Seattle Genetics recently had a earnings release conference call, summing up major milestones hit and what the company can expect in the future. Their major, FDA-approved drug, ADCETRIS, the company reported record net sales in the second quarter of 2016 and are approaching Phase 3 trial top-line data that should support a future label expansion for CD30-expressing lymphomas. Their second most promising drug, SGN-CD33A has five ongoing clinical trials which include a pivotal Phase 3 trial targeted for AML patients. This Phase 3 trial, termed CASCADE is for older patients with AML that express CD33A protein, and the results are eagerly awaited by investors. Additionally, the academic journal Blood published a 5-year followup study of the company’s ADCETRIS trial with data indicating all of the 102 enrolled patients had a five-year overall survival rate of 41%. Of note, patients who achieved a complete remission had five-year overall survival of 64%.
Seattle Genetics (SGEN) Clay B. Siegall on Q2 2016 Results – Earnings Call Transcript
The company, with record sales of ADCETRIS, had total revenues of $95.4 million – up 24% from last quarter. This is in line with what the company previously forecasted for U.S. and canada of $255-275 million for the fiscal year.
Clay Siegall is the President and CEO of Seattle Genetics since 1998. He also has executive and important positions in Alder Biopharmaceuticals, which deals with migraines and Cushings disease, Mirna Therapeutics, which deals with miRNA -based therapies, and Ultragenyx Pharmaceutical which deals with rare and ultra-rare genetic diseases.
Synergistically, Clay’s ability to provide leadership roles and guidance in these companies and move them forward in the biotechnology field, which has been volatile and chaotic most recently, indicates a strong understanding of how to bring value to these companies and investors. With Seattle Genetics approaching 1-year highs in stock price, we can likely expect strong data, leadership, and progress moving forward, with Mr. Siegall at the steering wheel.