Seattle Genetics which started off as a simple and relatively small startup with just a handful of researchers has grown into a more notable establishment and key adversary in the cancer research field. The reason for Seattle Genetics success is its CEO and head of the firm, Dr. Clay Siegall which has a B.S. in zoology from The University of Maryland and a Ph.D in genetics from George Washington University.
Dr. Siegall since establishing his Seattle-based biotech firm has led to creating the first FDA-approved antibody drug conjugate as well as developing more than 20 different drugs while maintaining and embroiling clever business partnerships with other drug manufacturers such as Bayer, Genentech, Pfizer etc.
In a recent interview conducted by Inspirery, Dr. Siegall was asked a few questions regarding his business, financial gains, personal history and experience and his ventures into the capitalist jungle and the medical world.
When asked about how he started his business, Dr. Clay Siegall noted that the question was far broader but decided to mention his personal interest in medicine and humanity’s overall battle against the disease. He decided to specialize in cancer treatment when a faulty chemotherapy treatment worsened the medical condition of a family member. From that experience, he becomes more painstakingly aware of the other available treatments where some were even worse.
When asked how he made money he first stated the most obvious – selling his companies’ proprietary drugs, noting that his company’s antibody drug conjugate is actually the first ever to be approved by the FDA. The other sources of financial gains, he says, are the productive partnerships and the development of technology or certain processes. He also mentioned the risk that goes into being approved by the FDA and the large sums of money needed to do so.
Seattle Genetics become profitable after ten years while being able to overcome certain financial depletion in 1999 and 2000 that being by hard work and proper leadership. With the addition of certain talented salespeople in the early 2000’s and the creation of unique products capital began to arise and profit began to climb upwards.