels in $65M to Tackle Kidney Disease”
VMware Dropping $4.8B to Buy Carbon Black, Pivotal Software
VMware is shelling out big bucks for two companies to fill out its technology stack: developer platform Pivotal Software for $2.7 billion and cybersecurity firm Carbon Black for $2.1 billion. “These acquisitions address two critical technology priorities of all businesses today—building modern, enterprise-grade applications and protecting enterprise workloads and clients,” VMware CEO Pat Gelsinger said … Continue reading “VMware Dropping $4.8B to Buy Carbon Black, Pivotal Software”
Healthcare’s Future is Telemedicine & AI, But Will Everyone Benefit?
John Halamka thinks the digital health industry is still “emerging.” But it has come a long way and is starting to deliver after years of hype. Halamka, a Boston-based physician and healthcare technology expert, says that’s thanks to several coalescing factors: improved technology, more favorable financial incentives for using digital products in healthcare, and growing … Continue reading “Healthcare’s Future is Telemedicine & AI, But Will Everyone Benefit?”
Splunk To Pay $1B For SaaS App Monitoring Firm SignalFx
Splunk, an IT operations management and information security company, announced today it has clinched a deal to buy cloud software application monitoring company SignalFx for $1.05 billion. San Francisco-based Splunk (NASDAQ: [[ticker:SPLK]]) says the acquisition will enable it to give businesses a real-time, panoramic view of the performance of their cloud-based applications, whether their data … Continue reading “Splunk To Pay $1B For SaaS App Monitoring Firm SignalFx”
Ford’s Autonomic Connects EV Maker Ayro to Its Mobility Cloud
Ford subsidiary Autonomic today announced a step forward in its drive to expand the online mobility hub it built to manage digital interactions among cars, drivers, fleets, service providers, and auto manufacturers—including Ford’s rivals. Palo Alto, CA-based Autonomic signed up Ayro, an electric vehicle startup, as a paying customer of its Transportation Mobility Cloud (TMC), … Continue reading “Ford’s Autonomic Connects EV Maker Ayro to Its Mobility Cloud”
Oncorus Adds $79.5M to Steer Cancer-Fighting Virus to Human Testing
Nearly four years ago, the FDA approved a therapy that uses a virus to infect tumor cells and break them down—the first such viral therapy for treating cancer. Oncorus CEO Ted Ashburn says there’s room to improve on these oncolytic viruses and their role in immunotherapy, and his biotech startup is getting ready to show … Continue reading “Oncorus Adds $79.5M to Steer Cancer-Fighting Virus to Human Testing”
Startup Blooma Launches With $2.75M to Digitize Commercial Lending
Many facets of the finance industry, a highly regulated sector of the economy, are still reworking the tools used to move around money so that they fit a digital world. Digital mortgage lenders, for example, are having a field day, pulling in millions from investors who see opportunities to make money by speeding up the … Continue reading “Startup Blooma Launches With $2.75M to Digitize Commercial Lending”
Enterprise Software Startup Ally Nabs $8M to Support Global Growth
Ally, a startup developing software to help businesses chart strategies and track progress toward meeting goals, announced Monday it has raised $8 million from investors to support the Bellevue, WA-based company’s growth. Palo Alto, CA-based Accel led the Series A round, Ally says. Other participating investors included two Seattle-based venture capital firms, Founders’ Co-op and … Continue reading “Enterprise Software Startup Ally Nabs $8M to Support Global Growth”
Genentech’s Sandra Horning to Retire, Levi Garraway Named Successor
Roche subsidiary Genentech announced Monday that Sandra Horning, chief medical officer and head of global product development since 2014, will retire at the end of the year. Horning joined Genentech in 2009 as a senior vice president. Levi Garraway has been appointed Horning’s successor. Garraway recently resigned from Eli Lilly (NYSE: [[ticker:LLY]]), where he was … Continue reading “Genentech’s Sandra Horning to Retire, Levi Garraway Named Successor”
Pfizer Spinout SpringWorks, Migraine Drug Firm Satsuma Prep IPOs
The dog days of summer are here and IPO activity has slowed, but that hasn’t stopped some biotech companies from securing a place in the line leading to Wall Street. Late Friday, SpringWorks Therapeutics and Satsuma Pharmaceuticals filed paperwork to go public. SpringWorks spun out of Pfizer (NYSE: [[ticker:PFE]]) nearly two years ago, aiming to … Continue reading “Pfizer Spinout SpringWorks, Migraine Drug Firm Satsuma Prep IPOs”
Bio Roundup: Zolgensma Fallout, Duchenne Redux, Ebola Boost & More
We learned last week that the FDA was investigating Novartis for manipulating animal data related to its $2 million-a-dose gene therapy Zolgensma. The activity took place at AveXis, the firm Novartis bought for $8.7 billion in 2018, and Novartis reportedly knew but failed to report it to the FDA before the agency approved Zolgensma in … Continue reading “Bio Roundup: Zolgensma Fallout, Duchenne Redux, Ebola Boost & More”
Will Porsche Fans Ever Live in a Driverless World? Porsche Says No.
Imagine the transportation future 20 years from now. Here’s one way things could roll on a weekday: Many of us get picked up at home by a sturdy, standardized, driverless car that will also scoop up a few of our neighbors who work at other businesses near ours. Entering the highway, the vehicle automatically links … Continue reading “Will Porsche Fans Ever Live in a Driverless World? Porsche Says No.”
Four New Drugs Are Around the Corner. Here’s What You Need to Know.
[Updated, 3:40 pm ET, see below] The Food and Drug Administration approved 59 new drugs last year, a record for the agency which over the years has swung back and forth between tight control and leniency. We are in the midst of perhaps the agency’s most permissive era ever, thanks to its openness to speed … Continue reading “Four New Drugs Are Around the Corner. Here’s What You Need to Know.”
Qualcomm Taps Former Palo Alto Networks CEO as Board Chairman
Wireless giant Qualcomm has appointed Mark McLaughlin, the former CEO of network security company Palo Alto Networks, as chairman of its board of directors. McLaughlin joined Silicon Valley-based Palo Alto Networks (NYSE: [[ticker:PANW]]) as president and CEO in 2011, ahead of its 2012 IPO. He served as the company’s top executive through June 2018. Prior … Continue reading “Qualcomm Taps Former Palo Alto Networks CEO as Board Chairman”
After Drought, Digital Health’s Summer of IPOs Brings Validation
After a nearly three-year period in which not a single digital health company held an initial public stock offering, the dry spell has ended. In recent weeks, four healthcare software and technology businesses—Change Healthcare, Health Catalyst, Livongo Health, and Phreesia—held IPOs. Taken as a whole, these public market debuts were mostly successful, and could persuade … Continue reading “After Drought, Digital Health’s Summer of IPOs Brings Validation”
Genomics Experts Preview Xconomy’s Aug. 27 Bay Area Biotech Forum
Study of the human genome has yielded new insights into the origins of diseases and the pathways to potentially cure them. Join Xconomy and Biocom the evening of Aug. 27 to hear from leaders in the field for “Turning Genomics Into Better Health,” our life sciences forum at Biocom Bay Area. We’ll explore the hope, … Continue reading “Genomics Experts Preview Xconomy’s Aug. 27 Bay Area Biotech Forum”
Cleave Therapeutics Appoints Amy Burroughs CEO, Scott Harris COO
Cleave Therapeutics appointed Amy Burroughs to serve as its CEO. The San Francisco drug developer also announced $12 million in financing to advance cancer drug candidate CB-5339 through Phase 1 testing in acute myeloid leukemia. The financing was led by 5AM Ventures, Celgene (NASDAQ: [[ticker:CELG]]), Orbimed, U.S. Venture Partners, Arcus Ventures, Astellas Venture Management, and … Continue reading “Cleave Therapeutics Appoints Amy Burroughs CEO, Scott Harris COO”
Bio Roundup: Surprise News, a Gene Therapy Mess & a CAR-T Step
Gene therapy has become one of the hottest fields in biomedicine, with two treatments approved in the US already and several more on the way. But surprise news this week regarding Zolgensma, the recently approved spinal muscular atrophy treatment, cast a cloud over its progress. The FDA revealed that Novartis subsidiary AveXis had “manipulated” data … Continue reading “Bio Roundup: Surprise News, a Gene Therapy Mess & a CAR-T Step”
Bayer Buys Out BlueRock, Betting at Least $240M More on Cell Therapy Work
Versant Ventures and Bayer have started several biotechs together. But today marks the first time the German drug maker takes a step further and buys one of them: cell therapy developer BlueRock Therapeutics. Bayer already owns a 40.8 percent stake in BlueRock through its Leaps by Bayer venture arm. But it will pay $240 million … Continue reading “Bayer Buys Out BlueRock, Betting at Least $240M More on Cell Therapy Work”
Assembly Bio Taps Former Gilead Sciences Exec McHutchison for CEO
Days after stepping down as chief scientific officer of Gilead Sciences (NASDAQ: [[ticker:GILD]]), John McHutchison has surfaced as the new president and CEO of South San Francisco-based Assembly Biosciences (NASDAQ: [[ticker:ASMB]]). Assembly said Wednesday that McHutchison will also join the company’s board of directors. Last month, Gilead announced that McHutchison would leave after nearly a … Continue reading “Assembly Bio Taps Former Gilead Sciences Exec McHutchison for CEO”
Turning Genomics Into Better Health on Aug. 27: Early Bird Rate Ends Soon
Grab your ticket to attend Xconomy and Biocom’s summer biotech event in San Francisco, Turning Genomics Into Better Health. Leaders in the industry will discuss the progress made in reading genome sequences and turning that knowledge into opportunities to better understand and treat disease. Join us on Aug. 27 at Biocom’s South San Francisco office … Continue reading “Turning Genomics Into Better Health on Aug. 27: Early Bird Rate Ends Soon”
Ex-Achaogen Exec Janet Dorling Joins CymaBay as Chief Commercial Officer
CymaBay Therapeutics (NASDAQ: [[ticker:CBAY]]) has appointed Janet Dorling to serve as its chief commercial officer, the same position she held at antibiotics developer Achaogen. Her experience also includes time at Roche subsidiary Genentech. Newark, CA-based CymaBay is developing drugs for liver diseases. In June, the company reported preliminary Phase 2 results showing that its lead … Continue reading “Ex-Achaogen Exec Janet Dorling Joins CymaBay as Chief Commercial Officer”
Seattle Startup Remarkably Gets $4.1M to Market Real Estate Software
Remarkably, a Seattle-based startup that provides users with real estate marketing software and analytics services, announced Tuesday it has raised $4.1 million in seed funding. The company markets its software products to developers, owners, and managers of residential buildings with multiple apartments or condominiums, which are sometimes called “multi-family” dwellings. Remarkably’s digital tools are designed … Continue reading “Seattle Startup Remarkably Gets $4.1M to Market Real Estate Software”
Allogene Taps Adaptimmune’s Rafael Amado as Chief Medical Officer
Rafael Amado has been appointed executive vice president of research and development and chief medical officer of Allogene Therapeutics (NASDAQ: [[ticker:ALLO]]). He joins the South San Francisco cancer drug developer from Adaptimmune, where he was president of research and development. His experience also includes positions at GlaxoSmithKline (NYSE: [[ticker:GSK]]) and Amgen (NASDAQ: [[ticker:AMGN]]). Amado is … Continue reading “Allogene Taps Adaptimmune’s Rafael Amado as Chief Medical Officer”
GlycoMimetics Sickle Cell Drug Flops as Others Creep Forward
New treatments could soon be on the way for sickle cell disease, an inherited and debilitating blood disorder. But a drug from GlycoMimetics won’t be among them. GlycoMimetics (NASDAQ: [[ticker:GLYC]]) had been aiming to show that a drug called rivipansel could help sickle cell patients who are hospitalized with severe pain episodes, or “crises.” The … Continue reading “GlycoMimetics Sickle Cell Drug Flops as Others Creep Forward”
Bio Roundup: Pfizer’s Future, CRISPR in Patients, Drug Imports & More
[Corrected 12:55 p.m. ET. See below.] Acquisitions made Pfizer what it is today: the world’s biggest drug maker measured by revenue. But as the company maps its future, CEO Albert Bourla is breaking some of that legacy apart. Blockbuster drugs such as Viagra, which was discovered in-house, and Lipitor, which came via acquisition, are currently … Continue reading “Bio Roundup: Pfizer’s Future, CRISPR in Patients, Drug Imports & More”
Adverum Biotechnologies Executive Mehdi Gasmi to Retire
Gene therapy developer Adverum Biotechnologies (NASDAQ: [[ticker:ADVM]]) announced Thursday that Mehdi Gasmi, the company’s president and chief scientific officer, is retiring. When Gasmi retires on Sept. 16, he will join the Menlo Park, CA, company’s board of directors. He will also serve as a consultant to the business for six months. Adverum says a search … Continue reading “Adverum Biotechnologies Executive Mehdi Gasmi to Retire”
Frontier Medicines Adds Kevin Webster, Johannes Hermann to C-Suite
Frontier Medicines has appointed Kevin Webster to serve as the cancer drug developer’s chief scientific officer. Webster most recently worked at eFFECTOR Therapeutics as its senior vice president of cancer biology. Frontier also named Johannes Hermann its chief technology officer. Hermann was most recently senior director and global head for data sciences at Johnson & … Continue reading “Frontier Medicines Adds Kevin Webster, Johannes Hermann to C-Suite”
Ford, Retreating From Bold Timeline, Buys Quantum Signal for AV Tech
Back in 2016, Ford’s then-CEO Mark Fields fired a shot across the bow when he made a daring pledge. The big automaker would deploy fully autonomous fleet vehicles as part of a ride-sharing or ride-hailing service by 2021, when it would also be mass-producing such vehicles, he said. Earlier this year, though, current Ford CEO … Continue reading “Ford, Retreating From Bold Timeline, Buys Quantum Signal for AV Tech”
Amicus Offers First Look At Gene Therapy Work With Batten’s Data
Amicus Therapeutics bought a spinout of Nationwide Children’s Hospital last year as part of a plan to become a player in the emerging field of gene therapy. Today it is providing the first evidence, in humans, that the investment could pay dividends. The results Amicus (NASDAQ: [[ticker:FOLD]]) are disclosing this morning come with plenty of … Continue reading “Amicus Offers First Look At Gene Therapy Work With Batten’s Data”
White House Floats Canadian Import Plan But Excludes Many Costly Drugs
[Updated, 6:18 p.m. ET. See below.] The Trump administration unveiled Wednesday a long-awaited plan to import cheaper medications from Canada and other countries. The US Department of Health and Human Services says the two proposals are part of the administration’s strategy to curb high prescription-drug prices, which has often been short on action despite the … Continue reading “White House Floats Canadian Import Plan But Excludes Many Costly Drugs”
Mark Levin Named Xconomy’s 2019 Lifetime Achievement Award Winner in Boston
We at Xconomy are excited to announce that we are honoring Mark Levin, co-founder and partner at Third Rock Ventures, with our 2019 Lifetime Achievement Award in Boston. The award recognizes Levin’s extensive contributions to the biotech industry and to the Boston life sciences ecosystem. Levin built Millennium Pharmaceuticals—inspiring a generation of future executives/entrepreneurs along … Continue reading “Mark Levin Named Xconomy’s 2019 Lifetime Achievement Award Winner in Boston”
Illumina Cuts Forecasts As Consumer Tests, Genomics Initiatives Lag
About this time last year, DNA sequencing giant Illumina upped its financial projections, estimating its sales would grow 20 percent year-over-year. It exceeded that goal, with revenue rising 21 percent to $3.33 billion by the end of 2018. It’s a different financial story this summer. On Monday, Illumina (NASDAQ: [[ticker:ILMN]]) informed the markets that it … Continue reading “Illumina Cuts Forecasts As Consumer Tests, Genomics Initiatives Lag”
Exact Sciences Buying Genomic Health in $2.8B Cancer Diagnostics Deal
[Updated 7/29/19, 10:19 am CT. See below.] With ambitious sales goals and its stock trading at an all-time high this year, cancer diagnostics firm Exact Sciences decided to go shopping. The result is a deal announced Monday to acquire Genomic Health for $2.8 billion in cash and stock, a combination that Exact CEO Kevin Conroy … Continue reading “Exact Sciences Buying Genomic Health in $2.8B Cancer Diagnostics Deal”
Merck Data Are Another Step for Immunotherapy in Breast Cancer
Merck this morning announced that a combination of its drug pembrolizumab (Keytruda) and chemotherapy succeeded in a Phase 3 study in breast cancer, a potentially notable advance for immunotherapy in treating the disease. Merck (NYSE: [[ticker:MRK]]) said that Keytruda and chemotherapy beat chemo alone when given to patients with triple-negative breast cancer in a study … Continue reading “Merck Data Are Another Step for Immunotherapy in Breast Cancer”
Xconomy’s August San Francisco Event to Focus on Genomics and Health
In both health and disease, our genes have stories to tell. Two decades since the first draft of a human genome sequence, we’re starting to read them. On Aug. 27, Xconomy and Biocom will hold “Turning Genomics Into Better Health,” an event that will delve into the promise and perils of tapping into the secrets … Continue reading “Xconomy’s August San Francisco Event to Focus on Genomics and Health”
Verb Surgical Taps Kurt Azarbarzin for CEO Role
Surgical robot developer Verb Surgical has appointed Kurt Azarbarzin to serve as its new CEO. He joins Mountain View, CA-based Verb from CONMED, where he was chief technology officer. Azarbarzin’s experience also includes senior roles at SurgiQuest, Tyco Healthcare, and Covidien. Azarbarzin succeeds former Verb CEO Scott Huennekens, who left the company at the end … Continue reading “Verb Surgical Taps Kurt Azarbarzin for CEO Role”
Duchenne Advocates Start Casimir, Aiming to Capture Missing Data
Three years ago, the FDA made one of the most polarizing decisions in its history. It approved a drug for the rare genetic disease Duchenne muscular dystrophy on the slimmest of evidence, a watershed moment that caused a highly publicized rift within the agency. In the midst of it all were parents who pushed hard … Continue reading “Duchenne Advocates Start Casimir, Aiming to Capture Missing Data”
Bio Roundup: Leiden’s Exit, Depression Data, a New Pricing Bill & More
What will the legacy be of Jeff Leiden, the longtime CEO of Vertex Pharmaceuticals? Vertex surprised Wall Street this week by announcing Leiden’s seven-year run will end next spring. In some ways, his legacy is already written. He steered Vertex through a crisis when its hepatitis C business was squashed by competition, in no small … Continue reading “Bio Roundup: Leiden’s Exit, Depression Data, a New Pricing Bill & More”
No Co-Founder? Y Combinator Offers Matchmaking at Startup School
From the moment Talia Frenkel resolved to found a company after a kitchen-table talk with her parents, the odds were against her. There were a host of reasons—she wasn’t a software engineer, she had no product development experience, and she wanted to launch a consumer item that was already sold widely by established enterprises. Yet … Continue reading “No Co-Founder? Y Combinator Offers Matchmaking at Startup School”
As Castle Bio Jumps on IPO Train, Industry Trends Suggest Slowdown
Castle Biosciences is joining the public markets through a $64 million IPO that will support cancer tests that help doctors make treatment decisions. On Wednesday evening, Castle priced its offering of 4 million shares at $16 apiece, which was the high end of its targeted price range. The Friendswood, TX, company had previously planned to … Continue reading “As Castle Bio Jumps on IPO Train, Industry Trends Suggest Slowdown”
Livongo Upsizes IPO to $355M in Bid to Become Netflix of Health
Livongo Health, a digital health company developing devices and software to help patients manage treatment for diabetes and other chronic conditions, said it expects to net $355.2 million in an initial public offering. Mountain View, CA-based Livongo late Wednesday priced its offering of approximately 12.7 million shares of its common stock at $28 per share. … Continue reading “Livongo Upsizes IPO to $355M in Bid to Become Netflix of Health”
Bristol, With Another Lung Cancer Flop, Loses More Ground to Merck
Bristol-Myers Squibb (NYSE: [[ticker:BMY]]) this afternoon revealed yet another setback for its cancer immunotherapy nivolumab (Opdivo) in lung cancer, boosting the outlook for rival Merck. The New York pharma giant said that a regimen of nivolumab (Opdivo) and chemotherapy failed to extend the lives of non-squamous, non-small cell lung cancer patients compared to chemo alone … Continue reading “Bristol, With Another Lung Cancer Flop, Loses More Ground to Merck”
The Entrepreneurial Potential of Cannabis
Recreational marijuana is now legal here in Massachusetts and it seems that everywhere you look, people are excited to create business ventures around it. But, like any other business endeavor, research, planning, and discipline are essential – maybe even more so given the legal and regulatory issues involved with cannabis. As of now, marijuana is fully legal … Continue reading “The Entrepreneurial Potential of Cannabis”
Freenome Snags $160M to Boost Blood Test for Early Cancer Detection
Freenome, one of the rivals racing to detect the earliest signs of cancer through blood tests, announced Wednesday it has raised $160 million in a Series B funding round. The money boosts Freenome’s fundraising total to $238 million. It’s a boon for the South San Francisco startup founded in 2014, but not an unusual haul … Continue reading “Freenome Snags $160M to Boost Blood Test for Early Cancer Detection”
TScan Lands $48M for Better, Safer T-Cell Receptor Cancer Therapies
Despite the progress of therapies that coax the immune system to fight cancer, these treatments don’t work for all patients. When they are effective, some patients experience serious side effects. TScan Therapeutics CEO David Southwell says his company aims to improve cancer immunotherapy on both fronts. TScan’s research is still in the lab, but the … Continue reading “TScan Lands $48M for Better, Safer T-Cell Receptor Cancer Therapies”
With Regulator’s Nod, Bosch Plans Spread of Driverless Valet Parking
Mass fleets of self-driving cars have yet to arrive on our streets, but people are already worrying about where they’re going to park. If they all just circle around city blocks, competing to offer on-demand rides, they could slow traffic to a crawl, industry observers say. Autonomous robotaxi services like Alphabet unit Waymo’s are still … Continue reading “With Regulator’s Nod, Bosch Plans Spread of Driverless Valet Parking”
Microsoft’s $1B For OpenAI Aimed at Improving Azure Cloud Platform
Microsoft announced Monday it will invest $1 billion in OpenAI, a young venture that aims to democratize the benefits of artificial intelligence and software-driven automation. The Redmond, WA-based tech giant says it will work with OpenAI in coming years to enhance Microsoft’s existing cloud computing and AI platform, Azure. San Francisco-based OpenAI says it plans … Continue reading “Microsoft’s $1B For OpenAI Aimed at Improving Azure Cloud Platform”