Category: New York

United Neuroscience Names Ajay Verma Chief Medical Officer

Alzheimer’s disease drug developer United Neuroscience has named Ajay Verma the company’s new chief medical officer. Verma comes to New York-based United Neuroscience from Biogen (NASDAQ: [[ticker:BIIB]]), where his work included overseeing early clinical trials for Alzheimer’s disease drug candidates. Before Biogen, Verma held positions at Merck (NYSE: [[ticker:MRK]]) and Novartis (NYSE: [[ticker:NVS]]). Verma’s appointment … Continue reading “United Neuroscience Names Ajay Verma Chief Medical Officer”

Aetion’s Medical Evidence Software Scores $11M in Funding

As healthcare payment models change in ways that link the reimbursement of care to patient outcome, clinicians, drug companies, and medical device makers are all looking for ways to quantify those outcomes. Health IT startup Aetion has developed software that it says can provide this insight, and the company now has $11 million in capital … Continue reading “Aetion’s Medical Evidence Software Scores $11M in Funding”

First Trial Underway, CytomX Gets $200M More In Expanded Bristol Pact

It’s tough to stand out in the cancer immunotherapy crowd, where a slew of companies are testing a variety of drug combinations and new methods to help boost responses to existing treatments. But CytomX Therapeutics has clearly gotten the attention of one of the field’s major players, Bristol-Myers Squibb, which has just re-upped and expanded … Continue reading “First Trial Underway, CytomX Gets $200M More In Expanded Bristol Pact”

Talking Driverless Cars, March Madness on Stocks and Jocks Radio

I hit the airwaves Friday morning to talk venture capital, startups, self-driving cars, and March Madness. Stocks and Jocks, a Chicago-based weekday business and sports talk radio program, invited me on the show to share my thoughts on some of the latest trends in the startup world. Hosts Tom Haugh and Kathy Dervin bantered with … Continue reading “Talking Driverless Cars, March Madness on Stocks and Jocks Radio”

With New Data, Amgen Promises Refund If Cholesterol Drug Doesn’t Work

Stung by slow sales of its next-generation anti-cholesterol drug, Amgen hopes new clinical data, released this morning, will spur doctors to boost prescriptions and—perhaps more important—drive insurers to loosen their restrictions. The data, from a massive study of more than 27,000 patients, come at a time when drug and healthcare prices are a top U.S. … Continue reading “With New Data, Amgen Promises Refund If Cholesterol Drug Doesn’t Work”

Bio Roundup: Trump Budget, FDA Chief, CAR-T Qs, CRISPR Cash, & More

If it wasn’t clear that the Trump administration disdained most types of scientific inquiry and practice, the White House’s proposed budget drove the point home. The top-line figures: a nearly 20 percent cut in the National Institutes of Health, and a 30 percent cut in the Environmental Protection Agency. These and other cuts to programs … Continue reading “Bio Roundup: Trump Budget, FDA Chief, CAR-T Qs, CRISPR Cash, & More”

Machine Learning 201: Exploring the Market for New Business

2016 will be remembered for many things, not least as the year that AI and machine learning stepped into the technological and cultural spotlight. Advances in applied machine learning fueled our enthusiasm for smarter, more talkative devices. It impacted how we learned about and processed the news—and fake news—of the national elections. Automation grew in … Continue reading “Machine Learning 201: Exploring the Market for New Business”

For $140M, PTC Gets Duchenne Drug and a Pricing Controversy from Marathon

PTC Therapeutics has acquired a controversial Marathon Pharmaceuticals drug for the rare disease Duchenne muscular dystrophy for approximately $140 million, potentially placing the South Plainfield, NJ, company squarely in the crosshairs of the national drug pricing debate. PTC (NASDAQ: [[ticker:PTCT]]), whose own Duchenne drug is conditionally approved in the Europe but not in the U.S., … Continue reading “For $140M, PTC Gets Duchenne Drug and a Pricing Controversy from Marathon”

Myomo, a Robotic Arm Brace Maker, Aims to Raise $15M in “Mini-IPO”

Myomo, a privately held medical device company spun out of MIT, has launched an unusually structured public offering of stock aimed at raising up to $15 million and getting the company listed on the New York Stock Exchange. Cambridge, MA-based Myomo is taking advantage of a change in federal securities law enacted through the Jumpstart … Continue reading “Myomo, a Robotic Arm Brace Maker, Aims to Raise $15M in “Mini-IPO””

Tax Reform and Choice of Business Entity

Choice of entity—how an entrepreneur decides to conduct the business—is a key decision with critical tax and non-tax implications. In the coming months, the White House is expected to release a detailed tax reform plan which, among other things, may include a significant reduction in corporate tax rates. If the anticipated changes are adopted, should … Continue reading “Tax Reform and Choice of Business Entity”

Former Gates Investor, Advisor Unveil $200M Biomatics Health Fund

After years of investing Bill Gates’s money and giving him scientific advice, two of the software billionaire’s associates have launched their own $200 million healthcare fund. Some of biotech’s highest-profile bets are already in their portfolio. Based in Seattle, Biomatics Capital Partners has been an open secret for some time thanks to its own regulatory … Continue reading “Former Gates Investor, Advisor Unveil $200M Biomatics Health Fund”

Airlines Must Improve IT Infrastructure Now or Pay Later  

At the tail end of this past holiday season—on one of the busiest travel days of the year—thousands of arriving international passengers found themselves stuck for hours in the line at customs, waiting to be processed. It wasn’t a terror alert, mechanical failure, or nefarious cyberattack that caused long lines and huge delays for travelers … Continue reading “Airlines Must Improve IT Infrastructure Now or Pay Later  “

Possible Cures. Mystery Deaths. Daunting Costs. Can CAR-T Be Tamed?

It’s a struggle that comic-book fans know well. Ordinary people, bestowed with super powers from a spider bite or gamma rays, struggle to harness their own abilities. T cells, key soldiers of the immune system, are wrestling with new-found super powers, too. Certain T cells hunt down invasive viruses, bacteria, and the body’s own bad … Continue reading “Possible Cures. Mystery Deaths. Daunting Costs. Can CAR-T Be Tamed?”

Scott Gottlieb On Tap to Lead FDA, and Biopharma Exhales

[Updated 3/12/17 with more comments, see below] The Trump administration has nominated Scott Gottlieb to be the new commissioner of the FDA, a selection that had the life sciences industry breathing a sigh of relief Friday afternoon. The 44-year-old Gottlieb is a physician, a venture partner at New Enterprise Associates, and was also the deputy … Continue reading “Scott Gottlieb On Tap to Lead FDA, and Biopharma Exhales”

Biotech Roundup: Obamacare Lite, DePinho Out, Dunsire In & More

We’ll start the roundup in Washington DC. The repeal of the Affordable Care Act, also known as Obamacare, began on the first day of the Trump administration. This week, the “replace” phase began with a Republican plan championed by House Speaker Paul Ryan (R-WI). President Trump backed it, too, but a lot of Republicans have … Continue reading “Biotech Roundup: Obamacare Lite, DePinho Out, Dunsire In & More”

Veering Off Topic With General Catalyst’s Larry Bohn

Larry Bohn is victim number 10 in my ongoing series of offbeat chats with Boston-area tech leaders. Bohn is a managing director of venture capital firm General Catalyst Partners, which he joined almost 15 years ago after running two software companies that he took public. Bohn invests in business software startups, mainly in e-commerce and … Continue reading “Veering Off Topic With General Catalyst’s Larry Bohn”

DraftKings Nabs $100M While Awaiting FanDuel Merger Approval: Report

[Updated 3/17/17, 9:26 a.m. See below.] DraftKings has raised more than $100 million in a new funding round, according to a report from Bloomberg. The Boston-based online fantasy sports company confirmed to Xconomy that it closed a Series E1 funding round led by Eldridge Industries, but the e-mailed statement from DraftKings didn’t specify the size … Continue reading “DraftKings Nabs $100M While Awaiting FanDuel Merger Approval: Report”

Will Driverless Cars Ever Yield Profits for Uber and Lyft?

Uber has suffered a series of troubles early this year, from sexual harassment claims by a former staff engineer to an intellectual property theft lawsuit by Google unit Waymo. But Uber’s most longstanding, recurrent, and core problem stems from its relationship with its contract drivers. It’s not surprising that Uber is seeking an escape from … Continue reading “Will Driverless Cars Ever Yield Profits for Uber and Lyft?”

Toyota and Others Enabling Self-Driving Cars to Talk to Each Other

Drivers have plenty of ways to communicate with their fellow drivers, beyond the basic turn signal. Some methods are nice, like a friendly wave to beckon a merging car into your lane. Others, not so much. We’ve all probably cursed or honked at another driver, or been given the finger. But if driverless cars become … Continue reading “Toyota and Others Enabling Self-Driving Cars to Talk to Each Other”

Immigrants Are the Best of Humanity and the Strength of Our Nation

[Editor’s note: This post was adapted from Mohamad Ali’s speech at a naturalization ceremony at the JFK Library in Boston on March 8, 2017.] My fellow immigrants, buenas tardes, masa-al-khayr, and good afternoon! I am deeply moved by the opportunity to be here today, to share this momentous occasion with you, and to personally return … Continue reading “Immigrants Are the Best of Humanity and the Strength of Our Nation”

Three Ways to Bolster The Innovation Ecosystem for Women

When the topic of encouraging more female leadership in the startup economy arises, discussions usually center on what women entrepreneurs should do differently. How they should present with greater authority, or how they should “dress the part” for their next investor pitch. Put frankly, how they should adopt any manner of different behaviors. I would … Continue reading “Three Ways to Bolster The Innovation Ecosystem for Women”

With Sale to CA Technologies, Veracode Will “Cast Longer Shadow”

The shortlist of Boston-area tech companies on deck for an initial public offering got shorter after Monday’s announcement that Veracode has agreed to be sold to CA Technologies for $614 million in cash. The 11-year-old Veracode, which helps businesses secure and test their software applications, had raised around $150 million in venture capital, according to … Continue reading “With Sale to CA Technologies, Veracode Will “Cast Longer Shadow””

Cyber Buyout: Veracode Acquired by CA Technologies for $614M

In one of the biggest tech acquisitions of the year to date, Veracode is getting bought by CA Technologies for $614 million in cash. The deal is expected to close next month. Veracode had raised more than $100 million in venture funding from investors that include .406 Ventures, Atlas Venture (which became Accomplice), StarVest Partners, … Continue reading “Cyber Buyout: Veracode Acquired by CA Technologies for $614M”

Sports Execs Trade VR for Augmented Reality at MIT Sloan Conference

[Corrected, 3/7/17, 9:56am. See below] At the MIT Sloan Sports Analytics Conference in Boston last Friday, the NBA’s senior vice president of digital media, Melissa Brenner, got bullish on the potential for augmented reality inside NBA arenas. She was decidedly cooler on virtual reality: the clunky equipment, the lack of content people will pay for, … Continue reading “Sports Execs Trade VR for Augmented Reality at MIT Sloan Conference”

VenBio-Backed Directors Wrest Control of Immunomedics Board

Activist investors challenging the management of Immunomedics have reportedly won control of a majority of the seats on the drug developer’s board of directors, putting another hurdle in front of a deal to license the company’s lead drug to Seattle Genetics. Biotech investment fund venBio—Immunomedics’ (NASDAQ: [[ticker:IMMU]]) largest shareholder, with a 9.9 percent stake in … Continue reading “VenBio-Backed Directors Wrest Control of Immunomedics Board”

Bio Roundup: Healthcare Is Hard, “Slow” FDA, Drugging RNA & More

In an address to Congress this week, President Donald Trump outlined many of his near-term goals, including an overhaul of the Affordable Care Act, also known as Obamacare, even as public opinion has begun to shift in favor of the law. Trump toned down his typical blunderbuss rhetoric, but he had choice words for the … Continue reading “Bio Roundup: Healthcare Is Hard, “Slow” FDA, Drugging RNA & More”

Capital Stockpile Grows as Venture Fund-Raising Hits Recent High

In the venture capital business, a rising tide lifts all boats. That’s the idea, at least. A new report released today by Seattle-based PitchBook shows that U.S. venture firms have plenty of capital to invest in new companies, after 328 venture funds raised a total of $51.6 billion in 2016. That’s a high-water mark for … Continue reading “Capital Stockpile Grows as Venture Fund-Raising Hits Recent High”

Snap Raises $3.4B in IPO, Soaring Trades Set Value Past $20B

Snap, which rose to unicorn status based on a social media app that creates quickly vanishing photos, attracted solid investor interest in an IPO that raised $3.4 billion and sent shares up more than 50 percent above the initial offering price during the first day of trading today. Snap (NYSE: [[ticker:SNAP]]) priced its IPO shares … Continue reading “Snap Raises $3.4B in IPO, Soaring Trades Set Value Past $20B”

Trump and Kalanick: Twin Chief Executives Face Similar Problems

In the rinse-repeat rhythm of Uber’s PR crises, it’s easy to miss that this particular cycle has been a long one. Uber’s latest wave of negative press began in January with a backlash against CEO Travis Kalanick’s role on President Donald Trump’s White House business advisory panel. There’s some irony here, because Trump and Kalanick … Continue reading “Trump and Kalanick: Twin Chief Executives Face Similar Problems”

Examity Grabs $21M for Online Test Proctoring Services

Examity, which offers remote proctoring services for tests that students take online, has received a $21 million investment. The money comes from two New York-based investment firms, University Ventures and Inherent Group, according to a press release e-mailed to Xconomy. The news was first reported by the Boston Business Journal. Based in Natick, MA, Examity … Continue reading “Examity Grabs $21M for Online Test Proctoring Services”

Evestra Signs Deal with Glemark for Generic Version of NuvaRing

San Antonio — Evestra, an early stage drug developer focused on women’s health, has made a deal with the U.S. division of Mumbai-based Glenmark Pharmaceuticals to try to bring its generic version of the NuvaRing birth control product to market. San Antonio-based Evestra’s product is still in development, and the companies say they are hoping … Continue reading “Evestra Signs Deal with Glemark for Generic Version of NuvaRing”

Nearpod, A Pioneer of VR in Edtech, Raises $21M

Nearpod, an educational technology company that added low-cost virtual reality headsets to its offerings early last year, raised $21 million in a Series B round announced today. The new round, led by New York-based Insight Venture Partners, brings total fundraising to $30.2 million for Nearpod, which made a bet that K-12 students would be captivated … Continue reading “Nearpod, A Pioneer of VR in Edtech, Raises $21M”

Wall Street Bets $50M on Kensho’s A.I. Investing Tools

As artificial intelligence begins creeping into virtually every industry, it makes sense that Wall Street would be one of the first places where it makes an impact—there’s a ton of data to crunch, and money to be made if software can help make better decisions more quickly. Kensho Technologies is one of the startups gaining … Continue reading “Wall Street Bets $50M on Kensho’s A.I. Investing Tools”

Drugmakers, Amazon Back Grail’s Big Cancer Trials With $900M

Last month, Grail publicly spread word of intentions to raise more than $1 billion in an ambitious quest to develop a blood test that can diagnose and detect cancer at its earliest stages. Today, the Menlo Park, CA, startup has revealed the crop of drugmakers and others it has secured to fund the effort. Grail … Continue reading “Drugmakers, Amazon Back Grail’s Big Cancer Trials With $900M”

Former FDA Commissioners Califf, McClellan Talk Healthcare’s Future

The top spot at the FDA remains vacant, and the change in presidential power has some healthcare observers wondering about possible changes for the regulator. One month removed from serving as FDA commissioner, Robert Califf says the agency can be improved through a combination of precedent, experience, and evidence. Califf, who served less than one … Continue reading “Former FDA Commissioners Califf, McClellan Talk Healthcare’s Future”

Nonprofit Seeds Exonics to Fund Push For CRISPR Duchenne Treatment

Two newly approved drugs slow the progression of the rare and deadly Duchenne muscular dystrophy, but nothing on the market actually reverses the march of the disease. An emerging group of experimental gene therapy and gene editing treatments designed to do so are creeping towards human clinical testing, however, and one of them has just … Continue reading “Nonprofit Seeds Exonics to Fund Push For CRISPR Duchenne Treatment”

Advaxis Inks Deal with Sellas to Develop New Cancer Immunotherapy

Advaxis and Sellas Life Sciences Group, two companies that have pursued different ways of prompting the body’s immune system to fight cancer, are now hoping that combining their efforts will lead to a more precise treatment. The agreement between the companies calls for Princeton, NJ-based Advaxis (NASDAQ: [[ticker:ADXS]]) to license to Sellas its technology for … Continue reading “Advaxis Inks Deal with Sellas to Develop New Cancer Immunotherapy”

At Arrakis, Gilman Teams With Biogen Vets to Target RNA With Pills

A year after selling his latest biotech startup—the second since 2012—Michael Gilman is back. He emerged today as chairman and CEO of a two-year-old startup named Arrakis Therapeutics, which aims to use chemical drugs to go after an unlikely target: RNA, the molecules that turn our genetic blueprints into proteins. Named after the dangerous desert … Continue reading “At Arrakis, Gilman Teams With Biogen Vets to Target RNA With Pills”

Celgene Promotes Smith to President, Fouse to Retire

Summit, NJ-based Celgene (NASDAQ: [[ticker:CELG]]) said that president and chief operating officer Jacqualyn Fouse will retire and be replaced by Scott Smith, who currently runs the company’s inflammation and immunology franchise. Smith will take on his new role on April 1, when Fouse will transition to being a strategic adviser. She will officially retire from … Continue reading “Celgene Promotes Smith to President, Fouse to Retire”

Bio Roundup: Trump Backlash, Verdine Plans, Sarepta Sale & More

A short week makes for a shorter roundup. As we’ve come to expect, however, there was no dearth of health and life-sciences news from Washington, D.C. A bipartisan group of Congress members who oversee health policy countered President Donald Trump’s encouragement of vaccine skeptics; the real test will be the upcoming budget’s funding of Centers … Continue reading “Bio Roundup: Trump Backlash, Verdine Plans, Sarepta Sale & More”

Bowery Bags $7.5M to Break Into Fast-Growing Indoor Farming Market

[Updated 2/23/2017 11:21 am] City real estate comes with premium prices, so the best way for developers to get the most out of limited space is by building skyward. The same approach holds true in urban agriculture. As vertical farms catch on in more cities, new agtech startup Bowery is entering the market backed by … Continue reading “Bowery Bags $7.5M to Break Into Fast-Growing Indoor Farming Market”

Harvard’s Verdine Aims to Retire, Become Full-Time FogPharma CEO

Harvard University chemical biologist Greg Verdine has been learning how to start and run biotech companies for almost two decades. He’s been a scientific co-founder of ten startups, worked at three different healthcare-focused venture capital firms, and even run a few biotechs in their early days before handing them off to more seasoned life sciences … Continue reading “Harvard’s Verdine Aims to Retire, Become Full-Time FogPharma CEO”

Rackspace Spinout Mailgun Raises $50M for API-Focused E-mail Service

San Antonio—For businesses sending out thousands or millions of receipts and marketing materials over e-mail to customers every year, there’s plenty to monitor. You have make sure those e-mails are delivered, that they stand out among the spam (or aren’t mistaken for it), that any customer replies go to the right employees, and that any … Continue reading “Rackspace Spinout Mailgun Raises $50M for API-Focused E-mail Service”

Sexual Harassment Claims Add to Turbulent Times for Uber

For the second time in less than a month, Uber CEO Travis Kalanick found himself fending off critical questions from his own employees at a Tuesday company-wide meeting. The last time, Kalanick was trying to justify remaining on President Trump’s economic advisory council after Trump issued a sudden travel ban against refugees and people from … Continue reading “Sexual Harassment Claims Add to Turbulent Times for Uber”

Aiming At P53, Cancer’s Hard Target, PMV Pharma Raises $74M

PMV Pharmaceuticals is the latest startup to load up with cash in an attempt to home in on one of the toughest targets in cancer biology: the tumor suppressor protein known as p53. The company, headquartered in Cranbury, NJ, disclosed this morning that it has raised a $74 million Series B round from Topspin Biotech … Continue reading “Aiming At P53, Cancer’s Hard Target, PMV Pharma Raises $74M”

Amazon, Uber, and Bill Gates’s Robot Tax: An Automation Snapshot

As we gear up for Robo Madness 2017: A.I. Gets Real, our annual robotics and artificial intelligence conference at Google’s offices in Kendall Square, let’s connect a few dots around the topic of automation. In just the past day or two: —Uber has started testing self-driving cars in Tempe, AZ, after having its tests banned … Continue reading “Amazon, Uber, and Bill Gates’s Robot Tax: An Automation Snapshot”

Cashing in On Duchenne Approval, Sarepta Sells Voucher to Gilead For $125M

Sarepta Therapeutics didn’t just get its first drug to market when the FDA approved the Duchenne muscular dystrophy drug eteplirsen (Exondys 51) last year—it got a potentially lucrative voucher from the FDA too. Today the Cambridge, MA, company cashed that in. Sarepta (NASDAQ: [[ticker:SRPT]]) this morning sold what’s known as a priority review voucher to … Continue reading “Cashing in On Duchenne Approval, Sarepta Sells Voucher to Gilead For $125M”

Boston, NY Tech Job Growth Hits 5-Year Low, as Amazon Keeps Expanding

The hiring pace among Boston and New York software companies has slowed to a crawl, amid a broader downshift in the tech industry. During the fourth quarter of last year, the two tech hubs saw their weakest job growth in the past five years. That’s according to a quarterly study compiled by John Barrett, a … Continue reading “Boston, NY Tech Job Growth Hits 5-Year Low, as Amazon Keeps Expanding”

Lumina Foundation Gives Odds For Edtech Innovation Under Trump

[Corrected 2/22/17, 9:35 am. See below.] Bipartisanship hasn’t exactly been the watchword in Washington over the past month as the new Trump administration grapples with stalled nominations, court battles over its travel ban, and investigations of campaign contacts with Russia. But deeply divided politicians may still find some common ground over education policy—in ways that … Continue reading “Lumina Foundation Gives Odds For Edtech Innovation Under Trump”