It was recently reported that Seattle Genetics is in the midst of receiving their largest financing round. It was in the midst of increasing it’s $480 million public stock offering to $552 million.
Seattle Genetics is planning to use the proceeds in more than just their drug development and the expansion of the cancer drug, Adcedtris. They are planning on continually growing their company with more staff and infrastructure. Their CEO, Clay Siegall, said that he expect his company will hire approximately 100 people each year for five years which will amount to 1300 personnel by 2020. Seattle Genetics is also looking at other spaces to lease around their vicinity at the Canyon Park area of Bothell. Their company’s current location is 21823 30th Dr. SE.
Seattle Genetics was founded in 1998 by Siegall, and it’s one of the longest standing biotech companies within the region. It’s not profitable yet, but Siegall said that they are not concern with lack of profitability. He further said that they could be profitable now if that was their short term goal. At this point, he says, putting profitability as the highest priority today would be counterproductive because they are continually building. Another thing they are doing in the building process is the expansion of the Adcedtris usages that go even beyond cancer, and they are working on the advancement of their other drugs. Besides, it’s normal for biotech companies to produce a profit later on.
Clay Siegall, Ph.D., is the co-founder, Chief Executive Officer, president, and the Board’s Chairman of Seattle Genetics. He received a BS degree in Zoology at the University of Maryland, and he received his doctorate in Genetics at the George Washington University. With his scientific training and expertise, he has contributed greatly in his career at various organizations: Being a director of the Board of Directors for Alder Biopharmaceuticals Inc. from 2006 to now, a director of the Board of Directors for Mirna Therapeutics, Inc. from 2013 to now, and a director of the Board of Directors for Ultragenyx Pharmaceutical from 2014 to now.
Siegall puts an emphasis on cancer therapies that are targeted. He built his company on the foundation of rigorous research, drug development practices, scientific innovation, and passion in helping patients. And so far, his company has developed antibody-drug conjugates (ADCs) for cancer treatment.