Artificial intelligence innovation has become part of our everyday lives—retailers use it to tailor the product recommendations they make; biotech companies hope it can create customized medicine. But its shortcomings, born of human biases, are becoming apparent as well. Take, for example, facial recognition technologies that work best on white people and make the most … Continue reading “Ada-AI Seeks to Build a Diverse Artificial Intelligence Community”
Category: New York
Founders, Pay Attention to This Stuff—Not the Stock Market
The Dow Jones Industrial Average. Nasdaq. Startup exits. Funding rounds. In our 24/7 connected world, there’s no shortage of data you can access, study, and agonize over. The market’s latest move—from boom to correction—has commentators and analysts in a tizzy; many investors are feeling anxious, too. It’s easy to get distracted by all this chatter, … Continue reading “Founders, Pay Attention to This Stuff—Not the Stock Market”
Bio Roundup: CMS Backs Cancer Tests, Right to Try Passes, AbbVie Sinks
We’ll start this week’s roundup with several stories from Washington, DC, that could have a lasting effect on public health. The FDA continued its campaign against cigarettes, while the Centers for Medicare & Medicaid Services (CMS) gave a much-needed boost to the developers of cancer diagnostics. In its omnibus spending bill, Congress set aside more … Continue reading “Bio Roundup: CMS Backs Cancer Tests, Right to Try Passes, AbbVie Sinks”
YouTube Limits Firearms Videos; Gun Rights Group Cries Censorship
YouTube has broadened its restrictions on gun-related videos, while thousands of Americans are mobilizing to demand stricter gun controls Saturday in a mass march spurred by young survivors of a deadly armed attack on a Florida high school last month. Google’s popular video-hosting site will bar videos that facilitate direct sales of firearms or accessories, … Continue reading “YouTube Limits Firearms Videos; Gun Rights Group Cries Censorship”
AbbVie Shares Plummet as $5.8B Bet on Stemcentrx Takes a Hit
There is still a chance that AbbVie’s $5.8 billion gamble on acquiring Stemcentrx, a privately held developer of cancer stem cell drugs, could pay off. But the deal’s prospects dimmed this morning with news that Stemcentrx’s lead drug disappointed in clinical testing, sending shares of Chicago-based AbbVie down. AbbVie (NYSE: [[ticker:ABBV]]) said that it won’t … Continue reading “AbbVie Shares Plummet as $5.8B Bet on Stemcentrx Takes a Hit”
Join Xconomy as We Bring Back the NY Biotech Expats on June 21
Here’s a question posed time and again by the those toiling away to build up New York’s biotech scene: What if we could just bring back the biopharma veterans who grew up here? You can call them the New York expats. They started out in Brooklyn, Queens, the Bronx, but like many others before them, … Continue reading “Join Xconomy as We Bring Back the NY Biotech Expats on June 21”
Xconomy’s EXOME Presents: New York Biotech—Bringing Back the Expats
They grew up in Brooklyn. Queens. The Bronx. Staten Island. They became top scientists, and eventually life sciences entrepreneurs. And like many others before them, they rose to biopharma prominence only after leaving New York. They’re the New York expats, and to many in the New York life sciences scene, they’re seen as key to … Continue reading “Xconomy’s EXOME Presents: New York Biotech—Bringing Back the Expats”
At Opioid Hearing, BIO Exec Proposes Ways to Boost Pain Drug Development
After months of meetings and Congressional hearings on the unrelenting opioid addiction crisis, Congress has finally responded, with 25 bills that aim to attack the problem from all sides. The House Energy and Commerce Committee began two days of hearings on Wednesday that reviewed the draft legislation that lawmakers want to get to the House … Continue reading “At Opioid Hearing, BIO Exec Proposes Ways to Boost Pain Drug Development”
Hungry for Innovation, Big Food Firms Seek Alliances With Startups
Big Food is getting serious about innovation. Many top food companies are increasingly pumping money into supporting young, innovative startups, according to a recent analysis by CB Insights. The firms include stalwarts like Kraft Heinz (NASDAQ: [[ticker:KHC]]), which has an incubator and accelerator program called Springboard, and relative newcomers like the Greek-style yogurt maker Chobani, … Continue reading “Hungry for Innovation, Big Food Firms Seek Alliances With Startups”
U.K. Healthcare Entrepreneur Buys Radiology A.I. Startup Behold.AI
Behold.AI, a Madison, WI-based startup developing software that flags abnormalities in medical images to help radiologists make diagnostic decisions, said it was acquired by a London-based healthcare entrepreneur. The buyer was Simon Rasalingham. He founded Medica Group, a U.K. provider of tele-radiology services, in 2003 and sold it in 2013. Now, Rasalingham and others on … Continue reading “U.K. Healthcare Entrepreneur Buys Radiology A.I. Startup Behold.AI”
Uber’s Driverless Fatality Sparks Fallout and Finger-Pointing
The fallout from Uber’s autonomous car fatality continues today, with a number of new developments. We’re recapping them very quickly here, and adding two reaction quotes we received from Carrie Morton, deputy director of the University of Michigan’s Mcity research facility and test bed, and Shahin Farshchi, a partner at Lux Capital, a Silicon Valley … Continue reading “Uber’s Driverless Fatality Sparks Fallout and Finger-Pointing”
AI Chip Startup Mythic Reaps $40M from SoftBank, Lockheed Venture Arms
Mythic, which last year unveiled its novel computer chip designed for artificial intelligence, announced today that it has raised $40 million in a Series B fundraising round led by the venture capital arm of Japanese telecom and tech giant SoftBank. Mythic, based in both Redwood City, CA, and Austin, TX, is one of the upstart … Continue reading “AI Chip Startup Mythic Reaps $40M from SoftBank, Lockheed Venture Arms”
Arena Pharma’s Revamp Gains Traction With New Data For GI Drug
Arena Pharamceuticals’ plan to reshape itself is advancing with new data for an ulcerative colitis drug that could pose a threat to biotech giant Celgene. San Diego, CA-based Arena (NASDAQ: [[ticker:ARNA]]) said late Monday that its experimental compound etrasimod has succeeded in a Phase 2 trial in patients with moderate-to-severe ulcerative colitis, a form of … Continue reading “Arena Pharma’s Revamp Gains Traction With New Data For GI Drug”
Uber Suspends Driverless Testing After Fatal Accident in Arizona
The inevitable has happened. An autonomous Uber car hit a pedestrian in Tempe, AZ, and caused her death. The ride-hailing giant has suspended testing on driverless cars in Arizona, Pittsburgh, San Francisco, and Toronto, according to the New York Times. This is the first known death of a pedestrian caused by a self-driving car on … Continue reading “Uber Suspends Driverless Testing After Fatal Accident in Arizona”
TwoXAR Lands $10M to Ramp Up AI-Based Drug Discovery Work
Drug discovery startup twoXAR has raised $10 million in funding to support its efforts to build a pipeline of drug candidates found by its proprietary artificial intelligence technology. SoftBank Ventures led the Series A round of financing, and was joined by the Andreessen Horowitz Bio Fund and OS Fund. Palo Alto, CA-based twoXAR has developed … Continue reading “TwoXAR Lands $10M to Ramp Up AI-Based Drug Discovery Work”
CMS Starts to Cover Broad Cancer DNA Tests, Boosting Foundation, Thermo
The Centers for Medicare & Medicaid Services, which administers the federal Medicare insurance program, will begin covering FDA-approved diagnostic tests that scan tumors for a range of genetic mutations. The news is a boost for companies like Foundation Medicine and Thermo Fisher Scientific, who are among the few firms with such tests on the market. … Continue reading “CMS Starts to Cover Broad Cancer DNA Tests, Boosting Foundation, Thermo”
Five Unlikely Competitors in the Race for Driverless Cars: Slideshow
Now that we know autonomous vehicles are going to be a real thing, we are watching an entirely new industry unfold. Because of the sweeping societal changes that self-driving cars are likely to bring—they’ll change transportation the most, but also could affect the way we care for the elderly, live in our homes, deliver goods … Continue reading “Five Unlikely Competitors in the Race for Driverless Cars: Slideshow”
Bio Roundup: DIY Biohacking, PCSK9 Data, Solid Setback & More
Drug prices are top of mind for many patients. Some of them have to cut back on basic needs just to pay for treatments that seem to rise in price each year. That made a recent announcement by Regeneron Pharmaceuticals particularly unusual. The Tarrytown, NY, drugmaker plans to cut the price of its cholesterol-lowering drug … Continue reading “Bio Roundup: DIY Biohacking, PCSK9 Data, Solid Setback & More”
Harnessing the Power of Artificial Intelligence
Voice recognition lets people benefit from artificial intelligence (AI) almost without a second thought – and this technology is increasingly popular. Amazon had record sales of its Alexa device last year, with millions sold over the holiday season. Google reports that since last October, it has sold at least one Google Home smart speaker every … Continue reading “Harnessing the Power of Artificial Intelligence”
Inclusion Gets Real: A New Level of Diversity Discourse at SXSW
Austin—There’s no question that humans have plenty of biases that carry on from generation to generation, from sexism to racism to homophobia. Those problems have carried over to machines, too—bias in the data fed to computer algorithms is an issue that comes up often. Former Stanford computer science professor Daphne Koller recalled an anecdote she … Continue reading “Inclusion Gets Real: A New Level of Diversity Discourse at SXSW”
Xconomy’s Napa Summit Is June 14-15: Request Your Invite Today!
Year after year, Xconomy has gathered exemplary business leaders, investors, and far-seeing technologists to our most prestigious event—The Napa Summit. This year is no different. Come join us in the heart of wine country on June 14 and 15 to listen to visionary speakers and connect with fellow innovators. The Napa Summit is by invitation-only, … Continue reading “Xconomy’s Napa Summit Is June 14-15: Request Your Invite Today!”
Solid Discloses More Problems As FDA Halts Duchenne Gene Therapy Study
Solid Biosciences recently completed a big IPO despite disclosing, last-minute, that the FDA had partially suspended a clinical test of its gene therapy for Duchenne muscular dystrophy. Less than two months later, the company has reported a new, and more ominous finding: the FDA has halted testing of the treatment, known as SGT-001, altogether. Cambridge, … Continue reading “Solid Discloses More Problems As FDA Halts Duchenne Gene Therapy Study”
Dutch Biotech Raises $19M to Develop Psoriasis Drug Near San Diego
Escalier Biosciences BV, a biotech developing drugs for psoriasis and other autoimmune disorders, said it has raised $19 million in a Series B financing led by Forbion, a Dutch life sciences investor. Another Dutch investor, BioGeneration Ventures, and New York-based New Science Ventures joined the round, according to a statement from the company. While Escalier … Continue reading “Dutch Biotech Raises $19M to Develop Psoriasis Drug Near San Diego”
Walmart Expands Same-Day Delivery, Looks to Match Amazon
At the National Retail Federation’s annual conference in January, Walmart CEO Doug McMillon called the Arkansas-based, big-box retailer a technology company. On Wednesday, Walmart (NYSE: [[ticker:WMT]]) moved to make that assertion more of a reality: upping the number of cities where it provides same-day delivery to 100 cities from six—serving about 40 percent of American households … Continue reading “Walmart Expands Same-Day Delivery, Looks to Match Amazon”
DraftKings CEO on Failed Merger, IPO Plans, Sports Betting Prospects
DraftKings has been busy since its proposed merger with FanDuel was scrapped last summer, after the two daily fantasy sports rivals decided not to fight a federal agency’s antitrust challenge to the deal. Boston-based DraftKings has since made a series of small moves to expand its business beyond its core paid daily fantasy sports contests. … Continue reading “DraftKings CEO on Failed Merger, IPO Plans, Sports Betting Prospects”
No Self-Editing: Biohacker Josiah Zayner Can’t Stop Living Out Loud
Gene editing has arrived. Of the various forms of the technology, CRISPR-Cas9 is the easiest to use, and it’s already showing up in summer camps and school science labs near you. That would be middle schools. When everyone can edit an organism’s genes, how will the world change? Should we be worried? National security officials … Continue reading “No Self-Editing: Biohacker Josiah Zayner Can’t Stop Living Out Loud”
Too Many Venture Capital Cooks in the Kitchen?
At Correlation Ventures, we spend a fair amount of time using our proprietary database to identify the telltale signs of successful startups. One question we asked recently is whether there are diminishing returns for adding VCs to the board of directors at venture-backed startups. Many of us have seen highly effective boards where experienced and … Continue reading “Too Many Venture Capital Cooks in the Kitchen?”
The Minority Venture Capital Opportunity
This year marks the 30th Anniversary of the historic billion-dollar leveraged buyout of Beatrice Foods, put together by African-American business pioneer Reginald Lewis. As recently profiled in the PBS Documentary “Reginald Lewis and the Making of a Billion Dollar Empire,” Lewis was a business icon who paved the way for minority investors to ascend to … Continue reading “The Minority Venture Capital Opportunity”
Biogen to Acquire Phase 2-Ready Schizophenia Drug from Pfizer
Biogen is entering neuropsychiatry drug development with a deal to acquire a schizophrenia drug candidate from Pfizer. Cambridge, MA-based Biogen (NASDAQ: [[ticker:BIIB]]) is paying Pfizer $75 million up front for the drug, PF-04958242. Pfizer (NYSE: [[ticker:PFE]]) stands to gain as much as $515 million more if the drug hits development and commercialization milestones. If Biogen … Continue reading “Biogen to Acquire Phase 2-Ready Schizophenia Drug from Pfizer”
Despite Pharma Ties, Some Patient Groups Protest High Drug Prices
For 20 years, Deborah Long (pictured) has been relying on powerful drugs to keep her multiple sclerosis in check. Her out-of-pocket costs were pretty reasonable until two years ago, she says, when she had to switch insurance companies. Her new insurer made her switch to a different drug, Copaxone. When she tried to fill the … Continue reading “Despite Pharma Ties, Some Patient Groups Protest High Drug Prices”
Regeneron to Slash Price of Cholesterol Drug After Showing It Saved Lives
Regeneron Pharmaceuticals and partner Sanofi report new data this morning from a large, highly-anticipated trial suggesting that their drug alirocumab (Praluent) may reduce the risk of death for people with high cholesterol who have recently suffered heart attacks or strokes and are at risk of having another one or dying. And in an unusual move, Regeneron—based … Continue reading “Regeneron to Slash Price of Cholesterol Drug After Showing It Saved Lives”
“Pharma Bro” Martin Shkreli Gets Seven Years for Securities Fraud
Outspoken former pharmaceutical executive Martin Shkreli will serve seven years in prison, a sentence handed down Friday following securities fraud convictions related to two hedge funds and a drug company that he once ran. The judge in the case said Shkreli will receive credit for time served since September, when his bail was revoked, Bloomberg … Continue reading ““Pharma Bro” Martin Shkreli Gets Seven Years for Securities Fraud”
Price Check on Aisle 3: Grocers Use A.I., Devices to Battle Amazon
[Updated 3/13/18 1:07 pm. See below.] If a shopper interacts with technology in a typical grocery store, it’s usually at the very end—as they are paying for their items. That could be about to change, though. “Scanning loyalty cards at checkout is a lost opportunity,” says Eliahu Sussman, marketing manager at Aila Technologies, a Boston-area maker … Continue reading “Price Check on Aisle 3: Grocers Use A.I., Devices to Battle Amazon”
Bio Roundup: Trump Health, Cholesterol Wars, 23andMe OK & More
Trump administration health officials were out on the stump this week, talking tough about drug prices and healthcare value, encouraging the private sector to take the lead but letting everyone know the federal government is willing to push. In the debate over high drug prices, arguably no class of drug has been punished more by … Continue reading “Bio Roundup: Trump Health, Cholesterol Wars, 23andMe OK & More”
Prevail Gets $75M For Parkinson’s Gene Therapy, Bolstering NY Biotech
A potential gene therapy for Parkinson’s disease has just gotten a big boost thanks to one of the larger Series A investment rounds in years for a New York biotech. The funding, for Prevail Therapeutics, provides another jolt for the city’s life science startup scene. The startup, seeded in New York last year by OrbiMed … Continue reading “Prevail Gets $75M For Parkinson’s Gene Therapy, Bolstering NY Biotech”
Nonprofit Odylia Wants to Resurrect Stranded Gene Therapies
Luk Vandenberghe calls it a “sad irony.” After decades of ups and downs, gene therapy, which offers a long-lasting genetic fix for a disease, has arrived. A product from Spark Therapeutics called Luxturna, for a rare, inherited type of vision loss, recently became the first-ever approved gene therapy in the U.S., adding to two others … Continue reading “Nonprofit Odylia Wants to Resurrect Stranded Gene Therapies”
S&P Global Snaps Up Kensho for $550M as Wall Street Adopts A.I.
S&P Global plans to acquire Kensho Technologies for $550 million in a deal that demonstrates the increasing importance of data analytics and machine learning technologies on Wall Street. The acquisition price includes an unspecified mix of cash and stock, and is net of cash acquired, S&P Global (NYSE: [[ticker:SPGI]]) said in a press release. Artificial … Continue reading “S&P Global Snaps Up Kensho for $550M as Wall Street Adopts A.I.”
Esperion Touts Low Cholesterol Drug Price, But Not All Data are Ready
The cholesterol brawl is heating up again. A pair of next-generation cholesterol-lowering drugs known as PCSK9 inhibitors came to market in 2015 and have since struggled to gain traction. Now Ann Arbor, MI-based biotech Esperion Therapeutics (NASDAQ: [[ticker:ESPR]]) thinks it can do with a once-a-day pill called bempedoic acid what the PCSK9 blockers have not: … Continue reading “Esperion Touts Low Cholesterol Drug Price, But Not All Data are Ready”
As Apple Takes Lead in Wearables, Whoop Grabs $25M to Expand
Whoop took a different approach to try and break into the crowded wearable device market: Start by winning over professional athletes, then gradually expand sales to a wider array of consumers. The Boston-based startup, which unveiled its biometrics-monitoring wristbands two-and-a-half years ago, has had success with the first goal. Now, it says it’s making progress … Continue reading “As Apple Takes Lead in Wearables, Whoop Grabs $25M to Expand”
Vividion Lands $101M from Celgene to Develop Protein-Targeting Drugs
Vividion Therapeutics is partnering with Celgene to develop new drugs that modulate protein levels as a way of treating disease. Celgene (NASDAQ: [[ticker:CELG]]) will pay San Diego-based Vividion $101 million up front, which includes an equity investment. The partnership will last four years, but Celgene, based in Summit, NJ, has the option to pay more … Continue reading “Vividion Lands $101M from Celgene to Develop Protein-Targeting Drugs”
Duke and Enzyvant Take Rare Immune Disease to School with New Therapy
A healthy baby enters the world with the cells it needs to build immunity. But in some cases, the cell levels are dangerously low. Rarer still are those born without the organ needed to properly develop these immune cells. For babies who have this condition, called complete DiGeorge anomaly, even the common cold can become … Continue reading “Duke and Enzyvant Take Rare Immune Disease to School with New Therapy”
Paying for Gene Therapy, CRISPR in People, RNAi at “What’s Hot” on May 16
A new age of medicine is underway, and we’re only just beginning to grapple with the implications. The first U.S. gene therapy, for a rare form of vision loss, is now on the market. In 2017, the FDA also approved the first two CAR-T cell therapies for cancer, the first cancer drug based on a … Continue reading “Paying for Gene Therapy, CRISPR in People, RNAi at “What’s Hot” on May 16”
Walmart Unveils “Intelligent Food” System to Keep Produce Fresh
Food spoilage can cost big retailers like Walmart billions in losses. Now, the Arkansas-based giant says it has filed two patents on technology that can digitize the current inspection process for perishable goods. Called Eden, the initiative is in its early stages, but the idea is to use artificial intelligence and cameras to create a … Continue reading “Walmart Unveils “Intelligent Food” System to Keep Produce Fresh”
Mirror, Mirror On the Wall: How Does This Dress Look in Green?
These days, it’s not just Snow White’s stepmother who has a mirror that talks back. Thanks to augmented reality, Internet of Things, and data analytics technologies, more of us might be confronted with so-called “smart mirrors” the next time we try on clothes or accessories in a store. While mirrors are typically static pieces of … Continue reading “Mirror, Mirror On the Wall: How Does This Dress Look in Green?”
Bio Roundup: Funding Frenzy, Opioid Summit, Celgene Woes & More
Biotech startups rolled in cash this week. By our count, investors put more than $800 million into life-sciences startups in four days. The money came from a wide range of backers, not just traditional biotech venture firms. It’s early yet in 2018, but the current count could put life-sciences companies on pace to bust past … Continue reading “Bio Roundup: Funding Frenzy, Opioid Summit, Celgene Woes & More”
Teva’s Marcelo Bigal Joins Purdue Pharma as Chief Medical Officer
Purdue Pharma has appointed Marcelo Bigal to serve as the Stamford, CT-based company’s chief medical officer. Bigal comes to Purdue from Teva Pharmaceutical (NYSE: [[ticker:TEVA]]), where he was chief scientific officer. Before joining Teva, Bigal was chief medical officer of Labrys Biologics, which Teva acquired in 2014 in order to add the company’s migraine drug … Continue reading “Teva’s Marcelo Bigal Joins Purdue Pharma as Chief Medical Officer”
Rubius Rolls Up Another $100M As Bio Funding Frenzy Continues
Like water spewing from a firehose, venture dollars are dousing life-science startups this week. The latest biotech on the receiving end is Rubius Therapeutics, a cell therapy developer that announced a $100 million round this morning. With the new cash, a “crossover” round including investors that back both private and publicly traded companies, Rubius has … Continue reading “Rubius Rolls Up Another $100M As Bio Funding Frenzy Continues”
Securing the Door: Amazon Buys Connected Doorbell Maker Ring
Amazon (NASDAQ: [[ticker:AMZN]]) has acquired smart-doorbell security system maker Ring as the company seeks to expand its home-security business. The purchase was first reported by Geekwire, which cited a separate report from Reuters that the deal is valued at about $1 billion. That would make Amazon’s purchase of Ring the third largest in the Seattle e-commerce … Continue reading “Securing the Door: Amazon Buys Connected Doorbell Maker Ring”
Activist Investor Scopia Gets Two Board Seats in Deal with Acorda
Acorda Therapeutics has cut a deal with Scopia Capital Management, enabling the activist investor that has previously pushed to sell the company, to name two directors to its board. Scopia will support the board members Acorda (NASDAQ: [[ticker:ACOR]]) nominates at its annual shareholder meeting this year as a part of the agreement. Scopia, which this … Continue reading “Activist Investor Scopia Gets Two Board Seats in Deal with Acorda”
Credtech Report Card: HackerRank, CodeFights, Credly, ACT, More
Educational technology companies are augmenting the traditional educational system with their online coursework offerings, but they’re also creating a competing universe where students can find alternate learning experiences that may qualify them for a job, even if they don’t have an academic degree. A core element in this universe is the invention of new kinds … Continue reading “Credtech Report Card: HackerRank, CodeFights, Credly, ACT, More”