It would have been a surprise—at least to me—to see any group of investors seek more deals in this turbulent economy. So it wasn’t shocking to see that many angel groups reported less deal activity in the Angel Capital Association’s (ACA) latest nationwide Angel Group Confidence Report. The Lenexa, KS-based angel association says it tapped … Continue reading “Angel Groups Pull Back in 2008”
Category: National
Infinity Pharmaceuticals Gets Back Full Rights to Cancer Drugs From AstraZeneca
Infinity Pharmaceuticals is regaining full commercial rights to develop cancer drugs that block a target called heat shock protein 90. The biotech company’s partner, London-based drugmaker AstraZeneca, decided to hand back its 50 percent stake in the program to its partner Cambridge, MA-based Infinity (NASDAQ: [[ticker:INFI]]) This news could be spun a couple ways. It … Continue reading “Infinity Pharmaceuticals Gets Back Full Rights to Cancer Drugs From AstraZeneca”
Amylin Shares Soar as Diabetes Drug Catches a Break From FDA
Amylin Pharmaceuticals stock shot up this morning after the company said it had some good fortune in dealings with the FDA. The San Diego biotech said it will be able file an application to market its diabetes drug, the once-weekly version of exenatide, in the first half of 2009 after all. That’s despite a warning … Continue reading “Amylin Shares Soar as Diabetes Drug Catches a Break From FDA”
Spark Contributes to Tumblr’s $4.5 Million Series B Round
Boston’s Spark Capital and New York’s Union Square Ventures are the lead co-investors in a $4.5 million Series B financing round for Tumblr, a tiny New York-based startup that offers a stripped down, extremely user-friendly “microblogging” platform. The investment, announced this morning, is a huge boost over the startup’s $775,000 initial financing, led last year … Continue reading “Spark Contributes to Tumblr’s $4.5 Million Series B Round”
Mars Postponed: Launch Delay Gives Little Company Another Chance to ‘Wow The Public’
When NASA announced last week it was postponing the launch of its next mission to Mars by 26 months, Michael Ravine says his heart sank—and then he breathed a sigh of relief.As the advanced projects manager at San Diego’s Malin Space Science Systems, Ravine says his team has been working frantically to deliver two cameras … Continue reading “Mars Postponed: Launch Delay Gives Little Company Another Chance to ‘Wow The Public’”
Healionics Scores $2.6M Angel Backing to Promote Healing Around Medical Devices
Good news this morning from Redmond, WA-based Healionics. The company, which develops technology to promote healing around implantable medical devices, has raised $2.6 million in a second round of angel financing. The cash comes from some of the Northwest’s biggest angel networks, including the Alliance of Angels, Bellingham Angels, Keiretsu, Tacoma Angel Network, and Zino … Continue reading “Healionics Scores $2.6M Angel Backing to Promote Healing Around Medical Devices”
How To Invent: Tips on Global Technology from Patrick Ennis of Intellectual Ventures (Part 1)
Why can’t big companies invent? How should inventors handle their intellectual property? And what are countries around the world doing on these fronts? I recently stopped by Intellectual Ventures in Bellevue, WA, to get the scoop from Patrick Ennis, IV’s global head of technology. Ennis was a venture capitalist with Arch Venture Partners in Seattle … Continue reading “How To Invent: Tips on Global Technology from Patrick Ennis of Intellectual Ventures (Part 1)”
Seattle Genetics Drug Fights Hodgkin’s, Frazier Sounds Off on Biotech Ventures, SBRI Pushes Malaria Vaccine, & More Seattle-Area Life Sciences News
Maybe everybody’s rushing to scratch things off the to-do list before the holidays, but this was one of the busiest weeks of the year we’ve seen in Seattle biotech news. Here are the highlights. —Seattle Genetics had a big week. The Bothell, WA-based biotech company (NASDAQ: [[ticker:SGEN]]) said follow-up data in a clinical trial of … Continue reading “Seattle Genetics Drug Fights Hodgkin’s, Frazier Sounds Off on Biotech Ventures, SBRI Pushes Malaria Vaccine, & More Seattle-Area Life Sciences News”
Online Communities Meet Clinical Trials: Inspire’s Co-Founder on Social Networking, “Health 2.0,” and Trust
One thing leads to another, especially for reporters. After we published our Boston Health 2.0 Cluster story in June, I started getting a lot of invitations to attend and/or moderate local events relating the Web’s influence on the healthcare market. One such event was a weekend brunch hosted by IC Sciences executive vice president Steve … Continue reading “Online Communities Meet Clinical Trials: Inspire’s Co-Founder on Social Networking, “Health 2.0,” and Trust”
A Car Company at the Web Innovators Group?
Last night’s 20th meeting of the Web Innovators Group at Cambridge’s Royal Sonesta Hotel was possibly the largest ever, spilling from the usual ballroom into the adjacent conference rooms and attracting a crowd so thick that it was difficult to see the demo tables. Perhaps the high attendance was to be expected, given the layoffs … Continue reading “A Car Company at the Web Innovators Group?”
Qualcomm Executives Look for Industry Rebound Next Summer
The economic downturn means it’s likely the wireless industry will stay with third-generation, or 3G, technologies for the foreseeable future, Qualcomm’s top executives said last night during a panel discussion. Qualcomm CEO Paul Jacobs said customers of the San Diego wireless giant have pushed out their chip orders for 3G technologies because of the economic … Continue reading “Qualcomm Executives Look for Industry Rebound Next Summer”
India’s Innovation Front Lines, Part 3: Of Property Markets, Both Physical and Intellectual
New Delhi, December 10—The housing meltdown in the U.S. got me thinking about the property market in India. With the dramatic urbanization and growth of Indian cities property prices have skyrocketed. In good neighborhoods in Delhi prices have increased 100x in 30 years. I met a small dairy farmer who supplied a neighborhood with milk … Continue reading “India’s Innovation Front Lines, Part 3: Of Property Markets, Both Physical and Intellectual”
Lucid Imagination Raises $6 Million for Open Source Search Support
Lucid Imagination, a startup in Newton Highlands, MA, that specializes in support and services for the open-source search technologies Lucene and Solr, has collected $6 million out of a $7.5 million Series A financing round, according to a report yesterday in Private Equity Hub. Lucid’s Series A investors include Granite Ventures and Walden International, both … Continue reading “Lucid Imagination Raises $6 Million for Open Source Search Support”
Acusphere Stock Temporarily Halted During FDA Panel on Heart Imaging Drug
(UPDATE: This story has been corrected from an earlier version, which said Acusphere stock has been “bounced” from the Nasdaq exchange. The shares haven’t been de-listed, but trading in Acusphere has been temporarily halted today while an FDA advisory panel meets to discuss whether to recommend approval of its lead product candidate, Imagify. This is … Continue reading “Acusphere Stock Temporarily Halted During FDA Panel on Heart Imaging Drug”
Targanta Faces New Challenges to Raise Cash After FDA Shoots Down the Firm’s Antibiotic
Targanta Therapeutics (NASDAQ:[[ticker:TARG]]) faces an uphill journey now that the FDA has decided to not to approve the Cambridge, MA-based biotech firm’s antibiotic oritavancin. The FDA, in summary, told Targanta to conduct an additional clinical trial to show the safety and effectiveness of oritavancin before it seeks approval again. The drug is intended to treat … Continue reading “Targanta Faces New Challenges to Raise Cash After FDA Shoots Down the Firm’s Antibiotic”
Novartis Deal Could Boost Ascent by $200M, Ariad’s Boardroom Drama Comes to Light, Targanta Takes Another Hit, & More Boston-Area Life Sciences News
Boston-area life sciences firms made a good showing at two important meetings this week. Luke and Ryan gave the rundown on those, and took a look at a couple very interesting startups. —Ryan checked in with Frank Reynolds, spinal-cord-injury survivor and CEO of InVivo Therapeutics, about the progress of his company’s Cambridge, MA-based effort to … Continue reading “Novartis Deal Could Boost Ascent by $200M, Ariad’s Boardroom Drama Comes to Light, Targanta Takes Another Hit, & More Boston-Area Life Sciences News”
Who’s Hiring in Seattle Biotech? It’s Not All Layoffs, All the Time
(UPDATE: This story has added information at the end about openings at the Institute for Systems Biology.) Mass firings dominate the news almost every day now, yet some companies are still hiring. Since a lot of highly-skilled and experienced people have been thrown out of work lately, I thought I’d check around to see where … Continue reading “Who’s Hiring in Seattle Biotech? It’s Not All Layoffs, All the Time”
Zacharon Aspires to Create a New Class of Drugs, Glycan-Blockers
Most drugs act by interfering with signaling proteins in cells or receptors on cell surfaces. San Diego-based Zacharon Pharmaceuticals has a different idea, by trying to interrupt the complex carbohydrates known as glycans, that can alter the function of proteins. This concept has been around the biotech industry a number of years, without a whole … Continue reading “Zacharon Aspires to Create a New Class of Drugs, Glycan-Blockers”
Boston-Power Strikes Deal with Hewlett-Packard to Market Longer-Lived, Eco-Friendly Laptop Batteries
After raising $70 million in venture funding and spending more than three years on the development of next-generation lithium-ion batteries, Westborough, MA-based Boston-Power has won its first big customer: It’s the supplier behind a new line of replacement laptop batteries from Hewlett-Packard. Branded as the “HP Enviro Series” but based entirely on Boston-Power’s Sonata technology, … Continue reading “Boston-Power Strikes Deal with Hewlett-Packard to Market Longer-Lived, Eco-Friendly Laptop Batteries”
Seattle-Area Social Networking Sites Roll Out Plans to Drum Up New Business
Two of the area’s more interesting social-networking startups are announcing new product offerings today. Each has been quietly building its business this year without a lot of fanfare. One plays in the professional networking arena, while the other focuses on families and friends. Both need to drum up new users in a tough economic climate. … Continue reading “Seattle-Area Social Networking Sites Roll Out Plans to Drum Up New Business”
Mobile Photo Community SnapMyLife Uploads Another $5 Million
Back in April I wrote about Mobicious, a Needham, MA, startup that once focused on publishing a directory of mobile applications but took a dramatic turn in direction by launching a free, advertising-supported photo-sharing community called SnapMyLife that’s optimized for mobile phones, especially the Apple iPhone. After just eight months, SnapMyLife has signed up more … Continue reading “Mobile Photo Community SnapMyLife Uploads Another $5 Million”
Arena Insomnia Pill Fails in Clinical Trial, Halts Development of Drug
Arena Pharmaceuticals is scrapping development of its experimental insomnia medicine, after it failed to reach its primary and secondary goals in a clinical trial of more than 700 patients. The San Diego-based biotech company (NASDAQ: [[ticker:ARNA]]) didn’t have much more to say than that, other than it’s in a hurry to turn the page and … Continue reading “Arena Insomnia Pill Fails in Clinical Trial, Halts Development of Drug”
Novocell Teams with Japanese Stem Cell Star
San Diego-based Novocell, a developer of embryonic stem cell therapies for diabetes, said today it has formed a partnership with one of the world leaders in stem cell biology, Shinya Yamanaka of Kyoto University. Yamanaka dominated headlines a year ago when his team, along with James Thomson of the University of Wisconsin, showed they could … Continue reading “Novocell Teams with Japanese Stem Cell Star”
Seattle-based Kineta, New Biotech Startup, Unveils Plan to Trigger Innate Immunity
Two veterans of Illumigen Biosciences, the Seattle-based company that was acquired a year ago by Lexington, MA-based Cubist Pharmaceuticals, have resurfaced in a new biotech venture in Seattle called Kineta. Shawn Iadonato and Charles Magness co-founded the company to develop new classes of therapies to enhance the innate immune system to fight viral infections and … Continue reading “Seattle-based Kineta, New Biotech Startup, Unveils Plan to Trigger Innate Immunity”
New Biotechs and Other Tidbits from Mass Biotech Council Pitch Event
Last week I wrote that the current financial crisis would likely flavor the goings on here at today’s Massachusetts Biotechnology Council’s (MBC) 10th annual investors forum, and my conversations from biotech executives and the early comments of industry officials on event panels confirmed this repeatedly. Bob Coughlin, president of the MBC, stressed that “creativity” was … Continue reading “New Biotechs and Other Tidbits from Mass Biotech Council Pitch Event”
Dot Hill Systems Enacting Cutbacks to Save Cash
Dot Hill Systems (NASDAQ: [[ticker:HILL]]) said today it plans to shut down about 40 percent of its Carlsbad facility as part of a restructuring plan intended to save as much as $1.75 million. The company, which makes network-based data storage systems, did not disclose how many employees would be affected, but estimated its severance costs … Continue reading “Dot Hill Systems Enacting Cutbacks to Save Cash”
Microsoft’s BizSpark Program, In First 30 Days, Reaches Thousands of Startups, Developers
It’s been a whirlwind month for Cliff Reeves. The Microsoft general manager just got back from Eastern Europe and China, where he was promoting the debut of BizSpark, Microsoft’s new outreach program for startups. The program offers free software, development tools, and technical support to early-stage startups worldwide, with the goal of helping local software … Continue reading “Microsoft’s BizSpark Program, In First 30 Days, Reaches Thousands of Startups, Developers”
A Noble Mission to Turn Parking Lots into “Solar Groves”
Architect Bob Noble was the CEO of San Diego’s Tucker Sadler firm when Kyocera America asked if he would consider designing a “solar carport” for its San Diego headquarters, using photovoltaic solar panels made by Kyocera. The request might have been a non-starter at any other venerable, 50-year-old firm. Solar carports, after all, have been … Continue reading “A Noble Mission to Turn Parking Lots into “Solar Groves””
Blood News: A Quick Rundown of Headlines From the American Society of Hematology
The American Society of Hematology (ASH) is one of those scientific meetings that usually flies below the radar of the wire services and big newspapers. Still, this year’s event in San Francisco has drawn more than 21,000 physicians, scientists, and intensely interested folks from biotech companies and Wall Street. They are all scouting new treatments … Continue reading “Blood News: A Quick Rundown of Headlines From the American Society of Hematology”
The Quest for a Malaria Vaccine: SBRI’s Stefan Kappe Stares Down a Leading Candidate
If everything breaks right for Stefan Kappe‘s research, he’ll be able to tell the grandkids he played a leading role in wiping out malaria. It will probably take 10 years, if not longer. But this guy is clearly undaunted. On a Friday afternoon at his office at the Seattle Biomedical Research Institute (SBRI), the German … Continue reading “The Quest for a Malaria Vaccine: SBRI’s Stefan Kappe Stares Down a Leading Candidate”
Microsoft and EMC Get Secure, PATH Puts $3M Into Bird Flu, Amazon Closes Book on Abe, & More Seattle-Area Deals News
It was a very slow week for deals in the Northwest, with layoffs and other bad news dominating the headlines. But there were still a few deals in biotech, software, and e-commerce. —The Fred Hutchinson Cancer Research Center in Seattle raised more than $2.2 million in donations for its research programs at its annual holiday … Continue reading “Microsoft and EMC Get Secure, PATH Puts $3M Into Bird Flu, Amazon Closes Book on Abe, & More Seattle-Area Deals News”
City Trash Cans Go Solar—and Wireless—to Save Big Bucks on Garbage Trucks
The only solar-powered trash compactor that most people could name is Wall-E, the fictional lovestruck robot from this summer’s Pixar movie. But in Boston, San Diego, Seattle, and more than a dozen other major cities, you can meet the real thing: the BigBelly Cordless Compaction System, a 200-gallon robotic trash container manufactured by Needham, MA-based … Continue reading “City Trash Cans Go Solar—and Wireless—to Save Big Bucks on Garbage Trucks”
Millennium’s Velcade, As Time Wears On, Shows Durable Ability to Prolong Lives
Millennium Pharmaceuticals may not be the breakout performer at this year’s American Society of Hematology (ASH) meeting like it was a year ago, but another 12 months of follow-up data is strengthening the case that its cancer drug is no fluke. Cambridge, MA-based Millennium, now a unit of Japan’s Takeda Pharmaceuticals, presented follow-up data today … Continue reading “Millennium’s Velcade, As Time Wears On, Shows Durable Ability to Prolong Lives”
RealNetworks Goes Mobile, Releases Games for iPhone
Seattle-based RealNetworks is introducing games for the iPhone and other mobile devices, according to a report in VentureBeat today. Six games are coming out on the iPhone this quarter, including Tiki Towers, a survival-adventure game released last week on some mobile phones. It will be out on the iPhone and iPod Touch on December 15, … Continue reading “RealNetworks Goes Mobile, Releases Games for iPhone”
Ariad CEO Fires Back at Resigning Directors and Their “False and Misleading” Attacks
Ariad Pharmaceuticals Chairman and CEO Harvey Berger defended himself this morning in a conference call with investors, after a nasty boardroom dispute spilled out into plain view and four directors accused him of “grossly inappropriate” conduct. The controversy emerged late Friday when Ariad disclosed in a regulatory filing that four of its nine directors resigned … Continue reading “Ariad CEO Fires Back at Resigning Directors and Their “False and Misleading” Attacks”
Pure Bioscience Partners With Ciba; Overland Storage Gets Financing; ConfirmNet Buyout Closes; & More San Diego-Area Deals News
The rainy season is upon us here in San Diego, but the deal landscape remains a bit parched—especially when it comes to funding new companies. But a deal’s a deal, right? So here’s our rundown on deals and other news. —San Diego’s Pure Bioscience (NASDAQ: [[ticker:PURE]]) struck a global marketing agreement with Ciba, the Swiss … Continue reading “Pure Bioscience Partners With Ciba; Overland Storage Gets Financing; ConfirmNet Buyout Closes; & More San Diego-Area Deals News”
Finding Another Saudi Arabia Under Detroit: Amory Lovins on the Economic Logic of Energy Efficiency and the Overthrow of Bad Engineering
Xconomy had the great privilege last week of hosting energy guru Amory Lovins, the cofounder, chairman, and chief scientist of the famous Rocky Mountain Institute resource think tank in Colorado, for a “fireside chat” with local venture community leader Paul Maeder of Highland Capital Partners. There was no real fire or other unwarranted carbon emissions, … Continue reading “Finding Another Saudi Arabia Under Detroit: Amory Lovins on the Economic Logic of Energy Efficiency and the Overthrow of Bad Engineering”
Alder Gets Early Christmas Present: FDA Slaps Down Its Rival, Roche
Alder Biopharmaceuticals caught a lucky break last week. The Bothell, WA-based biotech company saw its biggest competitor, Swiss drug giant Roche, get kneecapped by the FDA. The U.S. drug regulator delayed Roche’s application to sell a new rheumatoid arthritis drug, asking it to do more animal studies, which will probably keep the drug off the … Continue reading “Alder Gets Early Christmas Present: FDA Slaps Down Its Rival, Roche”
Avila Comes Out of Stealth to Talk Bonds, Covalent Bonds
Remember that 10th grade chemistry lesson on the difference between covalent and ionic bonds? Me neither. But I got a refresher on the topic last week from Avila Therapeutics, a Waltham, MA-based startup that thinks this chemistry is crucial to creating a new class of more effective drugs. Avila has kept a pretty low profile … Continue reading “Avila Comes Out of Stealth to Talk Bonds, Covalent Bonds”
Ambrx Aims to Create New Breed of Custom-Built Biotech Drugs
One thing I love about our new Xconomy San Diego office: I could practically shout out the window and get the attention of one of the fastest-growing private biotech companies in the region, Ambrx. (Although I bet the landlord, Alexandria Real Estate Equities, wouldn’t take too kindly.) I actually scheduled a meeting with Ambrx CEO … Continue reading “Ambrx Aims to Create New Breed of Custom-Built Biotech Drugs”
Big Fish Swims Against Current, Looks To Make New Hires—and Not Only for Games
“We’re not just a gaming company,” says Glenn Walcott. The chief financial officer of Seattle-based Big Fish Games is telling me about his company’s focus on new hires, and this comes as a bit of surprise. People tend to think of Big Fish as a game producer, but Walcott stresses that most of its engineers … Continue reading “Big Fish Swims Against Current, Looks To Make New Hires—and Not Only for Games”
India’s Innovation Front Lines, Part 2: Of Industry-Targeted Degrees, Water, and Spinoffs
Chandigarh, Sunday, December 7—I drove straight north from Delhi to Chandigarh about 300 km, on a much improved four-lane highway. Chandigarh is a planned city that was designed by the French architect Le Corbusier in the late 1950s. It remains a delightfully livable city that the rest of India has failed to emulate. I am … Continue reading “India’s Innovation Front Lines, Part 2: Of Industry-Targeted Degrees, Water, and Spinoffs”
GamerDNA’s New Discovery Engine Helps Gamers Find More Games They’ll Love
There’s a startup in Cambridge, MA, that’s quietly collecting gigabytes of data about the likes, dislikes, habits, and exploits of hard-core gamers. Given how lucrative console and online gaming have become—bringing in $1.3 billion for U.S. publishers in October alone, up 18 percent from the same month last year—you might guess that the startup intends … Continue reading “GamerDNA’s New Discovery Engine Helps Gamers Find More Games They’ll Love”
Seattle Genetics “Empowered Antibody” Shines at Blood Disease Meeting
The longer Seattle Genetics keeps following cancer patients who took its lead drug candidate, the better the data looks. The Bothell, WA-based biotech company released some stellar (albeit preliminary and without a control group) clinical trial results today that show its “empowered antibody” is able to wipe out aggressive forms of Hodgkin’s disease with minimal … Continue reading “Seattle Genetics “Empowered Antibody” Shines at Blood Disease Meeting”
Orexigen Director, Daniel Turner, Buys 300,000 Shares After Bad News Depressed The Stock
One of the directors of San Diego-based Orexigen Therapeutics, Daniel K. Turner III of Montreux Equity Partners, bought 300,000 shares of the company’s stock today for his fund after the price dipped on some bad news. Turner, who joined the board in April 2005, disclosed today’s purchases, at prices between $3.20 and $3.50 a share, … Continue reading “Orexigen Director, Daniel Turner, Buys 300,000 Shares After Bad News Depressed The Stock”
Ariad Directors Resign En Masse, Accuse CEO of “Grossly Inappropriate” Behavior
A boardroom dispute at Cambridge, MA-based Ariad Pharmaceuticals exploded into public late today. Four of the biotech company’s nine directors quit over “vigorous disagreements” with CEO Harvey Berger, accusing him of “grossly inappropriate” and “manipulative” conduct in pushing through a merger with a gene therapy operation, according to a filing today with the Securities and … Continue reading “Ariad Directors Resign En Masse, Accuse CEO of “Grossly Inappropriate” Behavior”
Calypso Medical Cuts 36 Jobs To Save Cash
Seattle-based Calypso Medical Technologies has cut 36 jobs, or about one-fifth of its workforce, to conserve cash during the economic downturn. Calypso didn’t issue a press release, but CEO Eric Meier gave me the bad news this morning in a phone call. Calypso’s management and board made the cuts effective immediately, Meier says. It means … Continue reading “Calypso Medical Cuts 36 Jobs To Save Cash”
Orexigen Shares Tank as it Quits Developing Two Drug Candidates, Executives Bail
(This story has been updated with information on severance packages, and the closing share price) Orexigen Therapeutics is getting hammered by investors today. The San Diego biotech company (NASDAQ: [[ticker:OREX]]) dropped 35 percent to $3.51 at the close of trading after it said it is scrapping development of two experimental drugs to conserve cash, and … Continue reading “Orexigen Shares Tank as it Quits Developing Two Drug Candidates, Executives Bail”
Coskata Collects $40M from Blackstone, ATV, Globespan, Greatpoint
Coskata, the Warrenville, IL, cellulosic ethanol startup that debuted with a bang at the Detroit Auto Show last January, has raised $40 million in additional capital in a Series C round led by the Blackstone Group’s new Cleantech Venture Fund, according to a report yesterday by Dan Primack at Private Equity Hub. The private equity … Continue reading “Coskata Collects $40M from Blackstone, ATV, Globespan, Greatpoint”
Layoff Update: Intrinsyc, Iterasi, Marchex, Razorfish, RealNetworks, and Targeted Genetics Cut Staff
It’s a different kind of Black Friday. Heading into a cold winter recession, we’ve seen six Northwest companies deliver bad news in the form of layoffs this week. Of course, staff cuts can be strategic in times like these, but they’re never a good thing for employees. The one we haven’t seen reported elsewhere is … Continue reading “Layoff Update: Intrinsyc, Iterasi, Marchex, Razorfish, RealNetworks, and Targeted Genetics Cut Staff”