Seattle Genetics is one of the most promising biotechnical companies in its region. Since its foundation in 1998, scientists at Seattle Genetics have dedicated themselves to developing drugs based on antibodies. These drugs, they say, function like smart bombs. They surround cancerous cells and deliver toxic payloads that make the cell destroy itself from inside.
Seattle genetics has about 11 drugs in the pipeline, four of which are almost ready for market: Adcetris, 33A, 22ME and LIV1. Adcetris has already been approved by the FDA, all that remains is a few more tests then it will be market worthy. For this reason, Seattle Genetics co-founder and CEO, Clay Siegal invests heavily on research and marketing. Mr Siegal hopes that once the drugs are ready, their sale will propel Seattle Genetics from biotech to being a leading pharmaceutical pharmacy. This has resulted in share prices going up and investors rushing in to buy shares.
However, some financial analysts say that the increase in share prices and the investor activity is due to speculation that Seattle Genetics will soon sell out. This has been the trend in the pharmaceutical industry. Many biotech companies sell to big pharmaceutical companies once they develop a drug or two that can be sold to the market. Clay Siegal assured his employees and investors that he has no intention to sell out to any company in the near future. He explained that his dream is to lead Seattle Genetics to become a global multi-product oncology company.
Clay siegal’s success in building Seattle Genetics to become Washington’s biggest biotech is emulating some of the things he learnt from biotech Genentech. Mr Siegal paid close attention to how Art Levinson, one of the founder of biotech Genentech structured the company. He paid close attention to how the committees were structured and run. He implemented some of the principles he learnt in his own company. Unlike most biotech companies, he decided not to focus on only one or two drugs. Like his mentor Art Levinson, he is not putting all his eggs in one basket.
Clay Siegal has guided Seattle Genetics in its fund raising activities and has been able to raise over 6.75 million dollars. Their fund raising activities have enabled them to conduct all their researches and tests. Before founding Seattle Genetics, Mr Siegal worked with Bristol-Myers Squibb Pharmaceutical Research Institute as a scientist for two years.