The Bothell-based biotech company, Seattle Genetics, has just announced that it is increasing its $480 million public stock offering to $552 million. They have decided this increase due to the interest shown by investors. CEO, Clay Siegall said that Seattle Genetics will use the money from this offering to develop its drug conduit, expanding its cancer drug, Adcetris, and to grow the company in people and infrastructure.
“We’re busting at the seams”, Siegall said. He expects his company to hire around 100 people per year for the next 5 years. Due to that growth, they are considering other spaces to lease. Seattle Genetics, although it is not yet profitable, is one of the region’s longest-standing biotech companies.
He received his Bachelor’s degree in from the University of Maryland and his Ph.D. in Genetics from George Washington University. Clay Siegall co-founded the biotech company Seattle Genetics in 1998. Prior to founding Seattle Genetics, he worked for the Bristol-Myers Squibb Pharmaceutical Research Institute for 6 years and the National Cancer Institute for 3 years. He serves on the Boards of Directors of Alder BioPharmaceuticals and Mirna Therapeutics, which are two private biotechnology companies.
Under Siegall’s leadership, Seattle Genetics has made diverse antibody-based cancer therapies, including ADCETRIS, which was granted accelerated approval by the U.S. FDA in 2011. He has also secured more than $675 million through public and private financings. Dr. Siegall has received many awards, has authored more than 70 publications and currently possesses 15 patents.