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To say that Seattle Genetics is a growing company is an understatement. This Bothell-Based biotech company has recently increased its $480 million-dollar public stock offering to over $500 million.
This is huge news for the company, and marks an upward trend that shows no signs of slowing down. Seattle Genetics was founded in 1998 and is one of the longest operating biotech companies in the Puget Sound region.
Clay Siegall, the founder, president and CEO of Seattle Genetics states that he will use the offerings to expand, add more buildings and hire approximately 100 new employees over the next five years. He states that “profitability is not an issue” for the company, and investors have been eying Seattle Genetics with keen interest.
It’s no surprise, really. Under Dr. Siegall’s leadership, the biotech company has created a “diverse pipeline” of cancer therapy drugs including Adcetris (brentuximab vetodin). Seattle Biotech will continue to develop Adcetris for cancer treatment as well as the potential treatment of other diseases beyond cancer.
Clay Siegall also sits on the board of directors for Ultragenyx, Alder BioPharmaceuticals and Mirna Therapeutics. He received a B.S. in Zoology from Maryland University and earned his Ph.D. in Genetics from George Washington University.
It will be exciting to follow the progress of Seattle Genetics in the future. There is no doubt we can expect major developments in their biotech products, particularly in the area of cancer therapies and treatments. The increased funding will be used to further these explorations, as well as to expand operations to new locations in the area.