News may be coming out of Washington, DC, at a breakneck pace, but concrete plans regarding the future of the nation’s healthcare system, the FDA, and the pharmaceutical industry have been much slower to materialize. The consternation about President Donald Trump’s coming pick for FDA commissioner was palpable this week at the BIO CEO & … Continue reading “Bio Roundup: CRISPR Drama, Marathon and PhRMA, the Price of Vision & More”
Category: New York
His Gene Therapy Near Approval, Spark CEO Wonders: What Price Vision?
Perhaps this year, Spark Therapeutics could be the first ever in the U.S. to win approval of a gene therapy with its one-time treatment for an inherited form of blindness. But an approval could also throw Spark into the line of fire in the U.S. fight over drug pricing that includes angry members of Congress, … Continue reading “His Gene Therapy Near Approval, Spark CEO Wonders: What Price Vision?”
With “Go,” Amazon Identifies Another Job It Can Do Better
Early last year, I “fired” talk radio along with NPR’s morning and evening editions. That same day, I “hired” Amazon Audible as my commute companion. It wasn’t a difficult decision. Audible is far better than its predecessors at doing the job I need done as I travel to and from my office – provide on-demand … Continue reading “With “Go,” Amazon Identifies Another Job It Can Do Better”
Fintech VC Backing Dipped 13 Percent in 2016, Mirroring Rest of Tech
The final numbers on 2016 fintech funding deals are in from New York-based research firm and investment database CB Insights, and venture capitalists seem to be cooling on the industry. According to a report released today, financial technology companies around the world attracted $12.7 billion in venture capital across 836 investments last year. That is … Continue reading “Fintech VC Backing Dipped 13 Percent in 2016, Mirroring Rest of Tech”
Merck Alzheimer Drug Is Latest To Fail In A Big Study
Another Alzheimer’s drug has failed a major test. Merck (NYSE: MRK) reported late Tuesday that its pill verubecestat was not helping people with significant Alzheimer’s symptoms. The drug maker announced that it halted its EPOCH study early because an oversight group said there was “virtually no chance of finding a positive clinical effect.” Verubecestat is … Continue reading “Merck Alzheimer Drug Is Latest To Fail In A Big Study”
FDA Turmoil, Biology Mystery On List Of Hurdles For Microbiome Drugs
In three years, investment has jumped more than twenty-fold in startups developing medicines that change the interactions between our bodies and the bacteria that colonize it, known collectively as the human microbiome. But as a panel of industry insiders noted yesterday at the BIO CEO & Investor Conference Monday, the field faces several challenges—including lack … Continue reading “FDA Turmoil, Biology Mystery On List Of Hurdles For Microbiome Drugs”
BIO-Europe Spring
From the event organizer: The eleventh annual BIO-Europe Spring® international partnering conference will be held in Barcelona, Spain March 20–22, 2017 at the CCIB Convention Centre Barcelona. Produced by EBD Group, the event is co-hosted by Biocat, BIOCAT, the organization that coordinates and promotes the health and life sciences sector in Catalonia, and the ACCIO … Continue reading “BIO-Europe Spring”
Allergan to Acquire Fat-Busting Medical Tech Firm Zeltiq for $2.4B
Botox-maker Allergan is filling out its medical aesthetics portfolio with a $2.4 billion agreement to acquire Zeltiq Aesthetics, a company that has commercialized a medical device that gets rid of unwanted fat. Under the cash deal, Dublin, Ireland-based Allergan (NYSE: [[ticker:AGN]]) will pay $56.50 per share to buy Zeltiq (NASDAQ: [[ticker:ZLTQ]]), which is based in … Continue reading “Allergan to Acquire Fat-Busting Medical Tech Firm Zeltiq for $2.4B”
Dear Tom Price: Bundled Payments Help Patients and Reduce Costs
With all the talk of repealing Barack Obama’s Affordable Care Act (ACA), people have been taking a closer look at what the law has done for our healthcare system. It turns out the ACA is about a lot more than the problematic healthcare marketplaces. There’s the extension of parental insurance coverage to age 26 and … Continue reading “Dear Tom Price: Bundled Payments Help Patients and Reduce Costs”
Seattle Genetics Puts Up $250M for Immunomedics Cancer Drug Rights
Seattle Genetics has agreed to pay $250 million up front for global rights to an Immunomedics cancer drug that it says complements the company’s pipeline of experimental antibody cancer therapies. If SeaGen (NASDAQ: [[ticker:SGEN]]) is able to bring the drug to market, the Bothell, WA-based company would be on the hook for up to $1.7 … Continue reading “Seattle Genetics Puts Up $250M for Immunomedics Cancer Drug Rights”
Senate Confirms Price for HHS, But Stock Deals Still Raise Questions
The Senate confirmed Tom Price as Secretary of the U.S. Department of Health and Human Services early Friday morning by a 52-47 vote that, as expected, fell largely on party lines. Price is an orthopedic surgeon by training who has been a member of Georgia’s congressional delegation since 2004. He will now oversee a department that … Continue reading “Senate Confirms Price for HHS, But Stock Deals Still Raise Questions”
Visterra, Braeburn Stumble After Solid ’17 Start for Bio IPOs
Just how open is the IPO window for biotechs in 2017? After a solid start this year for life sciences offerings, two companies haven’t been able to get to market—the latest being Cambridge, MA-based Visterra. According to IPO research firm Renaissance Capital, Visterra has postponed an IPO that was supposed to net the firm $50 … Continue reading “Visterra, Braeburn Stumble After Solid ’17 Start for Bio IPOs”
Bio Roundup: Travel Ban Block, Gilead Shock, Dean Kamen Talk & More
The biotech community pushed back against President Donald Trump’s order to block travelers and refugees this week, and not much later, a federal court did, too. Patient advocates have scored big wins with recent approvals of rare disease treatments, but they’re not as happy with insurers’ coverage decisions or with Trump’s promises of massive FDA … Continue reading “Bio Roundup: Travel Ban Block, Gilead Shock, Dean Kamen Talk & More”
Often Advocates Of Faster FDA, Patient Groups Wary Of Trump Deregulation
In the biomedical world, perhaps the biggest question looming over President Donald Trump’s upcoming pick for Food and Drug Administration commissioner is how drastically that person will help roll back FDA regulations. Trump said at last week’s meeting in Washington D.C., with pharmaceutical executives that he wanted to slash FDA rules by 75 to 80 … Continue reading “Often Advocates Of Faster FDA, Patient Groups Wary Of Trump Deregulation”
San Francisco Appeals Court Upholds Stay on Trump’s Travel Ban—For Now
The Trump administration’s travel ban will remain on a temporary hold under an order issued today by a federal appeals court in San Francisco, which held that the government had failed to make its case for lifting a stay won through a court challenge by the state of Washington. That means that for the time … Continue reading “San Francisco Appeals Court Upholds Stay on Trump’s Travel Ban—For Now”
Xconomy Is Growing: We Need Great Salespeople in SF, Texas, and NY
Since Xconomy’s founding nearly a decade ago, we have grown from a single bureau in Boston to having editors covering 11 innovation clusters around the United States. And over this time, we have cultivated a reputation for outstanding news coverage and events across high-tech business sectors—from information technology to life sciences and beyond. In the … Continue reading “Xconomy Is Growing: We Need Great Salespeople in SF, Texas, and NY”
Acorda Touts Success in Parkinson’s Drug Study, Awaits Safety Data
Acorda Therapeutics took a calculated risk in 2014 when it bought Civitas Therapeutics in a bid to start accumulating drugs for Parkinson’s disease. But that deal has a chance to soon pay off for the Ardsley, NY, company. Acorda (NASDAQ: [[ticker:ACOR]]) said that CVT-301, its experimental Parkinson’s drug, succeeded in a 339-patient Phase 3 trial. … Continue reading “Acorda Touts Success in Parkinson’s Drug Study, Awaits Safety Data”
Trump’s Immigration Policies Threaten to Thwart Economic Growth
For the entire staff at Global Detroit, the Executive Orders from President Trump on immigration, refugees, the so-called Muslim ban, and the wall have been devastating and deeply distressing. They challenge our sense of American values and history. Beyond our personal and moral reactions, however, the Executive Orders also may have some impact on the … Continue reading “Trump’s Immigration Policies Threaten to Thwart Economic Growth”
Biotech Leaders Sign Letter Condemning Trump’s Travel Ban
The blowback from U.S. business leaders to President Trump’s travel ban continues—today from a throng of biotech executives. This morning, 165 U.S. biotech leaders have signed a letter voicing “deep concern and opposition” to the order, which bars entry to the U.S. to refugees and immigrants from seven Muslim-majority countries. The Jan. 27 order placed … Continue reading “Biotech Leaders Sign Letter Condemning Trump’s Travel Ban”
Kentucky Biotech CEO’s Message For McConnell: I’ll Be Muslim, Too
President Trump’s order to bar refugees and immigrants from seven Muslim-majority countries is on temporary hold, and a court hearing later today could eventually force a ruling by the U.S. Supreme Court. One of the latest biotech executives to speak out against the ban is in the backyard of Mitch McConnell (R-KY), the top Republican … Continue reading “Kentucky Biotech CEO’s Message For McConnell: I’ll Be Muslim, Too”
Tesora Bought by Stratoscale in Data Center Tech Consolidation
The deal-making and investment in New England’s enterprise IT sector continues. Today, Stratoscale announced its acquisition of Cambridge, MA-based Tesora, a database-as-a-service provider. Deal terms weren’t disclosed, but the purchase price probably wasn’t huge. Herzliya, Israel-based Stratoscale has raised about $70 million from investors including Battery Ventures, Bessemer Venture Partners, Cisco Investments, Intel Capital, and … Continue reading “Tesora Bought by Stratoscale in Data Center Tech Consolidation”
Bio Roundup: Travel Ban, Pharma in DC, Biogen Splits, PCSK9 Wins
Folks had just clocked out last Friday when the Trump Administration announced a travel ban that threw airports around the country into chaos. That announcement set the tone for this week in life sciences. Many in biopharma blasted Trump’s order and tried to grapple with its implications. At the same time, a handful of the … Continue reading “Bio Roundup: Travel Ban, Pharma in DC, Biogen Splits, PCSK9 Wins”
No Details Yet, But Amgen Touts Success in Big Heart Drug Study
Amgen revealed on Thursday that its cholesterol lowering drug, evolocumab (Repatha)—part of a new class of heart treatments called PCSK9 inhibitors—has reduced the risk of heart attacks and strokes in a massive, 27,500 patient trial. Thousand Oaks, CA-based Amgen (NASDAQ: [[ticker:AMGN]]) didn’t disclose the actual magnitude of the benefit evolocumab produced in the study, an … Continue reading “No Details Yet, But Amgen Touts Success in Big Heart Drug Study”
Drug-Hunting Startup From Scripps Attracts Celgene Alum, $50M Backing
A team of decorated academic chemists in San Diego have been working since 2014 on a biotech startup that aims to find new drugs faster. The company now has a lot of cash in the bank and a well-known biopharma scientist to guide it. Vividion Therapeutics is launching with $50 million pledged from investment firms … Continue reading “Drug-Hunting Startup From Scripps Attracts Celgene Alum, $50M Backing”
Insurer UHC Will Cover Biogen Spine Drug, But With Limits And Proof
[Updated, 1:57 pm E.T., see below] Another major U.S. health insurer, UnitedHealthCare, has said it would cover the first-ever approved drug for the rare disease spinal muscular atrophy, a closely watched bellwether in the national debate over drug prices. While UHC’s policy is less restrictive than the one disclosed recently by rival insurer Anthem, UHC … Continue reading “Insurer UHC Will Cover Biogen Spine Drug, But With Limits And Proof”
Royalty Pharma Pays $90M to Cytokinetics for Heart Drug Royalties
Royalty Pharma, a New York-based company that buys up rights to royalty streams of potentially revenue-producing drugs, is paying $90 million for a for a chance to reap 4.5 percent royalty on possible sales of an experimental heart drug being developed by Cytokinetics and its partner, Amgen. South San Francisco-based Cytokinetics (Nasdaq:[[ticker:CYTK]]) plans to use … Continue reading “Royalty Pharma Pays $90M to Cytokinetics for Heart Drug Royalties”
Seed-Stage Deals Show Growing Diversity of Agtech Investments
Fundraising is tough for startups but it’s particularly difficult in agriculture, a sector that has fewer firms focused on agtech investments. The dynamics are starting to change, though. A growing number of early-stage agtech startups are raising money and they’re pulling capital from a broader pool of sources, according to a new report from AgFunder, … Continue reading “Seed-Stage Deals Show Growing Diversity of Agtech Investments”
Better Together, or Apart? Biogen, Bioverativ Head Down Separate Paths
Biogen, one of the largest biotechnology companies in the world, was at a crossroads in 2016. An experimental drug for the memory-robbing scourge, Alzheimer’s disease, had shown signs of promise. That meant long, expensive, and risky Phase 3 trials lay ahead for Biogen to see if the early signals were more than a mirage. So … Continue reading “Better Together, or Apart? Biogen, Bioverativ Head Down Separate Paths”
Investors Sour on Data Debut For Dimension’s Hemophilia Gene Therapy
Despite the early and in some cases stunning results produced by gene therapy treatments in handfuls of hemophilia patients, significant questions remain about their durability, safety, and how broadly they’ll be used if they are ultimately shown to work. The first human data produced by Dimension Therapeutics, one of several companies developing hemophilia gene therapies, … Continue reading “Investors Sour on Data Debut For Dimension’s Hemophilia Gene Therapy”
Datto Buys Open Mesh to Build Out Networking Business
New England data-protection firm Datto is pushing deeper into IT networking technologies with the acquisition of Open Mesh. Terms of the deal weren’t disclosed in Tuesday’s announcement. Open Mesh makes hardware and cloud-based software that it says enables IT professionals to implement secure wireless networks more quickly and cheaply than traditional networks. Open Mesh will … Continue reading “Datto Buys Open Mesh to Build Out Networking Business”
WorkFusion Using $35M in New Cash to Expand in Business Automation
WorkFusion, a New York-based artificial intelligence startup focused on improving companies’ back-end operations through machine learning, recently wrapped up a $35 million funding round, the company announced last week. Led by Georgian Partners and supported by Mohr Davidow Ventures, iNovia, Nokia Growth Partners, Greycroft, and RTP Ventures, the Series D round brings the AI firm’s … Continue reading “WorkFusion Using $35M in New Cash to Expand in Business Automation”
Still No Official Word From Biopharma Groups About Trump Travel Ban
Four days after President Donald Trump issued an order to temporarily ban U.S. entry for people from seven Muslim-majority countries—and for all refugees—the drug industry’s two main lobbying groups have remained silent, even while individual executives in the industry have voiced opposition. The main life science trade group in California has also stayed on the … Continue reading “Still No Official Word From Biopharma Groups About Trump Travel Ban”
Ex-Xerox CTO Vandebroek Named Chief Operating Officer of IBM Research
When I last spoke to Sophie Vandebroek in December, it was for a kind of exit interview as she prepared to leave her longtime job as Xerox’s CTO and head of its worldwide research organization. We went over highlights of her Xerox tenure, her outlook on key technology trends for 2017 and beyond—the Internet of … Continue reading “Ex-Xerox CTO Vandebroek Named Chief Operating Officer of IBM Research”
Cybersecurity in 2017: Goal, Illusion, or Oxymoron?
Here at the (relative) beginning of 2017, we can safely say that the previous year was among the most significant in history from a cybersecurity standpoint. Nation-state actions, in the form of the assumed Russian interference in the U.S. elections (especially the presidential race) and in the leaks of e-mails from the Clinton campaign, dominated … Continue reading “Cybersecurity in 2017: Goal, Illusion, or Oxymoron?”
Non-Profit Aims For Market Transparency In K-12 Edtech Purchases
Teachers were not only the earliest adopters of educational technology. They were also savvy consumers of it, sharing tips on social media about the best free apps they’d found. Now edtech is a big business, and school districts are spending billions on purchases of tablets, laptops, and educational software. But the districts haven’t been so … Continue reading “Non-Profit Aims For Market Transparency In K-12 Edtech Purchases”
Bio Roundup: Trump News, Anthem’s Stand, Diversity by 2056 & More
It was a wild week in biotech and on Capitol Hill. A new study showed it may take another 40 years to achieve gender parity in public biotech boardrooms. Tensions continued to mount between drugmakers and payers over the rising costs of rare disease drugs. A flurry of deals took place, headlined by Johnson & … Continue reading “Bio Roundup: Trump News, Anthem’s Stand, Diversity by 2056 & More”
Just Four Months After Series A, Delinia Sells to Celgene For $300M
It didn’t take long for startup Delinia to entice a big drug developer: Just over four months after emerging from stealth and raising a Series A round, the company, developing drugs for a range of autoimmune diseases, has been acquired by Celgene. Celgene (NASDAQ: [[ticker:CELG]]) will pay $300 million up front to buy Cambridge, MA-based … Continue reading “Just Four Months After Series A, Delinia Sells to Celgene For $300M”
Degreed, CodeFights Ready Alternative Credentials To Rival Diplomas
Two San Francisco educational technology startups that don’t offer classes, MOOCs, or other online coursework are nevertheless preparing to issue credentials that, like a college degree, may help learners land a job. Degreed and CodeFights are among the companies adding new twists to the ecosystem of alternative credentials, which are proliferating as the edtech sector … Continue reading “Degreed, CodeFights Ready Alternative Credentials To Rival Diplomas”
Redox Raises $9M to Help Developers Plug Into Health Records Systems
Redox, a Madison, WI-based startup that develops digital tools that enable healthcare applications to access data from electronic health records systems, says it has raised $9 million from investors. New York-based RRE Ventures led the Series B financing. Other participants in the funding round included return backers .406 Ventures (in Boston), HealthX Ventures (Madison), and … Continue reading “Redox Raises $9M to Help Developers Plug Into Health Records Systems”
New StockTwits CEO Looks to Expand Share of Investor Community
If you do a Google search for AAPL, the stock ticker for Apple, the top search results are typically Yahoo Finance, Twitter, Google Finance—and StockTwits, a social media communications platform for Wall Street traders and active retail investors. After taking over roughly six months ago, StockTwits CEO Ian Rosen made one of his first strategic … Continue reading “New StockTwits CEO Looks to Expand Share of Investor Community”
Report: Biotech VCs Perpetuate Boardroom Gender Gap
If power in the business world is centered in the boardroom, women in biotech have a long way to go to get their fair share—and the venture community deserves much of the blame. That’s according to British recruitment firm Liftstream and its new study of biotech companies that went public in the recent boom years. … Continue reading “Report: Biotech VCs Perpetuate Boardroom Gender Gap”
Armed with $16M, Cue Biopharma Aims for Selective Immunotherapy
Among the challenges with cell therapy in cancer treatment are the side effects caused by the body itself. While prompting the immune system’s T cells to target cancer has shown potential to be effective, these experimental approaches can also trigger immune reactions that harm patients, says Daniel Passeri, president and CEO of Cue Biopharma. Cue … Continue reading “Armed with $16M, Cue Biopharma Aims for Selective Immunotherapy”
Ex-FDA Commish Califf Gives Props to Patient Groups—With Caveats
The nation’s former Food and Drug Administration commissioner Robert Califf, appearing for the first time since he resigned last week, told a Silicon Valley crowd this morning that the FDA will have to be flexible in coming years, allowing greater patient input into drug evaluation and leaning on outside watchdogs for help weeding out “imposters.” … Continue reading “Ex-FDA Commish Califf Gives Props to Patient Groups—With Caveats”
Turbonomic Grabs $50M More Amid Flurry of New England IT Deals
Enterprise IT might not be the sexiest of technology areas, but it sure can attract truckloads of money. The latest deal is a $50 million investment in Boston-based Turbonomic, a nine-year-old virtualization and cloud management software maker formerly known as VMTurbo. General Atlantic led the funding round and was joined by previous Turbonomic investors Bain … Continue reading “Turbonomic Grabs $50M More Amid Flurry of New England IT Deals”
Business Leaders Talk Trump’s Impact on Visas, Drug Pricing, Insurance
Perhaps you’ve heard about the inauguration of one Donald J. Trump. Xconomy has been asking prominent members of the national innovation community for their thoughts on the incoming administration and its potential impact on their companies and industries. Here are responses from four business leaders in different cities across Xconomy’s network. Alex Lash, our national … Continue reading “Business Leaders Talk Trump’s Impact on Visas, Drug Pricing, Insurance”
Bio Roundup: Tom Price, Patient Conflicts, Orphan Games & More
The new president of the United States, Donald Trump, is being sworn in today amid a storm of questions about the plans that he, and those who might work for him, have in store for American healthcare and medicine. Trump’s nominee to run the $1 trillion Health and Human Services Department, Tom Price, answered—or didn’t … Continue reading “Bio Roundup: Tom Price, Patient Conflicts, Orphan Games & More”
StockTwits Buys Mobile App SparkFin to Extend Fintech Services
StockTwits, the Twitter-like social media platform for sharing stock market tips and ideas, has acquired San Diego’s SparkFin, a fintech mobile app for discovering and sharing stocks and other investment ideas. Financial terms of the deal were not disclosed. The common denominator in both companies is Howard Lindzon, the Wall Street trader and hedge fund … Continue reading “StockTwits Buys Mobile App SparkFin to Extend Fintech Services”
Want to Ruin Your Relationships? Ask Family and Friends to Fund Your Startup
When you need cash to fuel your startup, it’s tempting to “think local.” The people with the strongest ties to you—relatives, friends, college roommates, running buddies, and co-workers—are the ones who believe in you. You’d probably turn first to them for financial support. Capital fronted by these folks might be the quickest, easiest cash you’ll … Continue reading “Want to Ruin Your Relationships? Ask Family and Friends to Fund Your Startup”
Dems Grill HHS Nominee Price About Trump Comments, Stock Holdings
[Note: This report was co-authored by deputy biotech editor Ben Fidler.] Tom Price, the man who could oversee an overhaul of the U.S. healthcare system, answered often pointed questions this morning from U.S. senators about his views, his plans for Obamacare, and personal financial transactions. Price, an orthopedic surgeon by training, is President-elect Donald Trump’s … Continue reading “Dems Grill HHS Nominee Price About Trump Comments, Stock Holdings”
Hunting For Pharma Deals, Ovid Bags Epilepsy Drug from Takeda
Big pharmaceutical companies are always on the hunt for promising drugs from smaller biotechs. But the reverse is true, too, and that can lead to creative deals such as the arrangement between New York startup Ovid Therapeutics and Japanese pharma giant Takeda announced this morning. Ovid, formed in 2015 by ex-Teva Pharmaceutical and Bristol-Myers Squibb … Continue reading “Hunting For Pharma Deals, Ovid Bags Epilepsy Drug from Takeda”