What Andy Grove still gets wrong about the life sciences — and how he could help fix them
(UPDATED: See below.)
Like DNA co-discoverer James Watson, whose career ended last month after he linked genetic intelligence differences to race, former Intel chairman Andrew Grove seems to be falling into the trap of assuming that expertise in one field automatically translates into wisdom in others. In this Newsweek interview and in a recent speech to the Society of Neuroscience, for instance, Grove has launched a new jeremiad against the pharma/biotech industry and the life sciences in… Continue Reading
Biodel, drug reformulator, raises $75M in IPO
Danbury, Conn.-based Biodel priced a five million share initial offering at $15 per share, raising $75 million before fees and concessions. The offering priced in the middle of Biodel’s expected range of $14 to $16 per share, making it one of the more successful drug-related IPOs in recent months. The shares, which trade under the symbol BIOD, opened at $16.50 and have since risen to the $17-$18 range.
The company’s announcement is here. Biodel reformulates FDA-approved… Continue Reading
Biotech financing: Not everyone gets a turn at the firehose
Every trend has its counterexamples, and the rush of venture funding into biotechnology is no exception.
VentureWire reports today (subscription required) on the case of Sequella, a small Rockville, Md., biotech working on new therapies for drug-resistant tuberculosis (whose bacterium is pictured at left). The company is seeking $20 million to put SQ109 (link to PDF), its leading TB-drug candidate, through mid-stage human testing. So far, however, the company isn’t finding many takers:
“There are 30… Continue Reading