Category: New York

Advaxis Chief Scientific Officer Robert Petit to Step Down in June

Robert Petit, chief scientific officer of Advaxis (NASDAQ: [[ticker:ADXS]]) for the past six years, is stepping down. In a securities filing, the Princeton, NJ, drug developer said Petit’s last day will be June 3 and his departure is not related to any disagreement about the company’s operations, policies, or practices. Advaxis added that Petit will … Continue reading “Advaxis Chief Scientific Officer Robert Petit to Step Down in June”

ElevateBio Gets $150M to Grow a Crop of Gene & Cell Therapy Startups

When a biotech startup is ready to test an experimental therapy it faces a pricey choice: Should it make its drug in-house, or hire a contract manufacturer? The decision is particularly expensive for companies developing complex gene and cell therapies, which need to make large batches of engineered viruses to test their work. A new … Continue reading “ElevateBio Gets $150M to Grow a Crop of Gene & Cell Therapy Startups”

Milestones of Innovation 17: ‘Golden Spike’ Heralds Era of Cheap Steel

One hundred fifty years ago May 10, around mid-day, railroad promoters from two coasts clumsily drove the final spikes of America’s first transcontinental railroad near Promontory Point, Utah. Two of the spikes used that day were made of gold. The blows themselves triggered a telegraphic message to the world. The joining of the Central Pacific … Continue reading “Milestones of Innovation 17: ‘Golden Spike’ Heralds Era of Cheap Steel”

Tech Ethics, Regulation & Strategy: Here’s the Napa Summit Agenda

With Uber’s long-awaited IPO, Facebook’s mounting controversies, and ongoing debates over drug pricing and safety issues, come a great responsibility. A big story in the innovation community now is about the ethics and regulation of tech and life sciences. What are the right ways to safeguard the public, hold corporations accountable, and maintain economic growth? … Continue reading “Tech Ethics, Regulation & Strategy: Here’s the Napa Summit Agenda”

Bio Roundup: Rare Disease Showdowns, Prices on TV, Dealmania & More

The market for drugs for rare or “orphan” diseases continues to grow. An April report from Evaluate Pharma predicted sales of orphan drugs to rise 12 percent a year between now and 2024, when they will account for an estimated 20 percent of worldwide prescription drug sales. The field has gotten so competitive that multiple … Continue reading “Bio Roundup: Rare Disease Showdowns, Prices on TV, Dealmania & More”

Uber Completes $8.1B Public Market Debut in Spite of Tumultuous Past

[Updated 5/10/19, 5 pm ET. See below.] Ride-hailing giant Uber secured $8.1 billion in new capital late Thursday as it priced an initial public offering that set its market capitalization at $82.4 billion, according to calculations by The New York Times and other news outlets. Uber announced late Thursday it will sell 180 million shares … Continue reading “Uber Completes $8.1B Public Market Debut in Spite of Tumultuous Past”

Two Days, Five Biotech IPOs, and $359M Raised for Clinical Trials

It will be hard to top last year’s flurry of biotech companies joining the public markets, but this week is shaping up to be the busiest for life science IPOs in recent memory. Five biotechs priced their IPOs and at least one more is coming. According to IPO research firm Renaissance Capital, 47 IPOs have … Continue reading “Two Days, Five Biotech IPOs, and $359M Raised for Clinical Trials”

SMA, Migraine Data Lead Neuro Highlights from AAN Meeting

The American Academy of Neurology meeting in Philadelphia is rolling on through the end of this week. There has been plenty of news to digest already. New clinical data could herald cutting-edge treatments for migraine, the rare disease spinal muscular atrophy, the deadly neurological disorder amyotrophic lateral sclerosis, and more. Xconomy previewed the conference last … Continue reading “SMA, Migraine Data Lead Neuro Highlights from AAN Meeting”

Flexe Gets $43M to Expand On-demand Warehousing and Fulfillment Tools

Flexe, a Seattle-based company that provides on-demand warehousing and fulfillment services, announced Tuesday it has raised $43 million in new funding. Flexe says it plans to use some of the proceeds from the Series B round for product development, and to more that double its current headcount. San Francisco-based Activate Capital and New York-based Tiger Global … Continue reading “Flexe Gets $43M to Expand On-demand Warehousing and Fulfillment Tools”

Canadian VCs Lead US in Gender Parity, But Both Need Work: Report

Women hold a small fraction of venture capital leadership roles in the US and Canada. A new report suggests their clearest path to venture investing may run through corporate innovation arms. While only 15.9 percent of corporate venture capital (CVC) leaders are women, 82.6 percent of women who hold executive or partner roles in those … Continue reading “Canadian VCs Lead US in Gender Parity, But Both Need Work: Report”

FDA OKs Pfizer Rare Disease Drug, Sets Up Battle With Alnylam, Akcea

[Updated 5/6/19, 9:20 am ET. See below.] A year ago, there were no FDA-approved medicines available for US patients with the debilitating rare genetic disease transthyretin amyloidosis (ATTR). Things have changed fast, however: With the FDA’s decision to approve a drug from Pfizer this morning, patients now have three options to choose from. The FDA … Continue reading “FDA OKs Pfizer Rare Disease Drug, Sets Up Battle With Alnylam, Akcea”

Bio Roundup: Head and Spine Previews, Biogen Moves, IPO Dreams & More

America continues to suffer from healthcare headaches. Our convoluted private-public insurance system was under scrutiny this week from Democrats, holding a “Medicare for All” hearing in the House, and from Republicans, as several GOP-led states and the Trump administration asked a federal court to sweep away Obamacare. Several companies also want to reduce headaches. This … Continue reading “Bio Roundup: Head and Spine Previews, Biogen Moves, IPO Dreams & More”

At Big Neuro Meeting, Migraine Drug Competitors to Make Oral Arguments

The first new class of migraine drugs in decades won FDA approval last year. But the companies who commercialized these new therapies and their potential competitors are already planning new, more convenient versions, taken as pills instead of injectoins just below the skin, and they will present key data in the next few days at … Continue reading “At Big Neuro Meeting, Migraine Drug Competitors to Make Oral Arguments”

Acelity Sells to 3M in Deal Valued at $6.7 Billion, Ending IPO Plan

San Antonio — Acelity is being acquired by 3M, the maker of products like Post-it and Ace bandages, in a $6.7 billion deal just two weeks after an affiliate of Acelity had filed paperwork for an initial public offering. The up-front cost to 3M will be about $4.3 billion because 3M (NYSE: MMM) will assume … Continue reading “Acelity Sells to 3M in Deal Valued at $6.7 Billion, Ending IPO Plan”

Beyond Meat’s IPO Bags $241M to Make Plant-Based Burgers Mainstream

A Beyond Meat burger is coming to a location near you—and soon. The food technology company’s upsized IPO has raised $241 million to finance plans to bring its plant-based “meat” to more grocery stores and restaurants across the country. Beyond Meat priced its IPO Wednesday evening at $25 per share, which was the high end … Continue reading “Beyond Meat’s IPO Bags $241M to Make Plant-Based Burgers Mainstream”

SMA Moment: Will Gene Therapy Shift Treatment, Costs of Muscle Disease?

This is a big moment for people diagnosed with spinal muscular atrophy, or SMA, a rare and potentially lethal genetic disorder that destroys muscles. For decades, there was no way to change the trajectory of their disease. They now have one marketed medicine, and this month, chances are they’ll have another: a gene therapy that … Continue reading “SMA Moment: Will Gene Therapy Shift Treatment, Costs of Muscle Disease?”

Retailers, Startups Work to Offer Efficient E-Commerce Delivery

The on-demand delivery war in retail is on. In its quarterly earnings call Thursday, Amazon (NASDAQ: [[ticker:AMZN]]) announced it would switch to one-day shipping for Prime members, halving the time the 100 million-plus people who subscribe to the service must wait before receiving their purchases. The Seattle e-commerce giant told analysts the move would cost around … Continue reading “Retailers, Startups Work to Offer Efficient E-Commerce Delivery”

Publishers Cengage, McGraw-Hill Merge to Better Target Edtech Market

[Updated 5/1/19, 4;10 pm. See below.] Textbook and edtech companies Cengage and McGraw-Hill are merging to become the second-largest provider of educational materials in the US to compete in what’s proven to be a tough sector for traditional publishers being transformed by digital books and online learning. The deal, announced Wednesday, sets out an all-stock … Continue reading “Publishers Cengage, McGraw-Hill Merge to Better Target Edtech Market”

Ford, Lincoln Owners Can Get Amazon Packages Delivered to Their Cars

Many of us know that anxious feeling that comes when Amazon texts a notification that it has delivered your package, except you’re nowhere near home at the time to receive it. The mind races: is the package sitting out in plain view for would-be thieves to notice? Will it be destroyed by a passing downpour? … Continue reading “Ford, Lincoln Owners Can Get Amazon Packages Delivered to Their Cars”

Another $568M, and a $7B Valuation, for Automation Firm UiPath

UiPath, which helps businesses automate tedious digital processes such as billing and inventory control, announced today it raised $568 million from investors who agreed on a $7 billion valuation for the company. New York-based UiPath is one of the automation software companies that have been raking in capital recently as they compete for enterprise customers … Continue reading “Another $568M, and a $7B Valuation, for Automation Firm UiPath”

Immunomedics Chief Medical Officer Robert Iannone to Depart

Cancer drug developer Immunomedics (NASDAQ: [[ticker:IMMU]]) announced that Robert Iannone, who has held the chief medical officer for post for a little more than one year, is leaving to pursue work closer to his Pennsylvania home. In a securities filing, Morris Plains, NJ-based Immunomedics said the timing of Iannone’s departure and additional transitional details are … Continue reading “Immunomedics Chief Medical Officer Robert Iannone to Depart”

Finding Your Startup Lawyer: What Every Entrepreneur Should Know

Successful management of any new enterprise, regardless of industry, is a process demanding of concerted effort to realize opportunity with a finite set of resources. As an entrepreneur, perfecting your vision, securing and managing funds, building a team, marketing and selling, and executing on plan, all while navigating unexpected obstacles, likely occupy your every day. … Continue reading “Finding Your Startup Lawyer: What Every Entrepreneur Should Know”

Bio Roundup: Biogen’s Strategy, Drug Price Convo, NASH News & More

The road to every new drug approval is littered with the remains of earlier failures. Biopharmaceutical companies don’t like to talk about the failures. But it’s earnings season now, so some of them don’t have much choice. Biogen’s (NASDAQ: [[ticker:BIIB]]) earnings call this week was the first since its Alzheimer’s drug aducanumab failed in a Phase … Continue reading “Bio Roundup: Biogen’s Strategy, Drug Price Convo, NASH News & More”

Dave, More Chips on Aisle 3: Walmart Opens AI-Enabled Store in NY

Walmart has unveiled its “store of the future,” which uses artificial intelligence-enabled cameras to tip off employees when products need to be replenished on shelves or expired meat and produce needs to be replaced. The “Intelligent Retail Lab,” or IRL as the retailer calls it, has been installed at an existing Walmart store in Levittown, … Continue reading “Dave, More Chips on Aisle 3: Walmart Opens AI-Enabled Store in NY”

After NASH Drug’s 2nd Failure, Gilead Pins Hopes on Combo Therapies

[Updated 1:49 p.m. ET. See below.] An experimental Gilead Sciences treatment for the severe fatty liver disease NASH failed to beat a placebo in Phase 3 testing—the second time the drug has failed in a late-stage clinical trial. Gilead (NASDAQ: [[ticker:GILD]]) developed its drug selonsertib to treat nonalcoholic steatohepatitis, more commonly referred to as NASH, … Continue reading “After NASH Drug’s 2nd Failure, Gilead Pins Hopes on Combo Therapies”

To Help Boost Female-led Startups, More Women Join Investor Ranks

Houston—Men have long leveraged their networks to succeed in business, and the tech industry has been no exception. Women, finding themselves outside of the club, are now creating their own networks to do the same. Katelyn O’Shaughnessy already had a solid track record, selling TripScope, a travel startup she co-founded in 2013, to Travefy two … Continue reading “To Help Boost Female-led Startups, More Women Join Investor Ranks”

Announcing Net@50: The Roots and Future of the Internet

The first short message went out over Arpanet, the precursor to the internet, 50 years ago this year—and it changed everything. Much of the change has been wonderful—as the internet has revolutionized communication, commerce, and access to information, in the process transforming and improving the lives of billions of people. But as we are ever … Continue reading “Announcing Net@50: The Roots and Future of the Internet”

Rackspace Hires Dallas Transit Exec Jones to Replace Eazor as CEO

San Antonio—Rackspace said Wednesday it has hired Kevin Jones, who most recently ran Dallas-based bus and transportation contracting business MV Transportation, as its CEO. Jones replaces Joe Eazor, who had held the top job at Rackspace since mid-2017. Apollo Global Management, which took San Antonio-based Rackspace private in a $4.3 billion acquisition in 2016, didn’t … Continue reading “Rackspace Hires Dallas Transit Exec Jones to Replace Eazor as CEO”

Teva’s Approved Migraine Drug Fails Again to Blunt Rarer Headache

With a second big clinical failure, Teva Pharmaceutical is abandoning efforts to extend the use of its approved migraine drug to the treatment of cluster headaches, a rarer form of headache that typically affects one side of the head around the eye or the temple. Teva (NYSE: [[ticker:TEVA]]) said Tuesday that an interim analysis of … Continue reading “Teva’s Approved Migraine Drug Fails Again to Blunt Rarer Headache”

Join Xconomy for Our 8th Annual Napa Summit, June 13-14

Google. Amazon. Genentech. Those are some of the companies you’ll hear from at this year’s Napa Summit, the Xconomy Retreat on Technology, Jobs, and Growth. This is our most special event of the year—the eighth year we’ve held it—and it’s limited to about 100 VIP guests. We’ll tackle big trends, challenges, and opportunities in areas … Continue reading “Join Xconomy for Our 8th Annual Napa Summit, June 13-14”

SPECIAL REPORT: 2019 Blockchain Outlook — Reality Check

After a breakout year in 2017, the blockchain sector suffered a series of blows in 2018, from crashing cryptocurrency prices to increased regulatory scrutiny of crypto ventures and deepening skepticism about whether the technology was actually useful. Now, the industry has entered a crucial phase where blockchain developers need to overcome the limitations of the … Continue reading “SPECIAL REPORT: 2019 Blockchain Outlook — Reality Check”

Can We Afford to Be Cured? A Conversation With ICER’s Steve Pearson

[Corrected, 4/23/19, 7:10 p.m. See below.] New cell and gene therapies bring the possibility of cures once hardly imaginable. But the potential cures could also cost millions of dollars, like Novartis (NYSE: [[ticker:NVS]]), the owner of the gene therapy Zolgensma, has suggested in advance of an imminent FDA approval decision. As public backlash against high … Continue reading “Can We Afford to Be Cured? A Conversation With ICER’s Steve Pearson”

Merck Wins FDA Nod for Combo Therapy in Advanced Kidney Cancer

Merck’s blockbuster immunotherapy has notched FDA approval for treating the most serious cases of kidney cancer. The FDA on Monday approved Merck (NYSE: [[ticker:MRK]]) drug pembrolizumab (Keytruda) in combination with Pfizer (NYSE: [[ticker:PFE]]) drug axitinib (Inlyta) as a first-line treatment for advanced renal call carcinoma—kidney cancer that has spread or grown, despite earlier treatments. Pembrolizumab’s … Continue reading “Merck Wins FDA Nod for Combo Therapy in Advanced Kidney Cancer”

Bio Roundup: Nationwide’s Rise, a Surgeon’s Quest, CRISPR USA & More

Persistence and perseverance were the themes of two of our top stories this week. First there’s the story of Nationwide Children’s Hospital. The Columbus, Ohio, hospital chose to invest in gene therapy when the field was in its darkest days. After some ups and downs, the team it put in place helped advance some of … Continue reading “Bio Roundup: Nationwide’s Rise, a Surgeon’s Quest, CRISPR USA & More”

Hookipa’s IPO Raises $84M for Drugs to Reprogram the Immune System

Hookipa Pharma has raised $84 million in an initial public offering that will fund development of experimental treatments developed to reprogram the immune system to treat infectious diseases and cancer. But Hookipa (NASDAQ: [[ticker:HOOK]]) had to downsize its IPO, offering only 6 million shares at $14 apiece. That was the low end of its targeted … Continue reading “Hookipa’s IPO Raises $84M for Drugs to Reprogram the Immune System”

Redox Wrangles $33M to Become Healthcare’s Go-To Data Integrator

[Updated 5/3/19, 12:55 pm CT. See below.] As hospitals and clinics have shifted from paper-based records to digital systems, one of the biggest challenges has been sharing patient data between healthcare providers, and between providers and outside software applications. This “interoperability” problem has created a market for companies such as Redox, a Madison, WI-based startup … Continue reading “Redox Wrangles $33M to Become Healthcare’s Go-To Data Integrator”

It’s Tough to Find Drugs to Bind to RNA: Arrakis Nabs $75M to Help

Arrakis Therapeutics has been scouting elusive pharmaceutical quarry: small molecules able to “drug” RNA, the molecular messengers that carry the genetic instructions for proteins. Most drugs in use today act on proteins. But CEO Michael Gilman says targeting the genetic blueprints could prevent RNA from translating those instructions into disease-causing proteins in the first place. … Continue reading “It’s Tough to Find Drugs to Bind to RNA: Arrakis Nabs $75M to Help”

$100M for Talaris Gives Surgeon a Shot to Reinvent Organ Transplants

When Novartis dissolved its gene and cell therapy unit a few years ago, a bunch of projects the Swiss pharma giant had incubated were tossed aside. One of them was the work of surgeon Suzanne Ildstad, who has spent decades trying to develop a new way to improve the health outcomes of patients who need … Continue reading “$100M for Talaris Gives Surgeon a Shot to Reinvent Organ Transplants”

PathAI Raises $60M in Quest to Be AI Assistant in the Exam Room

AI-for-disease-diagnosis startup PathAI closed a $60 million Series B round led by New York-based growth equity investor General Atlantic to improve its “pathology research platform” and fuel development into “new tools and medical devices.” PathAI partners with pharmaceutical companies and diagnostic laboratories to develop tools to aid doctors diagnose diseases in patients and help physicians … Continue reading “PathAI Raises $60M in Quest to Be AI Assistant in the Exam Room”

Flagship Pioneering Unveils Kintai’s Gut Approach to Treating Disease

The gastrointestinal system is often viewed as a barrier to drugs. Conditions ideal for breaking down food also break down drugs in ways that can limit how well they work. Interaction with the gut microbiome can also diminish a drug’s efficacy or boost its toxicity. Paul-Peter Tak, a former GlaxoSmithKline (NYSE: [[ticker:GSK]]) executive who is … Continue reading “Flagship Pioneering Unveils Kintai’s Gut Approach to Treating Disease”

Alzheimer’s, Gene Therapy & More: Agenda For “What’s Hot” on May 21

The gene therapy boom. The frustration of failure after failure in Alzheimer’s disease. The critical interplay between venture firms and “crossover” investors in a volatile, unpredictable macro-environment. The growing need for (and role of) diversity initiatives within the life sciences community—and the personal stories behind them. These are just some of the topics Xconomy will … Continue reading “Alzheimer’s, Gene Therapy & More: Agenda For “What’s Hot” on May 21”

Another Week, Another Gene Therapy Buyout: Catalent Pays $1.2B for Paragon

The gene therapy boom continued this morning with yet another acquisition. Contract drug manufacturer Catalent (NYSE: [[ticker:CTLT]]), of Somerset, NJ, has agreed to buy Paragon Bioservices for $1.2 billion, grabbing hold of a privately held developer of the viral “vectors” that gene therapy companies use to deliver their treatments. In a gene therapy procedure, these … Continue reading “Another Week, Another Gene Therapy Buyout: Catalent Pays $1.2B for Paragon”

How an Ohio Kids’ Hospital Quietly Became Ground Zero for Gene Therapy

[Updated, 4/22/19, see below] If a once-modest regional hospital and its new biotech allies have their way, the capital of Ohio could one day rival America’s other biomedical hubs. “Our goal is to make Columbus the center of the universe for gene therapy,” says Doug Ingram, CEO of Sarepta Therapeutics. Sarepta (NASDAQ: [[ticker:SRPT]]) is based … Continue reading “How an Ohio Kids’ Hospital Quietly Became Ground Zero for Gene Therapy”

Alnylam Makes Case For 2nd RNAi Drug at Big Liver Disease Meeting

The “attacks,” as they’re known, are debilitating and even possibly fatal. A patient with the ultra-rare genetic disease acute hepatic porphyria (AHP) is struck with excruciating abdominal pain and rushes to a doctor’s office or hospital for some type of pain relief—even a surgery—to feel better. And then another attack could come, and another, driving … Continue reading “Alnylam Makes Case For 2nd RNAi Drug at Big Liver Disease Meeting”

Lyft, Uber, and the Changing Disclosure Rules For Unicorn IPOs

When a much-watched tech company such as Lyft, Uber, or Pinterest files for an initial public stock offering, people eagerly scour the sudden trove of information that such a private business must finally disclose when it begins to offer shares to the general public, rather than only to sophisticated inside investors such as venture capital … Continue reading “Lyft, Uber, and the Changing Disclosure Rules For Unicorn IPOs”

Thwarting Opposition, Bristol Gets Shareholder OK for $74B Celgene Buyout

The early opposition has turned out to be just noise. Shareholders of Bristol-Myers Squibb today approved the pharma giant’s planned buyout of Celgene, paving the way for a deal that will create one of the largest biopharma organizations in the world, and send ripples throughout the sector. Bristol (NYSE: [[ticker:BMY]]) said Friday that more than … Continue reading “Thwarting Opposition, Bristol Gets Shareholder OK for $74B Celgene Buyout”

Bio Roundup: EASL Does It, Alnylam’s BFF, Gene Therapy Deals & More

A major conference devoted to liver disease kicked off with updates from the race for approval of the world’s first drug to treat a form of advanced liver disease called nonalcoholic steatohepatitis, or NASH. The gene therapy field continued to attract venture cash and industry interest, and it was a busy week in Washington for … Continue reading “Bio Roundup: EASL Does It, Alnylam’s BFF, Gene Therapy Deals & More”

Intercept Touts a Smaller Piece of Its NASH Trial at Liver Conference

Intercept Pharmaceuticals (NASDAQ: [[ticker:ICPT]]) said today it was on track to ask US and European regulators this year to approve what could be the first drug for an advanced liver disease that poor diet and exercise habits have turned into a quiet epidemic. The disease is called nonalcoholic steatohepatitis, or NASH, and as the name … Continue reading “Intercept Touts a Smaller Piece of Its NASH Trial at Liver Conference”

AskBio Reels In $235M to Advance Gene Therapy Clinical Trials

Asklepios BioPharmaceutical (AskBio) has raised $235 million in financing to support its research and development of gene therapies for rare, genetic disorders. The funding came from TPG Capital and Vida Ventures, which together invested $225 million and gained a minority stake in the Research Triangle Park, NC, company. Concurrent with that investment, AskBio’s founders and … Continue reading “AskBio Reels In $235M to Advance Gene Therapy Clinical Trials”