Seattle Genetics is a Bothell-based biotech company that made its largest ever financial round announcement in 2014 indicating that it was increasing its public stock offering to $552 million from $480 million through its over–allotment option.
Clay Siegall CEO of Seattle Genetics cited massive interest from investors as the reason behind the increase. Siegall said proceeds from the increased offer would be used in developing the company’s drug pipeline, expansion of their flagship cancer drug, Adcetris, and also to develop people and infrastructure of the company.
The offering was closed on mid-September 2014 and the Stocks closed at $46.79 per share at the start of the week. Clay Siegall anticipates Seattle Genetics to increase its staff to about 1,300 by the year 2020.
With this growth, Seattle Genetics, which is located at 21823 30th Dr. SE, is on the lookout for new lease spaces in the Canyon Park area of Bothell. Regarding the new development, Siegall agreed that the firm was busting at the seams and revealed that they may have to relocate to some other buildings.
Seattle Genetics, though not profitable, is one of Puget Sound region longest-standing biotech companies being founded 18 years ago.
Seattle Genetics posted a $47.5 million loss after collecting a revenue of $77 million in the second quarter of the year. Of the $77 million collected, $55.1 million was collected from sales of Adcetris.
According to Mr. Siegall, being unable to post profits was not a hindrance to the firm’s expansion plan. He maintained that the company could have posted positive profits if making profits was its priority. He confirmed that Seattle Genetics’ main goal was expanding the usage of Adcetris.
The company has used the funds collected to build diverse cancer management and antibody-based therapies for cancer patients. Mr. Siegall further confirmed that Seattle Genetics is still committed to implementing its growth plans.
Clay Siegall is the founder of Seattle Genetics and has been the firm’s CEO for more than 18 years.