Dr. Clay Siegall is the founder and the CEO of Seattle Genetics. This biotech firm is specializing in developing targeted therapy drugs for those diseases that have not been able to provide substantial improvements in mortality rates.
He has studied at The University of Maryland as well as at the George Washington University.
He founded Seattle Genetic in 1998. He is developing the antibody-drug conjugate which will be the first to be FDA approved. Besides, there will be a robust pipeline of over 20 drugs. Dr. Clay Siegall has also managed strategic partnerships with leading drug manufacturers such as Bayer, Genentech, besides Pfizer and so on.
He started Seattle Genetics due to many reasons. One of these was money. Dr. Clay Siegall had been working with Bristol earlier where he faced many constraints. He could not get the autonomy on projects. He was a senior researcher and had issues regarding the patents, ownership as well as profits. Al this was due to money. He was well aware that his patents were grossing millions in the market, but it was not reaching him or his research. Similarly, he felt that he did not get the recognition that he deserved. This was when Dr. Clay Siegall decided to be his own boss and founded Seattle Genetics.
Seattle Genetics makes money by selling its own, proprietary drugs. They have a FDA-approved antibody-drug conjugate that has been approved for three indications presently. This is ADCetris, which is doing very well. There are revenues coming from production partnerships. Next, they earn money from licensing of those technologies as well as processes that they have developed.
Dr. Clay Siegall clarified that getting FDA-approval for drugs is a long and expensive process. But once it is done, there is a lot of money that can be made.
Next, there is a huge risk too. This is because very few candidate drugs get approved. The entire bill has to be borne by the drug makers. The company has several other revenue sources too.
It took his company just 10 years after the IPO came out, to become profitable.