Huge round of funding leads to massive growth in Seattle-based biotech company
Bothell, Seattle based company which specializes in biotechnology, Seattle Genetics, is about to receive its largest round of funding yet. Within just one week this September, the firm announced that its public stock offering grew from $480 million to $552 million. It did this by using the over-allotment option.
The CEO of the company is Clay Siegall. Regarding the huge change in value, he said that the firm has been receiving a lot of attention from investors, and therefore increased its offering. He further talked about the ways the company will be using this funding.
This funding will help the company continue and expand on its drug research, which includes promising cancer drug Adcetris, which is the company’s most profitable drug. The money will also be used for growing the company itself in infrastructure, as well as people. Siegall boasts of the company’s plan to hire about 100 people each year over the next half decade. This would mean having 1,300 employees by 2020.
Another plan in the works is to add infrastructure to the company by leasing more buildings in the Canyon Park area where it is currently located. The expected growth will mean needing more space, and Siegall doesn’t want to move too far away.
This company, although not yet profitable, is one of the region’s oldest biotech companies, having been found in 1998. Clay Siegall, however, is not concerned about this, and claims the firm would be profitable if that was it’s goal right now. Siegall says that at this time, Seattle Genetics is focused on long-term growth rather than short-term profit, which isn’t uncommon for biotech companies.
About Clay Siegall
Clay Siegall, Ph.D., is the co-founder of Seattle Genetics, the firm’s President and Executive Officer, as well as Chairman of the Board. Trained as a scientist who specialized in cancer therapies, he built this company in an effort to help people and drive scientific innovation through research into drug development.
Siegall has secured the company’s place as an industry leader in the development of cancer treatments. Through his dedication to developing medicine, the firm has been actively growing and advancing research, prioritizing quality and growth over short-term profit.