Seattle Genetics is on the verge of receiving one of the largest funding since it started its operations in Bothell. In a recent announcement made by its CEO Clay Siegall, the company has activated its over-allotment option pushing its funding to over half a million dollars. The recent development is as a result of the company’s decision to increase its stock offering from $480 million to $552 million.
Clay Siegall indicated that the company will use the money produced from the funding to increase its medical line and popularize its generic cancer drug Adcetris. Seattle Genetics will also use the proceeds to power its workforce by employing 100 people. The company projects that it will have a total headcount of 1,300 employees before 2020.
In preparation for the changes and projected growth, the company has decided to lease its Canyon Park area citing lack of space. Seattle Genetics has been struggling to make profits since it was started in 1998. However, Clay Siegal dismissed the profitability claims saying that the company’s main aim is to build itself first before considering profits.
About Clay Siegall
As a young medical student, Clay Siegall wanted to make a difference in the society. He wanted to do something incredible. It was not a surprise when Siegall became one of the co-founders of a powerful cancer research center in the country. Seattle Genetics owes its success to Clay Siegel’s hard work and determination. Under his leadership, the company has built powerful drugs used as antibody-based therapies in cancer treatment. One of its drugs Acentric is currently on the market and has been granted fast approval by FDA. He has helped the company receive more than $330 million in funding.
Before he co-founded Seattle Genetics, Clay Siegall worked at Bristol-Myers Squibb Pharmaceutical Research Institute. He also worked at the National Cancer Institute as a medical research specialist. Working in these institutions gave him a platform to gain experience and expand his knowledge of cancer treatment. Clay Siegal is also a member of several boards. He is on the Board of Directors of Washington Biotechnology Association and Fred Hutchinson Cancer Research Business Alliance.