Executives from five of the companies that negotiate drug prices on behalf of insurers testified Tuesday before the Senate finance committee. It was the latest in a series of hearings centered on the rising cost of prescription medication, which has captured attention on both sides of the political aisle and is likely to become a … Continue reading “Senators Grill Pharmacy Benefit Execs About Skyrocketing Drug Prices”
Category: New York
VC Trends in 2019: More Money, Fewer Deals But Women Still Get Less
[Updated 11:23 a.m. See below.] If you’ve been following venture capital trends, what you expected to happen in the first quarter of 2019 did: More money is being invested in fewer deals, and women founders still are getting less of it than men. Venture firms sent $32.6 billion into startups nationally during the first three … Continue reading “VC Trends in 2019: More Money, Fewer Deals But Women Still Get Less”
CD&R Buys Majority Stake in San Antonio’s Sirius Computer Solutions
San Antonio—New York investment firm Clayton, Dubilier & Rice (CD&R) has acquired a majority stake in Sirius Computer Solutions, which provides a variety of security, cloud, and various other IT services to customers, typically offering products from companies it partners with, such as IBM or Cisco. Terms of the acquisition price weren’t disclosed. Sirius has … Continue reading “CD&R Buys Majority Stake in San Antonio’s Sirius Computer Solutions”
Trevi Therapeutics Files for IPO to Fund Anti-Itching Drug R&D
Trevi Therapeutics is trying to turn an old opioid drug into a new therapy for tough-to-treat itching conditions, and it has filed for an initial public offering to finance clinical trials. In paperwork submitted to the SEC late Friday, Trevi set a preliminary $86 million target for its IPO. The New Haven, CT-based company has … Continue reading “Trevi Therapeutics Files for IPO to Fund Anti-Itching Drug R&D”
Four Things Every Smart Startup Should Do as It Scales
Your startup began as “four smart people with laptops and a vision.” Fast-forward a few years and it’s a bona fide business with investors, employees, and a snappy logo. Stay on this path, and signs are good that you’ll continue to grow. It’s easy and convenient to keep doing what you’ve been doing as you … Continue reading “Four Things Every Smart Startup Should Do as It Scales”
Alnylam Gets $800M From Regeneron to Bring RNAi to Eye, Brain Diseases
Alnylam and Regeneron Pharmaceuticals are announcing a wide-ranging alliance this morning to co-develop treatments for eye and neurological diseases using RNA interference, a method of drugmaking that has recently come of age after years of ups and downs. Regeneron (NASDAQ: [[ticker:REGN]]), of Tarrytown, NY, will pay Alnylam (NASDAQ: [[ticker:ALNY]]) $400 million in cash up front … Continue reading “Alnylam Gets $800M From Regeneron to Bring RNAi to Eye, Brain Diseases”
Ex-Seres Executive Roger Pomerantz Appointed ContraFect CEO
Roger Pomerantz is now chairman and CEO of infectious diseases drug developer ContraFect (NASDAQ: [[ticker:CFRX]]). He succeeds Steven Gilman, who is retiring. Pomerantz has been vice chairman of Yonkers, NY-based ContraFect for five years. He was also CEO of Cambridge, MA-based microbiome drug developer Seres Therapeutics (NASDAQ: [[ticker:MCRB]]) from 2014 until January of this year. … Continue reading “Ex-Seres Executive Roger Pomerantz Appointed ContraFect CEO”
Celgene Files for FDA Approval of Blood Disease Drug
An experimental blood disease drug cited as one of Celgene’s key pipeline assets has been filed for FDA approval. Summit, NJ-based Celgene (NASDAQ: [[ticker:CELG]]) said Friday that it submitted the application for luspatercept as a treatment for patients who have anemia, or low red blood cell counts, caused by either of two blood diseases: myelodysplastic … Continue reading “Celgene Files for FDA Approval of Blood Disease Drug”
Bio Roundup: Gottlieb’s Goodbye, AACR Recap, Migraine Drug Fight & More
Scott Gottlieb’s last day as FDA commissioner is today. His resignation announcement last month surprised some, given the earlier denials about leaving. But after two years of commuting between Connecticut, where his family remained, and the FDA’s Maryland headquarters, he decided to step down from the agency. What will Gottlieb’s legacy be? His efforts to … Continue reading “Bio Roundup: Gottlieb’s Goodbye, AACR Recap, Migraine Drug Fight & More”
As AVs Rev Up, the Data Privacy Fight Could Shift to Your Car
There are plenty of unknowns regarding the future of self-driving cars, but one thing is certain: the mobility industry will be fueled by data. And that means automotive companies will have to address many of the same privacy issues that Facebook, Google, and other social media and Internet firms are grappling with now. By 2030, … Continue reading “As AVs Rev Up, the Data Privacy Fight Could Shift to Your Car”
AACR 2019 Roundup: Notes from a Weekend of Early Stage Cancer Results
[Editor’s note: Alex Lash co-authored this report] The American Association for Cancer Research’s annual meeting is wrapping up in Atlanta today. The conference typically focuses on early research and clinical work, not the big trials that can change the way doctors practice medicine and that compete for headline space at conferences like the American Society … Continue reading “AACR 2019 Roundup: Notes from a Weekend of Early Stage Cancer Results”
Petra Pharma Names Albert Yu Chief Medical Officer
Albert Yu has been appointed chief medical officer of New York-based Petra Pharma. Yu’s experience includes executive roles at Calistoga Pharmaceuticals, Omeros (NASDAQ: [[ticker:OMER]]), and Icos. Petra, which is developing drugs to treat cancer and other diseases by targeting the phosphoinositide signaling pathway, emerged in 2016 with a $48 million Series A round of funding.
“FacePalm” Bug Is a Jarring Wake-Up Call. And Not Just for Apple
Apple is a global icon. It was the first company in the world to reach a $1 trillion market capitalization, and it is the most valuable company in the world today. For the second year in a row, Apple ranked as the world’s most-admired company, in a Fortune survey of 3,750 business executives. PC magazine … Continue reading ““FacePalm” Bug Is a Jarring Wake-Up Call. And Not Just for Apple”
SpringWorks, Armed with Ex-Pfizer Cancer Drugs, Reloads with $125M
SpringWorks Therapeutics, a startup spun out of Pfizer to develop drugs gathering dust on the New York pharma giant’s shelves, has closed its second nine-figure financing round in less than two years. The $125 million Series B funding gives the New York City startup the backing to bring two cancer drugs into what could be … Continue reading “SpringWorks, Armed with Ex-Pfizer Cancer Drugs, Reloads with $125M”
Bio Roundup: Amyloid Angst, NASH News, Brammer Bagged & More
A week after the failure of Biogen’s Alzheimer’s drug aducanumab, the ripple effects are still being felt—and not just by Biogen, which lost billions of dollars in market value in a flash. We’ll kick off this week’s roundup with the aducanumab reaction, which includes plenty of thoughts about the future of the so-called “amyloid hypothesis” … Continue reading “Bio Roundup: Amyloid Angst, NASH News, Brammer Bagged & More”
Lyft Raises $2.2B in IPO, Pegging Valuation at Over $24B
Investors eager to bet on the mobility industry’s future handed ride-hailing company Lyft $2.2 billion in new capital Thursday as the company completed an IPO that set its market capitalization at $24.3 billion, The New York Times reported. Lyft sold 30.8 million shares at $72 apiece, according to Renaissance Capital—the top of a new range … Continue reading “Lyft Raises $2.2B in IPO, Pegging Valuation at Over $24B”
Biolinq Adds $4.75M to Advance Glucose Monitoring Biosensor Patch
[Corrected 9:30 am PT. See below.] Biosensor startup Biolinq said Thursday it has raised $4.75 million from new investors, including the New York-based Juvenile Diabetes Research Foundation, following the results of a clinical study of its experimental biomarker monitoring device. Founders Jared Tagney and Joshua Windmiller, who met while in grad school at UC San … Continue reading “Biolinq Adds $4.75M to Advance Glucose Monitoring Biosensor Patch”
So You Want to Start a Cybersecurity Company?
Cybercrime has become a global epidemic. Attacks will cost the world $6 trillion by 2021, research firm Cybersecurity Ventures says-–the greatest transfer of economic wealth in history and more profitable than the trade in all major illegal drugs. As the threat keeps rising, the cybersecurity industry keeps growing. According to data released in January by … Continue reading “So You Want to Start a Cybersecurity Company?”
FTC Queries Internet Providers on Consumer Data Collection and Use
The Federal Trade Commission, which has been digging into the privacy practices of tech giants Facebook and Google, is now training its sights on the internet service providers that bring us all our online content. In its role as a consumer protection agency, the FTC ordered Verizon, AT&T, T-Mobile, Comcast, Google Fiber, and other ISPs … Continue reading “FTC Queries Internet Providers on Consumer Data Collection and Use”
Amid Acquisition Drama, Celgene Resubmits MS Drug for FDA Approval
Celgene said Monday it has again sent the FDA an application for approval of ozanimod, an experimental multiple sclerosis drug it added to its pipeline in 2015 as part of its $7.2 billion acquisition of San Diego’s Receptos. Just over a year ago, the FDA refused to review Celgene’s application for ozanimod, citing a lack … Continue reading “Amid Acquisition Drama, Celgene Resubmits MS Drug for FDA Approval”
Thermo Bags Brammer For $1.7B as Gene Therapy Deal Spree Continues
Thermo Fisher Scientific late Sunday evening agreed to buy Brammer Bio for $1.7 billion, yet another bet by a large biopharmaceutical organization on the future of gene therapy. Thermo (NYSE: [[ticker:TMO]]), a Waltham, MA, developer of lab equipment, made an all-cash offer for Cambridge, MA-based Brammer, a contract manufacturer of gene therapy delivery tools known … Continue reading “Thermo Bags Brammer For $1.7B as Gene Therapy Deal Spree Continues”
Bio Roundup: Sage Postpartum Help, Biogen Bids Adu, Heart Beats & More
One group of people in dire need of medical relief got good news this week. The first drug for postpartum depression was approved. With its complicated logistics, side effects, and potential high cost, it won’t be for everyone who experiences the condition—1 of every 9 U.S. women giving birth. But at least it’s an option. … Continue reading “Bio Roundup: Sage Postpartum Help, Biogen Bids Adu, Heart Beats & More”
Adieu to Adu: Biogen’s Big Alzheimer’s Bet Flops, Shares Routed
Another once-promising drug for Alzheimer’s disease has failed. And the news is devastating for the drug’s developer, Biogen (NASDAQ: [[ticker:BIIB]]), which went all in on a high-stakes gamble that its treatment, aducanumab, might succeed where so many others haven’t. This morning, Biogen reported that it is stopping two parallel, highly anticipated Phase 3 studies in … Continue reading “Adieu to Adu: Biogen’s Big Alzheimer’s Bet Flops, Shares Routed”
As Exact Sciences’ Sales Surge, CEO Reflects on 10-Year Turnaround
A decade ago, Kevin Conroy took the CEO job at Exact Sciences, a cancer diagnostic firm on the brink of death. Five years later, the FDA greenlit the company’s first product, Cologuard, which marked the first non-invasive, stool-based DNA screening test approved for detecting colorectal cancer. In the five years since then, Exact (NASDAQ: [[ticker:EXAS]]) … Continue reading “As Exact Sciences’ Sales Surge, CEO Reflects on 10-Year Turnaround”
Pfizer Bolsters Gene Therapy Position with $51M Vivet Deal
Pfizer this morning added to its methodical push into the gene therapy field, paying $51 million for a 15 percent stake in Vivet Therapeutics and the option to buy the Parisian biotech in the future. Vivet is developing an experimental gene therapy, VTX-801, for the rare genetic disorder Wilson’s disease, which causes a potentially deadly … Continue reading “Pfizer Bolsters Gene Therapy Position with $51M Vivet Deal”
New Accelerator Aims For Social Change With AR, VR, Gaming Startups
Games for Change, a non-profit that promotes the use of games and immersive technology for social good, is taking applications from startup teams for a new accelerator program it’s launching in New York City. New York-based Games for Change already encourages game and XR developers, by a variety of means, to build societal benefits into … Continue reading “New Accelerator Aims For Social Change With AR, VR, Gaming Startups”
FDA OKs Depression Drug For New Moms: Fast Relief But Tough to Take
The FDA has just made brexanolone (Zulresso) the first medicine approved specifically for post-partum depression, a potentially devastating disorder that afflicts roughly one in every seven new mothers in the U.S., according to the American Psychological Association. Now the drug’s owner, Sage Therapeutics (NASDAQ: [[ticker:SAGE]]), of Cambridge, MA, must convince doctors to prescribe and new … Continue reading “FDA OKs Depression Drug For New Moms: Fast Relief But Tough to Take”
Erie Hack Aims to Solve Lake’s Challenges with Tech-Driven Solutions
Even though Michigan is surrounded by one of the world’s most abundant sources of freshwater, it’s still plagued by water-related challenges, such as the Flint water crisis, high lead levels in the water at Detroit public schools, and PFAS contamination. And with the Trump administration looking to cut federal funding for Great Lakes water restoration … Continue reading “Erie Hack Aims to Solve Lake’s Challenges with Tech-Driven Solutions”
Urovant Bladder Drug Hits Test Goals But Can’t Outpace Generic Rival
Urovant Sciences says its experimental drug for overactive bladder could offer advantages compared to an FDA-approved treatment marketed by Astellas Pharma. But late-stage clinical results released Tuesday raise questions whether Urovant can persuade doctors to prescribe it instead of a much cheaper generic competitor. Irvine, CA-based Urovant (NASDAQ: [[ticker:UROV]]) said Tuesday that its drug vibegron … Continue reading “Urovant Bladder Drug Hits Test Goals But Can’t Outpace Generic Rival”
Coming Home Again: Estrada Returns to Lead WeWork Labs in Houston
Houston—Co-working company WeWork is opening its latest “Labs” space in Houston. New York-based WeWork, which has 49 Labs programs across the United States and globe, opened its first Texas location, in Dallas, last fall. WeWork’s Labs is the business’s version of an early stage startup program, offering workshops, mentorship, connections to local accelerator and incubator … Continue reading “Coming Home Again: Estrada Returns to Lead WeWork Labs in Houston”
The Role of the Student Engineer in Medicine and Innovation
The last 50 years have seen many great technical advances in medical treatments, ranging from drug delivery and imaging to skin grafts and prosthetics. These advances—both large and small—have drawn on many fields and have transformed patient care. When examining the current state of clinical technology, the focus is naturally on the technology and its … Continue reading “The Role of the Student Engineer in Medicine and Innovation”
Dermira Shares Soar After Eczema Drug Hits Goal of Mid-Stage Study
An experimental drug developed by Dermira to treat atopic dermatitis has hit the main goal of its mid-stage study, helping to build a case that the injectable treatment could measure up against a drug from Regeneron Pharmaceuticals and Sanofi. Atopic dermatitis is the most common and severe form of eczema, an inflammatory condition that leads … Continue reading “Dermira Shares Soar After Eczema Drug Hits Goal of Mid-Stage Study”
Bio Roundup: Golumbeski’s Legacy, CRISPR Moratorium, Rebate Week & More
While all eyes in the biopharmaceutical world are currently trained on Bristol-Myers Squibb’s proposal to buy Celgene for $74 billion, it wasn’t that long ago that another company’s gaze was fixed on the Summit, NJ, drug maker. In the early 2000s, before the FDA approved Celgene’s flagship multiple myeloma drug lenalidomide (Revlimid), Novartis (NYSE: [[ticker:NVS]] … Continue reading “Bio Roundup: Golumbeski’s Legacy, CRISPR Moratorium, Rebate Week & More”
FDA Clears Aerie’s Combo Glaucoma Drug, But Will it Sell?
The FDA late Tuesday approved a new type of glaucoma drug from Aerie Pharmaceuticals that, in clinical testing, beat the generic eye drops known as prostaglandin analogues (PGAs) that are typically prescribed to slow the progression of the disease. Now Aerie (NASDAQ: [[ticker:AERI]]) will try to prove that the drug can overcome some of its … Continue reading “FDA Clears Aerie’s Combo Glaucoma Drug, But Will it Sell?”
The Investments Cisco, Samsung, Toyota, and Chevron Are Making in AI
Austin—If you’re a startup talking up your artificial intelligence chops in your venture capital pitch, you’re not alone. For Cisco Investments, the venture arm of tech giant Cisco, artificial intelligence is no longer one of the key trends to watch for during pitches in 2019. That’s according to Noah Yago, a director at Cisco Investments, … Continue reading “The Investments Cisco, Samsung, Toyota, and Chevron Are Making in AI”
Drug-Price Watchdog ICER Dives into Trump-Fueled Pharma Rebate Debate
[Updated 3/13/19, 12:20pm. See below.] With public and political winds blowing in the same direction, significant reform of the complicated U.S. drug-pricing system seems ever more likely. One part of the system that the Trump administration wants to overhaul are the secret rebates that drug makers, insurers, and middlemen negotiate behind closed doors. Replacements for … Continue reading “Drug-Price Watchdog ICER Dives into Trump-Fueled Pharma Rebate Debate”
Celgene Submits MS Drug for Approval in Europe, FDA Filing on Track
An experimental multiple sclerosis treatment identified as a key asset in Bristol-Myers Squibb’s proposed acquisition of Celgene has been filed for regulatory approval in Europe. Celgene (NASDAQ: [[ticker:CELG]]) submitted its application to the European Medicines Agency for ozanimod, a drug developed to treat a form of MS characterized by relapses, or periodic flare-ups, of neurological … Continue reading “Celgene Submits MS Drug for Approval in Europe, FDA Filing on Track”
The Life, Troubles, and Celgene Legacy of Deal Guru George Golumbeski
George Golumbeski is one of the most prolific dealmakers in the biopharmaceutical world. But the deal that changed his life is a pact he made with himself when he was ten years old. Playing with friends in front of his house in Hampton, VA, he watched his mother drag his dead-drunk father, a U.S. Air … Continue reading “The Life, Troubles, and Celgene Legacy of Deal Guru George Golumbeski”
Acorda Parkinson’s Drug Launched, Exec Hindman Is Now Set to Leave
Acorda Therapeutics (NASDAQ: [[ticker:ACOR]]), which has just launched a new Parkinson’s disease treatment, is saying farewell to chief business officer Andrew Hindman. In a prepared statement, CEO Ron Cohen said Hindman, who joined Acorda in 2014, is interested in “pursuing opportunities in the wider biopharma industry.” Hindman will remain with the Ardsley, NY, biotech for … Continue reading “Acorda Parkinson’s Drug Launched, Exec Hindman Is Now Set to Leave”
Bio Roundup: Gottlieb Exits, Bristol Defends, Biogen Buys & More
In early 2017, Scott Gottlieb was considered the most moderate of the potential candidates to head the Food and Drug Administration, which is the most powerful regulator of medical products in the world. It wasn’t a high bar to clear. Libertarians who had questioned some of the basic premises of the FDA were in the … Continue reading “Bio Roundup: Gottlieb Exits, Bristol Defends, Biogen Buys & More”
Steering Lyft’s IPO: What Investors Will Weigh During the Roadshow
Much has been said about Lyft’s early lead over Uber in the “horserace” to become the first ride-hailing app company to go public. But now that San Francisco-based Lyft has filed its 276-page IPO prospectus with the U.S. Securities and Exchange Commission, potential investors can focus on much more detailed considerations as they decide whether … Continue reading “Steering Lyft’s IPO: What Investors Will Weigh During the Roadshow”
Intel Reveals Ideas on Promoting AI in U.S. as Chinese Growth Looms
Even as the executive order President Trump issued last month on artificial intelligence furthered the conversation about a developing national strategy for the sector, it was met with certain criticism. A common complaint was that the plan won’t implement itself. “The administration’s American AI Initiative includes all of the right elements; the critical test will … Continue reading “Intel Reveals Ideas on Promoting AI in U.S. as Chinese Growth Looms”
Blue Squad Aims to Bring Election Tech Up and Down the Ballot
Austin—All politics is local, the adage goes, and those campaigns are sorely stuck in analog mode. That’s why Shion Deysarkar co-founded Blue Squad two years ago as a “digital coalition” to support progressive candidates by providing them with greater access to accurate voter data. Now, Blue Squad is more formally launching as a political tech startup … Continue reading “Blue Squad Aims to Bring Election Tech Up and Down the Ballot”
A Glimpse of A.I.’s Future? MIT-IBM Research Lab Sees Early Progress
The capabilities of artificial intelligence technologies have increased significantly in the past decade, but there’s a growing sense that new breakthroughs are needed for the field to continue delivering on its promise. David Cox and his colleagues have dedicated themselves to identifying and breaking down “the fundamental core barriers” to advancing A.I., he says. In … Continue reading “A Glimpse of A.I.’s Future? MIT-IBM Research Lab Sees Early Progress”
Two Years and Done: FDA Commissioner Gottlieb To Resign
Two months after insisting on Twitter that he wasn’t going anywhere, Food and Drug Administration Commissioner Scott Gottlieb announced his resignation today. He leaves a record of health and medical regulation that was more active than critics who spoke out against his nomination in early 2017 might have expected. Gottlieb’s remit extended beyond drugs, of … Continue reading “Two Years and Done: FDA Commissioner Gottlieb To Resign”
Retailers Turn to Analytics, 3D Tech to Promote Fit, Reduce Returns
One size fits most (at best), and a women’s sizing system created during the Depression doesn’t gibe in an e-commerce business that prizes personalization. That’s why startups are turning to new technologies like 3D scanning and machine learning software to produce customized clothing that can be made for the masses. “People want to buy a … Continue reading “Retailers Turn to Analytics, 3D Tech to Promote Fit, Reduce Returns”
After AGTC Deal Flops, Biogen Bets $800M on Gene Therapy Rival Nightstar
Biogen’s biggest recent foray into gene therapy, an ill-fated pact with AGTC, didn’t pay dividends. So the company this morning agreed to buy a rival, Nightstar Therapeutics, and its portfolio of gene therapies for rare eye diseases, for $800 million. Biogen (NASDAQ: [[ticker:BIIB]]) this morning agreed to pay $25.50 per share in cash for Nightstar … Continue reading “After AGTC Deal Flops, Biogen Bets $800M on Gene Therapy Rival Nightstar”
Privacy Watch: FTC, Facebook, EU, the Cloud Act, & More CA bills
Privacy issues continued to boil to the surface in February. In part, it’s a reflection of the long tail of consequences that began in early 2018 when the broader public learned that Facebook had shared data from millions of user profiles with now-shuttered political marketing firm Cambridge Analytica. The consequences of that wider public awareness … Continue reading “Privacy Watch: FTC, Facebook, EU, the Cloud Act, & More CA bills”
SPECIAL REPORT: 2019 Biopharma Outlook – Facing an Uncertain Future
After years of boom times, the U.S. biopharmaceutical industry is dealing with unprecedented threats on several fronts: public backlash against high drug prices, slowing sales, and the possibility of more government regulation. In this Xconomy Special Report, our veteran biotech journalists Alex Lash and Ben Fidler bring you deep insights, based on conversations with key … Continue reading “SPECIAL REPORT: 2019 Biopharma Outlook – Facing an Uncertain Future”
Bio Roundup: Pharma in DC, Bristol-Cel in Trouble, Roche Gets A Spark
Could a shareholder revolt doom the planned marriage of Bristol-Myers Squibb and Celgene? Analysts have hinted at the possibility since the two companies shook hands in January, but the threat became real this week. Bristol (NYSE: [[ticker:BMY]]) and Celgene (NASDAQ: [[ticker:CELG]]) have campaignned heavily, starting with a joint presentation by their CEOs at the J.P. … Continue reading “Bio Roundup: Pharma in DC, Bristol-Cel in Trouble, Roche Gets A Spark”