Seattle Genetics is about to go through its biggest financing growth in the company’s history. The biotech company will be increasing the publicly traded stocks it offers from $480 million to $552 million. The CEO of Seattle Genetics, Clay Siegall, says he decided on the increase after getting a large amount of interest from investors. They profits will go toward growing the company, increase drug development, and promote current drug projects. The increased funds will also bring about 100 new jobs to the company.
Seattle Genetics was founded in 1998 in the Puget Sound region of Washington state. It is one of the oldest biotech companies in the region. It was not always a profitable company, but that isn’t uncommon for biotech companies to take some time for them to become profitable. The CEO says the the company’s main focus now it to expand the drugs in their product line.
Clay Siegall is the co-founder and CEO of the biotech company Seattle Genetics. He is also Chairman of the Board of Directors. Under his leadership the company has created a variety of antibody based cancer treatments. ADCETRIS is arguably the company’s biggest success was approved by the FDA in 2011.
Clay Siegall received a Ph. D. in Genetics from George Washington University and a B.S. in Zoology from the University of Maryland. He had a variety of other jobs prior to co-founding Seattle Genetics. He worked for Bristol-Myers Squibb Pharmaceuticals, the National Institute of Health, and the National Cancer Institute.