Seattle Genetics announced they would be increasing their stock offering from 480 million to 552 million by exercising its over-allotment option. There has been a huge amount of interest from investors. The money will be used to grow the drug product line, grow their main drug, and increase the people and company structure. His goal is to hire about 100 people per year over a five year span. The total employee count will be 1,300 by 2020.
To help with the expected growth, Seattle Genetics is looking for other spaces in the Canyon Park Area. He feels the company is already “busting at the seams” with people and very little space. Seattle Genetics is Puget Sound’s longest standing biotech firm, even thought it has not generated revenue. In the second quarter of the year, they posted a loss of 47.5 million dollars.
Clay Siegall said that building is their main concern. If profitability was their concern, then that is what they would be working towards. Their goal is to build their drug pipeline and their research. They know that once the drug product line and Adcetris is improved, the company will turn a profit. The company’s stock went up 4%.
Seattle Genetics is a biotech company focused on developing drugs for cancer and other hard to treat diseases. Their antibody treatments, ADCETRIS, is proving to be effective with far less side effects than chemotherapy. Their mission is to treat the patient with compassion and care. Clay Siegall co-founded it in 1998 and is currently the company’s President, CEO, and Chairman of the Board.
Seattle Genetics was cofounded by Clay Siegall, Ph.D. Dr. Siegall is also the company’s current Chief Executive Officer, President, and Chairman for the Board of Directors. Under the direction pf Dr. Siegall Seattle Genetics has successfully created antibody-based therapies for cancer patients who had no options before.
Clay Siegall attended the University of Maryland and received a Bachelor in Science of Zoology. He attended George Washington University afterword and earned his PhD in Genetics. Post-graduation he worked for the Bristol-Myers Squibb Pharmaceutical Research Institute, the National Cancer Institute,and the National Institutes of Health before co-founding Seattle Genetics in 1998.In addition to being at the helm of of Seattle Genetics, Dr. Siegall holds 15 patents and has over 70 works published.
Seattle Genetics is the industry leader in ADCs or antibody-drug conjugates. ADCs are designed to attack and destroy only the cancer cells, while leaving regular cells, unlike chemotherapy or radiation treatment. ADCs are incredibly intricate molecules composed of antibodies linked to a active biological cytotoxic (anti-cancer) drug or payload.
Seattle Genetics’ star product Adcetris (Brentuximab vedotin) available for two indications in over 50 countries, including the U.S., Japan, Canada, and members of the European Union. The approval of Brentuximab vedotin makes it the first ina a promising new line of of ADCs. Brentuximab vedotin(Adcetris) was given accelerated approval by the U.S. Food and Drug Administration (FDA) on August 19, of 2011 for relapsed HL and relapsed sALCL and received conditional Marketing authorization from the European Medicines Agency in October 2012 for relapsed or refractory HL and relapsed or refractory sALCL.