According to the Chairman of Board and co-founder of Seattle Genetics, Clay Siegall, his company is busting at the seam, which points towards rapid expansion in the near-term. Seattle Genetics is one of the longest running bio-tech companies in the Puget Sound area of Seattle. Recently, it announced an increase in the public stock offering from $480 Million to $552 Million. The decision was necessary because there was a great demand from investors who value company’s cancer-related products.
In an interview, Clay Siegall insisted that funds generated from the latest proceedings will help the company train its manpower and build additional facilities. In the wake of recent success, Seattle Genetics will hire 100 individuals per year, until 2020. It means that the total number of employee will grow from 800 to 1300, in the next five years. To sustain the development, Seattle Genetic has already signed contracts to lease space at the nearby Canyon Park area of Bothell, where the company is currently located at 21823 30th Dr. S.E.
It is interesting to note that the company’s stock jumped 4 percent on weekend to $46.79, after the announcement. The rapid jump is also notable because Seattle Genetics is still to come out of the loss as it posted negative profits in the latest quarterly release. However, Siegall explained that profitability is not the focus in near-term as long as the company continues to generate profits. In fact, it is common for bio-tech companies to focus on long-term growth, instead.
About Clay Siegall
Clay Siegall is perhaps the best choice to take Seattle Genetics to new Heights. Already, he is instrumental in making its flagship cancer drug Adcetris, the popular choice for Cancer therapies. Clay is also determined to enter other markets, not related to Cancer. His experience working for Bristol-Myers Squibb Pharmaceutical Research Institute and the National Cancer Institute is proving beneficial to the success.
Besides overseeing Seattle Genetics, Clay also sits on the Board of Alder BioPharmaceuticals and Mirna Therapeutics, two other bio-tech firms. In addition, he advises the management of such prominent research associations as Washington Biotechnology and Biomedical Association and Fred Hutchinson Cancer Research Business Alliance.