2018 was a year of ups and downs for the business and technology community. It was a year of big exits—both IPOs and acquisitions—for tech and life sciences companies. Venture funding remained strong, but more money went to fewer (and later-stage) companies overall. As the year winds down, we’re reflecting on the big innovation trends … Continue reading “From Alnylam to Zayner: Xconomy’s Top Innovation Stories of 2018”
Category: New York
Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind
[Updated 12/27/18, 9:54 am] Manoj Saxena is bullish on artificial intelligence. As chairman of Austin, TX-based A.I. startup CognitiveScale and managing director of The Entrepreneur Fund, which makes investments in early-stage machine learning companies, Saxena believes A.I. can transform how we work and play—creating opportunities for business. But he’s also aware that the technology, if … Continue reading “Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind”
CFOs: Prepare To Become Your Company’s Data Czar This Year
In mid-2018, Tom Bogan was the leader of business planning software company Adaptive Insights as it planned its own next steps. The Palo Alto, CA-based company was on the point of raising about $115 million in a June IPO that would have set its market value at around $705 million, according to PitchBook. But like … Continue reading “CFOs: Prepare To Become Your Company’s Data Czar This Year”
Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019
It was an eventful year for the artificial intelligence industry. The sector saw more big venture capital deals and acquisitions, while researchers kept plugging away on technology advances. Meanwhile, A.I. developers continued to grapple with issues around transparency, trust, and ethics. As part of Xconomy’s series of year-end posts, we asked a pair of CEOs … Continue reading “Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019”
Acorda Gets FDA Nod for New Parkinson’s Drug, But Rival Looms
The FDA late Friday approved a new treatment meant to help Parkinson’s disease patients cope with “off” episodes, when their medications stop working. The drug, Inbrija, from Acorda Therapeutics (NASDAQ: [[ticker:ACOR]]), is one of two similar treatments—along with APL-130277, from Sunovion Pharmaceuticals—expected to come to market in 2019. And its commercial success is critical for … Continue reading “Acorda Gets FDA Nod for New Parkinson’s Drug, But Rival Looms”
VCs May Face Backlash if Profits Come at Expense of Responsibility
Venture capital is, by nature, an optimistic industry, and venture capitalists have historically gone about their work comfortable that they were making positive societal contributions. When looking at VC activity over the past half century, one can see venture capital’s role in championing endeavors that advanced knowledge, improved health, increased worker productivity, and preserved natural … Continue reading “VCs May Face Backlash if Profits Come at Expense of Responsibility”
Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More
It’s beginning to look a lot like, well, the last roundup of the year, with plenty of news to pack in before our holiday breather. Whew. Before you fly off, or drive, or simply unplug, check out our preview of what could be next year’s top clinical studies; the tumult in big pharma’s on again-off … Continue reading “Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More”
Remote Exercise Startup FitOn Grabs $4.6M to Ride Home Workout Wave
More Americans work from home than ever before, and there’s a parallel trend of people increasingly ditching trips to the gym to instead work out at home. Companies like Peloton and FitOn, a new startup that recently raised a round of venture funding to support its growth, are using software to host virtual classes during … Continue reading “Remote Exercise Startup FitOn Grabs $4.6M to Ride Home Workout Wave”
Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs
Two of the world’s top drugmakers want to focus on making prescription drugs. Pfizer and GlaxoSmithKline have agreed to merge their consumer health businesses and spin them off into a joint venture, a move that will both create a new consumer healthcare giant and increase the pressure on each company to churn out innovative medicines. … Continue reading “Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs”
Graphcore Scores $200M to Scale Up A.I. Chip Production
One of the leading contenders in the A.I. chip race, Graphcore, announced Tuesday it pulled down $200 million in a Series D fundraising round that set its valuation at $1.7 billion. The Bristol, U.K.-based startup, founded in 2016, has now secured a total of more than $300 million in financing from venture capital firms and … Continue reading “Graphcore Scores $200M to Scale Up A.I. Chip Production”
Gener8tor’s Fellowship.art Brings Startup Accelerator Model to Art
You could make the case that the lines that separate an artist from an entrepreneur are virtually nonexistent. Just like startup founders or other business owners, artists are passion-driven individuals. They are making a product and seeking to sell it in a marketplace. They’re creating something tangible, pushing the boundaries, and often assuming great risks … Continue reading “Gener8tor’s Fellowship.art Brings Startup Accelerator Model to Art”
Entrada Therapeutics Nabs $59M for Drugs that Gain “Entry” to Cells
When it comes to getting a drug into a cell, size matters. Small molecules can easily pass through the cellular membrane in a way that larger therapeutic proteins can’t, which makes it difficult to develop a biological drug that can reach its target, says Dipal Doshi, CEO of biotech startup Entrada Therapeutics. Entrada, which translates … Continue reading “Entrada Therapeutics Nabs $59M for Drugs that Gain “Entry” to Cells”
15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)
On Monday, Xconomy began our annual look ahead at clinical trials that could define biotech and have profound healthcare effects in the coming year. Today we’re circling back with the rest of the list, which includes studies of drugs for nonalcoholic steatohepatitis, cystic fibrosis, spinal muscular atrophy and more. Read on for the details. [Editor’s … Continue reading “15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)”
Kineta Gets $15M in New Cancer Drug Partnership with Pfizer
Seattle biotech company Kineta continues to expand its roster of drug development partners, announcing on Monday it has entered into a collaboration and licensing agreement with Pfizer to develop therapies that use the body’s disease-fighting capabilities to attack cancerous tumors. Pfizer (NYSE: [[ticker:PFE]]) will pay Kineta $15 million upfront for the exclusive rights to therapies and … Continue reading “Kineta Gets $15M in New Cancer Drug Partnership with Pfizer”
Versant Ventures Unveils Two New Biotech Funds Totaling $700M
Two years after closing a $400 million fund for biotech investing, Versant Ventures is at it again, this time with $700 million in two new funds. The first of the new funds, Versant Venture Capital VII, is a $600 million biotech fund that the venture capital firm says will be invested in 20 or more … Continue reading “Versant Ventures Unveils Two New Biotech Funds Totaling $700M”
A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency
[Editor’s note: This is part of a series of posts sharing thoughts from technology leaders about 2018 trends and 2019 forecasts.] Today’s artificial intelligence technologies have demonstrated they’re capable of handling specific tasks, such as identifying pictures of cats or spotting cancer in CT scans. Researchers are hopeful the industry’s next breakthroughs will enable A.I. … Continue reading “A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency”
15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)
It can take decades and billions of dollars to develop a drug, and its fate—and often that of its developer—rests in the outcome of clinical trials. Just look at some of 2018’s biggest biotech stories. The failure of a closely watched cancer immunotherapy combination sent ripples through the sector and led several companies to change … Continue reading “15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)”
Merck Beefs Up Animal Health Unit with $2.4B Antelliq Acquisition
Merck has agreed to pay nearly $2.4 billion to acquire Antelliq Group, a privately held French company that makes devices used in monitoring and tracking animals. In addition to the cash payment, Merck (NYSE: [[ticker:MRK]]) said it will assume Antelliq’s approximately $1.3 billion debt, which it plans to repay shortly after the deal closes. After … Continue reading “Merck Beefs Up Animal Health Unit with $2.4B Antelliq Acquisition”
Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More
Pharmaceutical industry critics lament the cost of rare disease drugs, but some of the steepest price hikes have come on widely used insulin. The patent holder, the University of Toronto, gave companies the right to manufacture insulin. But the university also allowed them to patent the improvements they made, which enabled them to slap higher … Continue reading “Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More”
Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization
Udacity, a pioneer in the online teaching of IT skills, is celebrating a milestone today—50,000 students have now graduated from one of its revenue-generating “Nanodegree” programs. Launched four years ago, the Nanodegree courses allow students worldwide to gain expertise in areas such as data analytics, machine learning, and autonomous flight engineering by completing coursework that … Continue reading “Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization”
Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion
Austin — [Updated 3:10 p.m. See below.] Apple expects to make thousands of new hires around the country from Seattle to New York, the company announced Thursday, with its biggest growth planned for Austin, TX. The computer and smartphone manufacturer plans to hire 5,000 new employees in Austin and to spend $1 billion building a new … Continue reading “Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion”
Aiera Bags $3.5M for A.I. to Help Wall Street Analysts Pick Stocks
Machine learning startups are trying to establish a deeper presence on Wall Street. The latest move comes from Aiera (pronounced like “era”), a New York- and Boston-based company that announced today it took in $3.5 million in seed funding. Flybridge Capital Partners led the investment and was joined by Macquarie Group, Innovation Endeavors, Fin Venture … Continue reading “Aiera Bags $3.5M for A.I. to Help Wall Street Analysts Pick Stocks”
Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National
Foodies in New York City may not realize it, but some of the tasty kale, bok choy, and other leafy greens they buy trace their origins to an industrial park in New Jersey. The produce grown by indoor farming startup Bowery never sees soil or natural sunlight before making its way to select restaurants and … Continue reading “Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National”
To Cover Debts, Synergy Inks $200M Bankruptcy Sale to Bausch Health
Synergy Pharmaceuticals has spent years looking for a buyer. The developer of a struggling drug for two types of chronic constipation finally has one—now that it’s gone bankrupt. New York-based Synergy (NASDAQ [[ticker:SGYP]]) cut a deal on Wednesday to sell itself to Bausch Health, a Canadian specialty pharma company, for roughly $200 million in cash. … Continue reading “To Cover Debts, Synergy Inks $200M Bankruptcy Sale to Bausch Health”
The Power of Dreams: Making a Difference as a Detroit Entrepreneur
Those born and raised in Detroit are used to defying expectations, but making your dreams a reality is never an easy task. It involves overcoming both personal and professional hardships, which is why I named my business Make Your Dreams Come True (MYDCT). Inspired by what I wanted to do for both myself and others, … Continue reading “The Power of Dreams: Making a Difference as a Detroit Entrepreneur”
House Members Grill Google CEO Amid Bipartisan Privacy Concerns
Google CEO Sundar Pichai took his turn in the Congressional hotseat on Tuesday, following similar appearances by the chief executives of Facebook and Twitter earlier this year before lawmakers who are increasingly alert to the vast societal impact of Silicon Valley tech giants. House Majority Leader Kevin McCarthy opened a hearing before the House Judiciary … Continue reading “House Members Grill Google CEO Amid Bipartisan Privacy Concerns”
Truepic Acquires Image Forensics IP to Broaden Anti-Fraud Offering
Image authentication startup Truepic said Tuesday it has acquired the intellectual property and software behind San Jose-based Fourandsix Technologies—including Izitru, an image forensics technology licensed earlier this year by DARPA. Fourandsix (pronounced “forensics”), founded by Hany Farid, a Dartmouth professor and digital forensics expert, and Kevin Conner, formerly vice president of product management for Adobe’s … Continue reading “Truepic Acquires Image Forensics IP to Broaden Anti-Fraud Offering”
Pear Therapeutics App Gets FDA Nod for Treating Opioid Abuse
Doctors and other caregivers have a new weapon to combat the opioid epidemic. But it’s not a pharmaceutical drug—it’s a mobile app. This week, the FDA cleared “reSET-O,” an app developed by “digital therapeutics” startup Pear Therapeutics, for sale in the U.S. as a treatment for patients recovering from opioid abuse disorder. Doctors can now … Continue reading “Pear Therapeutics App Gets FDA Nod for Treating Opioid Abuse”
Dell Sets Return to Public Market With Shareholder OK of VMware Deal
Austin—Dell Technologies is on its way to becoming a public company again. Shareholders of a stock that’s linked to Dell subsidiary VMware approved a plan for Dell to buy out the stock, allowing it to return to the public market. Dell, based in Round Rock, TX, announced Tuesday that 61 percent of the shareholders of … Continue reading “Dell Sets Return to Public Market With Shareholder OK of VMware Deal”
Former Merck, Purdue Pharma Exec Timney Named Medicines Company CEO
Mark Timney has been appointed CEO of The Medicines Company (NASDAQ: [[ticker:MDCO]]), effective immediately. Timney is also joining the Parsippany, NJ, company’s board of directors. Timney succeeds Clive Meanwell, who is now serving as chief innovation officer. Timney was CEO of Purdue Pharmaceuticals from 2014 to 2017. Before that, he spent six years at Merck … Continue reading “Former Merck, Purdue Pharma Exec Timney Named Medicines Company CEO”
Black Diamond Emerges with $20M, Aiming for Cancer’s Hidden Targets
Nearly two years ago, Versant Ventures used some of its new $400 million fund to set up a drug discovery unit in Europe. The goal was to produce drugs and technology to spin out into independent companies. The first to launch from that effort, Black Diamond Therapeutics, has just emerged with an unusual approach to … Continue reading “Black Diamond Emerges with $20M, Aiming for Cancer’s Hidden Targets”
IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies
The IPO of any private company comes as the resolution of a mystery, as closely held details about its financial performance and strategies are revealed. But the suspense is heightened in the case of San Francisco-based companies Uber and Lyft, which pioneered the huge ride-hailing industry but have yet to come close to turning a … Continue reading “IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies”
Merck Exec Adam Schechter to Step Down, C-Suite Adds Two
Adam Schechter, president of global human health at Merck (NYSE: [[ticker:MRK]]), is stepping down from the position at the end of this year and shifting to an advisory role to the CEO, the company announced Monday. Schechter, who joined the Kenilworth, NJ, pharmaceutical giant in 1988, has been in his current post since 2010. Merck … Continue reading “Merck Exec Adam Schechter to Step Down, C-Suite Adds Two”
Mitek Stock Price Rises After ASG Beefs Up Acquisition Offer
ASG Technologies, the Florida-based software company backed by activist hedge fund Elliott Management, has upped its offer for San Diego’s Mitek Systems to $11.50 per share from $10 apiece. That’s according to a Nov. 26 letter the Florida-based software company made public Monday. The stock price of Mitek (NASDAQ: [[ticker:MITK]]) rose nearly 9 percent on … Continue reading “Mitek Stock Price Rises After ASG Beefs Up Acquisition Offer”
McAfee CTO On Election Hacking, Cryptojacking, Quantum Security
Election hacking. Information warfare. Adversarial artificial intelligence. All worrisome topics racing through Steve Grobman’s head these days. But the McAfee chief technology officer seems surprisingly upbeat about the prospects of meeting these cybersecurity challenges—or at least putting up a good fight. I met Grobman at a coffee shop in downtown Boston last week. He was … Continue reading “McAfee CTO On Election Hacking, Cryptojacking, Quantum Security”
Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO
The biggest yearly meeting for blood disease research has come and gone, and yet the stories to come out of the American Society of Hematology’s gathering in San Diego represent just a fraction of what happened in biopharma this week. Even if ASH wasn’t on your radar, the CRISPR baby saga—the apparent birth of gene … Continue reading “Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO”
Moderna Raises $604M and Nails Down Biotech’s Biggest IPO Ever
One of the biggest gambles in the history of the life sciences industry made it to Wall Street this evening when Moderna, a developer of messenger RNA drugs—an unproven technology with enormous potential—priced the largest biotech IPO ever. Now, finally under the scrutiny of investors and analysts, Moderna must prove that its technology has enough … Continue reading “Moderna Raises $604M and Nails Down Biotech’s Biggest IPO Ever”
SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?
An experimental attention deficit hyperactivity drug developed by SuperNus Pharmaceuticals has met the main goals of two late-stage studies, bolstering the company’s case that it could provide an alternative to currently available ADHD therapies. But shares of the Rockville, MD-based company promptly fell on concerns of whether the drug is any better than a widely … Continue reading “SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?”
5 Reasons to Seek Geographic Diversity in a Venture Portfolio
Silicon Valley. New York City. Boston. Call them tech hubs or startup capitals, they are drawing in our nation’s venture capital dollars. But when it comes to new investments, venture capitalists can’t be so short-sighted. The opportunities beyond these markets may be richer than many realize. In July 2018, my venture capital firm, Alumni Ventures … Continue reading “5 Reasons to Seek Geographic Diversity in a Venture Portfolio”
Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud
G. Steven Burrill, once a noted biotech investment fund founder, sought-after conference speaker, and life sciences publisher, was sentenced Wednesday to serve 30 months in federal prison for defrauding his investors and evading taxes. Burrill was indicted by a federal grand jury on September 14, 2017. He was accused of diverting more than $18 million … Continue reading “Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud”
Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise
A year ago, the leading Chinese Internet company Tencent Holdings pegged the global number of artificial intelligence researchers and professionals at 300,000 or less—just as the unmet demand for such experts was pushing salary offers to as much as $1 million. In February, the Canadian firm Element AI estimated that talent pool at no more than … Continue reading “Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise”
OncoMed’s Saga Ends in Reverse Merger with UK-Based Mereo BioPharma
OncoMed Pharmaceuticals attracted hundreds of millions of dollars from investors and pharmaceutical partners with compounds it developed to target cells that drive cancer growth. But after a series of clinical trial stumbles and the dissolution of its drug development alliances over the last two years, OncoMed is now serving as a vehicle for a UK-based … Continue reading “OncoMed’s Saga Ends in Reverse Merger with UK-Based Mereo BioPharma”
“JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus
Last week, Chinese researcher He Jiankui stunned the world with his claim to have created the world’s first gene-edited humans. He said he had used CRISPR-Cas9 to change the DNA of the embryos of twin girls, to make them immune to HIV infection, then implanted them in their mother’s womb. He announced on video the … Continue reading ““JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus”
BCMA Day: At ASH ‘18, Cell Therapies For Myeloma Take Center Stage
The treatment landscape for multiple myeloma, a deadly cancer of the bone marrow that affects about 30,000 Americans every year, has changed significantly over the past decade. And more changes look to be on the way. Take the results of a Phase 3 study just reported today at the American Society of Hematology’s (ASH) yearly … Continue reading “BCMA Day: At ASH ‘18, Cell Therapies For Myeloma Take Center Stage”
Event-Stream Hack Is Not Cause For Panic About Open-Source Security
News last week that event-stream, the popular open-source code library managed by NPM, had been compromised by a hacker (or hackers) looking to steal Bitcoin led some to question the underlying security of the open-source components that they are using in their software. According to reports, a hacker gained control of the event-stream package by … Continue reading “Event-Stream Hack Is Not Cause For Panic About Open-Source Security”
15Five Lands $8M to Provide Coaching Software to More Managers
[Updated 12/4/18 9:20 am. See below.] San Francisco-based performance management startup 15Five, whose mission is to torpedo annual performance reviews for workers and replace them with supportive weekly coaching by managers, announced today it raised $8 million in a Series A funding round. 15Five gets its name from the feedback and coaching process that its … Continue reading “15Five Lands $8M to Provide Coaching Software to More Managers”
ASH 2018: Three Up, Two Down as Big Blood Disease Meeting Rolls On
[Updated 4:37 p.m. See below.] Last week, Xconomy previewed the American Society of Hematology’s big meeting in San Diego, the largest medical gathering in the country on blood diseases. We took a deep dive into five specific disease areas under scrutiny, from lymphoma to hemophilia to sickle cell disease and more. News related to those … Continue reading “ASH 2018: Three Up, Two Down as Big Blood Disease Meeting Rolls On”
GSK Pays $5.1B For Tesaro, Setting Up “PARP” Battle With Rival AstraZeneca
GlaxoSmithKline on Monday agreed to pay $5.1 billion for Tesaro, becoming the latest firm to bet on a new type of cancer drug that has shown promise treating multiple tumor types but has yet to become a blockbuster seller. GSK (NYSE: [[ticker:GSK]]) said it will pay $75 per share in cash for Waltham, MA-based Tesaro … Continue reading “GSK Pays $5.1B For Tesaro, Setting Up “PARP” Battle With Rival AstraZeneca”
Volvo Expands In Silicon Valley As Auto Innovation Goes West
As GM announced a wave of auto plant closures in the North American heartland this week at the cost of thousands of jobs, Sweden’s Volvo Cars was expanding its U.S. presence, both in Silicon Valley and at a new South Carolina factory. Like Detroit-based GM (NYSE: [[ticker:GM]]), which is shifting its attention from traditional auto manufacturing … Continue reading “Volvo Expands In Silicon Valley As Auto Innovation Goes West”
Fetch Rewards Bags $8M After Shaking Up Its Grocery Rewards Model
Mobile app startup Fetch Rewards has scooped up $8 million in new venture funding to try and expand its grocery shopping rewards business. The Madison, WI-based company’s latest equity financing was disclosed in a document filed with the SEC this week. Fetch CEO and co-founder Wes Schroll couldn’t be immediately reached for comment Friday afternoon. … Continue reading “Fetch Rewards Bags $8M After Shaking Up Its Grocery Rewards Model”