We learned last week that the FDA was investigating Novartis for manipulating animal data related to its $2 million-a-dose gene therapy Zolgensma. The activity took place at AveXis, the firm Novartis bought for $8.7 billion in 2018, and Novartis reportedly knew but failed to report it to the FDA before the agency approved Zolgensma in … Continue reading “Bio Roundup: Zolgensma Fallout, Duchenne Redux, Ebola Boost & More”
Category: San Diego
Will Porsche Fans Ever Live in a Driverless World? Porsche Says No.
Imagine the transportation future 20 years from now. Here’s one way things could roll on a weekday: Many of us get picked up at home by a sturdy, standardized, driverless car that will also scoop up a few of our neighbors who work at other businesses near ours. Entering the highway, the vehicle automatically links … Continue reading “Will Porsche Fans Ever Live in a Driverless World? Porsche Says No.”
UPS Takes Minority Stake in Self-Driving Truck Startup TuSimple
TuSimple, an autonomous trucking company, has been conducting test drives for UPS between the Arizona cities of Phoenix and Tucson since May. Now the corporate venture arm of the global package delivery giant says it has taken a minority stake in the San Diego startup, which believes its technology can reduce the costs of shipping … Continue reading “UPS Takes Minority Stake in Self-Driving Truck Startup TuSimple”
Four New Drugs Are Around the Corner. Here’s What You Need to Know.
[Updated, 3:40 pm ET, see below] The Food and Drug Administration approved 59 new drugs last year, a record for the agency which over the years has swung back and forth between tight control and leniency. We are in the midst of perhaps the agency’s most permissive era ever, thanks to its openness to speed … Continue reading “Four New Drugs Are Around the Corner. Here’s What You Need to Know.”
Qualcomm Taps Former Palo Alto Networks CEO as Board Chairman
Wireless giant Qualcomm has appointed Mark McLaughlin, the former CEO of network security company Palo Alto Networks, as chairman of its board of directors. McLaughlin joined Silicon Valley-based Palo Alto Networks (NYSE: [[ticker:PANW]]) as president and CEO in 2011, ahead of its 2012 IPO. He served as the company’s top executive through June 2018. Prior … Continue reading “Qualcomm Taps Former Palo Alto Networks CEO as Board Chairman”
San Diego Tech Roundup: Ezoic, Trust & Will, Oska Wellness & More
Summer can be a slow time in San Diego, but its startups have stayed busy. Read on for news of recent financings, plus upcoming opportunities to connect with the local tech community. —Ezoic, a startup that developed software for web publishers that uses machine learning techniques to personalize layouts and ad placements for site visitors, … Continue reading “San Diego Tech Roundup: Ezoic, Trust & Will, Oska Wellness & More”
Bio Roundup: Surprise News, a Gene Therapy Mess & a CAR-T Step
Gene therapy has become one of the hottest fields in biomedicine, with two treatments approved in the US already and several more on the way. But surprise news this week regarding Zolgensma, the recently approved spinal muscular atrophy treatment, cast a cloud over its progress. The FDA revealed that Novartis subsidiary AveXis had “manipulated” data … Continue reading “Bio Roundup: Surprise News, a Gene Therapy Mess & a CAR-T Step”
Organovo Halts Liver Tissue R&D, Plans Restructuring to Cut Costs
[Updated 2:33 p.m. Aug. 8. See below.] Organovo says it has run out of money to advance its efforts to develop 3-D “patches” of living human liver tissue to tide over people waiting for an organ transplant. The San Diego-based biotech has been working since 2007 to use a method known as bio-printing to come … Continue reading “Organovo Halts Liver Tissue R&D, Plans Restructuring to Cut Costs”
SDSI Accelerator For Sports Startups Gets Qualcomm Foundation Boost
Entrepreneurs who are accepted into the next 20-week accelerator program run by SD Sports Innovators will get the opportunity to learn from senior Qualcomm employees as they work to better their businesses. SDSI, a nonprofit organization based north of San Diego in coastal Solana Beach, focuses on advancing companies that involve sports, active lifestyles, health, … Continue reading “SDSI Accelerator For Sports Startups Gets Qualcomm Foundation Boost”
FDA: Despite “Manipulated” Data, $2M Gene Therapy Should Stay on Market
[Updated, 7:12 pm ET, see below] The FDA on Tuesday said that some data supporting the spinal muscular atrophy gene therapy Zolgensma was “manipulated” before its May 24 approval and that its manufacturer, Novartis (NYSE: [[ticker:NVS]]) subsidiary AveXis, knew about it. The FDA stopped short of saying Zolgensma should be pulled from the market, but … Continue reading “FDA: Despite “Manipulated” Data, $2M Gene Therapy Should Stay on Market”
Acadia, Neurocrine See Stock Price Bump After Quarterly Earnings
We’re in the midst of earnings season, and a couple of San Diego’s publicly traded biotechs recently updated investors this week with sales data and other financial insights. Here’s a look at those companies. —Acadia Pharmaceuticals faced a setback in July with the failure of a late-stage trial that was testing pimavanserin—which the company’s sells … Continue reading “Acadia, Neurocrine See Stock Price Bump After Quarterly Earnings”
Bio Roundup: Pfizer’s Future, CRISPR in Patients, Drug Imports & More
[Corrected 12:55 p.m. ET. See below.] Acquisitions made Pfizer what it is today: the world’s biggest drug maker measured by revenue. But as the company maps its future, CEO Albert Bourla is breaking some of that legacy apart. Blockbuster drugs such as Viagra, which was discovered in-house, and Lipitor, which came via acquisition, are currently … Continue reading “Bio Roundup: Pfizer’s Future, CRISPR in Patients, Drug Imports & More”
Viracta Therapeutics Taps Dan Chevallard as Chief Financial Officer
Viracta Therapeutics, a clinical-stage biotech company developing therapies to treat viral-associated cancers and other diseases, announced Thursday it appointed Dan Chevallard as its chief financial officer. Chevallard was most recently CFO at Regulus Therapeutics (NASDAQ: [[ticker:RGLS]]), another biotech company headquartered in San Diego.
White House Floats Canadian Import Plan But Excludes Many Costly Drugs
[Updated, 6:18 p.m. ET. See below.] The Trump administration unveiled Wednesday a long-awaited plan to import cheaper medications from Canada and other countries. The US Department of Health and Human Services says the two proposals are part of the administration’s strategy to curb high prescription-drug prices, which has often been short on action despite the … Continue reading “White House Floats Canadian Import Plan But Excludes Many Costly Drugs”
Mark Levin Named Xconomy’s 2019 Lifetime Achievement Award Winner in Boston
We at Xconomy are excited to announce that we are honoring Mark Levin, co-founder and partner at Third Rock Ventures, with our 2019 Lifetime Achievement Award in Boston. The award recognizes Levin’s extensive contributions to the biotech industry and to the Boston life sciences ecosystem. Levin built Millennium Pharmaceuticals—inspiring a generation of future executives/entrepreneurs along … Continue reading “Mark Levin Named Xconomy’s 2019 Lifetime Achievement Award Winner in Boston”
Illumina Cuts Forecasts As Consumer Tests, Genomics Initiatives Lag
About this time last year, DNA sequencing giant Illumina upped its financial projections, estimating its sales would grow 20 percent year-over-year. It exceeded that goal, with revenue rising 21 percent to $3.33 billion by the end of 2018. It’s a different financial story this summer. On Monday, Illumina (NASDAQ: [[ticker:ILMN]]) informed the markets that it … Continue reading “Illumina Cuts Forecasts As Consumer Tests, Genomics Initiatives Lag”
Turning Point Therapeutics Taps Investment Banker Yi Larson as CFO
Turning Point Therapeutics (NASDAQ: [[ticker:TPTX]]) has hired one of the investment bankers who guided it to the public markets earlier this year as its chief financial officer. Yi Larson, a managing director at New York-based investment bank Goldman Sachs (NYSE: [[ticker:GS]]), where she has worked for about 12 years, most recently led its healthcare investment … Continue reading “Turning Point Therapeutics Taps Investment Banker Yi Larson as CFO”
Exact Sciences Buying Genomic Health in $2.8B Cancer Diagnostics Deal
[Updated 7/29/19, 10:19 am CT. See below.] With ambitious sales goals and its stock trading at an all-time high this year, cancer diagnostics firm Exact Sciences decided to go shopping. The result is a deal announced Monday to acquire Genomic Health for $2.8 billion in cash and stock, a combination that Exact CEO Kevin Conroy … Continue reading “Exact Sciences Buying Genomic Health in $2.8B Cancer Diagnostics Deal”
Duchenne Advocates Start Casimir, Aiming to Capture Missing Data
Three years ago, the FDA made one of the most polarizing decisions in its history. It approved a drug for the rare genetic disease Duchenne muscular dystrophy on the slimmest of evidence, a watershed moment that caused a highly publicized rift within the agency. In the midst of it all were parents who pushed hard … Continue reading “Duchenne Advocates Start Casimir, Aiming to Capture Missing Data”
Bio Roundup: Leiden’s Exit, Depression Data, a New Pricing Bill & More
What will the legacy be of Jeff Leiden, the longtime CEO of Vertex Pharmaceuticals? Vertex surprised Wall Street this week by announcing Leiden’s seven-year run will end next spring. In some ways, his legacy is already written. He steered Vertex through a crisis when its hepatitis C business was squashed by competition, in no small … Continue reading “Bio Roundup: Leiden’s Exit, Depression Data, a New Pricing Bill & More”
No Co-Founder? Y Combinator Offers Matchmaking at Startup School
From the moment Talia Frenkel resolved to found a company after a kitchen-table talk with her parents, the odds were against her. There were a host of reasons—she wasn’t a software engineer, she had no product development experience, and she wanted to launch a consumer item that was already sold widely by established enterprises. Yet … Continue reading “No Co-Founder? Y Combinator Offers Matchmaking at Startup School”
As Castle Bio Jumps on IPO Train, Industry Trends Suggest Slowdown
Castle Biosciences is joining the public markets through a $64 million IPO that will support cancer tests that help doctors make treatment decisions. On Wednesday evening, Castle priced its offering of 4 million shares at $16 apiece, which was the high end of its targeted price range. The Friendswood, TX, company had previously planned to … Continue reading “As Castle Bio Jumps on IPO Train, Industry Trends Suggest Slowdown”
Bristol, With Another Lung Cancer Flop, Loses More Ground to Merck
Bristol-Myers Squibb (NYSE: [[ticker:BMY]]) this afternoon revealed yet another setback for its cancer immunotherapy nivolumab (Opdivo) in lung cancer, boosting the outlook for rival Merck. The New York pharma giant said that a regimen of nivolumab (Opdivo) and chemotherapy failed to extend the lives of non-squamous, non-small cell lung cancer patients compared to chemo alone … Continue reading “Bristol, With Another Lung Cancer Flop, Loses More Ground to Merck”
Connect All Startup Accelerator Seeks New Cohort of Diverse Founders
The first business accelerator program in southeast San Diego is accepting applications for its second cohort of entrepreneurs, who would start the program in fall. The six-month program, called Connect All @ the Jacobs Center, is run by Connect, a longstanding local organization that for years has supported startups through its flagship tech and life … Continue reading “Connect All Startup Accelerator Seeks New Cohort of Diverse Founders”
The Entrepreneurial Potential of Cannabis
Recreational marijuana is now legal here in Massachusetts and it seems that everywhere you look, people are excited to create business ventures around it. But, like any other business endeavor, research, planning, and discipline are essential – maybe even more so given the legal and regulatory issues involved with cannabis. As of now, marijuana is fully legal … Continue reading “The Entrepreneurial Potential of Cannabis”
Freenome Snags $160M to Boost Blood Test for Early Cancer Detection
Freenome, one of the rivals racing to detect the earliest signs of cancer through blood tests, announced Wednesday it has raised $160 million in a Series B funding round. The money boosts Freenome’s fundraising total to $238 million. It’s a boon for the South San Francisco startup founded in 2014, but not an unusual haul … Continue reading “Freenome Snags $160M to Boost Blood Test for Early Cancer Detection”
With Regulator’s Nod, Bosch Plans Spread of Driverless Valet Parking
Mass fleets of self-driving cars have yet to arrive on our streets, but people are already worrying about where they’re going to park. If they all just circle around city blocks, competing to offer on-demand rides, they could slow traffic to a crawl, industry observers say. Autonomous robotaxi services like Alphabet unit Waymo’s are still … Continue reading “With Regulator’s Nod, Bosch Plans Spread of Driverless Valet Parking”
Moving Services Startup HireAHelper Acquired By Seattle’s Porch
HireAHelper.com, an online marketplace that links people who are moving to a new home with local movers and related services, has been acquired by Porch, which operates a marketplace that connects people with a variety of home repair and improvement services. The Seattle, WA-based acquirer says that last year it facilitated more than 2 million … Continue reading “Moving Services Startup HireAHelper Acquired By Seattle’s Porch”
Acadia Pharmaceuticals Drug Fails in Late-Stage Schizophrenia Trial
Acadia Pharmaceuticals’ treatment for Parkinson’s disease-related psychosis failed a Phase 3 trial that was studying use of the drug for schizophrenia patients who haven’t fully responded to existing therapies. The company announced the trial failure Monday after market close. Acadia (NASDAQ: [[ticker:ACAD]]) shares dropped about 4 percent on the news in after-hours trading, falling from … Continue reading “Acadia Pharmaceuticals Drug Fails in Late-Stage Schizophrenia Trial”
Spine-Surgery Medtech Startup Carlsmed Merges With Imaging Company
Carlsmed, a San Diego-based medical technology company that’s developing personalized spinal implants, has merged with Precisive Surgical, a spine imaging system startup in Seattle. The combined company, which will operate in San Diego under the Carlsmed name, aims to create a platform that will use imaging recognition technology, 3D printing, and other tools to allow … Continue reading “Spine-Surgery Medtech Startup Carlsmed Merges With Imaging Company”
Could Facebook’s Crypto Break Financial System? Congress Airs Fears
In late 2017, a federal watchdog unit assigned a working group to keep an eye on cryptocurrencies such as Bitcoin, and to sound an alert if those alternate currencies showed signs of becoming a risk to the stability of the US financial system. Soaring prices of Bitcoin and other so-called digital tokens were attracting investments … Continue reading “Could Facebook’s Crypto Break Financial System? Congress Airs Fears”
Bio Roundup: Opioid Exposé, Gilead’s Gambit, Life Science IPOs & More
The opioid crisis reaches all corners of the nation, and newly released data this week revealed how the growth of the epidemic tracked with a massive increase in the production and distribution of these drugs. From 2006 to 2012, the number of pills distributed to pharmacies increased by more than 50 percent. In total, 76 … Continue reading “Bio Roundup: Opioid Exposé, Gilead’s Gambit, Life Science IPOs & More”
San Diego Roundup: Qualcomm, Philter, Stella Labs, VC Funding & More
Comic-Con International may be holding everyone’s attention this week, but the tech community has stayed busy amid all the action (and increased traffic). Let’s catch up with the latest tech news in San Diego. —San Diego’s AONDevices was among 10 startups selected to compete at a recent pitch competition hosted by the corporate venture capital … Continue reading “San Diego Roundup: Qualcomm, Philter, Stella Labs, VC Funding & More”
Genmab, Mirum Pharma & Fulcrum Raise $653M in Wall Street Debuts
Initial public offerings took a brief summer break the week of Independence Day, but healthcare IPO activity resumed this week as three more companies joined the US public markets. Here’s a recap of the biotech companies that priced IPOs Wednesday evening. —Genmab is different from the other life science companies that joined the public markets … Continue reading “Genmab, Mirum Pharma & Fulcrum Raise $653M in Wall Street Debuts”
Trefoil Therapeutics Raises $28M and Eyes the Clinic for Cornea Drug
Trefoil Therapeutics, which is developing treatments for diseases that affect the cornea, the outermost layer of the eye, has raised $28 million to move its lead drug candidate into human testing. The company is developing an engineered form of fibroblast growth factor-1 proteins (FGF-1) as a treatment for corneal diseases such as Fuchs’ dystrophy, which … Continue reading “Trefoil Therapeutics Raises $28M and Eyes the Clinic for Cornea Drug”
Prenatal Testing Firm Cradle Genomics Debuts With $17M, Illumina Ties
Another company headed by former Illumina executives has launched, fueled with a $17 million Series A round from investors including a local venture capital firm. The new firm, Cradle Genomics, is seeking to commercialize improved non-invasive prenatal tests, which analyze blood from a pregnant person to determine whether a fetus will be born with an … Continue reading “Prenatal Testing Firm Cradle Genomics Debuts With $17M, Illumina Ties”
Narrowing AI: A Useful Context for AI Innovation, Opportunity, and Investment
I was asked recently if there was a meaningful analog to AI – its pervasiveness, its transformative potential, its power – in the annals of technology, and I answered with a straight face: “Yes. The Wheel. The Printing Press. Electricity. The Internet.” I truly believe AI is going to be that big, if not bigger, … Continue reading “Narrowing AI: A Useful Context for AI Innovation, Opportunity, and Investment”
Bio Roundup: Michael Becker, Suzanne Eaton, Gene Therapy Moves & More
The life science and healthcare worlds are vast. We often talk about impact in terms of millions of patients and billions of dollars. But these worlds can be small, too. It seems at times we’re never far removed from any one person, through their published papers, social media connections, friends, colleagues, or people they’ve mentored. … Continue reading “Bio Roundup: Michael Becker, Suzanne Eaton, Gene Therapy Moves & More”
Amgen, Novartis BACE Inhibitor Joins List of Failed Alzheimer’s Drugs
Amgen and Novartis are stopping work on an experimental Alzheimer’s disease drug after an early look at clinical data showed worsening cognitive function in patients. The interim results announced Thursday were part of a pre-planned review of data from two pivotal clinical trials testing the drug, umibecestat. Based on that review, Amgen (NASDAQ: [[ticker:AMGN]]) and … Continue reading “Amgen, Novartis BACE Inhibitor Joins List of Failed Alzheimer’s Drugs”
Trump Kills His Administration’s Plan to End Secret Drug Rebates
Donald Trump’s criticism of high drug prices began during the 2016 presidential campaign and continued through his presidency, perhaps most famously just before his inauguration when he said that drug companies were “getting away with murder.” This week has underlined the gap between the administration’s rhetoric and results. Most strikingly, the White House said last … Continue reading “Trump Kills His Administration’s Plan to End Secret Drug Rebates”
Record Exit Value for VC-Backed Startups Could Fuel Investment
More than a third of the companies that went public in the first half of this year were backed by venture capital. That, plus robust merger and acquisition activity, set a record for venture-backed exit value—$165.2 billion in money returned to investors—that’s already topped all other full-year totals, according to the latest VentureMonitor, the quarterly … Continue reading “Record Exit Value for VC-Backed Startups Could Fuel Investment”
Nestlé Sells Gut-Health Test Maker Prometheus Labs, Layoffs Expected
Eight years after San Diego biotech Prometheus Laboratories was acquired by Nestlé Health Science, the diagnostic business has been sold again, this time to a little-known biotech called Precision IBD that plans to lay off approximately a quarter of Prometheus’s workforce. Precision IBD, which is also based in San Diego, is a drug and diagnostic … Continue reading “Nestlé Sells Gut-Health Test Maker Prometheus Labs, Layoffs Expected”
How Do YOU Think the Internet Will Evolve? A Sampling of Your Tweets
[Editor’s note: This is part of a series examining the internet’s first 50 years and predicting the next half century. Join Xconomy and World Frontiers Forum on July 16 for Net@50, an event exploring the internet’s past and future.] For my feature article “Special Report 2069: Predicting the Internet’s Next 50 Years,” I asked my Twitter … Continue reading “How Do YOU Think the Internet Will Evolve? A Sampling of Your Tweets”
Future of the Internet: What Scares Networking Pioneer Radia Perlman
[Editor’s note: This is part of a series examining the internet’s first 50 years and predicting the next half century. Join Xconomy and World Frontiers Forum on July 16 for Net@50, an event exploring the internet’s past and future.] Bob Metcalfe co-invented Ethernet, the communications standard still used for most local on-site networking, but Radia Perlman … Continue reading “Future of the Internet: What Scares Networking Pioneer Radia Perlman”
Why Ethernet Inventor Bob Metcalfe is an Internet Optimist
[Editor’s note: This is part of a series examining the internet’s first 50 years and predicting the next half century. Join Xconomy and World Frontiers Forum on July 16 for Net@50, an event exploring the internet’s past and future.] Right alongside Moore’s Law, which describes the exponential growth in computing power since the 1960s, there’s Metcalfe’s … Continue reading “Why Ethernet Inventor Bob Metcalfe is an Internet Optimist”
Bio Roundup: Duchenne Race, Warren v. Gottlieb, A $599 Genome & More
As we pause to celebrate the 4th of July, another birthday is top of mind: A third baby whose embryonic DNA was edited by Chinese scientist He Jiankui. As Xconomy reported in November, He hinted about a second pregnancy after his infamous revelation of twins altered with CRISPR gene editing tools. That second pregnancy—a third … Continue reading “Bio Roundup: Duchenne Race, Warren v. Gottlieb, A $599 Genome & More”
Talk of Broadcom Buyout of Symantec Puts Broader IT Focus Into View
Broadcom is once, twice, three times a multi-billion-dollar dealmaker (well, basically) in the past year if it follows through on its reported talks to acquire Mountain View, CA-based cybersecurity giant Symantec. The potential acquisition, which was first reported Tuesday by Bloomberg citing anonymous sources, represents Broadcom’s continued (NASDAQ: [[ticker:AVGO]]) interest in broadening its business beyond … Continue reading “Talk of Broadcom Buyout of Symantec Puts Broader IT Focus Into View”
Q&A: Providence Exec on Bluetree Acquisition, Trends in Health Tech
Providence St. Joseph Health, a Renton, WA-based organization that operates 51 hospitals and 829 clinics across five US states, announced its latest strategic, IT-focused acquisition last week. The company Providence has agreed to purchase—financial terms aren’t being disclosed—is Bluetree Network, a Madison, WI-based consultancy that works with healthcare providers to install and optimize electronic health … Continue reading “Q&A: Providence Exec on Bluetree Acquisition, Trends in Health Tech”
Ex-Apple UX Guru Don Norman Calls for Replacing the Internet
[Editor’s note: This is part of a series examining the internet’s first 50 years and predicting the next half century. Join Xconomy and World Frontiers Forum on July 16 for Net@50, an event exploring the internet’s past and future.] No one has done more than Donald Norman to teach us that every piece of hardware … Continue reading “Ex-Apple UX Guru Don Norman Calls for Replacing the Internet”
Mercato, Grocery Delivery Startup For “Indie” Retailers, Gets $4M
Delivery services such as Shipt and Instacart deliver groceries to customers’ doorsteps daily. Amazon (NASDAQ: [[ticker:AMZN]]) and Walmart (NYSE: [[ticker:WMT]]) also offer the service, albeit only for their own stores. Large-scale chain stores are the focus of most grocery delivery services. Mercato, a San Diego startup that bills itself as the option for independent grocery … Continue reading “Mercato, Grocery Delivery Startup For “Indie” Retailers, Gets $4M”