Seattle Genetics has announced an ambitious plan to hire 100 more employees to help in fast tracking the release of its 12 new drugs. This announcement was made when the United States Vice President, Joe Bidden, visited the Bothell-based cancer research facility. Clay Siegall, the company’s CEO, made the announcement.
At present, the company has one commercialized drug. The drug, popularly known as Adcetris, is a highly effective medicine. Currently, it is under tests to establish its extensive capabilities in fighting cancer. According to Siegall, at least 70 trials have been made. Initially, reports from the trials praised the drug about its usefulness. This information was originally mentioned on Biz Journal.
With additional 100 employees, the company hopes to speed up the tests on other drugs in order to achieve its dream of helping cancer patients. Tight budgets have always been the main hindrance to cancer research. To this end, the company does not have established income streams. This has seen the company undertake various fundraising drives including a previous successful initial public offering. However, the commercialization of Adcetris is changing things for the company, as the new source of income is making it possible for Seattle Genetics to hire more employees and expand its research operations.
The sales of Adcetris in the United States and Canada racked in $226 million last year. This year, Seattle Genetics expects to generate revenues that are as high as $275 million. Takeda Pharmaceutical oversees the sale of the drug outside the North America.
One of the ongoing works at the firm involves the use of Adcetris in Phase 3 trials on a newly diagnosed or previously untreated Hodgkin lymphoma. According to Siegall, the highly anticipated results from this trial are expected to have a huge impact on the company. He stays confident that the trials will end in a breakthrough.
About Clay Siegall
Clay Siegall is an American expert in genetics. He is the founder and the CEO of Seattle Genetics. Apart from his position at the company, he serves on the boards of Mirna Therapeutics, Ultragenyx Pharmaceutical and Alder Biopharmaceutical. Siegall holds a zoology degree from the University of Maryland and a PhD in Genetics from the George Washington University. This information was originally published on LinkedIn.
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