Seattle Genetics, a company that works towards producing cancer medicines, has started their largest round of financing. This biotech company is increasing its 480 million public stock offering to 552 million through the interest from investors. This round of funding will go towards increasing their drug pipeline, expanding their cancer research, and continuing to grow the company.
Clay Siegall, CEO of Seattle Genetics, expects to hire about 100 people over the next five years. This hiring will increase the employees to 1,300. During this expansion, Seattle Genetics is looking to find other properties to accommodate their growth.
Seattle Genetic, which was founded in 1998, is has been around longer than any company. The company is not yet profitable, of the 77 million in revenue 47.5 million was lost. Siegall is not concerned about this loss because he says that they will continue with the plans to grow. It is not uncommon for Biotech companies to not turn a profit. It may take a while for them to turn a profit, even years.
Seattle Genetics is a biotech company that is geared towards medical research for cancer patients. Their focus is on antibody based therapies for the treatment of cancer. These type of treatments are less harsh than standard chemotherapy. They are dedicated to the advancement of cancer and other hard to treat diseases. They value helping patients, teamwork, and scientific excellence. Clay Siegall co-founded it in 1998 and is now the CEO and Chairman of the Board. He has guided his company through leadership of creating ADCETRIS, the leading anti-body treatment drug.