Chinese pharma company BeiGene has agreed to pay Ambrx $10 million upfront to experiment with technology the biotech has developed in a bid accelerate BeiGene’s search for new protein drugs for cancer treatment. Ambrx says its technology is able to incorporate “non-natural” amino acids into cells like E. coli and CHO, two cell lines commonly … Continue reading “BeiGene Puts Up $10M to Use Ambrx’s Drug Development Technology”
Category: San Diego
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”
Apple Updates Plans, Now Expects to Create 1,200 Jobs in San Diego
About three months ago, Apple announced it planned to add 1,000 jobs in the San Diego region over the next three years. On Wednesday, the Cupertino, CA-based tech giant said it would increase that total by 200 jobs as part of a plan to make the city one of its principle engineering hubs. Apple (NASDAQ: … Continue reading “Apple Updates Plans, Now Expects to Create 1,200 Jobs in San Diego”
Joining AI Drug Discovery Race, Erasca Adds $22M For Cancer Work
Erasca, a biotech startup run by the former CEO of Ignyta, debuted in December with $42 million and an audacious plan to “erase cancer,” but provided little explanation as to how. Erasca is still keeping many of those details under wraps. But Jonathan Lim, the company’s co-founder and executive chairman, this week outlined, at least … Continue reading “Joining AI Drug Discovery Race, Erasca Adds $22M For Cancer Work”
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”
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”
After a Speedy IPO, Equillium Expands Antibody R&D to Renal Disease
Equillium, a biotech that’s looking to develop an antibody drug for immuno-inflammatory diseases, has added a form of renal disease to the indications for which it aims to develop medicines. It’s the latest step in a fast-moving journey for the La Jolla, CA-based company, which raised about $65 million in an initial public offering in … Continue reading “After a Speedy IPO, Equillium Expands Antibody R&D to Renal Disease”
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”
Novartis to Pay $150M to Ionis, Akcea for Drug to Slow Heart Disease
Novartis has agreed to pay $150 million to Ionis Pharmaceuticals and Boston-based Akcea Therapeutics for the rights to a clinical-stage drug meant to treat patients with abnormally high levels of a protein that is considered a risk factor for cardiovascular disease. The experimental drug, known as AKCEA-APO(a)-LRx by Akcea and TQJ230 by the Swiss pharma … Continue reading “Novartis to Pay $150M to Ionis, Akcea for Drug to Slow Heart Disease”
Bill Maris’s VC Firm Section 32 Raises $200M for Second Fund
Section 32, the venture capital fund based in San Diego’s Cardiff-by-the-Sea community, has raised nearly $200 million for its second fund. A document filed with securities regulators Friday shed light on comments made the previous week to Xconomy by Section 32 founder Bill Maris, who started the firm in 2017. Maris on Feb. 15 confirmed … Continue reading “Bill Maris’s VC Firm Section 32 Raises $200M for Second Fund”
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”
With New Data, Intercept On Track for First-Ever Approved NASH Drug
The first-ever marketed medicine for the fatty liver disease known as nonalcoholic steatohepatitis, or NASH, could be on the horizon. The data, from a closely watched drug known as obeticholic acid, aren’t perfect. But they are nonetheless expected by the drug’s developer, Intercept Pharmaceuticals, to be good enough to support approval. Intercept (NASDAQ: [[ticker:ICPT]]) this … Continue reading “With New Data, Intercept On Track for First-Ever Approved NASH Drug”
Bill Maris Fund Section 32 Notches Two Wins with Life Science Exits
[Updated 6:35 p.m. PT. See below.] Section 32, a venture capital firm headquartered near San Diego that launched in 2017 with a $151 million fund, has had a big month. The firm, based in San Diego’s coastal Cardiff-by-the-Sea community, was started by Bill Maris, who launched and previously headed Google’s corporate venture investment arm, GV (originally called … Continue reading “Bill Maris Fund Section 32 Notches Two Wins with Life Science Exits”
“Stigma is Going Away”: Cannabis IP is Thorny, But Not Impossible
No longer solely the provenance of hippie or outlaw types, the U.S. cannabis industry has become more sophisticated and tech-enabled as it has come out of the shadows over the past decade. Michigan voters pushed the state to joined the ranks of nine others last fall in approving adult use of recreational marijuana. But with … Continue reading ““Stigma is Going Away”: Cannabis IP is Thorny, But Not Impossible”
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”
Plant-Breeding Biotech Cibus Delays IPO, Citing Market Conditions
Cibus on Thursday said it is holding off on the initial public offering that was expected to happen this week. “We elected to postpone our offering given current market and technical conditions,” said co-founder and CEO Peter Beetham in a press release. It’s unclear exactly what conditions spurred the company to postpone at the last … Continue reading “Plant-Breeding Biotech Cibus Delays IPO, Citing Market Conditions”
Mission Edge Taps 10 Businesses for “Social Enterprise” Accelerator
Mission Edge, a nonprofit organization backed by the San Diego Foundation and three corporations, has chosen 10 companies and organizations to participate in a 12-week program intended to improve each entity’s financial performance, and thereby long-term sustainability. Called the Social Enterprise Accelerator and Impact Lab (SAIL), the program has previously taken place twice. SAIL’s sponsors … Continue reading “Mission Edge Taps 10 Businesses for “Social Enterprise” Accelerator”
Autonomous Truck Company TuSimple Adds $95M to Rev Up Commercial Fleet
TuSimple has pulled in $95 million more in venture funding to advance its development of a commercial autonomous fleet of trucks. The new Series D round of financing announced Wednesday boosts the San Diego-based company’s valuation to land it on the growing list of “unicorns”—the tech-world term coined for companies valued at $1 billion or above. … Continue reading “Autonomous Truck Company TuSimple Adds $95M to Rev Up Commercial Fleet”
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”
Qualcomm Sells Medical Device Connectivity Business to PE Firm
Francisco Partners, a San Francisco-based private equity firm, said Monday it has acquired Qualcomm Life, a subsidiary of the San Diego chipmaker that focuses on connecting medical devices to software applications installed at hospitals and other healthcare organizations. Terms of the deal between Qualcomm (NASDAQ: [[ticker:QCOM]]) and Francisco Partners weren’t disclosed. The company will be … Continue reading “Qualcomm Sells Medical Device Connectivity Business to PE Firm”
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”
Gossamer Bio Adds $276M in Second Biotech “Unicorn” IPO of 2019
Gossamer Bio, the San Diego-based biotech founded by former Receptos executives, has raised $276 million in its initial public offering, a total that puts it in a rare class among biotechs that have gone public in recent years. The amount raised surpassed expectations. During the partial federal government shutdown in January, Gossamer announced it would … Continue reading “Gossamer Bio Adds $276M in Second Biotech “Unicorn” IPO of 2019″
Alector IPO Banks $176M to Test Alzheimer’s Drugs in Clinical Trials
Alector, a company taking an immunotherapy approach to Alzheimer’s disease and other brain disorders, has raised approximately $176 million in an initial public offering. The South San Francisco, CA, biotech sold 9.25 million shares Wednesday evening priced at $19 apiece, which was the midpoint of its targeted $18 to $20 per share range. Those shares … Continue reading “Alector IPO Banks $176M to Test Alzheimer’s Drugs in Clinical Trials”
Halozyme Gets $30M from Argenx in Licensing Deal Worth Up to $530M
Argenx, a Dutch firm with a pipeline of investigational antibody-based therapies, will pay San Diego-based Halozyme to use its drug delivery technology to develop subcutaneous versions of some of the drugs Argenx is developing to treat rare autoimmune diseases and cancers. The technology Halozyme (NASDAQ: [[ticker:HALO]]) is licensing, called Enhanze, allows drugs that would otherwise … Continue reading “Halozyme Gets $30M from Argenx in Licensing Deal Worth Up to $530M”
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”
Maxwell, Struggling Battery-Technology Maker, to Sell to Tesla
Battery-technology business Maxwell Technologies has agreed to be acquired by Silicon Valley electric car company Tesla (NASDAQ: [[ticker:TSLA]]) in an all-stock deal valued at about $218 million, the San Diego-based company announced Monday. Maxwell (NASDAQ: [[ticker:MXWL]]) said Palo Alto, CA-based Tesla would buy its shares at $4.75 apiece, a 55 percent premium over its stock … Continue reading “Maxwell, Struggling Battery-Technology Maker, to Sell to Tesla”
Privacy Watch: Facebook Rebounds, But Privacy Concerns Accelerate
After Facebook posted a record profit of almost $7 billion in the fourth quarter on nearly $17 billion in revenue last week, an early investor, former advisor to CEO Mark Zuckerberg, and current shareholder said he’s making it a mission to “fix’’ the 15-year-old tech giant. Roger McNamee, in a podcast interview with The New … Continue reading “Privacy Watch: Facebook Rebounds, But Privacy Concerns Accelerate”
Xconomy Awards San Diego Nominations Deadline Extended to Feb. 7
It’s not too late to submit your nominations for the first-ever Xconomy Awards San Diego. We are extending the deadline for nominations to 5 p.m. PST on Thursday, Feb. 7. This week is your last chance to nominate in categories including Digital Trailblazer, CEO, and Secret Weapon. Here is the full category list. This is … Continue reading “Xconomy Awards San Diego Nominations Deadline Extended to Feb. 7”
George Mosher, Milwaukee Startup Investor & Philanthropist, Has Died
George Mosher, a Milwaukee businessman and one of Wisconsin’s most prolific startup investors, died on Thursday after a fight with pancreatic cancer. He was 79. A Boston native, Mosher moved to Milwaukee in 1965 after graduating from Harvard University’s business school. He became president of Business and Institutional Furniture, a catalog furniture company that served … Continue reading “George Mosher, Milwaukee Startup Investor & Philanthropist, Has Died”
Magnolia Medical Captures $20M to Reduce Blood Culture Contamination
Magnolia Medical Technologies, a Seattle-based manufacturer of devices for collecting blood and bodily fluids, announced this week it has raised $20 million in equity funding to ramp up sales of its flagship product. The funding comes as Magnolia and San Diego-based competitor Kurin battle each other in court. RTW Investments, a New York-based firm that … Continue reading “Magnolia Medical Captures $20M to Reduce Blood Culture Contamination”
Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More
Pharmaceutical companies typically raise prescription drug prices at the start of each year and this year was no different. The increases were the latest reminder that, despite President Trump’s fiery campaign rhetoric, the administration had done little to actually lower drug prices. But a new plan aimed at the secretive rebate deals between pharma companies … Continue reading “Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More”
With SEC Reopened, Gossamer Bio Turns Back from Alternative IPO Path
Gossamer Bio is dropping its plan to pursue a little-used path to the public markets and will instead return to a conventional IPO that is reviewed by securities regulators. The company initially filed for an IPO as activity at the SEC ground to a halt during the partial federal government shutdown. The San Diego startup, … Continue reading “With SEC Reopened, Gossamer Bio Turns Back from Alternative IPO Path”
Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup
Taylor Cavanah, whose background is in physics, once caused a fellow scientist to do a spit take after learning Cavanah runs a software startup focused on pet care. Just as surprising is the tale of how Cavanah and co-founders Ken Tsui and Aaron Bannister built the San Diego, CA-based company, called PetDesk. It sells online … Continue reading “Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup”
Retailers Brace For Possible Economic Headwinds in 2019
Even as retailers struggle with a technology-disrupted business model and changing consumer desires, at least a generally positive overall economy and low unemployment rates seemed to keep shoppers’ wallets open. But a 2019 that started with stock market losses, a recently ended (but longest-ever) government shutdown, and other headwinds might now force consumers to pull … Continue reading “Retailers Brace For Possible Economic Headwinds in 2019”
Equidate, Re-Named Forge Global, Boosts Series B to $85M
Equidate, one of the trading platforms that help employees sell their shares in pre-IPO unicorn companies, rolled out a new name today and announced a $35 million expansion of its $50 million funding round publicized in July. Re-branded as Forge Global, the five-year-old company plans to continue broadening the services it developed as many venture … Continue reading “Equidate, Re-Named Forge Global, Boosts Series B to $85M”
Billie, Subscription Shaving Products Service for Women, Raises $25M
Billie, a monthly subscription service for shaving and body care products for women, has raised $25 million. The New York-based startup said Tuesday that the new funding round, which is being led by Goldman Sachs Private Capital Investing group, brings its total investment to $35 million. Previous investors Silverton Partners, Female Founders Fund, and Lakehouse … Continue reading “Billie, Subscription Shaving Products Service for Women, Raises $25M”
Neurocrine Pays $165M to Bankroll Voyager’s Gene Therapy for Parkinson’s
[Updated, 11:40 a.m. ET, see below] The road to potential approval for Voyager Therapeutics’ experimental gene therapy for Parkinson’s disease got a bit longer, and more expensive, last year. So this morning the company cut a deal with Neurocrine Biosciences to bankroll the journey—and forfeit some of the financial upside for the product, known as … Continue reading “Neurocrine Pays $165M to Bankroll Voyager’s Gene Therapy for Parkinson’s”
Former Zavante Executive Tapped as Abide Therapeutics President
Abide Therapeutics, which is developing medicines to treat neurological diseases, has appointed Kevin Finney as its president and chief operating officer, a new role for the company. The company, which has about 40 employees, is co-located in San Diego, where the majority of its workers are based, and Princeton, NJ. Abide’s drug candidates, small-molecule inhibitors, … Continue reading “Former Zavante Executive Tapped as Abide Therapeutics President”
Healthcare Technology Bubble Concerns Are Likely Overblown
By nearly every measure, 2018 was a banner year for the venture capital industry, particularly in the healthcare technology sector. Over $130 billion of venture capital was invested across all sectors in the U.S., easily eclipsing the prior high-water mark in 2000 and nearly 4.8 times what was invested a decade ago. While certain sectors … Continue reading “Healthcare Technology Bubble Concerns Are Likely Overblown”
Norwest VC Eyes Waves of Change in A.I., Marketing, Cloud for 2019
Venture capital firms invest in potentially disruptive technologies with the hope of profit, then keep watch for further advances that could overtake their existing portfolio companies. All this is done while they guide startups through other external challenges such as fundraising droughts and overall market downturns. Scott Beechuk, a partner at Norwest Venture Partners, is … Continue reading “Norwest VC Eyes Waves of Change in A.I., Marketing, Cloud for 2019”
America Should Welcome Immigrant Entrepreneurs
When I came to America in 1987, as a wide-eyed University of Texas grad student, I arrived with just a suitcase and a few hundred dollars — money that my mother, back in India, had scraped together by selling her beloved jewelry collection. Three decades later, I’m a successful biomedical researcher and serial entrepreneur with … Continue reading “America Should Welcome Immigrant Entrepreneurs”