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Seattle Genetics is one of the fastest growing companies in the Biotech industry today. Producing multiple innovations in cancer research in the past few years, they have been looking to the public for financing of future projects. Furthermore, their most recent public stock offering options were supposed to be $480 million in value. A couple weeks ago they announced they were increasing this to $552 million by activating their “over-allotment” option. According to CEO Clay Siegall this is due to a large amount of interest from the public looking to support the company. These funds will be used to drive both current and future cancer treatment research and development along with expansions in employees and infrastructure to perform these vital roles.
Prior to starting Seattle Genetics, Clay Siegall gained valuable experience while working at the National Cancer Institute from 1988 to 1991. After leaving the National Cancer Institute, he joined Bristol-Myers-Squib division of Pharmaceutical Research from 1991 to 1997. Through this experience, he realized that success in the Biotech and Pharmaceutical industries depended on the success of research and development of valuable drug and novel treatment options. He brought this vision to Seattle Genetics where he pioneered a new class of drug, the antibody drug conjugate. While most conventional treatment options end up destroying healthy cells along with the cancerous cells, the antibody drug conjugate that Siegall developed allows the drug to be delivered to specific cancerous cells in the body, using the antibody to guide the drug to the proper cells. Siegall’s drug allows only the cancer cells to be destroyed, leaving the healthy cells intact. By putting patients first, Siegall has changed the way the industry thinks about cancer treatment. His aggressive work to increase funding for this novel drug class and his partnerships with numerous other companies in the industry serves as a shining example to everyone in the field.
Siegall has authored more than 70 publications during his prolific career and is listed on more than 15 patents. He graduated with a BS from University of Maryland and completed his PhD in Genetics at George Washington University.