Category: New York

FDA Refuses to Review Celgene’s MS Drug, Says File “Insufficient”

Celgene’s bid to bring a potential blockbuster multiple sclerosis drug to the market was dealt a setback Tuesday after the FDA concluded the company’s application does not have enough information. Summit, NJ-based Celgene (NASDAQ: [[ticker:CELG]]) said that it has received a “refusal to file” letter from the regulator regarding its submission for ozanimod. The company … Continue reading “FDA Refuses to Review Celgene’s MS Drug, Says File “Insufficient””

After Triton Attack, CyberX Nabs $18M to Defend Industrial Networks

Cyber threats to industrial connected devices and critical infrastructure are growing, and more money is flowing into companies trying to thwart those attacks. The latest deal is an $18 million investment in CyberX, a Boston-area startup whose software helps secure Internet-connected devices and networks in factories, oil rigs, electrical grids, pharmaceutical labs, and other industrial … Continue reading “After Triton Attack, CyberX Nabs $18M to Defend Industrial Networks”

Quentis Nets $48M For Cancer Drugs, Building Buzz For NY Bio Startups

After a string of announcements a few years back, there’s been few new, high-profile biotech startups taking shape in New York. But that quiet period might be coming to an end this morning with the arrival of Quentis Therapeutics, a cancer immunotherapy startup born from the lab of former Weill Cornell Medicine dean and immunologist … Continue reading “Quentis Nets $48M For Cancer Drugs, Building Buzz For NY Bio Startups”

Bio Roundup: Meldonium Slip, Kratom Crackdown, Zinc Fingers & More

The 2018 Winter Olympics will end soon, and we did not skate through these games without a performance-enhancing drug allegation rearing its ugly head. This time, the drug in question was meldonium (Mildronate), a product widely available over the counter in Russia and some Eastern European countries. Though Latvian pharmaceutical company Grindeks markets meldonium for … Continue reading “Bio Roundup: Meldonium Slip, Kratom Crackdown, Zinc Fingers & More”

Smart Cities Initiative Spurs “Gigabit Apps” for Next-Gen Internet

In late 2015, the National Science Foundation awarded a $6 million grant to the non-profit organization U.S. Ignite to help drive the development of next-generation “gigabit applications,” as part of a broader effort to create “smart gigabit communities” throughout the U.S. The idea was to both help cities improve local services and spur the development … Continue reading “Smart Cities Initiative Spurs “Gigabit Apps” for Next-Gen Internet”

Forget Perfume Counters: Phlur’s A.I. Is E-Commerce’s Scent Sherpa

Austin—It stands to reason that if any industry could resist the tidal wave of e-commerce, it would be the fragrance business. After all, how can you smell a perfume or cologne online to decide if you like the scent? But Eric Korman, founder and CEO of Phlur, says the startup can make it easier for … Continue reading “Forget Perfume Counters: Phlur’s A.I. Is E-Commerce’s Scent Sherpa”

Will Fast-Growing Kallyope Stay in New York After New $66M Round?

Kallyope is unusual among biotech startups. Exclusively borne from the work of three Columbia University professors, the company started up in Manhattan, now has more than 40 employees, has gotten $110 million in venture dollars from high-profile investors, and still remains in New York City. Now the big question is: Will Kallyope stay in Manhattan … Continue reading “Will Fast-Growing Kallyope Stay in New York After New $66M Round?”

Chasing A.I. Breakthroughs: Q&A With Director of New MIT-IBM Lab

For all the progress that has been made in developing artificial intelligence technologies in recent years, the software “brains” that power machines are still nowhere near the sophistication of human minds. And advancing the field will require bold, new ideas, says A.I. researcher David Cox. Cox (pictured) has spent the past 11 years at Harvard … Continue reading “Chasing A.I. Breakthroughs: Q&A With Director of New MIT-IBM Lab”

Bosch’s Acquisition of SPLT is Big Win for Detroit Mobility Startups

SPLT, the Detroit-based ridesharing startup and Techstars Mobility alum, announced today that it has been acquired by automotive supplier Bosch, which has its U.S. headquarters in metro Detroit. The terms of the deal were not disclosed. Anya Babbitt, SPLT co-founder and CEO, describes the acquisition as “a most fortunate outcome.” SPLT was established in 2014 … Continue reading “Bosch’s Acquisition of SPLT is Big Win for Detroit Mobility Startups”

For Latest Combo, Merck Bets $394M on Viralytics, Cancer-Fighting Viruses

The immuno-oncology combination frenzy continues. Merck this morning agreed to pay $394 million for Viralytics, an Australian developer of oncolytic viruses, which could help boost the power of the pharma giant’s cancer immunotherapy pembrolizumab (Keytruda). The deal gives Kenilworth, NJ-based Merck (NYSE: [[ticker:MRK]]) rights to CVA21 (Cavatak), an experimental oncolytic virus therapy in multiple early- … Continue reading “For Latest Combo, Merck Bets $394M on Viralytics, Cancer-Fighting Viruses”

XRC Labs Chief Anthos: Retailers Must Adopt “Test and Learn” Culture

As college undergraduates, my roommate and I had what we called a “monowardrobe.” That’s how we described the contents of the closet that lined a wall in our dorm room. We each organized our own clothing on either side, but since we both wore the same size in clothing and shoes, we “shopped” for outfits … Continue reading “XRC Labs Chief Anthos: Retailers Must Adopt “Test and Learn” Culture”

Father-Daughter Startup Seeva Turns Old IP into New Driverless Tech

[Correction, 2/23/18: See below.] The mobility sector has spawned plenty of unlikely alliances that have led to new products and business models for self-driving vehicles. But it’s hard to get more unlikely than Seeva, a Pacific Northwest mobility startup with Detroit roots, run by a vivacious daughter and her retired father, and based on technology … Continue reading “Father-Daughter Startup Seeva Turns Old IP into New Driverless Tech”

With $69M Deal, AbbVie Turns to Voyager for an Alzheimer’s Gene Therapy

At a time when uncertainty again swirls around the development of Alzheimer’s disease drugs, research continues in new ways. Through an alliance this morning, Voyager Therapeutics will team with AbbVie to try to use gene therapy tools to help attack the disease with a potential one-time, long-lasting treatment. Voyager (NASDAQ: [[ticker:VYGR]]) gets $69 million in … Continue reading “With $69M Deal, AbbVie Turns to Voyager for an Alzheimer’s Gene Therapy”

Bio Roundup: Trump’s Budget, Biogen’s AD Reveal, Hugin’s Run & More

Another week of White House chaos and American gun violence. Amid it all, we tried to parse what the Trump administration’s 2019 budget proposal meant for the biomedical and life-science worlds. There was talk of tackling high drug prices in the budget document, but nothing to give Medicare direct negotiating power with drug companies or … Continue reading “Bio Roundup: Trump’s Budget, Biogen’s AD Reveal, Hugin’s Run & More”

Europe’s New Data Privacy Rules Nourish U.S. Privacy Tech Sector

Take a look at this blurb for a session about data privacy at the upcoming RSA conference on cybersecurity. It sounds a polite warning: “The importance of privacy is often alluded to in generalized, value-laden terms that, while sincere, don’t necessarily help privacy be taken seriously in the enterprise risk management process.” That situation is … Continue reading “Europe’s New Data Privacy Rules Nourish U.S. Privacy Tech Sector”

Roche to Acquire Cancer Software Startup Flatiron Health for $1.9B

Roche has agreed to acquire Flatiron Health for $1.9 billion, a deal that brings the cancer research capabilities of Flatiron to the oncology drug portfolio and pipeline of the pharmaceutical giant. Roche already owns a 12.6 percent stake in Flatiron. The Basel, Switzerland company expects to complete the acquisition of the remaining Flatiron shares in … Continue reading “Roche to Acquire Cancer Software Startup Flatiron Health for $1.9B”

MIT’s Micali Talks Algorand, Bitcoin & Society’s “Honest Majority”

Silvio Micali says he mistimed his first two technology startups. But the renowned MIT professor thinks he’s hitting the market at the right moment with his latest company, Algorand, which plans to launch a blockchain-based virtual currency and transactions system this year. Micali, a cryptographer who has won the prestigious A.M. Turing Award, previously co-founded … Continue reading “MIT’s Micali Talks Algorand, Bitcoin & Society’s “Honest Majority””

Celularity Raises $250M to Make Stem Cell Treatments for Cancer & More

The placenta provides a fetus all of the nourishment it needs to grow and remain healthy. Executives at biotech startup Celularity believe cells from this organ can also be developed into treatments for a wide range of diseases, and the company announced Thursday that it has $250 million in funding to move its plans forward. … Continue reading “Celularity Raises $250M to Make Stem Cell Treatments for Cancer & More”

Shipping Wars: Walmart Launches Free Delivery for Sam’s Club Members

In order to better position itself against competitors like Costco Wholesale (NASDAQ: [[ticker:COST]]) and Amazon (NASDAQ: [[ticker:AMZN]]), Sam’s Club, the bulk retailer owned by Walmart (NYSE: [[ticker:WMT]]), is now offering free shipping for many items as part of a revamping of its membership programs. With a $100 annual fee—just one dollar more than the cost … Continue reading “Shipping Wars: Walmart Launches Free Delivery for Sam’s Club Members”

With IPO, BioXcel Looks to Fund AI-Fueled Drug Discovery Work

[Updated, 2/16/18, 9:10 a.m. See below.] Using software to speed up drug discovery isn’t a new idea, but it’s generating more interest thanks to artificial intelligence. BioXcel Therapeutics is trying to parlay that momentum into an initial public stock offering to fund human studies on a pair of drugs it found with the help of … Continue reading “With IPO, BioXcel Looks to Fund AI-Fueled Drug Discovery Work”

Startups Peddle Innovative Tools to Fight Tech’s #MeToo Problem

As the last year has shown, the tech industry has a significant problem with sexual harassment and ensuring that women are treated equitably in the workplace. Now, some founders are seeking to use tech tools such as chatbots, artificial intelligence, analytics, and mobile to help clients remedy those deficiencies. One of those founders is Heather … Continue reading “Startups Peddle Innovative Tools to Fight Tech’s #MeToo Problem”

Bristol-Myers Bets Nearly $2B on Nektar for an Immunotherapy Boost

When it comes to spending cash on potential combinations for its cancer immunotherapy drugs, Bristol-Myers Squibb (NYSE: [[ticker:BMY]]) isn’t afraid of the b-word: billions. The New York-based pharma firm is paying Nektar Therapeutics (NASDAQ: [[ticker:NKTR]]) of San Francisco $1 billion in cash and buying another $850 million in shares, all to grab partial rights to … Continue reading “Bristol-Myers Bets Nearly $2B on Nektar for an Immunotherapy Boost”

FDA’s Rachel Sherman on Right to Try, Succession Trouble & More

The opioid crisis. Right to Try legislation. The first human trials of CRISPR-Cas9 gene editing technology. These are just a few of the many topics at the feet of the FDA this year. Speaking at the BIO CEO & Investor Conference in New York on Tuesday, principal deputy commissioner Rachel Sherman, the FDA’s second in … Continue reading “FDA’s Rachel Sherman on Right to Try, Succession Trouble & More”

E-ZPass Links With PayByCar to Advance In-Vehicle Payments

In the future, you might pay for gas or a parking spot by touching a button on your vehicle’s dashboard. Car companies are already starting to introduce these kinds of in-vehicle payments systems. But it’ll likely take years before they come standard in most new automobiles, and even longer for cars equipped with such systems … Continue reading “E-ZPass Links With PayByCar to Advance In-Vehicle Payments”

Trump Budget Touts Lower Drug Prices, But No Medicare Negotiation

As president-elect, Donald Trump in January 2017 slammed drug companies for “getting away with murder” and said he supported Medicare negotiation. He vowed during last month’s State of the Union speech that drug prices “will come down.” Today, his administration’s fiscal 2019 budget proposal laid out what it calls a “comprehensive” strategy to lower drug … Continue reading “Trump Budget Touts Lower Drug Prices, But No Medicare Negotiation”

Buying Shoes? Digital Stylists Use A.I. to Suggest Clothing to Match

The black skirt had multiple personas. The fact that it was made of leather gave it an edgy vibe, but its A-line fit-and-flair cut was more flirty and feminine. “I fell in love with it,” says Michelle Bacharach, co-founder of FindMine. “But as soon as I brought it home, I wondered, ‘how do I wear … Continue reading “Buying Shoes? Digital Stylists Use A.I. to Suggest Clothing to Match”

Execs Talk Hurdles As Immunotherapy Combos, CAR-T Launches Progress

With multiple products on the market and many more coming, it’s easy to think that cancer immunotherapy has arrived. In reality, however, we’ve only just begun to figure out how to coax the immune system into killing cancer. That’s why a mad dash is on to expand its reach, and a panel of experts invested … Continue reading “Execs Talk Hurdles As Immunotherapy Combos, CAR-T Launches Progress”

As Trump Budget Addresses Opioid Crisis, BIO Report Reveals Scarce Pain Drug Development

[Updated 2/12/2018, 1:37pm ET, see below.] With the opioid epidemic showing little sign of letting up, new ways of treating chronic pain are desperately needed. But the development of non-addictive, non-opioid pain drugs lags far behind drug R&D for other diseases (I wrote a few months ago about why that is), and a report from … Continue reading “As Trump Budget Addresses Opioid Crisis, BIO Report Reveals Scarce Pain Drug Development”

Axovant CEO Hung, COO McCourt Resign After Brain Drug’s Failures

Axovant Sciences CEO David Hung has left the company, a move that comes a month after the firm halted development of a brain drug that failed in clinical trials. The shakeup of Basel, Switzerland-based Axovant (NASDAQ: [[ticker:AXON]]) includes the resignations of president and chief operating officer Marion McCourt, and three members of the board of directors. … Continue reading “Axovant CEO Hung, COO McCourt Resign After Brain Drug’s Failures”

Bio Roundup: Lung Cancer Questions, Migraine Races, HIV Battle & More

The top biopharma story of the week involves the fast-moving field of lung cancer, which, as we’ve written previously, has several key trials reading out in 2018. A big domino fell this week: data from a two-drug immunotherapy combination developed by Bristol-Myers Squibb. But the results, touted as positive, left more questions than answers. First, … Continue reading “Bio Roundup: Lung Cancer Questions, Migraine Races, HIV Battle & More”

Instant Gratification: Whole Foods, Target Offer Same-Day Delivery

[Updated 2/8/18, 1:39 pm.] The race is on to sign up consumers seeking same-day delivery of groceries, household items, and personal goods. Late on Wednesday, Amazon (NASDAQ: [[ticker:AMZN]]) announced it has started free two-hour delivery of products from Whole Foods Market, the most significant example of the e-commerce giant using technology at the Austin, TX-based … Continue reading “Instant Gratification: Whole Foods, Target Offer Same-Day Delivery”

Pompe Disease Patients on Amicus Drug Continue to Improve in Study

Patients treated with an experimental Amicus Therapeutics drug for Pompe disease continued to show improvement in their ability to walk, move, and breathe after as long as one year on the therapy, according to the latest clinical trial results from the rare disease drug developer. The open-label study is small, testing the drug in just … Continue reading “Pompe Disease Patients on Amicus Drug Continue to Improve in Study”

Fiserv to Net $395M from Partial Sale of Business to Warburg Pincus

Fiserv, a financial technology business that has fueled its growth in part through a series of mergers and acquisitions, said Wednesday that the private equity firm Warburg Pincus purchased a controlling interest in Fiserv’s lending unit. Brookfield, WI-based Fiserv (NASDAQ: [[ticker:FISV]]) said Warburg Pincus, of New York, acquired a 55 percent share in Fiserv’s Lending … Continue reading “Fiserv to Net $395M from Partial Sale of Business to Warburg Pincus”

Akamai Lays Off 400, Scales Back R&D Projects Amid Investor Pressure

Akamai Technologies has laid off about 400 people, or 5 percent of its global staff, as it pares research and development initiatives—primarily in its video content delivery division—that haven’t translated into commercial success. The cuts were disclosed Tuesday in a press release and conference call with investor analysts about Cambridge, MA-based Akamai’s (NASDAQ: [[ticker:AKAM]]) 2017 … Continue reading “Akamai Lays Off 400, Scales Back R&D Projects Amid Investor Pressure”

With New Test, Schadt’s Sema4 Aims to Broaden Scope of Newborn Screening

Sema4, the company that computational geneticist Eric Schadt spun out of the Icahn School of Medicine at Mount Sinai last year, is making a new bet this morning. The New York and Connecticut startup is launching a diagnostic, Sema4 Natalis, meant to go well beyond the typical tests hospitals run on newborn babies to check … Continue reading “With New Test, Schadt’s Sema4 Aims to Broaden Scope of Newborn Screening”

Medical and Patient Groups Warn Congress Against “Right to Try”

Dozens of medical organizations and patient advocacy groups are pushing back against so-called “right-to-try” legislation that passed the Senate in August and is now under consideration in the House. An open letter sent today to House leaders is the latest opposition to the Republican-led push to give desperate patients access to experimental drugs without FDA … Continue reading “Medical and Patient Groups Warn Congress Against “Right to Try””

Walmart Brings Virtual Reality to Retail With Purchase of Spatialand

Walmart’s tech incubator in Silicon Valley, Store No 8, has acquired Spatialand, a virtual reality software firm, as its third portfolio company. While much of the focus in using VR has been on gaming and entertainment, “virtual reality has the potential to reinvent the consumer experience—with an experience we call contextual commerce,” according to a … Continue reading “Walmart Brings Virtual Reality to Retail With Purchase of Spatialand”

As Migraine Races Heat Up, Allergan Touts New Data for Headache Pill

The push to treat migraines with a new class of medicines took another turn on Tuesday when Allergan presented clinical data for an experimental pill meant to help fend off the debilitating headaches after they start. Allergan’s (NASDAQ: [[ticker:AGN]]) ubrogepant, met its main goals in the first of two Phase 3 studies. In a trial … Continue reading “As Migraine Races Heat Up, Allergan Touts New Data for Headache Pill”

Pay It Forward: Capital Drives Bio Innovation in San Diego & Beyond

After starting Organovo in 2007, I spent much of the next decade as CEO seeking financing to advance our bioprinting technology. Because I stepped out of an operational role early last year, I am now in a position of providing financing to aspiring life sciences entrepreneurs.  The change has caused me to reflect a bit … Continue reading “Pay It Forward: Capital Drives Bio Innovation in San Diego & Beyond”

Bristol-Myers Immune Drug Combo Hits Early Mark in Lung Cancer Study

[Updated 2/5/18, 2:36 p.m. See below.] A combination of two Bristol-Myers Squibb immunotherapies has achieved the main goal of a late-stage study in lung cancer, according to preliminary results the company released on Monday. But even though Bristol says the trial supports a new way of identifying patients who could best respond to its treatment, … Continue reading “Bristol-Myers Immune Drug Combo Hits Early Mark in Lung Cancer Study”

E-Commerce Firm Dearduck Uses A.I. in the Hunt for the Perfect Gift

Houston—Knowledge is power, but too much of a good thing can render data meaningless. That’s the struggle many retailers have in an age of data analytics. Think about the retailer e-mails we receive daily or the ads that appear on Google or our social media sites. Though based on our Web searches, those ads don’t … Continue reading “E-Commerce Firm Dearduck Uses A.I. in the Hunt for the Perfect Gift”

Entrepreneurs Look to Angels and Micro-VCs for Cash

You don’t need me to tell you it’s a rough world out there for startups. Venture capitalists have been unusually stingy lately, hanging on to billions of dollars they’d typically be channeling into promising young companies. When those investors do open their wallets, they’re shunning risky investments in favor of what the Wall Street Journal … Continue reading “Entrepreneurs Look to Angels and Micro-VCs for Cash”

Bio Roundup: Wilson’s Warning, Amazon’s Health Biz, Moderna Cash & More

The State of the Union address was…. long. At one hour and 20 minutes, President Trump fell about 9 minutes shy of the high mark. But those who stayed tuned in heard comments about several health policy matters. The president credited the FDA for a record number of generic drug approvals in 2017, which PwC … Continue reading “Bio Roundup: Wilson’s Warning, Amazon’s Health Biz, Moderna Cash & More”

Ex-GE CEO Immelt Joins NEA as Execs Move Into Venture Investing

[Updated 2/1/18, 2:54 pm. See below.] Former General Electric chairman and CEO Jeff Immelt has joined New Enterprise Associates, the latest high-profile business executive to cross over to venture capital. Immelt has signed on as a venture partner at NEA, according to a press release. NEA has offices in the Bay Area; Washington, DC, area; … Continue reading “Ex-GE CEO Immelt Joins NEA as Execs Move Into Venture Investing”

Xconomy Bookclub: “Inferior” Peruses Science’s Historic #MeToo Bias

In his now infamous memo, ex-Google engineer James Damore cited scientific evidence to illustrate why women may not be suited for jobs at some of today’s leading tech companies. Women, he argued, are biologically more attuned to “people” jobs rather than “thing” jobs, like those in technology. But what Damore was doing, others pointed out, … Continue reading “Xconomy Bookclub: “Inferior” Peruses Science’s Historic #MeToo Bias”

MIT Raising Big Bucks From Corporations to Fund A.I. “Moonshots”

MIT plans to raise “hundreds of millions of dollars” from companies and philanthropic donors for a long-term, wide-ranging research initiative bringing together faculty, students, staff, and industry to attempt to better understand human intelligence—and use that knowledge to deliver breakthroughs in artificial intelligence that might have a broad impact on society. The initiative—called MIT Intelligence … Continue reading “MIT Raising Big Bucks From Corporations to Fund A.I. “Moonshots””

Look Out, Investors: Cryptocurrency Values Slide As Warnings Take Off

Bitcoin and other cryptocurrencies have seen dramatic but volatile price surges during the past year. But this month their billions in estimated market value are eroding, amid widening suspicions against one trading platform, a half-billion-dollar heist from another exchange, and an awakened global regulatory community. Warnings are on the rise from regulators, researchers, banking executives—and … Continue reading “Look Out, Investors: Cryptocurrency Values Slide As Warnings Take Off”

Bessemer Makes First Indiana Investment, Leads Zylo’s $9.3M Series A

When Indianapolis-based cloud software company Zylo was making the rounds in the Bay Area last year, talking to potential investors, the company kept hearing that it should meet with Silicon Valley firm Bessemer Venture Partners. Bessemer had never backed an Indiana tech company before but the meetings must have gone well, because Zylo has announced … Continue reading “Bessemer Makes First Indiana Investment, Leads Zylo’s $9.3M Series A”

As A.I. Takes Off, We Need a Plan to Deal with Societal Disruption

As an Xconomist, I have been asked to predict what technology might really take off in 2018. My response is something of a “cheat” in that it relates to artificial intelligence (AI), a technology that has been poised to take off next year for the past several decades and a topic about which I have … Continue reading “As A.I. Takes Off, We Need a Plan to Deal with Societal Disruption”