[Updated 1/26/17, 1:15 pm. See below.] The U.S. Patent and Trademark Office has awarded Cellectar Biosciences a patent on two cancer drugs the company is developing, including its lead drug candidate, according to the company. Madison, WI-based Cellectar (NASDAQ: [[ticker:CLRB]]) says the patent covers the use of its lead drug candidate, CLR 131, for treating … Continue reading “Cellectar Awarded Another Cancer Drug Patent”
Category: Wisconsin
WEDC Awards $500K As Part Of Entrepreneurship Support Program
The Wisconsin Economic Development Corp. (WEDC) said this week that it gave grants worth a combined $500,000 to 11 nonprofits based in the state as part of a program aimed at improving Wisconsin’s entrepreneurial climate. (Disclosure: WEDC is a supporter of Xconomy in Wisconsin, but our coverage is determined independently by our editors.) Four of the grants support … Continue reading “WEDC Awards $500K As Part Of Entrepreneurship Support Program”
Redox Raises $9M to Help Developers Plug Into Health Records Systems
Redox, a Madison, WI-based startup that develops digital tools that enable healthcare applications to access data from electronic health records systems, says it has raised $9 million from investors. New York-based RRE Ventures led the Series B financing. Other participants in the funding round included return backers .406 Ventures (in Boston), HealthX Ventures (Madison), and … Continue reading “Redox Raises $9M to Help Developers Plug Into Health Records Systems”
Report: Biotech VCs Perpetuate Boardroom Gender Gap
If power in the business world is centered in the boardroom, women in biotech have a long way to go to get their fair share—and the venture community deserves much of the blame. That’s according to British recruitment firm Liftstream and its new study of biotech companies that went public in the recent boom years. … Continue reading “Report: Biotech VCs Perpetuate Boardroom Gender Gap”
Stemina, Abele, Stem Pharm, & IoT: This Week’s Wisconsin Watchlist
Catch up on news from Wisconsin’s innovation community with these recent headlines: —A blood test developed by Madison-based Stemina Biomarker Discovery that would help determine whether children with autism disorder are able to process certain foods or vitamin supplements could become available in the next year, the Wisconsin State Journal reported. NeuroPointDX, a division of … Continue reading “Stemina, Abele, Stem Pharm, & IoT: This Week’s Wisconsin Watchlist”
Ex-FDA Commish Califf Gives Props to Patient Groups—With Caveats
The nation’s former Food and Drug Administration commissioner Robert Califf, appearing for the first time since he resigned last week, told a Silicon Valley crowd this morning that the FDA will have to be flexible in coming years, allowing greater patient input into drug evaluation and leaning on outside watchdogs for help weeding out “imposters.” … Continue reading “Ex-FDA Commish Califf Gives Props to Patient Groups—With Caveats”
Elucent, With $7.2M in Tow, Advances Breast Cancer Treatment Device
Elucent Medical, a medical device startup based in Eden Prairie, MN, but with roots and employees in Wisconsin, raised $7.2 million from investors in a Series A funding round that closed last year, says co-founder and CEO Laura King. The investment flew under the radar, and Elucent hasn’t discussed it publicly until now. Xconomy spoke … Continue reading “Elucent, With $7.2M in Tow, Advances Breast Cancer Treatment Device”
Business Leaders Talk Trump’s Impact on Visas, Drug Pricing, Insurance
Perhaps you’ve heard about the inauguration of one Donald J. Trump. Xconomy has been asking prominent members of the national innovation community for their thoughts on the incoming administration and its potential impact on their companies and industries. Here are responses from four business leaders in different cities across Xconomy’s network. Alex Lash, our national … Continue reading “Business Leaders Talk Trump’s Impact on Visas, Drug Pricing, Insurance”
Bio Roundup: Tom Price, Patient Conflicts, Orphan Games & More
The new president of the United States, Donald Trump, is being sworn in today amid a storm of questions about the plans that he, and those who might work for him, have in store for American healthcare and medicine. Trump’s nominee to run the $1 trillion Health and Human Services Department, Tom Price, answered—or didn’t … Continue reading “Bio Roundup: Tom Price, Patient Conflicts, Orphan Games & More”
Want to Ruin Your Relationships? Ask Family and Friends to Fund Your Startup
When you need cash to fuel your startup, it’s tempting to “think local.” The people with the strongest ties to you—relatives, friends, college roommates, running buddies, and co-workers—are the ones who believe in you. You’d probably turn first to them for financial support. Capital fronted by these folks might be the quickest, easiest cash you’ll … Continue reading “Want to Ruin Your Relationships? Ask Family and Friends to Fund Your Startup”
Gener8tor To Launch ‘Hackathon And Accelerator Hybrid’ For Startups
The Wisconsin-based startup accelerator Gener8tor says it’s working to create a new, three-week program for individuals and teams with ideas for new products and companies. Gener8tor would run the new program, called gALPHA, alongside its core 12-week accelerator and gBETA, a shorter, no-strings-attached accelerator it introduced in 2015. The organization has held its core program … Continue reading “Gener8tor To Launch ‘Hackathon And Accelerator Hybrid’ For Startups”
Dems Grill HHS Nominee Price About Trump Comments, Stock Holdings
[Note: This report was co-authored by deputy biotech editor Ben Fidler.] Tom Price, the man who could oversee an overhaul of the U.S. healthcare system, answered often pointed questions this morning from U.S. senators about his views, his plans for Obamacare, and personal financial transactions. Price, an orthopedic surgeon by training, is President-elect Donald Trump’s … Continue reading “Dems Grill HHS Nominee Price About Trump Comments, Stock Holdings”
Under New Ownership, Alfalight Remains Laser-Focused
When an unfamiliar vehicle approaches a military checkpoint, soldiers posted at the station often have little time to determine whether the person behind the wheel is a friend or foe. One organization that had been working to help keep troops safe in such scenarios—as well as protect any approaching allies or civilians whom they may … Continue reading “Under New Ownership, Alfalight Remains Laser-Focused”
Epic, VC Totals, Shine, & More: This Week’s Wisconsin Watchlist
Keep up with the latest news from Wisconsin’s innovation community with these recent headlines: —The United States Supreme Court will hear a case involving Verona-based Epic Systems and whether organizations can make it mandatory for employees to sign arbitration agreements that keep them from pursuing group claims in court, the Associated Press reported. Groups of … Continue reading “Epic, VC Totals, Shine, & More: This Week’s Wisconsin Watchlist”
Video Trends Point to Changing Ways Companies Reach Consumers
The top emerging trends that will affect our business in 2017 are a mixture of how consumers digest information online, video trends, and the continued growth of live video. The way people digest information online has shifted over time from being text based to photo based to now being very video based. Facebook forecasts that … Continue reading “Video Trends Point to Changing Ways Companies Reach Consumers”
Biotech Roundup: JPM Deals, Gender Diversity, PCSK9 Battle & More
[Corrected, 1/14/16, see below] This past week, the biopharma industry made its annual January pilgrimage to San Francisco for the J.P. Morgan Healthcare Conference. 2016 was a whirlwind year in biotech, and the biopharma gods rewarded attendees with a multi-day monsoon to slog through to get from one meeting to the next. Earlier today, Alex … Continue reading “Biotech Roundup: JPM Deals, Gender Diversity, PCSK9 Battle & More”
Notes From The JPM ’17 Vortex: Trump, Rainstorms & The Price You Pay
[Editor’s note: Ben Fidler contributed to this report] The week of frenetic data sharing, deal talking, and party hopping of the J.P. Morgan Healthcare Conference—and the events that have mushroomed around it—took a punch to the gut just as most attendees were wrapping up and checking their outbound flight status. The incoming party-pooper-in-chief, Donald Trump, … Continue reading “Notes From The JPM ’17 Vortex: Trump, Rainstorms & The Price You Pay”
Startup Resolution 2017: Embrace Believers, Bounce Skeptics & Keep Moving
The holiday period is a great time for reflection and then behavior modification – often referred to as resolutions. While a bit artificial to the logical engineer, this opportunity can be helpful. This year, my favorite insight came from a former student and employee, Elliot Cohen, co-founder of PillPack. While thinking about the major aspirational … Continue reading “Startup Resolution 2017: Embrace Believers, Bounce Skeptics & Keep Moving”
Northwestern Mutual Launches $50M Venture Capital Fund
Northwestern Mutual, the life insurance giant based in Milwaukee, said it has launched a $50 million fund that will be used to invest in startups over the next several years. The fund, which the insurer is calling Northwestern Mutual Future Ventures, will make investments in the range of $500,000 to $3 million in early-stage companies. … Continue reading “Northwestern Mutual Launches $50M Venture Capital Fund”
Cyber Attackers Targeted Our Trust, Not Just an Election
The cyber attacks on political organizations and election infrastructure added a level of intrigue to this year’s U.S. presidential election – culminating in the U.S. government officially blaming the Russian government for trying to influence the election. If the Cold War has taught us anything, it’s that global espionage is a game of chess, not … Continue reading “Cyber Attackers Targeted Our Trust, Not Just an Election”
Agtech Startup FarmLogs Harvests $22M From Naspers-Led Series C Round
Farming has always been a data-intensive business but digital approaches to record keeping are starting to take root with more farmers. Agtech startup FarmLogs aims to capitalize on the trend, and it now has $22 million in additional financing to support those efforts. New investor Naspers Ventures led the round Series C round of financing. … Continue reading “Agtech Startup FarmLogs Harvests $22M From Naspers-Led Series C Round”
Biopharma Leaders Call for Gender Diversity Amid J.P. Morgan Conference
A group of more than 100 prominent life sciences executives, investors, and business leaders have signed an open letter calling on the industry to step up efforts to increase gender diversity. The letter was published Wednesday, on the second to last day of the annual J.P. Morgan healthcare conference in San Francisco (see full letter … Continue reading “Biopharma Leaders Call for Gender Diversity Amid J.P. Morgan Conference”
Trump Slams Drug Companies, Says Medicare “Bidding” Is Coming
Oh, the power of a Donald Trump sound bite. On the campaign trail and as president-elect he has made occasional noises about drug pricing—giving the U.S. Medicare system, the largest buyer of drugs in the world, the right to negotiate prices, for instance. This morning, in his first press conference, Trump went further. He said … Continue reading “Trump Slams Drug Companies, Says Medicare “Bidding” Is Coming”
GrocerKey Parlays Woodman’s Success Into New Sales, Raises $700K
Jeremy Neren founded Madison, WI-based GrocerKey in 2014 to help introduce grocers to e-commerce and create online replicas of their physical stores. In mid-2015, Neren told Xconomy he was talking with dozens of supermarket chains around the country about using his startup’s software. GrocerKey has since converted a number of prospects into paying customers, and … Continue reading “GrocerKey Parlays Woodman’s Success Into New Sales, Raises $700K”
Edtech Venture Funding Down in 2016, But Still Tops $1B
While we’re looking at venture deal numbers from the past year, let’s consider the education technology industry, which isn’t broken out by sector in the general reports I’ve seen. A recent study by EdSurge, an edtech information firm, shows venture funding for U.S. education tech companies totaled $1.03 billion (across 138 deals) in 2016. Those … Continue reading “Edtech Venture Funding Down in 2016, But Still Tops $1B”
At Allergan And Other Pharmas, Price Transparency Has Limits
The first test of pharmaceutical giant Allergan’s promise to behave responsibly came last week. The firm acknowledged price hikes on several drugs that stayed—sometimes barely—under the 10 percent limit that CEO Brent Saunders pledged last September, in what he called a “social contract with patients.” In an interview at the annual J.P. Morgan healthcare investment … Continue reading “At Allergan And Other Pharmas, Price Transparency Has Limits”
Mortara To Be Sold To Chicago Holding Company For $330M
Mortara Instrument, a Milwaukee-based medtech company, says it has been acquired by Hill-Rom Holdings, of Chicago, for $330 million in cash. Mortara’s product line includes electrocardiograph machines and other medical devices used to monitor patients. One of Hill-Rom’s (NYSE: [[ticker:HRC]]) holdings is Welch Allyn, a manufacturer of medical diagnostic equipment based in Skaneateles Falls, NY, … Continue reading “Mortara To Be Sold To Chicago Holding Company For $330M”
Protecting America’s Tech Prowess Amid the Hostile Rhetoric of 2017
With the inauguration of Donald Trump as president on January 20th, the editors asked some of our Xconomists to offer their thoughts on “How could the incoming administration significantly affect your industry?” My biggest concern would be a failure to recognize and take full advantage of the fact that America’s biggest asset is its technological … Continue reading “Protecting America’s Tech Prowess Amid the Hostile Rhetoric of 2017”
Exact Sciences Boosted By Investors, As Analysts Eye Profitability
For Exact Sciences, could a long journey to reach profitability—21 years and counting—be nearing a close? Madison-based Exact (NASDAQ: [[ticker:EXAS]]), which received regulatory approval for its flagship stool-based DNA screening test for colorectal cancer in 2014, posted better-than-expected results in the fourth quarter of 2016, according to preliminary numbers released Sunday. The company said it completed … Continue reading “Exact Sciences Boosted By Investors, As Analysts Eye Profitability”
Arrowhead Nets $9.6M Investment From U.K.-Based Silence Therapeutics
Silence Therapeutics, a publicly traded biotech firm based in the U.K., said it has made a $9.6 million equity investment in Arrowhead Pharmaceuticals. Silence said it acquired about 8.4 percent of the outstanding shares of common stock in Arrowhead (NASDAQ: [[ticker:ARWR]]), which is based in Pasadena, CA, but houses its research and development team in … Continue reading “Arrowhead Nets $9.6M Investment From U.K.-Based Silence Therapeutics”
Noncompetes, Wine Clubs, Broadband, & More: This Week’s WI Watchlist
Gyms are swarming with people, temperatures are dropping below zero, and the Green Bay Packers are alive in the NFL playoffs—it must be January in Wisconsin. Make it a resolution to stay plugged into the state’s innovation community, starting with these recent headlines: —Wisconsin could be hurting itself in its effort to spur more entrepreneurship by … Continue reading “Noncompetes, Wine Clubs, Broadband, & More: This Week’s WI Watchlist”
Smart Voice Assistants Will Spread From Talking Devices To Apps in 2017
Millions of consumers who used to type their search questions on a laptop or the tiny keys of a smartphone are now simply telling a tabletop device what they want. Signs are that the Amazon Echo and Google Home—both equipped with smart voice assistants—will turn out to be blockbuster sellers of the holiday gift season … Continue reading “Smart Voice Assistants Will Spread From Talking Devices To Apps in 2017”
A Year After CEO’s Departure, Quintessence Remains ‘Dormant’
A Madison, WI-based cancer drug development company is in a holding pattern as it searches for a new leader to replace the chief executive who departed early last year. Quintessence Biosciences has been without a CEO since Ralph Kauten, one of Wisconsin’s more successful biotech entrepreneurs, resigned in early 2016, Kauten says. Kauten, who continues to … Continue reading “A Year After CEO’s Departure, Quintessence Remains ‘Dormant’”
Bio Roundup: Biogen Price Fears, A Grail Billion, Hellos, Byes & More
Happy new year, everyone. Are you all strapped in? Tray tables in the locked and upright position? As Bette Davis once said, “It’s going to be a bumpy night.” The news from Washington is already coming fast and furious. The effort to repeal Obamacare is underway, spawning more perspectives and opinions than a postmodern Japanese … Continue reading “Bio Roundup: Biogen Price Fears, A Grail Billion, Hellos, Byes & More”
Families Fret As Insurers Mull Biogen’s $750K Spine Disease Drug
This past Christmas weekend, Ana Memedovich had her best two days in more than a decade. Her 23-year-old son Mikhail has spinal muscular atrophy, or SMA, a rare genetic disease that has slowly robbed him of the ability to walk and function independently. On Dec. 23, the FDA approved nusinersen (Spinraza), the first-ever drug for … Continue reading “Families Fret As Insurers Mull Biogen’s $750K Spine Disease Drug”
Biopharma Industry, Heal Thyself (Without Government Help)
With the inauguration of Donald Trump as president on January 20th, the editors asked some of our Xconomists to offer their thoughts on “How could the incoming administration significantly affect your industry?” The life sciences industry has one problem: Lack of productivity. When it figures out how to consistently make a profit discovering and developing drugs … Continue reading “Biopharma Industry, Heal Thyself (Without Government Help)”
Cancer Diagnostic Startup Capio Moves to Wisconsin, Raises $2.9M
In certain patients who are being treated for cancer, it’s possible for cells to detach from the tumors inside their bodies and begin moving through the bloodstream. These circulating tumor cells, or CTCs, can help oncologists and other clinicians determine how a disease is progressing, and how effective treatments given to that patient have been. … Continue reading “Cancer Diagnostic Startup Capio Moves to Wisconsin, Raises $2.9M”
Diversity in Experiences, Backgrounds Leads to Successful Businesses
As a Microsoft employee, I had the opportunity to work with some of the most brilliant minds in technology. The profile of my team members were similar to the United Nations. They were of every racial and religious mix. They contributed their unique genius shaped by their individual diverse experiences. I know the value of … Continue reading “Diversity in Experiences, Backgrounds Leads to Successful Businesses”
OPS Solutions Uses Augmented Reality to Boost Manufacturing Process
As the development of robots and other autonomous technologies continues to gather steam, you’ll be hearing a lot more about augmented reality, virtual reality, and artificial intelligence. In Rust Belt regions like Southeast Michigan, we’re beginning to see these nascent innovations intersect with the manufacturing sector, and the result is promising industrial tech. OPS Solutions, … Continue reading “OPS Solutions Uses Augmented Reality to Boost Manufacturing Process”
Trump Administration Needs To Set U.S. Cybersecurity Mandates
Cybersecurity is the penultimate existential risk to the United States—economically, militarily, socially, and as we have seen recently, politically. The nature of cyber is asymmetric, and given the size of the U.S. economy, our reliance on intellectual property, and the leadership role the U.S. plays in the Community of Nations, we have a lot more … Continue reading “Trump Administration Needs To Set U.S. Cybersecurity Mandates”
For 2017, Concerns on Immigration, Net Neutrality, & Cyber Warfare
I have many concerns about how the upcoming Trump administration will impact the overall tech economy. Some of my biggest worries are as follows: 1) More restrictive immigration laws will make it even harder for startups (as well as more established companies) to attract and retain the highly skilled workers that they need to be … Continue reading “For 2017, Concerns on Immigration, Net Neutrality, & Cyber Warfare”
ParqEx Raises $1.2M to Connect Private Parking Owners, Seekers
[Updated 1/4/17, 10:42 am. See below.] ParqEx, a Chicago-based company with several Wisconsin ties whose technology allows users to find or rent out private parking spots, has raised $1.2 million from investors, according to multiple media reports. Two Madison, WI-based venture capital groups, Venture Management and Wisconsin Investment Partners, were among the participants in the seed financing … Continue reading “ParqEx Raises $1.2M to Connect Private Parking Owners, Seekers”
Subscription-Based Startups Size Up Amazon, Brick-And-Mortar Stores
Amazon said it shipped more than one billion items worldwide this holiday season, marking another record-setting year for the Seattle-based online retailer. Sales figures tell part of the story, while Amazon’s (NASDAQ: [[ticker:AMZN]]) steadily expanding geographic footprint tells another. The upshot is that for a new company looking to break into e-commerce, Amazon is likely … Continue reading “Subscription-Based Startups Size Up Amazon, Brick-And-Mortar Stores”
Top Cybersecurity Lesson from 2016: Unchecked Insiders
An unmistakable lesson from 2016 is that there is an escalating arms race between hackers and the organizations they target—from the highest levels of national governments to corporations and private institutions. And while hackers have many advantages, there are two that are contributing to a rampant spike in cyber breaches right now: 1. Employees, contractors, … Continue reading “Top Cybersecurity Lesson from 2016: Unchecked Insiders”
Diverse Workforces Support the Growth of North Texas Innovation
We have made it a priority since the inception of the DEC to incorporate diversity into all that we do. We have hired a diverse workforce. We have created programs focused on diverse audiences including gender, age, religion, ethnicity, political affiliation, and more. We have made all of this a priority not only because it … Continue reading “Diverse Workforces Support the Growth of North Texas Innovation”
Trump Administration Should Examine How Dodd-Frank Stifles Capital
A review by the new Trump administration and Congress of the 2010 Dodd-Frank legislation could address many of the stifling, unintended consequences of that law. Although designed to address abuses in the financial system that led to the 2008 recession, the far-reaching legislation had problems from the start. And while experts of all political stripes … Continue reading “Trump Administration Should Examine How Dodd-Frank Stifles Capital”
Watching for NIH Innovation in 2017—and Drug Pricing, Trade Deals
With the inauguration of Donald Trump as president on January 20th, the editors asked some of our Xconomists to offer their thoughts on “How could the incoming administration significantly affect your industry?” When I worked in the Reagan Administration, the “Gipper” used to handle questions like this by saying he couldn’t respond to hypothetical questions. … Continue reading “Watching for NIH Innovation in 2017—and Drug Pricing, Trade Deals”
Titan Spine, Alfred, IoT, & More: This Week’s Wisconsin Watchlist
The year 2016 will soon be in the rear-view mirror. Catch up on news from Wisconsin’s innovation community, and take a look ahead to 2017, with these recent headlines: —The Milwaukee Journal Sentinel profiled Titan Spine, a Mequon-based company that makes titanium cages of various shapes and sizes designed for spinal surgeons to use when … Continue reading “Titan Spine, Alfred, IoT, & More: This Week’s Wisconsin Watchlist”
Despite Political Rhetoric, Staff Diversity Remains a Top Priority
I don’t think the election of Donald Trump as president does much to bolster those in tech working on creating a more inclusive and diverse industry, but I will continue to be a champion for it nonetheless. Specifically, I’ve ended 2016 by doubling our team at Localeur and introducing an Advisory Board, both of which … Continue reading “Despite Political Rhetoric, Staff Diversity Remains a Top Priority”
Xemex Raises $250K For Adhesive-Mixing Nozzle
Xemex Static Mixer, a Madison, WI-based startup that’s developing a nozzle for mixing two-part adhesives, raised $250,000 in equity financing from a single investor, according to a federal securities filing. Potential users of the disposable device, which contains no moving parts, include groups in the construction industry and manufacturers that sell to medical and dental care … Continue reading “Xemex Raises $250K For Adhesive-Mixing Nozzle”