Seattle Genetics is busting at the seams as it announced the largest round of financing for its investors. According to the CEO, Clay Siegall, the company will offer $552 Million in public stock offering compared to $480 Million, announced earlier. The latest announcement came after massive interest by investors who are eagerly awaiting future developments within the company.
Clay Siegall explained that proceeds from the public offering will not only be used to expand its current product-line, but also to invest in people and infrastructure. Regarding manpower, Clay insisted that he has plans to hire 100 employees per year for the next five years. If everything goes according to the plan, the biotech company will have 1300 highly skilled employees by 2020. To accommodate these employees, the company is already looking for additional space close to its headquarters. Analysts believe that Seattle Genetics has already finalized plans to lease space at Canyon Park area of Bothell.
It is notable that Seattle Genetics is one of the oldest bio-tech companies in the area, operating since 1998. As yet, the company is not profitable as it posted a loss of nearly $47 Million in the second quarter of 2016. However, experts believe that investors don’t need to worry as the revenues continue to increase amid the success of the company’s products in the market. In fact, it is common for bio-tech companies to take a long time to turn revenues into profits.
Clay Siegall also confirmed that their strategy focuses on the long-run profitability. His company is particularly well-known for the Cancer drug Adcetris, which is becoming very popular in treating major cancer-related symptoms. As such, Clay Siegall played an instrumental role in the development of the drug.
Clay is a well-known bio-tech expert who worked at Bristol-Myers Squibb Pharmaceutical Research Institute from 1991 to 1997. Earlier, Clay also gained experience at the National Cancer Institute. Besides holding the title of CEO at Seattle Genetics, Clay serves at the board of various prominent medical and bio-tech companies, which includes Alder BioPharmaceuticals and Mirna Therapeutics, among others. Clay Siegall earned his PHD from George Washington University.