Vice President Joe Biden visited the Puget Sound area’s top cancer drug research company: Seattle Genetics. This company is publicly traded as SGEN on the NASDAQ and is growing quickly, putting Seattle even more firmly on the genetic engineering map. The company is based in nearby Bothell and has plans to grow big by developing several new drugs. This entails hiring many more people in the Seattle area.
The CEO of Seattle Genetics, who is also the founder, Clay Siegall, has announced intentions to hire 120 new employees during 2016. This highlights the central role Seattle Genetics has taken in the emerging area of cancer research. They are the inventors of a cancer treatment drug called Adcetris. The drug is very promising and over 70 clinical trials. The hope is that it will cure some types of lymphomas. The most important trial is an advanced Phase 3 use of Adcetris for front-line drug treatment of Hodgkin lymphoma.
That one drug will have the largest effect on the company, overall in 2016, according to CEO Siegall. Lymphoma cancers are the main target for Adcetris. The $226 million the company made in 2015, from a combination of U.S. and Canadian sales, more than validates the work they are doing in this vital area.
A more generic version of the drug is produced by Takeda Pharmaceutical, a partner with Seattle Genetics. They will only sell that type in markets outside Canada and the United States. Siegal indicated the company is now in various stages of development on a dozen new drugs, not including Adcetris.
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