Bothell, Washington based biotech company Seattle Genetics is in the middle of the largest-ever round of financing in its history. The company announced its public stock offering will be increased from $480 million to $552 million through the use of its over-allotment option. The move was caused by the surge in investor interest in the company. Seattle Genetics has increased value because of Adcetris its flagship cancer drug, its rich drug development pipeline, its incredible staff and expanding infrastructure. The company is poised to add 100 employees a year for about 5 years. By 2020 Seattle Genetics should have a staff of 1,300 highly skilled professionals.
Seattle Genetics, founded in 1998, is among the longest-standing biotech companies in the Puget Sound region. It’s currently looking for space in Canyon Park to expand. It generated $77 million in the second quarter of 2016, but still isn’t profitable. Founder and CEO Dr. Clay Siegall said the lack of profitability won’t prevent Seattle Genetics from continuing to grow. He explained growth is more important than profitability at this point. Biotech companies often take years to become profitable. Seattle Genetics is focused on expanding the use of Adcetris for other diseases besides cancer. Adcetris generated $47 million in the first quarter of 2016. Shares of Seattle Genetics closed up 4% at $46.79.
Dr. Clay Siegall, President, CEO and Chairman of the Board at Seattle Genetics, has been involved in cancer research for decades. He graduated from the University of Maryland with a B.S. in Zoology and attended George Washington University where he earned a Ph.D in Genetics. Dr. Siegall went on to work with some of the leading companies involved in cancer research. They include the National Institutes of Health, the National Cancer Institute and the Bristol-Myers Squibb Pharmaceutical Research Institute.
Clay Siegall serves on the boards of directors of the biotechnology companies Mirna Therapeutics and Alder BioPharmaceuticals. An amazing fundraiser, he’s raised over $1.2 billion for Seattle Genetics from private and public sources. Dr. Siegall has built the organization with passionate people interested in rigorous research, scientific innovation and effective drug development practices.