La Jolla Pharmaceutical said today that its lead drug candidate, Riquent, failed in a clinical trial of lupus of the kidneys. The news wiped out almost 90 percent of the San Diego-based company’s stock market value, driving shares down to 26 cents after the opening bell. The company (NASDAQ: [[ticker:LJPC]]) issued a one-paragraph statement this … Continue reading “La Jolla Pharmaceutical Stock Crashes After Drug Fails In Pivotal Clinical Trial”
Virtual Initiative Cultivating Algae Industry Bloom in San Diego
One of the distinguishing characteristics about algae is that it grows fast, and it seems that may be true as well for the algae biomass industry in San Diego. After reporting last month about a push to establish a multimillion-dollar hub for algae-based biofuels research in San Diego, I learned of a related effort with … Continue reading “Virtual Initiative Cultivating Algae Industry Bloom in San Diego”
Report: Bain Raises $475M VC Fund
Boston-based Bain Capital has managed to raise a $475 million venture fund during a harsh climate for VC fund-raising, the Boston Globe reports this morning, citing unnamed sources. The story says that Bain, which manages some $70 billion through its private equity, hedge, debt, and venture funds, could bring in a total of $550 million … Continue reading “Report: Bain Raises $475M VC Fund”
Oscient to Shed 32% of Workers
Oscient Pharmaceuticals, a Waltham, MA-based drug maker, says it is laying off 32 percent of its total workforce, or about 100 jobs, to conserve cash. The company—which markets fenofibrate (Antara) for high cholesterol and antibiotic gemifloxacin mesylate (Factive) for bronchitis—expects a charge of $2 million in this fiscal quarter related to the layoffs. The cuts, … Continue reading “Oscient to Shed 32% of Workers”
Alkermes Knocks on Door of Biotech Big Leagues, Aims to Make Drugs of its Own
People in the life sciences business throw around the term “Big Biotech” as a way to distinguish the industry’s elites from the money-losing masses in the product-development stage. The “Big Biotechs” are the industry’s select few profitable companies with multi-billion dollar stock valuations, like Amgen, Genentech, Gilead Sciences, Celgene, and a duo from Cambridge, MA—Genzyme … Continue reading “Alkermes Knocks on Door of Biotech Big Leagues, Aims to Make Drugs of its Own”
How to Get Funded in the Recession: The Frugal Mechanic Story
On Monday, Seattle-area startup Frugal Mechanic closed a round of seed funding from Founder’s Co-op, an early-stage investment fund for Internet companies. Frugal Mechanic is an online search engine for auto parts, so people can find the best price for an air filter or muffler, and get the right part to match their car quickly … Continue reading “How to Get Funded in the Recession: The Frugal Mechanic Story”
Huntington Capital Discloses Four Deals (So Far) From Its Second Fund
Huntington Capital, San Diego’s boutique private equity and venture lending firm, says it has made four investments so far from Huntington Capital Fund II, after raising $78 million in capital for the second fund it formed last May. Partner Tim Bubnack told me in October the privately-held firm was seeing a lot of prospects, as … Continue reading “Huntington Capital Discloses Four Deals (So Far) From Its Second Fund”
Seattle Genetics’ Financing Tale, Johnny Stine Sticks it to VCs, Puget Sound’s Biotech Universe, & More Seattle-Area Life Sciences News
Not a lot of breaking news surfaced this week in Seattle biotech, but we still found some interesting feature stories that challenge all sorts of conventional wisdom. —Seattle Genetics CEO Clay Siegall told Xconomy the inside story of how his company’s $55.8 million financing came together. The moral of the story: Don’t do a bunch … Continue reading “Seattle Genetics’ Financing Tale, Johnny Stine Sticks it to VCs, Puget Sound’s Biotech Universe, & More Seattle-Area Life Sciences News”
Partners’ Center for Connected Health to Launch Disease-Monitoring System, Mulls Commercial Spinoff
A group within Boston’s largest health system is launching a Web-based service so employers can help their workers keep their high blood pressure in check. The service developed by the Center for Connected Health, which is part of Partners HealthCare, could help reduce thousands of fatal strokes and heart attacks in the U.S. caused by … Continue reading “Partners’ Center for Connected Health to Launch Disease-Monitoring System, Mulls Commercial Spinoff”
Helix BioMedix Inc Receives $3,240,000 New Financing Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=96351e19-bd2d-4160-a473-99525e6ee243&Preview=1 Date 2/12/2009 Company Name Helix BioMedix Inc Mailing Address 22118 20th Avenue SE Bothell, WA 98021 Company Description Helix BioMedix, Inc. was founded in 1988 with the mission of developing and commercializing small proteins known as bioactive-peptides. We are headquartered in Bothell, Washington and shares of our common stock trade over-the-counter … Continue reading “Helix BioMedix Inc Receives $3,240,000 New Financing Round”
Conformiq Lands $4,200,000 New Financing
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=029f5049-2d5f-48c5-912c-38dfe28a0e5e&Preview=1 Date 2/12/2009 Company Name Conformiq Mailing Address 12930 Saratoga Av. Saratoga, CA 95070 Company Description Conformiq’s vision since its inception has been to help product development organizations deliver better products to market faster through the use of its innovative test tools and methods. In 2007 the company introduced Qtronic™ – the … Continue reading “Conformiq Lands $4,200,000 New Financing”
Smule Secures $3,900,000 Series B Financing
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=18e96b9a-4c5d-4ffa-8553-897d87dcbaa7&Preview=1 Date 2/12/2009 Company Name Smule Mailing Address Undisclosed Menlo Park, CA 94025 Company Description Smule makes interactive music applications for the iPhone. Website http://www.smule.com Transaction Type Venture Equity Transaction Amount $3,900,000 Transaction Round Series B Proceeds Purposes Proceeds purposes were not disclosed. M&A Terms Venture Investor Granite Ventures Venture Investor Bessemer … Continue reading “Smule Secures $3,900,000 Series B Financing”
Dasient Secures $2,000,000 New Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=3fe9747e-ee23-4b22-82dd-a79d30d3fd4a&Preview=1 Date 2/12/2009 Company Name Dasient Mailing Address 530 Lytton Ave. Palo Alto, CA 94301 Company Description Dasient is an early-stage company that is solving next-generation security problems for the Internet. Our founding team comes from Google, Berkeley, Stanford, McKinsey, HP, and Bellcore. Website http://www.dasient.com Transaction Type Venture Equity Transaction Amount $2,000,000 … Continue reading “Dasient Secures $2,000,000 New Round”
Jasper Design Automation Receives $7,000,000 Series D Funding
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=e68bf217-425d-4990-842a-dbc80967ffa1&Preview=1 Date 2/12/2009 Company Name Jasper Design Automation Mailing Address 100 View Street Mountain View, CA 94041 Company Description Jasper Design Automation, Inc., a privately-held Electronic Design Automation (EDA) company with a mission of making full formal IC verification a competitive advantage for its customers. Website http://www.jasper-da.com Transaction Type Venture Equity Transaction … Continue reading “Jasper Design Automation Receives $7,000,000 Series D Funding”
Frugal Mechanic Backed by Founder’s Co-op
Seattle-based Frugal Mechanic, an auto-parts search engine, has received seed funding from Founder’s Co-op, a peer-to-peer investment firm also based in Seattle, according to TechCrunch. The exact amount was not disclosed, but is between $250,000 and $500,000. Frugal Mechanic was founded in July 2008.
Earth Class Mail and Evri Go Postal, Apptio and Redfin Announce Partners—a Startup Roundup
It’s been a busy day for announcements. Here’s a quick snapshot of four Seattle-area tech startups, all in different fields, all trying to make their way in the world: —Apptio, the Bellevue, WA-based software firm focused on optimizing companies’ IT costs, announced major partnerships with Amazon Web Services, SkyTap, VMware, and Citrix, as well as … Continue reading “Earth Class Mail and Evri Go Postal, Apptio and Redfin Announce Partners—a Startup Roundup”
ZymoGenetics Clamps Down on Losses, Predicts Climbing Recothrom Sales
ZymoGenetics has taken action to slow down its financial bleeding. The Seattle biotech company (NASDAQ: [[ticker:ZGEN]]) said today in its quarterly earnings report that it finished the fourth-quarter with a much narrower-than-usual net loss of $9.2 million, and entered the new year with $89.9 million left in the bank. ZymoGenetics, a company that has never … Continue reading “ZymoGenetics Clamps Down on Losses, Predicts Climbing Recothrom Sales”
Redfin Rolls Out New Site, Partners
Seattle-based Redfin, an online real estate broker, announced new partnerships with more than a dozen brokers around the country, and unveiled a new version of its website that contains customer-service reviews and transaction histories for its agents and partners. The move represents a strategic shift for Redfin, which previously used only its own agents. The … Continue reading “Redfin Rolls Out New Site, Partners”
Vical Gets $2.3M for Phase 3 Trial
San Diego’s Vical (NASDAQ: [[ticker:VICL]]), which specializes in developing DNA vaccines, says it received a $2.3 million payment from Japan’s AnGes MG to continue its work on a phase 3 trial of its Allovectin-7 vaccine for metastatic melanoma. Vical says it has received $17.6 million in total payments so far out of $22.6 million that … Continue reading “Vical Gets $2.3M for Phase 3 Trial”
Ferring Opens New Research Center
Switzerland’s Ferring Pharmaceuticals, which established the Ferring Research Institute in San Diego in 1996, celebrated the opening of its new research facility here last night. Ferring describes itself as a leading biopharmaceuticals center for peptide research, and last night’s event also provided an opportunity for the Swiss pharma to promote degarelix, the first peptide “new … Continue reading “Ferring Opens New Research Center”
Ex-Microsoft VP Will Poole Looks to Take a Few Good Companies Global
If you’re interested in creating technologies for developing countries, or involved with a Web-based software startup in the Northwest, you definitely want to know Will Poole. OK, that covers a lot of people, but it’s not an overstatement. Poole is one of the most prominent ex-Microsofties to leave the company in the past year. Until … Continue reading “Ex-Microsoft VP Will Poole Looks to Take a Few Good Companies Global”
Sensata Cuts 150 Workers
Sensata Technologies, a maker sensors and switches based in The Netherlands, has cut 150 jobs though layoffs and buyouts, with most of the reductions coming at the firm’s Attleboro, MA, operation, the Attleboro Sun Chronicle newspaper reports. The company revealed this week that its fourth-quarter revenue of $267.6 million was down 28.2 percent from the … Continue reading “Sensata Cuts 150 Workers”
Usama Fayyad on ChoiceStream’s Effort to Save Online Display Ads from Irrelevance
If you’re like me, you don’t pay much attention to display ads on the Web—the big “banner” and “skyscraper” ads that run along the top or the side of many media sites. The problem is that few of these ads are for products or companies that interest me, so I tune them all out. Well, … Continue reading “Usama Fayyad on ChoiceStream’s Effort to Save Online Display Ads from Irrelevance”
More Info Needed on Alkermes Drug
Alkermes (NASDAQ:[[ticker:ALKS]]), a Cambridge, MA-based biotech company, says that the FDA has asked the firm’s partner, Johnson & Johnson, for more information about a long-acting version of schizophrenia drug risperidone before the agency decides whether to approve it as supplemental treatment for bipolar disorder. The drug, marketed under the names Risperdal and Consta, garnered U.S. … Continue reading “More Info Needed on Alkermes Drug”
Vivox Partners with Epic Games
Vivox, a Natick, MA-based company that makes voice communications software for online games and virtual worlds such as Second Life, said today that its technology will be integrated into Epic Games’ Unreal Engine 3, the graphics engine behind blockbuster console-game titles such as Gears of War and Bioshock. The partnership will make it easier for … Continue reading “Vivox Partners with Epic Games”
VC Firms, Led By Advanced Technology Ventures, Aim To Polish Image with Entrepreneurs
This we’ve known: The venture capital business model relies on having talented entrepreneurs to run their portfolio companies. Yet many entrepreneurs love to hate VCs, and new online forums such as TheFunded.com have made this reality more clear than ever (Bob wrote about how TheFunded.com has made its ratings of VC firms and partners available … Continue reading “VC Firms, Led By Advanced Technology Ventures, Aim To Polish Image with Entrepreneurs”
Q&A With Linden Rhoads: UW TechTransfer Leader Brings VC Revolution to Campus (Part 2)
Yesterday, we shared the first part of a conversation with Linden Rhoads, the University of Washington’s tech transfer boss. She talked about how she’s making the office hustle a lot more, in particular by brokering meetings between faculty and venture capitalists to brainstorm about the best research ideas with commercial potential. Today, in Part Two, … Continue reading “Q&A With Linden Rhoads: UW TechTransfer Leader Brings VC Revolution to Campus (Part 2)”
Arena Weight Loss Drug Approaches Critical Turning Point Next Month
Fen-phen was the wonder drug for weight loss in the 1990s, until it was found to damage heart valves and yanked off the market. Now the folks at San Diego-based Arena Pharmaceuticals are eagerly waiting clinical trial results that will show whether they have learned something profitable from that colossal failure. Arena is developing a … Continue reading “Arena Weight Loss Drug Approaches Critical Turning Point Next Month”
Advice on Physics for Future Presidents From the Debunker in Chief
The President of the United States is supposed to know the differences between Sunni and Shia Muslims. But somehow, as Richard Muller points out, nobody expects America’s commander in chief to know the differences between uranium and plutonium, or between gasoline and hydrogen. That’s why he teaches “Physics for Future Presidents” at UC Berkeley, a … Continue reading “Advice on Physics for Future Presidents From the Debunker in Chief”
U.S. Slow to Join Global Wave of Mobile TV Growth
A new study released yesterday says half a billion people around the world are expected to tune in to mobile TV by 2013—a market that is estimated at, oh, $50 billion or so. But the study’s author told me that in the United States, where Qualcomm’s MediaFlo is the leading technology, the growth of mobile … Continue reading “U.S. Slow to Join Global Wave of Mobile TV Growth”
Deux Deals for Dyax, Au Revoir for Vertex’s Boger, Grande Alliance for Idenix and GSK, & More Boston-Area Life Sciences News
This week’s life sciences news was dominated by New England’s public companies—starting with three developments from Dyax. —Last Wednesday, an FDA advisory committee voted by a margin of just 6-5 to recommend approval of ecallantide from Cambridge, MA-based Dyax (NASDAQ:[[ticker:DYAX]]). The drug, a treatment for the rare blood disease hereditary angioedema, is the lead drug … Continue reading “Deux Deals for Dyax, Au Revoir for Vertex’s Boger, Grande Alliance for Idenix and GSK, & More Boston-Area Life Sciences News”
AlertEnterprise Receives $8,000,000 Series A Funding
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=7a0dbaa8-0147-4e21-a735-57de6f602c17&Preview=1 Date 2/11/2009 Company Name AlertEnterprise Mailing Address 4350 Starboard Drive Fremont, CA 94538 Company Description AlertEnterprise™ provides true integration of physical access control systems (PACS) and logical systems to deliver real-time global control, security and enforcement of governing policies, practices and regulations. Website http://www.alertenterprise.net Transaction Type Venture Equity Transaction Amount $8,000,000 … Continue reading “AlertEnterprise Receives $8,000,000 Series A Funding”
Oodle Obtains $5,600,000 New Funding
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=b1f3be1f-420a-49bc-9dcd-bb4d16543f25&Preview=1 Date 2/11/2009 Company Name Oodle Mailing Address 60 E 3rd Ave San Mateo, CA 94401 Company Description Oodle is the UK’s leading shopping engine for classifieds. Oodle offers classifieds listings across every major category: motors, properties to rent and buy, jobs, personals, tickets, pets, services and merchandise. Website http://www.oodle.com Transaction Type … Continue reading “Oodle Obtains $5,600,000 New Funding”
Zillow, Pet Holdings Top Startup List
Seattle 2.0’s monthly ranking of local-area startup websites is out for January. Based on traffic stats compiled by Marcelo Calbucci, Zillow and Pet Holdings remained #1 and #2, with iLike, Picnik, BuddyTV, Robot Co-op, and PayScale making gains in the top 10. Notable gains in the top 100 were made by SEOmoz, Mixpo, TeachStreet, GotVoice, … Continue reading “Zillow, Pet Holdings Top Startup List”
PivotLink Raises $10M
PivotLink, a business intelligence software firm with offices in Bellevue, WA, and San Francisco, CA, announced it has closed a $10 million Series C round, led by StarVest Partners and backed by existing investors Trident Capital and Emergence Capital Partners. Pivotlink changed its name from SeaTab Software in January 2008.
Alexandria Wins Zoning Change in East Cambridge, Removing One Obstacle to Huge Biotech Park
An ambitious plan by Pasadena, CA-based Alexandria Real Estate Equities to create a 16-acre biotech park in East Cambridge, MA, moved one step closer to being realized last night. By an 8-1 vote, the Cambridge City Council approved a rezoning request from Alexandria that will allow it to build taller, denser buildings than those previously … Continue reading “Alexandria Wins Zoning Change in East Cambridge, Removing One Obstacle to Huge Biotech Park”
Seattle Startup Weekend Yields 13 Websites, and Maybe a Multimillion Dollar Company
When I heard Nathan Kaiser of nPost had signed up to be a cook at Seattle Startup Weekend, I couldn’t help but think of Under Siege, the 1992 action film in which Steven Seagal plays an ex-Navy SEAL who’s minding his own business in the galley of a battleship when the bad guys arrive. OK, … Continue reading “Seattle Startup Weekend Yields 13 Websites, and Maybe a Multimillion Dollar Company”
Charles River Cutting 3% of Workers
Charles River Laboratories International (NYSE:[[ticker:CRL]]), a Wilmington, MA-based contract researcher for the pharmaceutical industry, says that it plans to reduce its global workforce by 3 percent during the first quarter of this year to reduce costs. The firm reportedly has between 8,500 and 9,000 employees, meaning the cuts could impact from 255 to 270 workers. … Continue reading “Charles River Cutting 3% of Workers”
Dell Launches Zink-based Printer
Waltham, MA-based Zink, known for commercializing an inkless printing technique originally conceived at Polaroid, is providing the technology behind a new ultra-mobile wireless printer from Dell. Called the Wasabi, the $149 printer is similar to the Polaroid PoGo mobile printer, which also based on technology licensed from Zink; it’s about 5 inches long, 3 inches … Continue reading “Dell Launches Zink-based Printer”
Mpex Pharma Lands $27.5M in Fourth Round
Mpex Pharmaceuticals has reeled in $27.5 million in the first closing of a Series D round of financing as the firm advances its inhaled antibiotic for chronic respiratory ailments through clinical trials, according to the company. The San Diego-based drug developer says that its fourth round of financing was led by Investor Growth Capital and … Continue reading “Mpex Pharma Lands $27.5M in Fourth Round”
CEO Resigns at Xenonics
Carlsbad, CA-based Xenonics (AMEX: [[ticker:XNN]]) says the responsibilities of CEO have been assumed by the company’s executive committee following the resignation of Chuck Hunter as CEO. The company, which makes night-vision equipment and ultra-high-illumination lights for military, law enforcement and commercial customers, says Hunter will continue as a consultant for the company. Xenonics’ executive committee consists … Continue reading “CEO Resigns at Xenonics”
FetchDog Retrieves $4M
Portland, ME-based FetchDog—a shopping and blogging website focused on dogs and dog-related merchandise and co-founded by actor Glenn Close and her husband David Shaw, former CEO of IDEXX Laboratories and Ikarian Holding—announced yesterday that it has closed a $4 million funding round. The investors included Portsmouth and Hanover, NH-based Borealis Capital Partners and Keene, NH-based … Continue reading “FetchDog Retrieves $4M”
Service-now Finds Hard Economic Times Are Good for Business
A private software company that arose following the implosion of San Diego’s scandal-ridden Peregrine Systems says its business is booming despite the recession, because its innovative model for offering Software as a Service can help customers shave their IT costs. Service-now.com was founded in 2003 to meet the same business needs served by Peregrine, which was once … Continue reading “Service-now Finds Hard Economic Times Are Good for Business”
Dyax and Fovea Strike Drug Pact
Biotech firm Dyax (NASDAQ:[[ticker:DYAX]]), based in Cambridge, MA, says that it has struck an exclusive license deal with French drug firm Fovea Pharmaceuticals to develop a version of Dyax’s lead drug ecallantide for eye diseases. Separately, Dyax is pursuing U.S. approval of ecallantide for a rare blood disease called hereditary angioedema (HAE). Last week an … Continue reading “Dyax and Fovea Strike Drug Pact”
Teva Takes Aim at Cubist Pharma’s Key Antibiotic Business
Cubist Pharmaceuticals (NASDAQ:[[ticker:CBST]]) plans to mount a lawsuit against Teva Parenteral Medicines after Teva made known that it plans to seek U.S. approval of a generic version of Cubist’s top-selling antibiotic daptomycin (Cubicin), Cubist announced this morning. Lexington, MA-based Cubist says that Teva informed the company in a letter that it planned to gain approval … Continue reading “Teva Takes Aim at Cubist Pharma’s Key Antibiotic Business”
Forrester Cuts 50
Forrester Research (NASDAQ: [[ticker:FORR]]), the Cambridge, MA-based technology market research firm, said yesterday it will deal with the economic crunch by cutting 50 positions, or about 5 percent of its global workforce. But the move comes after a big hiring surge in 2008; even after the cuts, the company will still have 14 percent more … Continue reading “Forrester Cuts 50”
Snowblind Sold to Warner Bros., Seattle Genetics’ Stock Story, Mo’ Madrona for Mixpo, & More Seattle-Area Deals News
It was another busy week for deals in the Northwest, with a steady drumbeat of fundings, acquisitions, and partnerships in software, biotech, mobile, and energy. —Puget Energy, the Bellevue, WA-based public utility company, completed its $7.4 billion purchase by a syndicate of private investment firms, and was de-listed from the New York Stock Exchange. The … Continue reading “Snowblind Sold to Warner Bros., Seattle Genetics’ Stock Story, Mo’ Madrona for Mixpo, & More Seattle-Area Deals News”
As Unemployment Rises, “Service Networking” Startups Find Niche Matching Workers With Odd Jobs
When a good idea is ready to be born, it can surface in several minds at once. That appears to be what’s happening right now around Boston, as four local Web-based startups launch online marketplaces that match people willing to do small jobs with people who need jobs done. In each case, the founders point … Continue reading “As Unemployment Rises, “Service Networking” Startups Find Niche Matching Workers With Odd Jobs”
Q&A With Linden Rhoads: UW’s TechTransfer Leader Brings VC Revolution to Campus (Part 1)
Six months have flown by since Linden Rhoads joined the University of Washington as its first high-tech entrepreneur in charge of technology transfer. This is a critical job for Seattle’s innovation community at the nexus of university research, venture capital, and the high-tech and life sciences business. From the minute she arrived on campus back … Continue reading “Q&A With Linden Rhoads: UW’s TechTransfer Leader Brings VC Revolution to Campus (Part 1)”
Anadys Keeps Surging, as Hepatitis C Drug Data Trickles In
The more data dribbles out of Anadys Pharmaceuticals, the more investors apparently like what they see. The San Diego-based biotech company said today that one of its experimental drugs for hepatitis C was effective at killing the virus in three more patients who took a low dose in a clinical trial, providing a bit of … Continue reading “Anadys Keeps Surging, as Hepatitis C Drug Data Trickles In”