[Updated 1/7/19, 11 a.m. ET. See below.] Eli Lilly is set to acquire Loxo Oncology for approximately $8 billion—a deal that brings to the Indianapolis pharmaceutical giant a class of drugs that treat cancers with particular genetic signatures. Under the agreement announced Monday, Lilly (NYSE: [[ticker:LLY]]) will pay $235 cash per share of Loxo (NASDAQ: … Continue reading “Eli Lilly Makes an $8B Cancer Genetics Bet with Loxo Acquisition”
Category: Seattle
Wayfair’s Steve Conine on the Amazon Threat, Adopting A.I. & More
The prospect of Amazon putting your business in its crosshairs is enough to give any executive some sleepless nights. Wayfair co-founder Steve Conine seems undaunted. Over the past 17 years, Conine and Wayfair co-founder and CEO Niraj Shah have built the Boston-based company (NYSE: [[ticker:W]]) into one of the largest online sellers of home goods, … Continue reading “Wayfair’s Steve Conine on the Amazon Threat, Adopting A.I. & More”
Tech Leaders Weigh In on Tim Berners-Lee’s “Contract for the Web”
Looking back over the past two years, it seems that public perceptions of tech companies have shifted, compared with the eager acceptance that often prevailed as innovations from these businesses transformed social interactions, transportation, and other aspects of life. In early 2017, a more critical mood began to take hold as Uber’s allegedly biased employment … Continue reading “Tech Leaders Weigh In on Tim Berners-Lee’s “Contract for the Web””
Seattle Startup Funding News: Immusoft, TurboPatent, VYRTY & More
Catch up on funding news in the Seattle area’s early-stage business ecosystem from late December and early January: —Immusoft, which is developing technology to genetically reprogram patients’ B cells outside the body to produce therapeutic proteins, said it raised $20 million from investors. The Seattle-based company said a mix of new investors and return backers … Continue reading “Seattle Startup Funding News: Immusoft, TurboPatent, VYRTY & More”
Genentech, Adaptive Bio Join Forces on Personalized Cancer Drugs R&D
Genentech is paying Adaptive Biotechnologies $300 million up front in a new partnership focused on developing cancer immunotherapies personalized to individual patients. Seattle-based Adaptive has technology that can analyze the immune system to find targets for cell therapies. Adaptive says that its screening technology enables it to discover T-cell receptors (TCRs) that can recognize and … Continue reading “Genentech, Adaptive Bio Join Forces on Personalized Cancer Drugs R&D”
Bio Roundup: $74B for Celgene, Two CAR-T Tales, Ready for SF & More
In 2018, my Exome colleagues and I published hundreds of stories about health, medicine, the biopharma industry, government policy, and more. You’ll find a few of our favorite stories in this review of some of the year’s best from across the Xconomy network. Topics ranged from the worries over CRISPR genome editing and Wild West … Continue reading “Bio Roundup: $74B for Celgene, Two CAR-T Tales, Ready for SF & More”
From Immigration to Taxes, Execs Talk Trump Effect on Innovation
When it comes to developing and promoting innovation, external factors beyond the control of company founders, investors, and other business leaders can also determine whether a startup succeeds or fails. In 2018, geopolitical events—in particular, President Donald Trump’s hard-line stances on trade and immigration, and the repeal of net neutrality rules—were top of mind for … Continue reading “From Immigration to Taxes, Execs Talk Trump Effect on Innovation”
For CAR-T Cancer Fighters in the Real World, Two Roads Diverge
[Corrected, 1/4/19, 3:55pm ET. See below.] A generation ago, cancer treatments made from a patient’s own living immune cells would have been science fiction. Now they’re here. The first two products, approved in 2017 and known in shorthand as CAR-T, have brought some people with otherwise untreatable blood cancers back from the brink of death. … Continue reading “For CAR-T Cancer Fighters in the Real World, Two Roads Diverge”
In a Huge Biopharma Shakeup, Bristol-Myers to Buy Celgene For $74B
Bristol-Myers Squibb has agreed to acquire Celgene in a deal that would create one of the largest biopharma organizations in the world and send ripples throughout the life sciences sector. Bristol (NYSE: [[ticker:BMY]]) on Thursday morning inked a deal to buy Celgene (NASDAQ: [[ticker:CELG]]) in a deal that values the Summit, NJ, drugmaker at $74 … Continue reading “In a Huge Biopharma Shakeup, Bristol-Myers to Buy Celgene For $74B”
Copps: Key Ingredient As A.I. Permeates Daily Life is Building Trust
The promise, and pitfalls, of artificial intelligence became more apparent in the last year, and for Dave Copps, founder of A.I. companies such as Brainspace and Hypergiant Sensory Sciences, the pace of adoption will only accelerate in 2019. What can help to smooth the transition to our new machine learning-enabled future is an effort on … Continue reading “Copps: Key Ingredient As A.I. Permeates Daily Life is Building Trust”
Three Ways 5G Is More Than Just Fast Video Streaming
In 2019, we will finally see commercial deployment of the much-anticipated 5G (fifth-generation) wireless network. 5G brings us closer to the possibility and promise of ubiquitous, un-tethered connection between every device and every entity. The projected exponential increase in bandwidth, low latency, ultra-reliable connections, and highly configurable network solutions enabled by 5G will go beyond … Continue reading “Three Ways 5G Is More Than Just Fast Video Streaming”
New Year to Bring New Data Security Threats, Cyber Investor Warns
Bob Ackerman is one of the venture capitalists whose funding has long fed the growth of the burgeoning cybersecurity industry. So, you might imagine that his outlook on data protection for 2019 would be more optimistic than in past years, because businesses now take advantage of a broad choice of security services to protect themselves. … Continue reading “New Year to Bring New Data Security Threats, Cyber Investor Warns”
NY’s Research Institutions Must Keep Working Together in ‘19
[Corrected, 1/7/19, 5:15 pm. See below.] [Editor’s Note: Euan Robertson, the Director of Strategic Planning & Special Projects at Columbia Technology Ventures, co-wrote this article.] It is a commonly held belief that academic research institutions, including those in New York City, are fierce competitors. In some ways, that may be true: Universities battle with each … Continue reading “NY’s Research Institutions Must Keep Working Together in ‘19”
In 2019, the Dam Will Break: Student Debt Predictions and Solutions
With the density of colleges and universities in the Boston area, we don’t often recognize how inaccessible higher education has become for the majority of the country. In fact, seven out of 10 college graduates today have outstanding student loans. And while many of us believe that education is a “must-have,” it’s alarming how structurally … Continue reading “In 2019, the Dam Will Break: Student Debt Predictions and Solutions”
From Alnylam to Zayner: Xconomy’s Top Innovation Stories of 2018
2018 was a year of ups and downs for the business and technology community. It was a year of big exits—both IPOs and acquisitions—for tech and life sciences companies. Venture funding remained strong, but more money went to fewer (and later-stage) companies overall. As the year winds down, we’re reflecting on the big innovation trends … Continue reading “From Alnylam to Zayner: Xconomy’s Top Innovation Stories of 2018”
Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind
[Updated 12/27/18, 9:54 am] Manoj Saxena is bullish on artificial intelligence. As chairman of Austin, TX-based A.I. startup CognitiveScale and managing director of The Entrepreneur Fund, which makes investments in early-stage machine learning companies, Saxena believes A.I. can transform how we work and play—creating opportunities for business. But he’s also aware that the technology, if … Continue reading “Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind”
CFOs: Prepare To Become Your Company’s Data Czar This Year
In mid-2018, Tom Bogan was the leader of business planning software company Adaptive Insights as it planned its own next steps. The Palo Alto, CA-based company was on the point of raising about $115 million in a June IPO that would have set its market value at around $705 million, according to PitchBook. But like … Continue reading “CFOs: Prepare To Become Your Company’s Data Czar This Year”
Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019
It was an eventful year for the artificial intelligence industry. The sector saw more big venture capital deals and acquisitions, while researchers kept plugging away on technology advances. Meanwhile, A.I. developers continued to grapple with issues around transparency, trust, and ethics. As part of Xconomy’s series of year-end posts, we asked a pair of CEOs … Continue reading “Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019”
VCs May Face Backlash if Profits Come at Expense of Responsibility
Venture capital is, by nature, an optimistic industry, and venture capitalists have historically gone about their work comfortable that they were making positive societal contributions. When looking at VC activity over the past half century, one can see venture capital’s role in championing endeavors that advanced knowledge, improved health, increased worker productivity, and preserved natural … Continue reading “VCs May Face Backlash if Profits Come at Expense of Responsibility”
Joann to Install Glowforge 3D Printers, Helping Grandma Go High-Tech
Arts and crafts shops aren’t typically thought of as cutting-edge retail environments. But one chain of sewing and hobby supplies stores, Joann, is signaling it doesn’t want to be an afterthought in conversations about high-tech brick-and-mortar shopping experiences. Joann said this week that it has invested an undisclosed sum in Glowforge, a Seattle-based startup that … Continue reading “Joann to Install Glowforge 3D Printers, Helping Grandma Go High-Tech”
Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More
It’s beginning to look a lot like, well, the last roundup of the year, with plenty of news to pack in before our holiday breather. Whew. Before you fly off, or drive, or simply unplug, check out our preview of what could be next year’s top clinical studies; the tumult in big pharma’s on again-off … Continue reading “Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More”
Following Sale of Haiku Deck, Adam Tratt Reflects on Startup Life
The idea for Haiku Deck, a Seattle startup that makes software for putting together short, image-heavy presentations, only came about after its founders’ original plan to build a development shop for social network games failed to gain sufficient traction. Now, years later, Haiku Deck co-founders Adam Tratt and Kevin Leneway’s decision to switch to developing … Continue reading “Following Sale of Haiku Deck, Adam Tratt Reflects on Startup Life”
Remote Exercise Startup FitOn Grabs $4.6M to Ride Home Workout Wave
More Americans work from home than ever before, and there’s a parallel trend of people increasingly ditching trips to the gym to instead work out at home. Companies like Peloton and FitOn, a new startup that recently raised a round of venture funding to support its growth, are using software to host virtual classes during … Continue reading “Remote Exercise Startup FitOn Grabs $4.6M to Ride Home Workout Wave”
Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs
Two of the world’s top drugmakers want to focus on making prescription drugs. Pfizer and GlaxoSmithKline have agreed to merge their consumer health businesses and spin them off into a joint venture, a move that will both create a new consumer healthcare giant and increase the pressure on each company to churn out innovative medicines. … Continue reading “Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs”
Graphcore Scores $200M to Scale Up A.I. Chip Production
One of the leading contenders in the A.I. chip race, Graphcore, announced Tuesday it pulled down $200 million in a Series D fundraising round that set its valuation at $1.7 billion. The Bristol, U.K.-based startup, founded in 2016, has now secured a total of more than $300 million in financing from venture capital firms and … Continue reading “Graphcore Scores $200M to Scale Up A.I. Chip Production”
15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)
On Monday, Xconomy began our annual look ahead at clinical trials that could define biotech and have profound healthcare effects in the coming year. Today we’re circling back with the rest of the list, which includes studies of drugs for nonalcoholic steatohepatitis, cystic fibrosis, spinal muscular atrophy and more. Read on for the details. [Editor’s … Continue reading “15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)”
Kineta Gets $15M in New Cancer Drug Partnership with Pfizer
Seattle biotech company Kineta continues to expand its roster of drug development partners, announcing on Monday it has entered into a collaboration and licensing agreement with Pfizer to develop therapies that use the body’s disease-fighting capabilities to attack cancerous tumors. Pfizer (NYSE: [[ticker:PFE]]) will pay Kineta $15 million upfront for the exclusive rights to therapies and … Continue reading “Kineta Gets $15M in New Cancer Drug Partnership with Pfizer”
A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency
[Editor’s note: This is part of a series of posts sharing thoughts from technology leaders about 2018 trends and 2019 forecasts.] Today’s artificial intelligence technologies have demonstrated they’re capable of handling specific tasks, such as identifying pictures of cats or spotting cancer in CT scans. Researchers are hopeful the industry’s next breakthroughs will enable A.I. … Continue reading “A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency”
15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)
It can take decades and billions of dollars to develop a drug, and its fate—and often that of its developer—rests in the outcome of clinical trials. Just look at some of 2018’s biggest biotech stories. The failure of a closely watched cancer immunotherapy combination sent ripples through the sector and led several companies to change … Continue reading “15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)”
DataCloud Raises $4M to Guide Miners’ Drilling, Blasting Decisions
DataCloud, a developer of sensors and software to help guide mine operators’ decision-making around drilling and blasting, has raised $4 million in new financing to support the Seattle-based startup’s continued growth. The company’s system combines cloud-based software with connected sensors that are attached to drills and collect data as blast holes are drilled into a … Continue reading “DataCloud Raises $4M to Guide Miners’ Drilling, Blasting Decisions”
Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More
Pharmaceutical industry critics lament the cost of rare disease drugs, but some of the steepest price hikes have come on widely used insulin. The patent holder, the University of Toronto, gave companies the right to manufacture insulin. But the university also allowed them to patent the improvements they made, which enabled them to slap higher … Continue reading “Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More”
Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization
Udacity, a pioneer in the online teaching of IT skills, is celebrating a milestone today—50,000 students have now graduated from one of its revenue-generating “Nanodegree” programs. Launched four years ago, the Nanodegree courses allow students worldwide to gain expertise in areas such as data analytics, machine learning, and autonomous flight engineering by completing coursework that … Continue reading “Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization”
Female-Centric Coworking Firm The Riveter Raises $15M to Fuel Growth
The outlook appears to be rosy for The Riveter. The Seattle-based startup, which bills itself as a “membership network built by women, for everyone,” says it has raised $15 million in new funding. The Riveter, which launched in May 2017, operates coworking spaces and organizes events and workshops for its members and the public. It … Continue reading “Female-Centric Coworking Firm The Riveter Raises $15M to Fuel Growth”
Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion
Austin — [Updated 3:10 p.m. See below.] Apple expects to make thousands of new hires around the country from Seattle to New York, the company announced Thursday, with its biggest growth planned for Austin, TX. The computer and smartphone manufacturer plans to hire 5,000 new employees in Austin and to spend $1 billion building a new … Continue reading “Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion”
Aiera Bags $3.5M for A.I. to Help Wall Street Analysts Pick Stocks
Machine learning startups are trying to establish a deeper presence on Wall Street. The latest move comes from Aiera (pronounced like “era”), a New York- and Boston-based company that announced today it took in $3.5 million in seed funding. Flybridge Capital Partners led the investment and was joined by Macquarie Group, Innovation Endeavors, Fin Venture … Continue reading “Aiera Bags $3.5M for A.I. to Help Wall Street Analysts Pick Stocks”
Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National
Foodies in New York City may not realize it, but some of the tasty kale, bok choy, and other leafy greens they buy trace their origins to an industrial park in New Jersey. The produce grown by indoor farming startup Bowery never sees soil or natural sunlight before making its way to select restaurants and … Continue reading “Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National”
The Power of Dreams: Making a Difference as a Detroit Entrepreneur
Those born and raised in Detroit are used to defying expectations, but making your dreams a reality is never an easy task. It involves overcoming both personal and professional hardships, which is why I named my business Make Your Dreams Come True (MYDCT). Inspired by what I wanted to do for both myself and others, … Continue reading “The Power of Dreams: Making a Difference as a Detroit Entrepreneur”
House Members Grill Google CEO Amid Bipartisan Privacy Concerns
Google CEO Sundar Pichai took his turn in the Congressional hotseat on Tuesday, following similar appearances by the chief executives of Facebook and Twitter earlier this year before lawmakers who are increasingly alert to the vast societal impact of Silicon Valley tech giants. House Majority Leader Kevin McCarthy opened a hearing before the House Judiciary … Continue reading “House Members Grill Google CEO Amid Bipartisan Privacy Concerns”
Survey: Microsoft’s Collaboration Tools Now More Popular Than Slack
Many young professionals like to reminisce about technologies that were popular during their teenage years, like Nokia cellphones and AOL instant messenger. While AIM’s best days seem to have passed, many modern workplaces still use software with built-in chat tools, which tend to have a less formal feel than e-mail. One such offering, Microsoft Teams, … Continue reading “Survey: Microsoft’s Collaboration Tools Now More Popular Than Slack”
IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies
The IPO of any private company comes as the resolution of a mystery, as closely held details about its financial performance and strategies are revealed. But the suspense is heightened in the case of San Francisco-based companies Uber and Lyft, which pioneered the huge ride-hailing industry but have yet to come close to turning a … Continue reading “IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies”
McAfee CTO On Election Hacking, Cryptojacking, Quantum Security
Election hacking. Information warfare. Adversarial artificial intelligence. All worrisome topics racing through Steve Grobman’s head these days. But the McAfee chief technology officer seems surprisingly upbeat about the prospects of meeting these cybersecurity challenges—or at least putting up a good fight. I met Grobman at a coffee shop in downtown Boston last week. He was … Continue reading “McAfee CTO On Election Hacking, Cryptojacking, Quantum Security”
Membrion Gets $2.2M for Materials to Help Store Energy, Purify Water
[Updated 12/10/18 10:21 a.m. See below.] Inspiration can come from unlikely places—like the bottom of a bag of beef jerky, for instance. Membrion, a Seattle-based cleantech startup, recently raised $2.2 million in new funding to give the company a boost along the path to commercialization. It engineers flexible membranes using silica gel, the same material … Continue reading “Membrion Gets $2.2M for Materials to Help Store Energy, Purify Water”
Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO
The biggest yearly meeting for blood disease research has come and gone, and yet the stories to come out of the American Society of Hematology’s gathering in San Diego represent just a fraction of what happened in biopharma this week. Even if ASH wasn’t on your radar, the CRISPR baby saga—the apparent birth of gene … Continue reading “Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO”
SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?
An experimental attention deficit hyperactivity drug developed by SuperNus Pharmaceuticals has met the main goals of two late-stage studies, bolstering the company’s case that it could provide an alternative to currently available ADHD therapies. But shares of the Rockville, MD-based company promptly fell on concerns of whether the drug is any better than a widely … Continue reading “SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?”
5 Reasons to Seek Geographic Diversity in a Venture Portfolio
Silicon Valley. New York City. Boston. Call them tech hubs or startup capitals, they are drawing in our nation’s venture capital dollars. But when it comes to new investments, venture capitalists can’t be so short-sighted. The opportunities beyond these markets may be richer than many realize. In July 2018, my venture capital firm, Alumni Ventures … Continue reading “5 Reasons to Seek Geographic Diversity in a Venture Portfolio”
Impel Raises $67.5M to Advance Intranasal Drugs for CNS Disorders
Impel NeuroPharma, which is developing technology to deliver certain therapeutics more effectively to the brain, says it has raised $67.5 million in new funding to support clinical trials of its drug candidates. Seattle-based Impel has three drug candidates currently undergoing clinical studies, all designed to treat a variety of central nervous system (CNS) diseases, including … Continue reading “Impel Raises $67.5M to Advance Intranasal Drugs for CNS Disorders”
Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud
G. Steven Burrill, once a noted biotech investment fund founder, sought-after conference speaker, and life sciences publisher, was sentenced Wednesday to serve 30 months in federal prison for defrauding his investors and evading taxes. Burrill was indicted by a federal grand jury on September 14, 2017. He was accused of diverting more than $18 million … Continue reading “Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud”
Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise
A year ago, the leading Chinese Internet company Tencent Holdings pegged the global number of artificial intelligence researchers and professionals at 300,000 or less—just as the unmet demand for such experts was pushing salary offers to as much as $1 million. In February, the Canadian firm Element AI estimated that talent pool at no more than … Continue reading “Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise”
Alto Lands $50M as Pharmacy Sector Embraces E-Commerce Lessons
[Updated 12/5/18, 5:16 pm. See below.] The pharmacy industry’s transformation is accelerating, as traditional drug retailers strike deals to expand their businesses and fend off technology startups encroaching on their territory. The latest salvo in the increasingly competitive sector is a $50 million investment in Alto Pharmacy, a San Francisco-based “digital pharmacy” startup that has … Continue reading “Alto Lands $50M as Pharmacy Sector Embraces E-Commerce Lessons”
“JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus
Last week, Chinese researcher He Jiankui stunned the world with his claim to have created the world’s first gene-edited humans. He said he had used CRISPR-Cas9 to change the DNA of the embryos of twin girls, to make them immune to HIV infection, then implanted them in their mother’s womb. He announced on video the … Continue reading ““JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus”