Eric Schmidt believes we’re entering an era where artificial intelligence will underpin most facets of human life. But we don’t yet have enough people with the right skills to build that future. Schmidt, the former CEO of Google and former executive chairman of its parent company Alphabet (NASDAQ: [[ticker:GOOGL]]), argues that the A.I. talent shortage … Continue reading “Ex-Google CEO: New MIT College Could Help Shrink A.I. Talent Gap”
Category: New York
Immunomedics CEO Michael Pehl Resigns
Michael Pehl has resigned as CEO of Immunomedics (NASDAQ: [[ticker:IMMU]]), 15 months after he left Celgene (NASDAQ: [[ticker:CELG]]) to take the top job at the Morris Plains, NJ, company. In a press release, Immunomedics says Pehl is returning to Europe. According to a securities filing, Pehl will remain an Immunomedics employee for 30 days to … Continue reading “Immunomedics CEO Michael Pehl Resigns”
7 Tips for Biotech Companies Seeking Capital in a Volatile Market
Last year was a remarkable year for biotech companies going public. Not only did an unusually large number of biotech companies go public, but a significant number of early-stage biotech companies went public at premium valuations relative to their later-clinical stage peers. There were approximately 58 biotech IPOs in 2018 (excluding offerings with under $25 … Continue reading “7 Tips for Biotech Companies Seeking Capital in a Volatile Market”
Carmera, Toyota Research Institute Zoom Ahead on AV Mapping Project
Carmera, the maker of dynamic, real-time, high-definition maps for use in mobility applications, announced today that it has entered into a commercial partnership with Toyota Research Institute-Advanced Development, the carmaker’s division focused on the development of autonomous vehicle technologies. The monetary value of the partnership was not disclosed. The two companies will collaborate on a … Continue reading “Carmera, Toyota Research Institute Zoom Ahead on AV Mapping Project”
Bristol-Myers’ $74B Celgene Buyout Faces Opposition from Wellington
[Updated 2/28/19, 11:58 a.m. See below.] Bristol-Myers Squibb’s agreement to acquire Celgene for $74 billion is opposed by the New York pharmaceutical company’s largest institutional investor. Wellington Management Group said Wednesday afternoon that while it agrees Bristol should be active in deals that add new science and expand the company’s revenue potential, Wellington “does not believe … Continue reading “Bristol-Myers’ $74B Celgene Buyout Faces Opposition from Wellington”
Walmart’s Store No 8 Acquires Aspectiva to Bring A.I. to Shopping
Walmart’s Store No 8 innovation arm has acquired an Israeli machine learning startup, the retail giant announced Wednesday. Aspectiva joined the two-year-old Store No 8 Monday, and its employees will remain in Tel Aviv. “Store No 8’s record of innovation and of developing capabilities that will transform retail as we know it makes for the … Continue reading “Walmart’s Store No 8 Acquires Aspectiva to Bring A.I. to Shopping”
Amazon, Google, Facebook Boosted 2018 Tech Hiring Spree in U.S. Hubs
A tech hiring slowdown in 2018 in America’s three largest innovation hubs would not have surprised John Barrett, given global economic uncertainty stemming from factors such as trade disputes, slower economic growth in China and Europe, and the UK’s looming exit from the EU. Instead, the pace of tech hiring in the San Francisco Bay … Continue reading “Amazon, Google, Facebook Boosted 2018 Tech Hiring Spree in U.S. Hubs”
Blackstone, Novartis Start Up Anthos With $250M and a Heart Drug
Blackstone Life Sciences, the biopharma investing arm of private equity firm Blackstone Group, has made its first strike. It has joined with Novartis (NYSE: [[ticker:NVS]]) to start a new biotech, Anthos Therapeutics, backed with $250 million in cash and rights to an experimental drug originally discovered by the Swiss firm. The Cambridge, MA, startup, Anthos … Continue reading “Blackstone, Novartis Start Up Anthos With $250M and a Heart Drug”
Pharma CEOs to Senate: We Will Lower Drug Prices if Rebates Go Away
Seven top pharmaceutical executives gathered today in Washington, DC, for a Senate hearing on drug prices, bringing face-to-face two groups held in the lowest esteem possible by the American public. Top executives from seven companies—AbbVie, AstraZeneca, Bristol-Myers Squibb, Merck, Johnson & Johnson, Pfizer, and Sanofi, which represent a combined $1.1 trillion in market value—stuck to … Continue reading “Pharma CEOs to Senate: We Will Lower Drug Prices if Rebates Go Away”
No Details, But AstraZeneca Touts PARP Drug Win in Pancreatic Cancer
It’s no secret that so-called PARP inhibitors, a new class of cancer drugs, have struggled to gain traction commercially, even as they’ve shown promise treating multiple tumor types. But today brings news that could bolster the future prospect of PARP blockers: one of them, a drug known as olaparib (Lynparza) from AstraZeneca and partner Merck, … Continue reading “No Details, But AstraZeneca Touts PARP Drug Win in Pancreatic Cancer”
Oyster Point Gets $93M To Clear Up Dry Eye With a Nasal Spray
Dry eye disease affects millions of people in the U.S., and while several treatments, mostly eye drops, are available, they all have flaws. An emerging startup called Oyster Point Pharmaceuticals is trying a completely different approach—a nasal spray that coaxes the body into making tears. And the company just got enough cash to get that … Continue reading “Oyster Point Gets $93M To Clear Up Dry Eye With a Nasal Spray”
Exact Sciences Eyes Cologuard Market Expansion After “Landmark Year”
[Updated 2/22/19, 2:42 pm CT. See below.] Exact Sciences screened 934,000 patients for colorectal cancer in 2018 using its stool-based diagnostic test, Cologuard, resulting in a 71 percent surge in annual revenue to $454.5 million, the company announced Thursday. Exact (NASDAQ: [[ticker:EXAS]]), which relocated from the Boston area to Madison, WI, in 2009, is one … Continue reading “Exact Sciences Eyes Cologuard Market Expansion After “Landmark Year””
Bio Roundup: NASH News, Merck Strikes, Digital Tokens & More
The growing epidemic of the fatty liver disease known as NASH, which has no FDA-approved treatment, has led to a frenzied race among drug companies. This week, one company, Intercept Pharmaceuticals, solidified its lead. But how much will being first to the finish line mean when all is said and done? Intercept (NASDAQ: [[ticker:ICPT]]) reported … Continue reading “Bio Roundup: NASH News, Merck Strikes, Digital Tokens & More”
Merck Scooping Up Cancer Drug Developer Immune Design for $300M
Four months after Immune Design halted a late-stage study for its lead cancer vaccine and saw its stock price cut nearly in half, the immunotherapy company is now in line to join Merck’s pipeline in a deal worth approximately $300 million. Merck (NYSE: [[ticker:MRK]] announced Thursday that it has agreed to pay $5.85 per share … Continue reading “Merck Scooping Up Cancer Drug Developer Immune Design for $300M”
Starboard Ups Bristol-Myers Stake Ahead of Vote on Celgene Deal
Activist hedge fund Starboard Value has boosted its stake in Bristol-Myers Squibb and nominated five candidates to serve on the pharmaceutical giant’s board of directors. Bristol-Myers (NYSE: [[ticker:BMY]]) disclosed Starboard’s actions in a regulatory filing Wednesday. They come ahead of a shareholder vote to approve Bristol’s $74 billion proposed buyout of Celgene (NASDAQ: [[ticker:CELG]]). The … Continue reading “Starboard Ups Bristol-Myers Stake Ahead of Vote on Celgene Deal”
Xerox’s Wolfson Joins Quest as Chief Information and Digital Officer
Quest Diagnostics (NYSE: [[ticker:DGX]]) has appointed Gabrielle Wolfson to serve as senior vice president and chief information and digital officer. Wolfson comes to Secaucus, NJ-based Quest from Xerox (NYSE: [[ticker:XRX]]), where she was chief information officer. Her experience includes serving as CIO for both Integra Life Sciences and Par Pharmaceutical. Quest provides an array of … Continue reading “Xerox’s Wolfson Joins Quest as Chief Information and Digital Officer”
Rapid7, Raytheon, Recorded Future Join Cyber Madness in Boston on April 8
It takes a healthy imagination to pinpoint all the cybersecurity risks baked into today’s Internet-connected, cloud-managed, Web-hungry world—let alone even start to plan for the vulnerabilities, attack strategies, and potent defenses for the future. On April 8, Xconomy is bringing together experts from Boston and beyond to dig into how companies have solved specific problems … Continue reading “Rapid7, Raytheon, Recorded Future Join Cyber Madness in Boston on April 8”
With New Data, Intercept On Track for First-Ever Approved NASH Drug
The first-ever marketed medicine for the fatty liver disease known as nonalcoholic steatohepatitis, or NASH, could be on the horizon. The data, from a closely watched drug known as obeticholic acid, aren’t perfect. But they are nonetheless expected by the drug’s developer, Intercept Pharmaceuticals, to be good enough to support approval. Intercept (NASDAQ: [[ticker:ICPT]]) this … Continue reading “With New Data, Intercept On Track for First-Ever Approved NASH Drug”
Stealth Bio’s IPO Raises $78M for Clinical Tests of Mitochondrial Drugs
Stealth BioTherapeutics has popped up on the radar with a $78 million IPO to fund clinical trials for drugs treating rare mitochondrial disorders. Shares of Stealth Bio (NASDAQ: [[ticker:MITO]]) made their stock market debut Friday at $12 apiece, which was the low end of the company’s targeted $12 to $14 range. The biotech sold 6.5 … Continue reading “Stealth Bio’s IPO Raises $78M for Clinical Tests of Mitochondrial Drugs”
Bayer Snaps Up Rights to Two Cancer Drugs from Lilly’s $8B Loxo Deal
Bayer has just reclaimed some rights to two drugs from Loxo Oncology, which means it’s going to take more work for Loxo’s buyer, Eli Lilly, to justify the $8 billion it is paying for the company. Lilly (NYSE: [[ticker:LLY]]) this morning closed its buyout of Loxo, a developer of cancer drugs that target specific genetic … Continue reading “Bayer Snaps Up Rights to Two Cancer Drugs from Lilly’s $8B Loxo Deal”
Google Confirms New Madison Office, Part of $13B National Expansion
Google confirmed this week that it will expand its satellite office in Madison, WI, as part of a $13 billion investment in data centers and offices nationwide in 2019. Xconomy reported Jan. 31 that the Bay Area tech giant intends to triple the size of its downtown Madison outpost by adding a second office, located … Continue reading “Google Confirms New Madison Office, Part of $13B National Expansion”
Bio Roundup: Trump’s Scalps, Policy Pressure, NASH Crash & More
While politicians continue to debate what kind of healthcare system is best for the American people, the mostly U.S.-based pharmaceutical industry is trying to convince those same politicians—and anyone else who will listen—that what’s good for the industry is also good for America. Forcing drug prices lower, industry argues, would be bad for our health, … Continue reading “Bio Roundup: Trump’s Scalps, Policy Pressure, NASH Crash & More”
Finding True Love Can Be Ruff, But This Startup Could Have Your Match
Too many people treat pet adoption like a one-night stand. “You look at a dog, and see his eyes, and think he’s cute,” says Tama Lundquist, co-president of Houston PetSet, an organization that works with about 70 animal shelters in the Houston area. “But if you’re a couch potato and he likes to run, that’s … Continue reading “Finding True Love Can Be Ruff, But This Startup Could Have Your Match”
It’s Not You, It’s Your Officials: Amazon Cancels HQ Plan for NYC
[Updated, 02/15/19, 8:50 CT] After a whirlwind courtship and brief engagement, Amazon has broken off its plans to establish another headquarters in New York’s Long Island City neighborhood. Amazon (NASDAQ: [[ticker:AMZN]]) rationalized its Valentine’s Day breakup with the Big Apple by saying that the problem was state and local officials, not New Yorkers themselves. A … Continue reading “It’s Not You, It’s Your Officials: Amazon Cancels HQ Plan for NYC”
Passage Bio Gets $116M As Wilson, Yamada Team Up On Gene Therapy Again
Longtime biopharmaceutical executive Tachi Yamada helped keep the work of gene therapy pioneer James Wilson alive 20 years ago when Wilson was mired in controversy and the emerging field was in its darkest days. Now that gene therapy has come of age, in part because of Wilson’s work, the two are teaming up again. They’ve … Continue reading “Passage Bio Gets $116M As Wilson, Yamada Team Up On Gene Therapy Again”
Johnson & Johnson to Buy Robotics Startup Auris Health for $3.4B
[Updated 2:07 p.m. See below.] Johnson & Johnson is acquiring medical robotics developer Auris Health for $3.4 billion in cash, a deal that builds on the company’s stated plans to become a player in “digital surgery.” Privately held Auris has commercialized a robotic system cleared by the FDA to assist surgeons in diagnosing and treating … Continue reading “Johnson & Johnson to Buy Robotics Startup Auris Health for $3.4B”
Losing “Scalps”? Despite Pharma Fear, A Split on Trump Rx-Price Plans
Despite angry presidential tweets and other anti-pharma rhetoric, the drug industry has benefited under the Trump administration, thanks in part to a massive corporate tax cut. Indeed, for nearly two decades, the industry has been able to fend off its critics and gain win after win from politicians and regulators, including tax holidays, faster drug … Continue reading “Losing “Scalps”? Despite Pharma Fear, A Split on Trump Rx-Price Plans”
Neurogene Names Stuart Cobb Chief Scientific Officer
Gene therapy developer Neurogene has appointed Stuart Cobb to serve as its chief scientific officer. Cobb is currently a scientist at the University of Edinburgh. Neurogene says he will split his time between the university and the New York-based company. Neurogene recently raised $68.5 million in Series A financing to support research and development of … Continue reading “Neurogene Names Stuart Cobb Chief Scientific Officer”
May Mobility Snags $22M Investment, Will Expand to New Cities in ’19
May Mobility, an Ann Arbor, MI-based startup developing self-driving shuttles, today announced that it has raised a $22 million Series A funding round. The company has raised approximately $33.5 million since its inception in 2017. The new investment was co-led by Millennium New Horizons and Cyrus Capital Partners, with participation from LG Technology Ventures, Thayer … Continue reading “May Mobility Snags $22M Investment, Will Expand to New Cities in ’19”
Neurogene Emerges with $68M to Advance Gene Therapies to the Clinic
Neurogene is breaking into gene therapy with $68.5 million in new funding to support research on experimental treatments for rare, genetic brain disorders, the first of which could start human testing next year. So far, New York-based Neurogene has disclosed two of its preclinical programs. One is a treatment for aspartyglucosaminuria (AGU), an inherited enzyme … Continue reading “Neurogene Emerges with $68M to Advance Gene Therapies to the Clinic”
Abeona Therapeutics CEO João Siffert Sheds “Interim” Title
After three months as the interim CEO of gene-therapy developer Abeona Therapeutics (NASDAQ: [[ticker:ABEO]]), João Siffert will drop the interim part of his title. Siffert took over when previous CEO Carsten Thiel was suddenly ousted for what the company called “personal misconduct.” Thiel had only been in the position for seven months. Siffert joined Abeona … Continue reading “Abeona Therapeutics CEO João Siffert Sheds “Interim” Title”
AbbVie Joins Myeloma Race with $90M Deal for Rights to Teneobio Drug
AbbVie is paying $90 million up front for rights to a multiple myeloma drug from Teneobio that’s now being prepared for tests in humans. The Teneobio drug, TNB383B, is the first to come out of the labs of the Menlo Park, CA, biotech. Under the deal, AbbVie has the right to develop the drug after … Continue reading “AbbVie Joins Myeloma Race with $90M Deal for Rights to Teneobio Drug”
Matching Amgen, Regeneron to Cut List Price of Heart Drug by 60%
Regeneron Pharmaceuticals and partner Sanofi are cutting the list price of their heart drug alirocumab (Praluent) by 60 percent, the latest acknowledgement that the treatment—which has shown a striking ability to lower cholesterol, but has struggled to sell because of its high price tag—isn’t getting to the patients who need it. Starting in early March, … Continue reading “Matching Amgen, Regeneron to Cut List Price of Heart Drug by 60%”
Bio Roundup: New CRISPR Feud, A NY Splash, Pharma vs. Congress & More
If you’re into congressional spectacles, stay tuned later this month. A group of top biopharma executives—the full roster isn’t known yet—will testify at a Feb. 26 hearing before the Senate Committee on Finance to defend their drug pricing practices. No executives showed up for the previous hearing, but reports indicate industry has changed its stance … Continue reading “Bio Roundup: New CRISPR Feud, A NY Splash, Pharma vs. Congress & More”
InventaBioTech, Formerly CytoBioScience, Replaces CEO
San Antonio—The CEO of InventaBioTech, a life sciences business formerly known as CytoBioScience, is stepping down and being replaced by an interim leader. Jim Garvin, who has been the CEO of Inventa since March 2015, shortly before it moved to San Antonio, TX, from Germany, will remain an active contributor to the business, he wrote … Continue reading “InventaBioTech, Formerly CytoBioScience, Replaces CEO”
With Its First Human Data, Solid Slips in Duchenne Gene Therapy Race
The race to treat Duchenne muscular dystrophy with gene therapy, a one-time, potentially long-lasting treatment, is being closely watched. But new data from Solid Biosciences cast doubt on whether the Cambridge, MA, company can keep pace with the current leader, Sarepta Therapeutics. Solid (NASDAQ: [[ticker:SLDB]]) this morning is disclosing the first results from the first … Continue reading “With Its First Human Data, Solid Slips in Duchenne Gene Therapy Race”
NYCEDC Finally Puts Its NY Bio Fund to Work With $60M For HiberCell
It’s been a question posed for years by many around the New York biotech scene: What is going on with the New York City Economic Development Corp.’s $150 million biotech fund, which was formed in 2013 but hadn’t made an investment? Finally, today, there’s an answer. A small piece of the money from the NYCEDC’s … Continue reading “NYCEDC Finally Puts Its NY Bio Fund to Work With $60M For HiberCell”
Lauring Leaves Takeda for Chief Medical Officer Post at Kallyope
Brett Lauring is now the chief medical officer of Kallyope. Lauring comes to the New York-based biotech from Takeda Pharmaceutical (NYSE: [[ticker:TAK]]), where he was vice president, translational research and early clinical development. His experience also includes multiple positions at Merck (NYSE: [[ticker:MRK]]). Kallyope, which raised $66 million in financing nearly a year ago, is … Continue reading “Lauring Leaves Takeda for Chief Medical Officer Post at Kallyope”
Cancer Cures and the Importance of Communicating Responsibly
Last week, it was reported by multiple media outlets (see here, and here, and here) that a group of Israeli scientists had found “a cure for all cancer” and that it could be ready within a year. As a long-time life sciences industry executive my knee-jerk reaction was not “finally!” but “crap, not again!” As … Continue reading “Cancer Cures and the Importance of Communicating Responsibly”
Privacy Watch: Facebook Rebounds, But Privacy Concerns Accelerate
After Facebook posted a record profit of almost $7 billion in the fourth quarter on nearly $17 billion in revenue last week, an early investor, former advisor to CEO Mark Zuckerberg, and current shareholder said he’s making it a mission to “fix’’ the 15-year-old tech giant. Roger McNamee, in a podcast interview with The New … Continue reading “Privacy Watch: Facebook Rebounds, But Privacy Concerns Accelerate”
Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More
Pharmaceutical companies typically raise prescription drug prices at the start of each year and this year was no different. The increases were the latest reminder that, despite President Trump’s fiery campaign rhetoric, the administration had done little to actually lower drug prices. But a new plan aimed at the secretive rebate deals between pharma companies … Continue reading “Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More”
Sunovion’s FDA Rejection Gives Acorda Parkinson’s Drug Breathing Room
The FDA has rejected a Sunovion Pharmaceuticals drug for Parkinson’s disease, delaying the company in its bid to compete with Acorda Therapeutics, which has a similar product that was recently approved for the market. Sunovion said late Wednesday that the FDA asked for more information to support the application for its drug, APL-130277. But the … Continue reading “Sunovion’s FDA Rejection Gives Acorda Parkinson’s Drug Breathing Room”
Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup
Taylor Cavanah, whose background is in physics, once caused a fellow scientist to do a spit take after learning Cavanah runs a software startup focused on pet care. Just as surprising is the tale of how Cavanah and co-founders Ken Tsui and Aaron Bannister built the San Diego, CA-based company, called PetDesk. It sells online … Continue reading “Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup”
With $100M MeiraGTx Deal, J&J Signals Bigger Move Into Gene Therapy
Gene therapy has come of age over the past few years. And Johnson & Johnson this morning gave its biggest signal yet that it wants in on the emerging field. J&J (NYSE: [[ticker:JNJ]]) has inked a deal with MeiraGTX (NASDAQ: [[ticker:MGTX]]) to grab rights to a group of experimental gene therapies for inherited forms of … Continue reading “With $100M MeiraGTx Deal, J&J Signals Bigger Move Into Gene Therapy”
Investing, Real Estate, In-Game Ads: Sputnik ATX’s Third Accelerator
Austin—[Updated 3:48 p.m. See below.] Startup accelerator Sputnik ATX has a picked five startup companies for its newest program, the third Sputnik has run. That includes software makers and entrepreneurs focused on investing, commercial real estate, advertising for gaming, and building websites. Founded in 2017, Sputnik ATX runs two programs annually, selecting a group of five … Continue reading “Investing, Real Estate, In-Game Ads: Sputnik ATX’s Third Accelerator”
Aduro Biotech Slashes Staff 37%, Turns Focus to Lead Cancer Drugs
Aduro Biotech is laying off more than a third of its workforce in a restructuring intended to keep its focus on its cancer drugs now in clinical development. The corporate shakeup will cut the headcount of Aduro (NASDAQ: [[ticker:ADRO]]) by 37 percent, the company announced Wednesday. At the end of the third quarter of last … Continue reading “Aduro Biotech Slashes Staff 37%, Turns Focus to Lead Cancer Drugs”
Retailers Brace For Possible Economic Headwinds in 2019
Even as retailers struggle with a technology-disrupted business model and changing consumer desires, at least a generally positive overall economy and low unemployment rates seemed to keep shoppers’ wallets open. But a 2019 that started with stock market losses, a recently ended (but longest-ever) government shutdown, and other headwinds might now force consumers to pull … Continue reading “Retailers Brace For Possible Economic Headwinds in 2019”
With Insurers Signaling Interest, Can Blockchain Disrupt Healthtech?
Late last week, IBM and several other large companies that serve the healthcare industry announced a collaboration aimed at determining whether, and how, blockchain technology could be used to improve patient care and lower costs for industry stakeholders. The announcement came about nine months after a separate conglomerate of healthcare businesses, including insurer and health … Continue reading “With Insurers Signaling Interest, Can Blockchain Disrupt Healthtech?”
Equidate, Re-Named Forge Global, Boosts Series B to $85M
Equidate, one of the trading platforms that help employees sell their shares in pre-IPO unicorn companies, rolled out a new name today and announced a $35 million expansion of its $50 million funding round publicized in July. Re-branded as Forge Global, the five-year-old company plans to continue broadening the services it developed as many venture … Continue reading “Equidate, Re-Named Forge Global, Boosts Series B to $85M”
Billie, Subscription Shaving Products Service for Women, Raises $25M
Billie, a monthly subscription service for shaving and body care products for women, has raised $25 million. The New York-based startup said Tuesday that the new funding round, which is being led by Goldman Sachs Private Capital Investing group, brings its total investment to $35 million. Previous investors Silverton Partners, Female Founders Fund, and Lakehouse … Continue reading “Billie, Subscription Shaving Products Service for Women, Raises $25M”