Two former Endocyte executives are joining the executive team of Durham, NC-based Chimerix (NASDAQ: [[ticker:CMRX]]). Michael Sherman has been appointed CEO, succeeding former CEO Michelle Berrey, who resigned in February. Sherman is joined by Michael Andriole, who will serve as Chimerix’s chief business officer. Sherman was previously CEO of Endocyte, which was acquired by Novartis (NYSE: … Continue reading “Chimerix Names Former Endocyte Exec Michael Sherman CEO”
Category: Raleigh-Durham
Senators Grill Pharmacy Benefit Execs About Skyrocketing Drug Prices
Executives from five of the companies that negotiate drug prices on behalf of insurers testified Tuesday before the Senate finance committee. It was the latest in a series of hearings centered on the rising cost of prescription medication, which has captured attention on both sides of the political aisle and is likely to become a … Continue reading “Senators Grill Pharmacy Benefit Execs About Skyrocketing Drug Prices”
VC Trends in 2019: More Money, Fewer Deals But Women Still Get Less
[Updated 11:23 a.m. See below.] If you’ve been following venture capital trends, what you expected to happen in the first quarter of 2019 did: More money is being invested in fewer deals, and women founders still are getting less of it than men. Venture firms sent $32.6 billion into startups nationally during the first three … Continue reading “VC Trends in 2019: More Money, Fewer Deals But Women Still Get Less”
Four Things Every Smart Startup Should Do as It Scales
Your startup began as “four smart people with laptops and a vision.” Fast-forward a few years and it’s a bona fide business with investors, employees, and a snappy logo. Stay on this path, and signs are good that you’ll continue to grow. It’s easy and convenient to keep doing what you’ve been doing as you … Continue reading “Four Things Every Smart Startup Should Do as It Scales”
Bio Roundup: Gottlieb’s Goodbye, AACR Recap, Migraine Drug Fight & More
Scott Gottlieb’s last day as FDA commissioner is today. His resignation announcement last month surprised some, given the earlier denials about leaving. But after two years of commuting between Connecticut, where his family remained, and the FDA’s Maryland headquarters, he decided to step down from the agency. What will Gottlieb’s legacy be? His efforts to … Continue reading “Bio Roundup: Gottlieb’s Goodbye, AACR Recap, Migraine Drug Fight & More”
Skills, Pills, & Hospital Bills: Amazon Debuts Alexa Health Features
Owners of Amazon’s voice-controlled, Internet-connected speakers can now use the gadgets to manage more aspects of their healthcare, following the company’s announcement Thursday that its Alexa devices can interface with software applications that process protected health information. As part of the announcement, Amazon (NASDAQ: [[ticker:AMZN]]) unveiled six “Alexa healthcare skills,” which allow patients to book … Continue reading “Skills, Pills, & Hospital Bills: Amazon Debuts Alexa Health Features”
AACR 2019 Roundup: Notes from a Weekend of Early Stage Cancer Results
[Editor’s note: Alex Lash co-authored this report] The American Association for Cancer Research’s annual meeting is wrapping up in Atlanta today. The conference typically focuses on early research and clinical work, not the big trials that can change the way doctors practice medicine and that compete for headline space at conferences like the American Society … Continue reading “AACR 2019 Roundup: Notes from a Weekend of Early Stage Cancer Results”
“FacePalm” Bug Is a Jarring Wake-Up Call. And Not Just for Apple
Apple is a global icon. It was the first company in the world to reach a $1 trillion market capitalization, and it is the most valuable company in the world today. For the second year in a row, Apple ranked as the world’s most-admired company, in a Fortune survey of 3,750 business executives. PC magazine … Continue reading ““FacePalm” Bug Is a Jarring Wake-Up Call. And Not Just for Apple”
Bio Roundup: Amyloid Angst, NASH News, Brammer Bagged & More
A week after the failure of Biogen’s Alzheimer’s drug aducanumab, the ripple effects are still being felt—and not just by Biogen, which lost billions of dollars in market value in a flash. We’ll kick off this week’s roundup with the aducanumab reaction, which includes plenty of thoughts about the future of the so-called “amyloid hypothesis” … Continue reading “Bio Roundup: Amyloid Angst, NASH News, Brammer Bagged & More”
Lyft Raises $2.2B in IPO, Pegging Valuation at Over $24B
Investors eager to bet on the mobility industry’s future handed ride-hailing company Lyft $2.2 billion in new capital Thursday as the company completed an IPO that set its market capitalization at $24.3 billion, The New York Times reported. Lyft sold 30.8 million shares at $72 apiece, according to Renaissance Capital—the top of a new range … Continue reading “Lyft Raises $2.2B in IPO, Pegging Valuation at Over $24B”
So You Want to Start a Cybersecurity Company?
Cybercrime has become a global epidemic. Attacks will cost the world $6 trillion by 2021, research firm Cybersecurity Ventures says-–the greatest transfer of economic wealth in history and more profitable than the trade in all major illegal drugs. As the threat keeps rising, the cybersecurity industry keeps growing. According to data released in January by … Continue reading “So You Want to Start a Cybersecurity Company?”
Precision Bio’s IPO Raises $126M for Pipeline of Gene-Edited Drugs
Precision BioSciences has joined the club of publicly traded gene editing biotech companies, raising $126 million in its stock market debut. On Wednesday evening, Durham, NC-based Precision Bio sold 7.9 million shares for $16 apiece, which was right in the middle of its targeted price range. Those shares are expected to begin trading on the … Continue reading “Precision Bio’s IPO Raises $126M for Pipeline of Gene-Edited Drugs”
FTC Queries Internet Providers on Consumer Data Collection and Use
The Federal Trade Commission, which has been digging into the privacy practices of tech giants Facebook and Google, is now training its sights on the internet service providers that bring us all our online content. In its role as a consumer protection agency, the FTC ordered Verizon, AT&T, T-Mobile, Comcast, Google Fiber, and other ISPs … Continue reading “FTC Queries Internet Providers on Consumer Data Collection and Use”
Bio Roundup: Sage Postpartum Help, Biogen Bids Adu, Heart Beats & More
One group of people in dire need of medical relief got good news this week. The first drug for postpartum depression was approved. With its complicated logistics, side effects, and potential high cost, it won’t be for everyone who experiences the condition—1 of every 9 U.S. women giving birth. But at least it’s an option. … Continue reading “Bio Roundup: Sage Postpartum Help, Biogen Bids Adu, Heart Beats & More”
Ex-Bayer Exec Adrian Percy Named Finistere Chief Technology Officer
Finistere Ventures has appointed Bayer veteran Adrian Percy to serve as chief technology officer of the San Diego-based venture capital firm. Percy, the former head of research and development for Bayer’s crop science division, will be based in a new office Finistere is opening in the Research Triangle Park region of North Carolina. Finistere also … Continue reading “Ex-Bayer Exec Adrian Percy Named Finistere Chief Technology Officer”
Urovant Bladder Drug Hits Test Goals But Can’t Outpace Generic Rival
Urovant Sciences says its experimental drug for overactive bladder could offer advantages compared to an FDA-approved treatment marketed by Astellas Pharma. But late-stage clinical results released Tuesday raise questions whether Urovant can persuade doctors to prescribe it instead of a much cheaper generic competitor. Irvine, CA-based Urovant (NASDAQ: [[ticker:UROV]]) said Tuesday that its drug vibegron … Continue reading “Urovant Bladder Drug Hits Test Goals But Can’t Outpace Generic Rival”
The Role of the Student Engineer in Medicine and Innovation
The last 50 years have seen many great technical advances in medical treatments, ranging from drug delivery and imaging to skin grafts and prosthetics. These advances—both large and small—have drawn on many fields and have transformed patient care. When examining the current state of clinical technology, the focus is naturally on the technology and its … Continue reading “The Role of the Student Engineer in Medicine and Innovation”
Bio Roundup: Golumbeski’s Legacy, CRISPR Moratorium, Rebate Week & More
While all eyes in the biopharmaceutical world are currently trained on Bristol-Myers Squibb’s proposal to buy Celgene for $74 billion, it wasn’t that long ago that another company’s gaze was fixed on the Summit, NJ, drug maker. In the early 2000s, before the FDA approved Celgene’s flagship multiple myeloma drug lenalidomide (Revlimid), Novartis (NYSE: [[ticker:NVS]] … Continue reading “Bio Roundup: Golumbeski’s Legacy, CRISPR Moratorium, Rebate Week & More”
Blood Test Study Meets Goal, Validates Epic’s Prostate Cancer Target
Epic Sciences has developed a blood test that can predict how likely a patient with late-stage prostate cancer treated with hormones is likely to respond to an additional course of such therapy. Now, the San Diego-based company has additional data that it says supports use of its tests to determine when not to use hormone … Continue reading “Blood Test Study Meets Goal, Validates Epic’s Prostate Cancer Target”
FDA Clears Aerie’s Combo Glaucoma Drug, But Will it Sell?
The FDA late Tuesday approved a new type of glaucoma drug from Aerie Pharmaceuticals that, in clinical testing, beat the generic eye drops known as prostaglandin analogues (PGAs) that are typically prescribed to slow the progression of the disease. Now Aerie (NASDAQ: [[ticker:AERI]]) will try to prove that the drug can overcome some of its … Continue reading “FDA Clears Aerie’s Combo Glaucoma Drug, But Will it Sell?”
Drug-Price Watchdog ICER Dives into Trump-Fueled Pharma Rebate Debate
[Updated 3/13/19, 12:20pm. See below.] With public and political winds blowing in the same direction, significant reform of the complicated U.S. drug-pricing system seems ever more likely. One part of the system that the Trump administration wants to overhaul are the secret rebates that drug makers, insurers, and middlemen negotiate behind closed doors. Replacements for … Continue reading “Drug-Price Watchdog ICER Dives into Trump-Fueled Pharma Rebate Debate”
The Life, Troubles, and Celgene Legacy of Deal Guru George Golumbeski
George Golumbeski is one of the most prolific dealmakers in the biopharmaceutical world. But the deal that changed his life is a pact he made with himself when he was ten years old. Playing with friends in front of his house in Hampton, VA, he watched his mother drag his dead-drunk father, a U.S. Air … Continue reading “The Life, Troubles, and Celgene Legacy of Deal Guru George Golumbeski”
Humacyte Appoints Chris Fang Chief Medical Officer
Regenerative medicine company Humacyte has appointed Chris Fang to serve as chief medical officer. Fang comes to the Research Triangle Park, NC, company from Amaris Health, where he was managing partner. His experience also includes posts at Johnson & Johnson (NYSE: [[ticker:JNJ]]), Medtronic (NYSE: [[ticker:MDT]]), and Mitsubishi Pharma. Humacyte has developed a way to produce … Continue reading “Humacyte Appoints Chris Fang Chief Medical Officer”
Bio Roundup: Gottlieb Exits, Bristol Defends, Biogen Buys & More
In early 2017, Scott Gottlieb was considered the most moderate of the potential candidates to head the Food and Drug Administration, which is the most powerful regulator of medical products in the world. It wasn’t a high bar to clear. Libertarians who had questioned some of the basic premises of the FDA were in the … Continue reading “Bio Roundup: Gottlieb Exits, Bristol Defends, Biogen Buys & More”
Steering Lyft’s IPO: What Investors Will Weigh During the Roadshow
Much has been said about Lyft’s early lead over Uber in the “horserace” to become the first ride-hailing app company to go public. But now that San Francisco-based Lyft has filed its 276-page IPO prospectus with the U.S. Securities and Exchange Commission, potential investors can focus on much more detailed considerations as they decide whether … Continue reading “Steering Lyft’s IPO: What Investors Will Weigh During the Roadshow”
Blue Squad Aims to Bring Election Tech Up and Down the Ballot
Austin—All politics is local, the adage goes, and those campaigns are sorely stuck in analog mode. That’s why Shion Deysarkar co-founded Blue Squad two years ago as a “digital coalition” to support progressive candidates by providing them with greater access to accurate voter data. Now, Blue Squad is more formally launching as a political tech startup … Continue reading “Blue Squad Aims to Bring Election Tech Up and Down the Ballot”
Two Years and Done: FDA Commissioner Gottlieb To Resign
Two months after insisting on Twitter that he wasn’t going anywhere, Food and Drug Administration Commissioner Scott Gottlieb announced his resignation today. He leaves a record of health and medical regulation that was more active than critics who spoke out against his nomination in early 2017 might have expected. Gottlieb’s remit extended beyond drugs, of … Continue reading “Two Years and Done: FDA Commissioner Gottlieb To Resign”
Precision Bio Preps IPO to Test “Off-the-Shelf” Cancer Cell Therapy
Precision BioSciences has filed for an initial public offering to continue its development of gene-edited cell therapies, including a cancer treatment that is set to start tests in humans in the coming months. The company is also forging ahead in gene therapy and agricultural applications, giving it breadth that sets it apart from others in … Continue reading “Precision Bio Preps IPO to Test “Off-the-Shelf” Cancer Cell Therapy”
Retailers Turn to Analytics, 3D Tech to Promote Fit, Reduce Returns
One size fits most (at best), and a women’s sizing system created during the Depression doesn’t gibe in an e-commerce business that prizes personalization. That’s why startups are turning to new technologies like 3D scanning and machine learning software to produce customized clothing that can be made for the masses. “People want to buy a … Continue reading “Retailers Turn to Analytics, 3D Tech to Promote Fit, Reduce Returns”
Privacy Watch: FTC, Facebook, EU, the Cloud Act, & More CA bills
Privacy issues continued to boil to the surface in February. In part, it’s a reflection of the long tail of consequences that began in early 2018 when the broader public learned that Facebook had shared data from millions of user profiles with now-shuttered political marketing firm Cambridge Analytica. The consequences of that wider public awareness … Continue reading “Privacy Watch: FTC, Facebook, EU, the Cloud Act, & More CA bills”
SPECIAL REPORT: 2019 Biopharma Outlook – Facing an Uncertain Future
After years of boom times, the U.S. biopharmaceutical industry is dealing with unprecedented threats on several fronts: public backlash against high drug prices, slowing sales, and the possibility of more government regulation. In this Xconomy Special Report, our veteran biotech journalists Alex Lash and Ben Fidler bring you deep insights, based on conversations with key … Continue reading “SPECIAL REPORT: 2019 Biopharma Outlook – Facing an Uncertain Future”
Bio Roundup: Pharma in DC, Bristol-Cel in Trouble, Roche Gets A Spark
Could a shareholder revolt doom the planned marriage of Bristol-Myers Squibb and Celgene? Analysts have hinted at the possibility since the two companies shook hands in January, but the threat became real this week. Bristol (NYSE: [[ticker:BMY]]) and Celgene (NASDAQ: [[ticker:CELG]]) have campaignned heavily, starting with a joint presentation by their CEOs at the J.P. … Continue reading “Bio Roundup: Pharma in DC, Bristol-Cel in Trouble, Roche Gets A Spark”
Ex-Google CEO: New MIT College Could Help Shrink A.I. Talent Gap
Eric Schmidt believes we’re entering an era where artificial intelligence will underpin most facets of human life. But we don’t yet have enough people with the right skills to build that future. Schmidt, the former CEO of Google and former executive chairman of its parent company Alphabet (NASDAQ: [[ticker:GOOGL]]), argues that the A.I. talent shortage … Continue reading “Ex-Google CEO: New MIT College Could Help Shrink A.I. Talent Gap”
7 Tips for Biotech Companies Seeking Capital in a Volatile Market
Last year was a remarkable year for biotech companies going public. Not only did an unusually large number of biotech companies go public, but a significant number of early-stage biotech companies went public at premium valuations relative to their later-clinical stage peers. There were approximately 58 biotech IPOs in 2018 (excluding offerings with under $25 … Continue reading “7 Tips for Biotech Companies Seeking Capital in a Volatile Market”
Walmart’s Store No 8 Acquires Aspectiva to Bring A.I. to Shopping
Walmart’s Store No 8 innovation arm has acquired an Israeli machine learning startup, the retail giant announced Wednesday. Aspectiva joined the two-year-old Store No 8 Monday, and its employees will remain in Tel Aviv. “Store No 8’s record of innovation and of developing capabilities that will transform retail as we know it makes for the … Continue reading “Walmart’s Store No 8 Acquires Aspectiva to Bring A.I. to Shopping”
Pharma CEOs to Senate: We Will Lower Drug Prices if Rebates Go Away
Seven top pharmaceutical executives gathered today in Washington, DC, for a Senate hearing on drug prices, bringing face-to-face two groups held in the lowest esteem possible by the American public. Top executives from seven companies—AbbVie, AstraZeneca, Bristol-Myers Squibb, Merck, Johnson & Johnson, Pfizer, and Sanofi, which represent a combined $1.1 trillion in market value—stuck to … Continue reading “Pharma CEOs to Senate: We Will Lower Drug Prices if Rebates Go Away”
Oyster Point Gets $93M To Clear Up Dry Eye With a Nasal Spray
Dry eye disease affects millions of people in the U.S., and while several treatments, mostly eye drops, are available, they all have flaws. An emerging startup called Oyster Point Pharmaceuticals is trying a completely different approach—a nasal spray that coaxes the body into making tears. And the company just got enough cash to get that … Continue reading “Oyster Point Gets $93M To Clear Up Dry Eye With a Nasal Spray”
Innovate Biopharma CEO Prior Resigns, Chairman Laumas Steps In
Innovate Biopharmaceuticals (NASDAQ: [[ticker:INNT]]) CEO Christopher Prior has resigned. In his place, Sandeep Laumas, the executive chairman of Innovate’s board, has been appointed chief executive. Prior had been Innovate’s CEO since 2015. According to a securities filing, he resigned from his chief executive post and board seat on Feb. 19. The filing gave no reason … Continue reading “Innovate Biopharma CEO Prior Resigns, Chairman Laumas Steps In”
Bio Roundup: NASH News, Merck Strikes, Digital Tokens & More
The growing epidemic of the fatty liver disease known as NASH, which has no FDA-approved treatment, has led to a frenzied race among drug companies. This week, one company, Intercept Pharmaceuticals, solidified its lead. But how much will being first to the finish line mean when all is said and done? Intercept (NASDAQ: [[ticker:ICPT]]) reported … Continue reading “Bio Roundup: NASH News, Merck Strikes, Digital Tokens & More”
Software Startup Portfolium Acquired by Salt Lake City’s Instructure
The software of Portfolium, a San Diego startup that hosts online portfolios for students trying to showcase their achievements to potential employers, is set to join the portfolio of Utah educational software company Instructure. Instructure (NYSE: [[ticker:INST]]) has agreed to acquire privately held Portfolium. No financial terms of the deal, which was announced Tuesday, were … Continue reading “Software Startup Portfolium Acquired by Salt Lake City’s Instructure”
Cloud Tech Firm Nasuni Takes in $25M in Telstra-Led Funding Round
It wasn’t the monthly bank statement that made Nasuni, a Boston-based cloud storage technology startup, run out and raise $25 million in venture funding. The company had yet to burn through even half of the $38 million it raised in September 2017 in a venture round led by Goldman Sachs. So, why did Nasuni recently … Continue reading “Cloud Tech Firm Nasuni Takes in $25M in Telstra-Led Funding Round”
Google Confirms New Madison Office, Part of $13B National Expansion
Google confirmed this week that it will expand its satellite office in Madison, WI, as part of a $13 billion investment in data centers and offices nationwide in 2019. Xconomy reported Jan. 31 that the Bay Area tech giant intends to triple the size of its downtown Madison outpost by adding a second office, located … Continue reading “Google Confirms New Madison Office, Part of $13B National Expansion”
Bio Roundup: Trump’s Scalps, Policy Pressure, NASH Crash & More
While politicians continue to debate what kind of healthcare system is best for the American people, the mostly U.S.-based pharmaceutical industry is trying to convince those same politicians—and anyone else who will listen—that what’s good for the industry is also good for America. Forcing drug prices lower, industry argues, would be bad for our health, … Continue reading “Bio Roundup: Trump’s Scalps, Policy Pressure, NASH Crash & More”
Finding True Love Can Be Ruff, But This Startup Could Have Your Match
Too many people treat pet adoption like a one-night stand. “You look at a dog, and see his eyes, and think he’s cute,” says Tama Lundquist, co-president of Houston PetSet, an organization that works with about 70 animal shelters in the Houston area. “But if you’re a couch potato and he likes to run, that’s … Continue reading “Finding True Love Can Be Ruff, But This Startup Could Have Your Match”
Losing “Scalps”? Despite Pharma Fear, A Split on Trump Rx-Price Plans
Despite angry presidential tweets and other anti-pharma rhetoric, the drug industry has benefited under the Trump administration, thanks in part to a massive corporate tax cut. Indeed, for nearly two decades, the industry has been able to fend off its critics and gain win after win from politicians and regulators, including tax holidays, faster drug … Continue reading “Losing “Scalps”? Despite Pharma Fear, A Split on Trump Rx-Price Plans”
Neurogene Emerges with $68M to Advance Gene Therapies to the Clinic
Neurogene is breaking into gene therapy with $68.5 million in new funding to support research on experimental treatments for rare, genetic brain disorders, the first of which could start human testing next year. So far, New York-based Neurogene has disclosed two of its preclinical programs. One is a treatment for aspartyglucosaminuria (AGU), an inherited enzyme … Continue reading “Neurogene Emerges with $68M to Advance Gene Therapies to the Clinic”
San Antonio Life Science Business Acelity Cuts 260 Jobs in Texas, NC
San Antonio—Acelity, a decades-old San Antonio life sciences company known for its wound-healing technologies and tissue-repair products, plans to lay off 200 employees at its San Antonio headquarters and another 60 in Charlotte, NC, a company spokesperson said. The job cuts are occurring in “the coming months” and are part of changes Acelity is making … Continue reading “San Antonio Life Science Business Acelity Cuts 260 Jobs in Texas, NC”
Bio Roundup: New CRISPR Feud, A NY Splash, Pharma vs. Congress & More
If you’re into congressional spectacles, stay tuned later this month. A group of top biopharma executives—the full roster isn’t known yet—will testify at a Feb. 26 hearing before the Senate Committee on Finance to defend their drug pricing practices. No executives showed up for the previous hearing, but reports indicate industry has changed its stance … Continue reading “Bio Roundup: New CRISPR Feud, A NY Splash, Pharma vs. Congress & More”
Chimerix Executive Michelle Berrey Resigns as CEO, Board Member
Michelle Berrey has resigned as CEO of antiviral drugs developer Chimerix (NASDAQ: [[ticker:CMRX]]). She has also stepped down from the Durham, NC, company’s board of directors. Chimerix gave no reason for Berrey’s resignation. Until her successor is found, the company has created a new position, the office of the chief executive officer, that will be … Continue reading “Chimerix Executive Michelle Berrey Resigns as CEO, Board Member”
Cancer Cures and the Importance of Communicating Responsibly
Last week, it was reported by multiple media outlets (see here, and here, and here) that a group of Israeli scientists had found “a cure for all cancer” and that it could be ready within a year. As a long-time life sciences industry executive my knee-jerk reaction was not “finally!” but “crap, not again!” As … Continue reading “Cancer Cures and the Importance of Communicating Responsibly”