Sept. 14, 2009
Every drug approval has a back story.
For Theravance Inc.’s telavancin, approved Friday by the FDA as an antibiotic to combat complicated skin infections caused by the MRSA superbug, a critical part of its story came when the company discovered early on that the drug didn’t distribute in the body like it thought it would.
Luckily for the company, recalls former telavancin project leader and now Achaogen Inc. CEO Kevin Judice, one of its researchers had worked on a class of molecules that had run into a similar problem and were modified to distribute better. Those molecules and antibiotics were unrelated, Judice says, but what was the harm in trying.
Tuesday, December 08, 2009
Friday, November 06, 2009
Money in biotech, but no jobs
July 30, 2009
Newly cash-flush biotech companies are sending a quick message to the market: Job seekers need not apply.
With venture capitalists and Wall Street wary of biotechs with unfocused cash burn rates, even the handful of companies that have captured cash in recent venture financings or licensing deals are only selectively adding new employees.
That represents a shift from the “what-me-worry” attitude many biotech leaders spouted when capital was readily available to finance the advancement of their drugs through clinical trials little more than two years ago.
Then the bottom fell out of the capital markets, and an estimated four in 10 biotech companies today have barely enough cash to survive into 2010.
Newly cash-flush biotech companies are sending a quick message to the market: Job seekers need not apply.
With venture capitalists and Wall Street wary of biotechs with unfocused cash burn rates, even the handful of companies that have captured cash in recent venture financings or licensing deals are only selectively adding new employees.
That represents a shift from the “what-me-worry” attitude many biotech leaders spouted when capital was readily available to finance the advancement of their drugs through clinical trials little more than two years ago.
Then the bottom fell out of the capital markets, and an estimated four in 10 biotech companies today have barely enough cash to survive into 2010.
Athletes decoded
Nov. 6, 2009
Jim Kovach has spent years seeking the secrets of aging as president of Marin County’s Buck Institute for Age Research.
Now he’s helped start a new Oakland, California, company with a different quest: Finding the sports gene.
Kovach, a pro linebacker before he was a scientist, has teamed up with a leading Duke University genetic researcher and two other NFL veterans, including venture capitalist Alex Bernstein, to found Athleticode. The Oakland startup’s aim: Study athletes’ DNA so players can improve performance and avoid injury.
Jim Kovach has spent years seeking the secrets of aging as president of Marin County’s Buck Institute for Age Research.
Now he’s helped start a new Oakland, California, company with a different quest: Finding the sports gene.
Kovach, a pro linebacker before he was a scientist, has teamed up with a leading Duke University genetic researcher and two other NFL veterans, including venture capitalist Alex Bernstein, to found Athleticode. The Oakland startup’s aim: Study athletes’ DNA so players can improve performance and avoid injury.
Friday, October 30, 2009
Nektar to move HQ to Mission Bay
Oct. 2, 2009
Nektar Therapeutics Inc. will shift its headquarters and 150 employees to San Francisco after taking 102,283 square feet of office space in Mission Bay originally intended for Pfizer Inc.
The move from San Carlos is laced with a heavy dose of irony: Two years ago, Pfizer pulled the plug on a drug collaboration with Nektar, and nearly killed the company in the process.
It’s also laden with sizeable savings. Nektar will pay no rent in the first four years of the 10-year sublease deal and will snag a $15 million tenant improvement allowance granted to Pfizer by landlord Alexandria Real Estate Equities Inc.
Nektar Therapeutics Inc. will shift its headquarters and 150 employees to San Francisco after taking 102,283 square feet of office space in Mission Bay originally intended for Pfizer Inc.
The move from San Carlos is laced with a heavy dose of irony: Two years ago, Pfizer pulled the plug on a drug collaboration with Nektar, and nearly killed the company in the process.
It’s also laden with sizeable savings. Nektar will pay no rent in the first four years of the 10-year sublease deal and will snag a $15 million tenant improvement allowance granted to Pfizer by landlord Alexandria Real Estate Equities Inc.
Cancer test OK likely Vermillion’s savior
Sept. 18, 2009
Under the shell of bankruptcy protection, Vermillion Inc. won FDA clearance for an ovarian cancer test that could save time, money, lives and maybe the company itself.
The test, called OVA1, allows doctors to triage women with a pelvic mass by using a blood test to check the levels of five proteins that change when ovarian cancer is present. That could prevent many women from undergoing exploratory surgery to determine if a mass is cancerous.
Vermillion in March filed for Chapter 11 bankruptcy protection under the weight of more than $32 million in debt and only $7 million in assets. Now it must help partner and investor Quest Diagnostics Inc. bring OVA1 to market by the end of the year, file a reorganization plan, study other potential partnerships and maybe even be acquired.
“The beauty of this is, the company will be poised to look at all its strategic options,” said Gail Page, Vermillion’s executive chairman. “There are a lot of things that are happening concurrently.”
Under the shell of bankruptcy protection, Vermillion Inc. won FDA clearance for an ovarian cancer test that could save time, money, lives and maybe the company itself.
The test, called OVA1, allows doctors to triage women with a pelvic mass by using a blood test to check the levels of five proteins that change when ovarian cancer is present. That could prevent many women from undergoing exploratory surgery to determine if a mass is cancerous.
Vermillion in March filed for Chapter 11 bankruptcy protection under the weight of more than $32 million in debt and only $7 million in assets. Now it must help partner and investor Quest Diagnostics Inc. bring OVA1 to market by the end of the year, file a reorganization plan, study other potential partnerships and maybe even be acquired.
“The beauty of this is, the company will be poised to look at all its strategic options,” said Gail Page, Vermillion’s executive chairman. “There are a lot of things that are happening concurrently.”
UCSF boss takes office with a bang
Aug. 7, 2009
The Susan Desmond-Hellmann era has begun.
Within hours of the former Genentech Inc. executive formally taking over as the ninth chancellor of the University of California, San Francisco, Carol Moss was named vice chancellor for university development and alumni relations.
The appointment is important because it shows that Desmond-Hellmann is quickly changing the rules — and job descriptions — as she reshapes the retirement-depleted executive ranks of UCSF.
The Susan Desmond-Hellmann era has begun.
Within hours of the former Genentech Inc. executive formally taking over as the ninth chancellor of the University of California, San Francisco, Carol Moss was named vice chancellor for university development and alumni relations.
The appointment is important because it shows that Desmond-Hellmann is quickly changing the rules — and job descriptions — as she reshapes the retirement-depleted executive ranks of UCSF.
UCSF’s Desmond-Hellmann: Not ‘the biotech chancellor’
May 8, 2009
The Susan Desmond-Hellmann era at UCSF begins Aug. 3.
Dr. Desmond-Hellmann, the former president of product development at biotech powerhouse Genentech Inc., was formally approved Thursday by the University of California Board of Regents as the next chancellor of UC, San Francisco. Pledging not to be known as “the biotech chancellor” but a champion for all segments of the school, Desmond-Hellmann, 51, will be the first woman UCSF chancellor and the first with a for-profit background.
She replaces Dr. J. Michael Bishop, a Nobel laureate who is stepping down June 30 after more than 11 years in UCSF’s top post. Bishop will remain a member of the UCSF faculty and will maintain a lab there.
Desmond-Hellmann’s base salary will be $450,000, approved by the regents on the same day they voted to raise student fees by 9.3 percent, or $750 for in-state graduate academic students.
Desmond-Hellmann faces a handful of challenges, not the least of which are replacing much of UCSF’s retiring executive team, hiring a medical school dean and increasing private philanthropy during an economic downturn.
“I expect to be out there,” she said. “People will know what the university needs and what it means and how they can contribute. … I think you’ll see more of me.”
The Susan Desmond-Hellmann era at UCSF begins Aug. 3.
Dr. Desmond-Hellmann, the former president of product development at biotech powerhouse Genentech Inc., was formally approved Thursday by the University of California Board of Regents as the next chancellor of UC, San Francisco. Pledging not to be known as “the biotech chancellor” but a champion for all segments of the school, Desmond-Hellmann, 51, will be the first woman UCSF chancellor and the first with a for-profit background.
She replaces Dr. J. Michael Bishop, a Nobel laureate who is stepping down June 30 after more than 11 years in UCSF’s top post. Bishop will remain a member of the UCSF faculty and will maintain a lab there.
Desmond-Hellmann’s base salary will be $450,000, approved by the regents on the same day they voted to raise student fees by 9.3 percent, or $750 for in-state graduate academic students.
Desmond-Hellmann faces a handful of challenges, not the least of which are replacing much of UCSF’s retiring executive team, hiring a medical school dean and increasing private philanthropy during an economic downturn.
“I expect to be out there,” she said. “People will know what the university needs and what it means and how they can contribute. … I think you’ll see more of me.”
New crusade for women’s health
July 10, 2009
Victoria Hale is out to change the world. Again.
The woman who introduced the concept of nonprofit drug development is launching a new venture — called Medicines360 — focused on women’s and children’s health.
“It’s what I do: I’m a serial social entrepreneur,” Hale said. “I want to be saving lives or changing the world.”
But while Hale’s first startup, the Institute for OneWorld Health, survives on a mix of ongoing philanthropy and Big Pharma deals to develop low-cost medicines for so-called neglected diseases of the Third World, Medicines360 is taking a different tack. Financed initially by a four-year philanthropic grant, it will in effect subsidize its treatments for women and children worldwide with sales in the Western world.
“It’s a real business,” Hale said. “We want to find a partner that is aggressive about marketing in the West.”
Victoria Hale is out to change the world. Again.
The woman who introduced the concept of nonprofit drug development is launching a new venture — called Medicines360 — focused on women’s and children’s health.
“It’s what I do: I’m a serial social entrepreneur,” Hale said. “I want to be saving lives or changing the world.”
But while Hale’s first startup, the Institute for OneWorld Health, survives on a mix of ongoing philanthropy and Big Pharma deals to develop low-cost medicines for so-called neglected diseases of the Third World, Medicines360 is taking a different tack. Financed initially by a four-year philanthropic grant, it will in effect subsidize its treatments for women and children worldwide with sales in the Western world.
“It’s a real business,” Hale said. “We want to find a partner that is aggressive about marketing in the West.”
Biotech startups feast at ancestors’ expense
June 5, 2009
One biotech’s garbage is another biotech’s treasure.
As life sciences companies close or pare operations, startups are finding high-priced equipment — in like-new condition — for pennies on the dollar.
For $30,000 — and, sometimes, the promise to scrub the floor behind them — Omniox Inc. has picked up $1.5 million worth of equipment from dead or dying biotechs that simply wanted to quickly off-load everything from a little-used centrifuge to protein purifiers.
The savings are significant for a five-month-old company funded by friends, family and a federal grant of $250,000.
“It’s the miracle of the downturn,” said Omniox founder Stephen Cary .
One biotech’s garbage is another biotech’s treasure.
As life sciences companies close or pare operations, startups are finding high-priced equipment — in like-new condition — for pennies on the dollar.
For $30,000 — and, sometimes, the promise to scrub the floor behind them — Omniox Inc. has picked up $1.5 million worth of equipment from dead or dying biotechs that simply wanted to quickly off-load everything from a little-used centrifuge to protein purifiers.
The savings are significant for a five-month-old company funded by friends, family and a federal grant of $250,000.
“It’s the miracle of the downturn,” said Omniox founder Stephen Cary .
CHORI scientists isolate stem cells in placenta
June 5, 2009
Scientists at Children’s Hospital Oakland Research Institute have found a way to isolate stem cells in the placenta, potentially helping to treat and cure more people with leukemia or sickle cell anemia.
Now CHORI must discover a way — finding a partner or, possibly, creating a spinoff company — to deliver the technology through trials to patients.
Scientists at Children’s Hospital Oakland Research Institute have found a way to isolate stem cells in the placenta, potentially helping to treat and cure more people with leukemia or sickle cell anemia.
Now CHORI must discover a way — finding a partner or, possibly, creating a spinoff company — to deliver the technology through trials to patients.
FDA approval gives strength to battered Titan
May 29, 2009
Titan Pharmaceuticals Inc. — delisted, diminished and down to three employees after the rejection of two drugs last year — has rehired its senior executives after the FDA approved a partner’s potential billion-dollar schizophrenia drug.
Marc Rubin, Sunil Bhonsle and Katherine Beebe reupped with Titan after iloperidone — a drug licensed by the South San Francisco company 12 years ago and sublicensed twice since then — won Food and Drug Administration approval May 6. The approval gives Titan more time to find a partner for its only remaining program, a late-stage treatment for opioid addiction.
“There are many possible directions,” said Bhonsle, now Titan’s president. “Last year, the only direction was to conserve capital, sell assets and things like that.”
Titan Pharmaceuticals Inc. — delisted, diminished and down to three employees after the rejection of two drugs last year — has rehired its senior executives after the FDA approved a partner’s potential billion-dollar schizophrenia drug.
Marc Rubin, Sunil Bhonsle and Katherine Beebe reupped with Titan after iloperidone — a drug licensed by the South San Francisco company 12 years ago and sublicensed twice since then — won Food and Drug Administration approval May 6. The approval gives Titan more time to find a partner for its only remaining program, a late-stage treatment for opioid addiction.
“There are many possible directions,” said Bhonsle, now Titan’s president. “Last year, the only direction was to conserve capital, sell assets and things like that.”
California considers stem cell curriculum
March 27, 2009
The next chapter of California’s stem cell battle will be its textbooks.
Backed by the state Board of Education — as well as powerful lawmakers — the California Institute for Regenerative Medicine is ready to reshape the state’s science curriculum and direct a rewrite of textbooks to include sections on stem cells.
CIRM and lawmakers say it is an effort to link education with the jobs of tomorrow and keep California at the forefront of research that ultimately could deliver cures, treatments or tests for diseases ranging from diabetes to Alzheimer’s.
Opponents, however, worry the emphasis would be on morally controversial human embryonic stem cells at the expense of technologies like up-and-coming induced pluripotent stem cells.
The next chapter of California’s stem cell battle will be its textbooks.
Backed by the state Board of Education — as well as powerful lawmakers — the California Institute for Regenerative Medicine is ready to reshape the state’s science curriculum and direct a rewrite of textbooks to include sections on stem cells.
CIRM and lawmakers say it is an effort to link education with the jobs of tomorrow and keep California at the forefront of research that ultimately could deliver cures, treatments or tests for diseases ranging from diabetes to Alzheimer’s.
Opponents, however, worry the emphasis would be on morally controversial human embryonic stem cells at the expense of technologies like up-and-coming induced pluripotent stem cells.
Tough love: CEO rebuilds Nektar Therapeutics
Dec. 12, 2008
Biotech has a new model: Nektar Therapeutics Inc.
A one-trick pony considered on the brink of disaster 14 months ago, Nektar now has a deep pipeline of early- and mid-stage drugs, less debt, more cash and a slimmed-down workforce.
That puts the San Carlos company in a good position to weather the credit and investment storm drenching other biotech companies today.
Biotech has a new model: Nektar Therapeutics Inc.
A one-trick pony considered on the brink of disaster 14 months ago, Nektar now has a deep pipeline of early- and mid-stage drugs, less debt, more cash and a slimmed-down workforce.
That puts the San Carlos company in a good position to weather the credit and investment storm drenching other biotech companies today.
Looming debt conversions put small biotechs in a pickle
Nov. 14, 2008
Biotechs bet big on debt. They lost.
Now, with stock prices in the pennies and low levels of cash, many biotech companies are staring at looming maturity dates on convertible debt notes. That debt is dogging their efforts to raise cash and, at worst, may force some into bankruptcy.
“What they’re trying to figure out is what they’re going to do about it,” said Steve Engle, CEO of Berkeley drug developer Xoma Ltd., which paid off its convertible debt investors last year.
Convertible debt generally gives the holder the option to get repaid in cash, or to convert the debt to stock equity at a specified time. Earlier in the decade, it was among the most popular fundraising mechanisms for biotechs, based on the long-term bet that the companies would use the money to develop blockbuster drugs, and see their stock prices soar as a result. But with those notes coming due, many biotechs don’t have the hoped-for drugs, repayment money or stock at a price that is tempting for investors.
Meanwhile, some of those investors face their own cash shortages. As a result, some are willing to negotiate repayment of far less than they are owed.
Biotechs bet big on debt. They lost.
Now, with stock prices in the pennies and low levels of cash, many biotech companies are staring at looming maturity dates on convertible debt notes. That debt is dogging their efforts to raise cash and, at worst, may force some into bankruptcy.
“What they’re trying to figure out is what they’re going to do about it,” said Steve Engle, CEO of Berkeley drug developer Xoma Ltd., which paid off its convertible debt investors last year.
Convertible debt generally gives the holder the option to get repaid in cash, or to convert the debt to stock equity at a specified time. Earlier in the decade, it was among the most popular fundraising mechanisms for biotechs, based on the long-term bet that the companies would use the money to develop blockbuster drugs, and see their stock prices soar as a result. But with those notes coming due, many biotechs don’t have the hoped-for drugs, repayment money or stock at a price that is tempting for investors.
Meanwhile, some of those investors face their own cash shortages. As a result, some are willing to negotiate repayment of far less than they are owed.
Fat City: Are lipids ‘liquid gold’?
Sept. 26, 2008
Big Macs, Twinkies and Ho-Hos may be your salvation.
Scientists are studying fat from liposuction procedures — “liquid gold,” as one Stanford University researcher calls it — to rebuild cartilage, muscle and bone, and as potential therapies for heart attack patients or to unlock age secrets.
It’s all early-stage work. Studies have been carried out only in animals, and researchers aren’t sure if high concentrations of stem cells lumped in your love handles are the key. But the potential has created a cottage industry offering to bank fat to literally roll out again when — and if — treatments emerge.
Eventually, said Dr. Michael Longaker, director of children’s surgical research at the Stanford University School of Medicine, the research could lead to bedside tissue engineering. That could involve harvesting belly fat through liposuction, inducing stem cells to create bone, for example, and returning it to a scaffold in the knee that could form new cartilage over a year or two.
It’s the ultimate reduce, reuse, recycle.
Big Macs, Twinkies and Ho-Hos may be your salvation.
Scientists are studying fat from liposuction procedures — “liquid gold,” as one Stanford University researcher calls it — to rebuild cartilage, muscle and bone, and as potential therapies for heart attack patients or to unlock age secrets.
It’s all early-stage work. Studies have been carried out only in animals, and researchers aren’t sure if high concentrations of stem cells lumped in your love handles are the key. But the potential has created a cottage industry offering to bank fat to literally roll out again when — and if — treatments emerge.
Eventually, said Dr. Michael Longaker, director of children’s surgical research at the Stanford University School of Medicine, the research could lead to bedside tissue engineering. That could involve harvesting belly fat through liposuction, inducing stem cells to create bone, for example, and returning it to a scaffold in the knee that could form new cartilage over a year or two.
It’s the ultimate reduce, reuse, recycle.
Roche to ship jobs out of Palo Alto
Aug. 29, 2008
As it looks toward a marriage with Genentech Inc. and South San Francisco, Swiss drug maker Roche is filing for divorce from Palo Alto.
Roche plans to move its inflammation business from Palo Alto to Nutley, N.J. — no matter the fate of its plan to buy the rest of Genentech — and could shift its virology business from Palo Alto to South San Francisco. Meanwhile, Roche said it will move its U.S. pharmaceutical commercial operations from Nutley to South San Francisco.
Roche is not disclosing the exact number of jobs that would shift between Palo Alto, South San Francisco and New Jersey. This much, however, is sure: South San Francisco will gain hundreds of jobs, New Jersey will lose hundreds and the Palo Alto operations that employed 3,000 people before Roche took control likely will be shuttered.
As it looks toward a marriage with Genentech Inc. and South San Francisco, Swiss drug maker Roche is filing for divorce from Palo Alto.
Roche plans to move its inflammation business from Palo Alto to Nutley, N.J. — no matter the fate of its plan to buy the rest of Genentech — and could shift its virology business from Palo Alto to South San Francisco. Meanwhile, Roche said it will move its U.S. pharmaceutical commercial operations from Nutley to South San Francisco.
Roche is not disclosing the exact number of jobs that would shift between Palo Alto, South San Francisco and New Jersey. This much, however, is sure: South San Francisco will gain hundreds of jobs, New Jersey will lose hundreds and the Palo Alto operations that employed 3,000 people before Roche took control likely will be shuttered.
Inside the Roche-Genentech takeover
April 10, 2009
From the moment Roche Chairman Franz Humer called Genentech CEO Art Levinson and a small group of board members the evening of last July 20, it was apparent that the South San Francisco-based biotech’s days as an independent company were numbered.
Over the course of the companies’ 18-year relationship, Genentech had blossomed into the world’s biggest biotech, but Roche had never seemed to make up its mind what it wanted from the company. At times it had bulked up its shareholding, and at other times decreased it, usually making a lot of money in the process.
Now, the Swiss drugmaker and majority shareholder’s chairman had no such indecision: He wanted the rest of Genentech. Humer wasn’t interested in talking about anything other than a 100 percent Roche takeover, and he wasn’t taking no for an answer.
“Franz was quite clear from day one,” said Dr. Charles Sanders, the retired Glaxo Inc. chairman and CEO, who was among the four Humer called and would become the front man for Genentech’s negotiations with Roche.
It took eight months for Roche to finally break down Genentech’s defenses and complete the acquisition March 26. It will take many more months to know the deal’s impact on Genentech — its leaders, over 11,000 employees, research operations and much-ballyhooed culture.
What is clear from a review of Securities and Exchange Commision documents and conversations with those involved is that the outcome was largely predetermined from the start. Roche’s majority stake, its persistence in pursuit of the company and turbulence in the world economy all strengthened its position — and weakened Genentech’s. Roche ended up with Genentech for a smaller price than many had predicted.
“I think these two companies could have coexisted into the future without taking this step,” Sanders said, “but that was not my decision.”
From the moment Roche Chairman Franz Humer called Genentech CEO Art Levinson and a small group of board members the evening of last July 20, it was apparent that the South San Francisco-based biotech’s days as an independent company were numbered.
Over the course of the companies’ 18-year relationship, Genentech had blossomed into the world’s biggest biotech, but Roche had never seemed to make up its mind what it wanted from the company. At times it had bulked up its shareholding, and at other times decreased it, usually making a lot of money in the process.
Now, the Swiss drugmaker and majority shareholder’s chairman had no such indecision: He wanted the rest of Genentech. Humer wasn’t interested in talking about anything other than a 100 percent Roche takeover, and he wasn’t taking no for an answer.
“Franz was quite clear from day one,” said Dr. Charles Sanders, the retired Glaxo Inc. chairman and CEO, who was among the four Humer called and would become the front man for Genentech’s negotiations with Roche.
It took eight months for Roche to finally break down Genentech’s defenses and complete the acquisition March 26. It will take many more months to know the deal’s impact on Genentech — its leaders, over 11,000 employees, research operations and much-ballyhooed culture.
What is clear from a review of Securities and Exchange Commision documents and conversations with those involved is that the outcome was largely predetermined from the start. Roche’s majority stake, its persistence in pursuit of the company and turbulence in the world economy all strengthened its position — and weakened Genentech’s. Roche ended up with Genentech for a smaller price than many had predicted.
“I think these two companies could have coexisted into the future without taking this step,” Sanders said, “but that was not my decision.”
Life after Genentech: Kirk Raab re-engineers career as biotech mentor
July 11, 2008
The rehabilitation of Kirk Raab is complete.
Deposed as CEO of biotech giant Genentech Inc. in a conflict-of-interest affair more than a dozen years ago, Raab now is active in a handful of young, private biotech companies. He is a consultant, a been-there, done-that chairman or fill-in CEO. But mostly he's a mentor for the next generation of biotech executives.
"I help CEOs have less scar tissue than I do," he said.
Along the way, Raab has helped shape biotech success stories like Connetics Corp., the Palo Alto dermatology company that sold for $930 million in 2006, and up-and-coming ventures like sleep drug developer Transcept Pharmaceuticals Inc. of Point Richmond and East Coast hair regrowth startup Follica Inc.
He's been involved with more than 14 small biotech companies in all -- often in unpaid capacities. That's a long way from Raab's Genentech days.
The bottom line of bringing Raab on board is clear for young companies looking to make good impressions on would-be investors: Kirk Raab's name packs a punch and his connections open doors.
"He adds weight and credibility," said Chris Ehrlich, a partner at InterWest Partners and an investor in Transcept and Follica. "And when you go into discussions with larger companies, it's good to have him on your side."
The rehabilitation of Kirk Raab is complete.
Deposed as CEO of biotech giant Genentech Inc. in a conflict-of-interest affair more than a dozen years ago, Raab now is active in a handful of young, private biotech companies. He is a consultant, a been-there, done-that chairman or fill-in CEO. But mostly he's a mentor for the next generation of biotech executives.
"I help CEOs have less scar tissue than I do," he said.
Along the way, Raab has helped shape biotech success stories like Connetics Corp., the Palo Alto dermatology company that sold for $930 million in 2006, and up-and-coming ventures like sleep drug developer Transcept Pharmaceuticals Inc. of Point Richmond and East Coast hair regrowth startup Follica Inc.
He's been involved with more than 14 small biotech companies in all -- often in unpaid capacities. That's a long way from Raab's Genentech days.
The bottom line of bringing Raab on board is clear for young companies looking to make good impressions on would-be investors: Kirk Raab's name packs a punch and his connections open doors.
"He adds weight and credibility," said Chris Ehrlich, a partner at InterWest Partners and an investor in Transcept and Follica. "And when you go into discussions with larger companies, it's good to have him on your side."
Friday, October 09, 2009
How San Francisco caught Pfizer
Aug. 8, 2008
Over a restaurant table at Farallon last fall, Corey Goodman gave his new boss, the CEO of the world's largest drugmaker, his vision of Big Pharma's future.
It was the start of a 10-month journey, one that would lead from the upscale San Francisco financial district restaurant through San Francisco City Hall, UCSF's latest campus and, ultimately, to a dusty patch in Mission Bay -- across from the University of California, San Francisco -- with pilings sticking out of the dirt.
Over a restaurant table at Farallon last fall, Corey Goodman gave his new boss, the CEO of the world's largest drugmaker, his vision of Big Pharma's future.
It was the start of a 10-month journey, one that would lead from the upscale San Francisco financial district restaurant through San Francisco City Hall, UCSF's latest campus and, ultimately, to a dusty patch in Mission Bay -- across from the University of California, San Francisco -- with pilings sticking out of the dirt.
Lines at the stem cell bank
June 15, 2007
Ana Krtolica is selling potential clients on being first in line for treatment if scientists in the next five to 50 years find stem cell-based cures for diseases such as diabetes, Alzheimer's or sickle cell anemia.
The key word is "if," say critics of StemLifeLine, Krtolica's San Carlos company that offers to bank personal stem cell lines derived from in vitro fertilized eggs. Krtolica, on the other hand, emphasizes "potential."
The price of that potential is as much as $17,000 over 20 years, including annual bank fees of about $400.
Ana Krtolica is selling potential clients on being first in line for treatment if scientists in the next five to 50 years find stem cell-based cures for diseases such as diabetes, Alzheimer's or sickle cell anemia.
The key word is "if," say critics of StemLifeLine, Krtolica's San Carlos company that offers to bank personal stem cell lines derived from in vitro fertilized eggs. Krtolica, on the other hand, emphasizes "potential."
The price of that potential is as much as $17,000 over 20 years, including annual bank fees of about $400.
Biotechs get incentive to treat neglected ills
Nov. 16, 2007
Doing good could help drug-development companies do well.
Under legislation signed into law seven weeks ago, a company that develops and wins approval of a drug to treat a neglected disease can snag a voucher giving it priority review for almost any future drug -- for a neglected disease or not.
That could give drug-development companies focused on diseases ranging from tuberculosis to human African trypanosomiasis an asset that some experts have valued at $300 million each.
Doing good could help drug-development companies do well.
Under legislation signed into law seven weeks ago, a company that develops and wins approval of a drug to treat a neglected disease can snag a voucher giving it priority review for almost any future drug -- for a neglected disease or not.
That could give drug-development companies focused on diseases ranging from tuberculosis to human African trypanosomiasis an asset that some experts have valued at $300 million each.
Gladstone scientist's Japan lab reprograms human adult stem cells
Nov. 20, 2007
Stem cell researcher Shinya Yamanaka -- who arrived at the San Francisco labs of the J. David Gladstone Institutes this summer -- said he and his Kyoto University colleagues in Japan successfully reprogrammed human adult cells to function like embryonic stem cells.
The discovery, reported in the journal Cell, could be used "very soon" to help pharmaceutical companies screen drugs, Yamanaka told the San Francisco Business Times. Yet he said more testing is needed before reprogrammed cells are transplanted into humans in hopes of treating or curing problems ranging from Parkinson's Disease to diabetes to spinal cord injuries.
Stem cell researcher Shinya Yamanaka -- who arrived at the San Francisco labs of the J. David Gladstone Institutes this summer -- said he and his Kyoto University colleagues in Japan successfully reprogrammed human adult cells to function like embryonic stem cells.
The discovery, reported in the journal Cell, could be used "very soon" to help pharmaceutical companies screen drugs, Yamanaka told the San Francisco Business Times. Yet he said more testing is needed before reprogrammed cells are transplanted into humans in hopes of treating or curing problems ranging from Parkinson's Disease to diabetes to spinal cord injuries.
No pain, no gain
Oct. 26, 2007
Pain is the new black.
More than a dozen Bay Area companies are developing next-generation, nonaddictive pain treatments or delivery methods, thanks to a timely fusing of genomic research and venture capital.
Pain is the new black.
More than a dozen Bay Area companies are developing next-generation, nonaddictive pain treatments or delivery methods, thanks to a timely fusing of genomic research and venture capital.
Success, sex appeal fail to score more deals for young A's
March 29, 2002
Tim Hudson's slider mows down opposing hitters, but the Oakland A's pitcher and his young, hunky teammates are behind in the count for product endorsements.
Hudson and pitchers Barry Zito and Mark Mulder endorse Pepsi products in the Bay Area, and Hudson cut a deal with AT&T Wireless. But the trio, third baseman Eric Chavez, shortstop Miguel Tejada and centerfielder Terrence Long -- the heart of a solid, young team -- are falling short on corporate pitches.
And they don't care.
Tim Hudson's slider mows down opposing hitters, but the Oakland A's pitcher and his young, hunky teammates are behind in the count for product endorsements.
Hudson and pitchers Barry Zito and Mark Mulder endorse Pepsi products in the Bay Area, and Hudson cut a deal with AT&T Wireless. But the trio, third baseman Eric Chavez, shortstop Miguel Tejada and centerfielder Terrence Long -- the heart of a solid, young team -- are falling short on corporate pitches.
And they don't care.
Giants add power to ownership lineup
March 22, 2002
Three new members of the San Francisco Giants ownership group are pumping new money into the franchise.
Outgoing Yahoo Inc. President Jeff Mallett bought into San Francisco Baseball Associates L.P. earlier this month, Giants officials said. He follows former Charles Schwab Corp. Vice Chairman Lawrence Stupski and Cisco Systems Senior Vice President Dan Scheinman, who joined last season.
Mallett, Stupski and Scheinman collectively own less than 10 percent of the Giants, but as new investors, represent an increase in capital available to the team. That could prove valuable to a franchise that this year expects to post a loss as player payroll and other expenses escalate, but Chief Operating Officer Larry Baer said the Giants don't plan to use the new money for immediate operating expenses.
Three new members of the San Francisco Giants ownership group are pumping new money into the franchise.
Outgoing Yahoo Inc. President Jeff Mallett bought into San Francisco Baseball Associates L.P. earlier this month, Giants officials said. He follows former Charles Schwab Corp. Vice Chairman Lawrence Stupski and Cisco Systems Senior Vice President Dan Scheinman, who joined last season.
Mallett, Stupski and Scheinman collectively own less than 10 percent of the Giants, but as new investors, represent an increase in capital available to the team. That could prove valuable to a franchise that this year expects to post a loss as player payroll and other expenses escalate, but Chief Operating Officer Larry Baer said the Giants don't plan to use the new money for immediate operating expenses.
No instant replay for Giants tix
June 8, 2001
In a McDonald's parking lot just a strong throw from Pacific Bell Park, Wayne Bak and Greg Hubley are pitching tickets for that night's Giants' game against San Diego. It's not going well.
The problem's not just the four-game series against the lowly Padres, said Bak, one of a handful of licensed ticket resellers who operate around Pac Bell Park. It's also been games against teams like Cincinnati, Milwaukee, Montreal and Colorado.
Unlike last year -- when a spanking new ballpark, a solid on-field team, sellouts and an economy willing to shell out massive amounts of money made grand social occasions of Giants games -- big profits from resold Giants tickets are no longer a lock.
"Everybody's hurting out here," Bak said.
Yet, Giants officials say attendance will drop off only slightly from Pac Bell's first year -- from 3.3 million to 3.2 million -- and it's the first ticket sale that matters most to them.
"You're never going to have as much excitement as in the first year, but people have been very solid and loyal to this product," said Larry Baer, the Giants' chief operating officer.
But even the Giants have noticed a fall. More than 300 tickets failed to sell for the April 24 game against Cincinnati -- the first time in 90 home games that had happened. It's happened five times in the 20 games since.
In a McDonald's parking lot just a strong throw from Pacific Bell Park, Wayne Bak and Greg Hubley are pitching tickets for that night's Giants' game against San Diego. It's not going well.
The problem's not just the four-game series against the lowly Padres, said Bak, one of a handful of licensed ticket resellers who operate around Pac Bell Park. It's also been games against teams like Cincinnati, Milwaukee, Montreal and Colorado.
Unlike last year -- when a spanking new ballpark, a solid on-field team, sellouts and an economy willing to shell out massive amounts of money made grand social occasions of Giants games -- big profits from resold Giants tickets are no longer a lock.
"Everybody's hurting out here," Bak said.
Yet, Giants officials say attendance will drop off only slightly from Pac Bell's first year -- from 3.3 million to 3.2 million -- and it's the first ticket sale that matters most to them.
"You're never going to have as much excitement as in the first year, but people have been very solid and loyal to this product," said Larry Baer, the Giants' chief operating officer.
But even the Giants have noticed a fall. More than 300 tickets failed to sell for the April 24 game against Cincinnati -- the first time in 90 home games that had happened. It's happened five times in the 20 games since.
MVP pitches
March 30, 2001
Jeff Kent and Jason Giambi are two of baseball's best hitters, and have last year's Most Valuable Player trophies to prove it. Now they are working on becoming better pitchers.
But the approaches to corporate endorsements taken by the Oakland A's Giambi and San Francisco Giants' Kent are as different as a fastball and changeup. Motorcycle-loving Giambi parlayed his MVP award into national deals with Pepsi, video-game maker Electronic Arts and menswear retailer Ermenegildo Zegna; workaday family man Kent has picked up mostly smaller, baseball-related offers.
Different people, different endorsement paths.
"I've got tattoos and ride a Harley, and he's got a John Deere and farms," Giambi said. "It's just different personalities."
Jeff Kent and Jason Giambi are two of baseball's best hitters, and have last year's Most Valuable Player trophies to prove it. Now they are working on becoming better pitchers.
But the approaches to corporate endorsements taken by the Oakland A's Giambi and San Francisco Giants' Kent are as different as a fastball and changeup. Motorcycle-loving Giambi parlayed his MVP award into national deals with Pepsi, video-game maker Electronic Arts and menswear retailer Ermenegildo Zegna; workaday family man Kent has picked up mostly smaller, baseball-related offers.
Different people, different endorsement paths.
"I've got tattoos and ride a Harley, and he's got a John Deere and farms," Giambi said. "It's just different personalities."
Internet rewrites history for collectors of rare and antique books
Jan. 18, 2002
Fear not if your copy of Petrus' commentary on the Psalms seems a little tattered. If you've got the $8,500 to plunk down, Tavistock Books in Alameda can sell you the edition published in 1480.
Internet searches are making hard-to-find books easier to locate, and the recession is forcing rare book prices to plateau after swelling with the economic boom. But the core of rare book lovers remain, say dealers like Tavistock owner Vic Zoschak Jr., and they're finding a shelf full of potential deals.
But Zoschak says price appreciation should be the last reason to buy. "You should buy a book because you love it," he says.
Truly rare books -- like incunabula, or "inky," from the 15th-century cradle of printing -- remain expensive, but the rate of appreciation has slowed from about 20 percent a year to 5 to 10 percent, Zoschak says.
Prices for popular 20th-century American literature -- well-known books snatched up quickly in recent years -- also have leveled out after a 10- to 15-year climb, says Tom Goldwasser, owner of 12-year-old Thomas A. Goldwasser Rare Books in San Francisco. That's mainly due to the departure of many unsophisticated buyers who had entered the market.
Fear not if your copy of Petrus' commentary on the Psalms seems a little tattered. If you've got the $8,500 to plunk down, Tavistock Books in Alameda can sell you the edition published in 1480.
Internet searches are making hard-to-find books easier to locate, and the recession is forcing rare book prices to plateau after swelling with the economic boom. But the core of rare book lovers remain, say dealers like Tavistock owner Vic Zoschak Jr., and they're finding a shelf full of potential deals.
But Zoschak says price appreciation should be the last reason to buy. "You should buy a book because you love it," he says.
Truly rare books -- like incunabula, or "inky," from the 15th-century cradle of printing -- remain expensive, but the rate of appreciation has slowed from about 20 percent a year to 5 to 10 percent, Zoschak says.
Prices for popular 20th-century American literature -- well-known books snatched up quickly in recent years -- also have leveled out after a 10- to 15-year climb, says Tom Goldwasser, owner of 12-year-old Thomas A. Goldwasser Rare Books in San Francisco. That's mainly due to the departure of many unsophisticated buyers who had entered the market.
Your pain, their gain
Feb. 11, 2000
Kirsten Nicholson could barely survive a 20-minute run two years ago. Now she has two marathons under her belt, a pack of new friends and fresh confidence.
And the Leukemia & Lymphoma Society has $6,500.
An editorial assistant at the Boston Consulting Group, Nicholson is part of a new breed of fund-raiser enlisted by nonprofits: highly charged, on-the-go folks who are enticed into their own muscle-pulling, shin-splinting sacrifices to pull in millions for good causes.
C'mon -- who's not going to pony up money for a co-worker -- lawyers, accountants, construction workers, secretaries and the like -- whose fund-raisers demand a predawn or post-work run of 20 miles?
That's not only awakened individuals to their potentials but alerted other nonprofits to the financial possibilities.
Kirsten Nicholson could barely survive a 20-minute run two years ago. Now she has two marathons under her belt, a pack of new friends and fresh confidence.
And the Leukemia & Lymphoma Society has $6,500.
An editorial assistant at the Boston Consulting Group, Nicholson is part of a new breed of fund-raiser enlisted by nonprofits: highly charged, on-the-go folks who are enticed into their own muscle-pulling, shin-splinting sacrifices to pull in millions for good causes.
C'mon -- who's not going to pony up money for a co-worker -- lawyers, accountants, construction workers, secretaries and the like -- whose fund-raisers demand a predawn or post-work run of 20 miles?
That's not only awakened individuals to their potentials but alerted other nonprofits to the financial possibilities.
Search for spirituality leading mid-life execs to answer higher calling
April 21, 2000
There was no burning bush, no desolate wandering, nary a voice in the wilderness. But Polly Moore knew it was time to cast aside her 18-year Genentech Inc. career for a life serving God.
"As soon as I made the decision, everything just seemed right," says Moore, who will enter Berkeley's Pacific School of Religion this fall. "Kind of `ahhhhhhhh,' `yeahhhhhhhh.'"
Mid-career converters to the ministry for the past two decades have abandoned their highrise offices for contemplative seminaries, trying to make sense of their own lives, capture the meaning of life or simply respond to some deep inner urging.
And the 20- and 30-somethings of the Internet revolution -- after cashing in their stock options or watching their paper wealth wither away -- are expected to form the genesis of classes to come.
"What happens when the dot-commers sell their options and turn 35?" says Jennifer DeWeerth, director of recruitment and admissions at Pacific School of Religion. "They're going to wonder about their spiritual health."
Already, PSR's classes fill every year with doctors, corporate executives, even lawyers who have chucked the material life to pursue the divine.
There was no burning bush, no desolate wandering, nary a voice in the wilderness. But Polly Moore knew it was time to cast aside her 18-year Genentech Inc. career for a life serving God.
"As soon as I made the decision, everything just seemed right," says Moore, who will enter Berkeley's Pacific School of Religion this fall. "Kind of `ahhhhhhhh,' `yeahhhhhhhh.'"
Mid-career converters to the ministry for the past two decades have abandoned their highrise offices for contemplative seminaries, trying to make sense of their own lives, capture the meaning of life or simply respond to some deep inner urging.
And the 20- and 30-somethings of the Internet revolution -- after cashing in their stock options or watching their paper wealth wither away -- are expected to form the genesis of classes to come.
"What happens when the dot-commers sell their options and turn 35?" says Jennifer DeWeerth, director of recruitment and admissions at Pacific School of Religion. "They're going to wonder about their spiritual health."
Already, PSR's classes fill every year with doctors, corporate executives, even lawyers who have chucked the material life to pursue the divine.
Workers' comp rates could rise 10 percent in second half
May 14, 2002
California businesses could be hit by a 10.1 percent hike in workers' compensation insurance premiums in the second half of this year if a proposal is approved by the state Department of Insurance.
At a hearing Tuesday in San Francisco, the Workers' Compensation Insurance Rating Bureau, the statistical agent of the state agency, said workers' comp rates have not kept pace with insurers' losses.
"The losses are at unprecedented levels," said Robert Mike, the bureau's president.
California businesses could be hit by a 10.1 percent hike in workers' compensation insurance premiums in the second half of this year if a proposal is approved by the state Department of Insurance.
At a hearing Tuesday in San Francisco, the Workers' Compensation Insurance Rating Bureau, the statistical agent of the state agency, said workers' comp rates have not kept pace with insurers' losses.
"The losses are at unprecedented levels," said Robert Mike, the bureau's president.
Startup airline makes landing in bankruptcy
Jan. 11, 2002
West Coast Airlines flew high with dreams of connecting several Northern California cities with Las Vegas, Reno and San Diego. But after raising more than $1 million, the Concord-based company crashed into bankruptcy court.
While the terrorist actions of Sept. 11 played a factor in West Coast's failure to gain altitude, said President and CEO Ray Sherwood, the company never secured an airport from which to fly and it never acquired or leased a plane. In fact, it claims in a court filing that its former chairman received $125,000 in improper commissions over the past two years.
West Coast filed for bankruptcy Dec. 7 with $175 in a checking account, $80 in savings and $10 cash on hand.
West Coast Airlines flew high with dreams of connecting several Northern California cities with Las Vegas, Reno and San Diego. But after raising more than $1 million, the Concord-based company crashed into bankruptcy court.
While the terrorist actions of Sept. 11 played a factor in West Coast's failure to gain altitude, said President and CEO Ray Sherwood, the company never secured an airport from which to fly and it never acquired or leased a plane. In fact, it claims in a court filing that its former chairman received $125,000 in improper commissions over the past two years.
West Coast filed for bankruptcy Dec. 7 with $175 in a checking account, $80 in savings and $10 cash on hand.
Unfriendly skies cast shadow on SFO
Aug. 23, 2002
Airline bankruptcies and cuts in service threaten to cost San Francisco International Airport millions of dollars in landing fees and rents.
Airport officials and bond agencies — which earlier this year cut the airport's credit rating — are watching the situation closely. They say SFO's fiscal safeguards, cost-cutting and status as an international travel gateway should mitigate financial turbulence in the short term.
Yet financial documents show the airport already has creatively shuffled some funds to meet its bond repayments — using a common airport fiscal technique that costs more over the long haul.
Airline bankruptcies and cuts in service threaten to cost San Francisco International Airport millions of dollars in landing fees and rents.
Airport officials and bond agencies — which earlier this year cut the airport's credit rating — are watching the situation closely. They say SFO's fiscal safeguards, cost-cutting and status as an international travel gateway should mitigate financial turbulence in the short term.
Yet financial documents show the airport already has creatively shuffled some funds to meet its bond repayments — using a common airport fiscal technique that costs more over the long haul.
Crackerjack lawyers can fizzle as firm chairmen
March 1, 2002
When Littler Mendelson chief Wendy Tice-Wallner turns to the employment law firm's executive committee, she's not always seeking a lawyer's opinion.
To be sure, San Francisco-based Littler Mendelson is steeped in legal know-how, and its five-member executive committee includes Tice-Wallner and three partners. But one of the top decision-makers, Chief Operating Officer Hank Lewis, is not a lawyer.
It's a scenario that's evolving in many firms, and one that may deserve more exploration as some larger firms struggle in the current economic downturn. Lawyers serving three- to five-year stints as chairmen or managing partners, some say, aren't up to the challenge of overseeing larger and increasingly businesslike operations.
When Littler Mendelson chief Wendy Tice-Wallner turns to the employment law firm's executive committee, she's not always seeking a lawyer's opinion.
To be sure, San Francisco-based Littler Mendelson is steeped in legal know-how, and its five-member executive committee includes Tice-Wallner and three partners. But one of the top decision-makers, Chief Operating Officer Hank Lewis, is not a lawyer.
It's a scenario that's evolving in many firms, and one that may deserve more exploration as some larger firms struggle in the current economic downturn. Lawyers serving three- to five-year stints as chairmen or managing partners, some say, aren't up to the challenge of overseeing larger and increasingly businesslike operations.
Stakes are huge for Visa in series of legal card games
June 21, 2002
It may be everywhere you want to be, but Visa is finding itself in places it would rather not: Courtrooms from New York to Oakland, where legal battles threaten to rock the secretive credit card association to its core.
At stake for San Francisco-based Visa U.S.A. is its commanding market share of 51 percent and, potentially, billions of dollars in court-ordered payments.
But what's also at risk is the bedrock on which banks have built their huge credit-card businesses around Visa: the guarantee to consumers that any Visa-branded card would be accepted by the merchant on the other side of the counter.
While Visa's market share has long had the clout to keep both retailers and its member banks in line, cracks in that foundation are now showing in court. Chafing under the costs associated with some of Visa's cards, large retailers want to pick and choose which cards they accept.
Meanwhile, some of its own member banks may win the right to offer cards from its most feared rival: American Express.
And Visa's lucrative business of converting foreign purchases into dollar payments has come under fire in suits by consumers.
It may be everywhere you want to be, but Visa is finding itself in places it would rather not: Courtrooms from New York to Oakland, where legal battles threaten to rock the secretive credit card association to its core.
At stake for San Francisco-based Visa U.S.A. is its commanding market share of 51 percent and, potentially, billions of dollars in court-ordered payments.
But what's also at risk is the bedrock on which banks have built their huge credit-card businesses around Visa: the guarantee to consumers that any Visa-branded card would be accepted by the merchant on the other side of the counter.
While Visa's market share has long had the clout to keep both retailers and its member banks in line, cracks in that foundation are now showing in court. Chafing under the costs associated with some of Visa's cards, large retailers want to pick and choose which cards they accept.
Meanwhile, some of its own member banks may win the right to offer cards from its most feared rival: American Express.
And Visa's lucrative business of converting foreign purchases into dollar payments has come under fire in suits by consumers.
Surprise in East Palo Alto: Banks
March 24, 2000
Eager to step into a fast-growing city, and win points with regulators to boot, financial institutions are lining up to go where few banks have gone before: East Palo Alto.
That's right. The same East Palo Alto that was for years a veritable no-man's land for economic development, the East Palo Alto with the dubious distinction as 1992's murder capital of the country, the same East Palo Alto left bank-less for a dozen years.
But thanks to a handful of commercial, office and residential developments and a declining crime rate, the city is slowly shedding its old image. And financial institutions now are virtually climbing over each other to get in on the ground floor.
Eager to step into a fast-growing city, and win points with regulators to boot, financial institutions are lining up to go where few banks have gone before: East Palo Alto.
That's right. The same East Palo Alto that was for years a veritable no-man's land for economic development, the East Palo Alto with the dubious distinction as 1992's murder capital of the country, the same East Palo Alto left bank-less for a dozen years.
But thanks to a handful of commercial, office and residential developments and a declining crime rate, the city is slowly shedding its old image. And financial institutions now are virtually climbing over each other to get in on the ground floor.
Wells tries to snatch San Francisco purse
Feb. 4, 2000
Wells Fargo wants to steal away the city of San Francisco's bank accounts from rival Bank of America, and it's raiding BofA's executive suite to do it.
The bank has lured Jim Thompson -- who oversaw San Francisco's accounts at BofA -- to spearhead the effort. Since October, he has built a seven-person government and education banking division, most of them also BofA émigrés, to boost the bank's business with California municipalities.
Not coincidentally, Thompson's hiring comes at a time when BofA's long-standing contract with San Francisco seems ripe for the taking.
Wells Fargo wants to steal away the city of San Francisco's bank accounts from rival Bank of America, and it's raiding BofA's executive suite to do it.
The bank has lured Jim Thompson -- who oversaw San Francisco's accounts at BofA -- to spearhead the effort. Since October, he has built a seven-person government and education banking division, most of them also BofA émigrés, to boost the bank's business with California municipalities.
Not coincidentally, Thompson's hiring comes at a time when BofA's long-standing contract with San Francisco seems ripe for the taking.
Law of gravity pulls down Brobeck
May 10, 2002
As profits slip, partners bail and associates are shown the door, the new shape of Brobeck, Phleger & Harrison LLP -- the Bay Area's third-largest law firm -- is taking form with or without its former chairman.
Yet Tower Snow, who pushed the San Francisco-based firm onto the coattails of the dot-com boom and jumped off when profits tumbled last year, remains publicly coy about his future.
"If one believed all the rumors, I resigned over a month ago and I'm working at eight different firms simultaneously," said Snow, now a partner in Brobeck's securities litigation practice. "It's kind of like Mark Twain's death: The rumors have been greatly exaggerated."
Yet this much is certain: Brobeck sheared more than 200 associates and 74 staff through three rounds of layoffs in the past six months, cut as much as $50 million in annual costs and pared its once-hefty technology focus.
And Snow is ready to leave the firm.
As profits slip, partners bail and associates are shown the door, the new shape of Brobeck, Phleger & Harrison LLP -- the Bay Area's third-largest law firm -- is taking form with or without its former chairman.
Yet Tower Snow, who pushed the San Francisco-based firm onto the coattails of the dot-com boom and jumped off when profits tumbled last year, remains publicly coy about his future.
"If one believed all the rumors, I resigned over a month ago and I'm working at eight different firms simultaneously," said Snow, now a partner in Brobeck's securities litigation practice. "It's kind of like Mark Twain's death: The rumors have been greatly exaggerated."
Yet this much is certain: Brobeck sheared more than 200 associates and 74 staff through three rounds of layoffs in the past six months, cut as much as $50 million in annual costs and pared its once-hefty technology focus.
And Snow is ready to leave the firm.
Last call for 'Ladies Night'
July 19, 2002
"Ladies Night" never felt so wrong for a growing list of Bay Area bars and nightclubs.
At least eight establishments in San Francisco and Oakland are fending off lawsuits, filed over the past four months, that claim that "Ladies Night" discounts constitute an unlawful business practice under California law. Men are denied equal privileges, claims Los Angeles attorney Morse Mehrban, under the banner of an organization called Consumer Cause.
"Ladies Night" never felt so wrong for a growing list of Bay Area bars and nightclubs.
At least eight establishments in San Francisco and Oakland are fending off lawsuits, filed over the past four months, that claim that "Ladies Night" discounts constitute an unlawful business practice under California law. Men are denied equal privileges, claims Los Angeles attorney Morse Mehrban, under the banner of an organization called Consumer Cause.
Developers wage P.R. battle for waterfront project
March 16, 2001
Standing on the edge of Pier 29, Mills Corp. executive Ed Vinson was painting the shopping mall developer's waterfront vision to a crew of television cameras, when a public relations handler surreptitiously motioned to a mural behind him.
Vinson wheeled, "And the mural there on Pier 31 will be restored."
It was the perfect planning of a spontaneous moment -- and one meant to capture the hearts and minds of San Franciscans as Mills Corp. and Chelsea Piers duke it out for Piers 27-31, the biggest chunk of available San Francisco Bay real estate in years.
Standing on the edge of Pier 29, Mills Corp. executive Ed Vinson was painting the shopping mall developer's waterfront vision to a crew of television cameras, when a public relations handler surreptitiously motioned to a mural behind him.
Vinson wheeled, "And the mural there on Pier 31 will be restored."
It was the perfect planning of a spontaneous moment -- and one meant to capture the hearts and minds of San Franciscans as Mills Corp. and Chelsea Piers duke it out for Piers 27-31, the biggest chunk of available San Francisco Bay real estate in years.
S.F. firms face tax-credit crackdown
Aug. 2, 2002
San Francisco is auditing more than 100 companies that took new-jobs tax credits, hoping to recapture millions of dollars from those who have since cut their payrolls.
The audits include a potential $9 million bonanza from one unnamed company. They come as the city wrestles with a budget ravaged by the weak economy, and as supervisors scour for new income to make up for tax shortfalls.
The audits, going back to 1998, could recover more than $10 million in payroll taxes for each of the past two years alone, said city Treasurer Susan Leal. The city hopes to send out bills soon.
"We're looking at some of the (companies) that owe some of the largest amounts of credit," Leal said.
San Francisco is auditing more than 100 companies that took new-jobs tax credits, hoping to recapture millions of dollars from those who have since cut their payrolls.
The audits include a potential $9 million bonanza from one unnamed company. They come as the city wrestles with a budget ravaged by the weak economy, and as supervisors scour for new income to make up for tax shortfalls.
The audits, going back to 1998, could recover more than $10 million in payroll taxes for each of the past two years alone, said city Treasurer Susan Leal. The city hopes to send out bills soon.
"We're looking at some of the (companies) that owe some of the largest amounts of credit," Leal said.
Franklin unit rebuilds after 9/11 tragedy
Feb. 1, 2002
In a few seconds, Anne Tatlock's job turned from the daily grind of wealth management to a fight for the survival of Fiduciary Trust Co. International.
But five months after terrorists turned a jetliner into a fireball that swept through Fiduciary's World Trade Center headquarters -- leaving 87 employees among the nearly 2,900 dead -- the subsidiary of San Mateo-based Franklin Resources Inc. has quietly taken care of its own while rebuilding its business.
For Tatlock, Fiduciary's chairman and CEO, that's meant finding a new home for the firm, overseeing the recovery of computer files from a backup system, and keeping its ultra-rich clients on board while it navigates them through uncertain market conditions. It's also meant filling 87 key jobs -- among them a director of human resources, the chief corporate lawyer, a senior vice president and other vice presidents -- and providing assistance for those victims' families.
"Our goal was not to hire 87 exact people," Tatlock said, "because those people do not exist."
In a few seconds, Anne Tatlock's job turned from the daily grind of wealth management to a fight for the survival of Fiduciary Trust Co. International.
But five months after terrorists turned a jetliner into a fireball that swept through Fiduciary's World Trade Center headquarters -- leaving 87 employees among the nearly 2,900 dead -- the subsidiary of San Mateo-based Franklin Resources Inc. has quietly taken care of its own while rebuilding its business.
For Tatlock, Fiduciary's chairman and CEO, that's meant finding a new home for the firm, overseeing the recovery of computer files from a backup system, and keeping its ultra-rich clients on board while it navigates them through uncertain market conditions. It's also meant filling 87 key jobs -- among them a director of human resources, the chief corporate lawyer, a senior vice president and other vice presidents -- and providing assistance for those victims' families.
"Our goal was not to hire 87 exact people," Tatlock said, "because those people do not exist."
Imitation not so flattering for Becherovka
March 3, 1999
Becherovka, the mysterious herbal liqueur in the green, flask-shaped bottle, faces another trademark wrangle that threatens to divorce the aperitif from its largest export market.
The challenge from a Slovak distillery claiming to have obtained a 20-year right to produce the famous beverage also may make it difficult for the liqueur's producer, Jan Becher-Karlovarska Becherovka, to meet export quotas tied to the firm's 1997 privatization.
Becherovka, the mysterious herbal liqueur in the green, flask-shaped bottle, faces another trademark wrangle that threatens to divorce the aperitif from its largest export market.
The challenge from a Slovak distillery claiming to have obtained a 20-year right to produce the famous beverage also may make it difficult for the liqueur's producer, Jan Becher-Karlovarska Becherovka, to meet export quotas tied to the firm's 1997 privatization.
Economy searches for growth, answers
Dec. 23, 1998
Three quarters of GDP decline, falling exports may force changes Czechs can spend their way out of the deepening recession by mid-1999, economists said, but structural economic changes at home and revived exports are needed for longer-lasting growth.
It's the same old story, analysts said, but three consecutive quarters of negative gross domestic product (GDP) — showing the country plunging deeper into recession — may finally force Czech industry and the country's government leaders to make changes.
Three quarters of GDP decline, falling exports may force changes Czechs can spend their way out of the deepening recession by mid-1999, economists said, but structural economic changes at home and revived exports are needed for longer-lasting growth.
It's the same old story, analysts said, but three consecutive quarters of negative gross domestic product (GDP) — showing the country plunging deeper into recession — may finally force Czech industry and the country's government leaders to make changes.
Economic balancing act for Mertlik
Aug. 5, 1998
Pavel Mertlik walks a tightrope stretched between not only regeneration of the Czech economy and the country's burdened budget but also between expectations and reality.
That puts Mertlik, the newly anointed deputy prime minister responsible for economic policy, in a difficult position. As the Social Democratic (CSSD) government considers cutting corporate taxes, Mertlik also is pushing for increased taxes on cigarettes, alcohol and gas. In addition, he is promoting industrial restructuring that likely will boost unemployment.
It's the kind of talk that many investors have been waiting to hear. But Czechs, Mertlik said, may be baffled.
Pavel Mertlik walks a tightrope stretched between not only regeneration of the Czech economy and the country's burdened budget but also between expectations and reality.
That puts Mertlik, the newly anointed deputy prime minister responsible for economic policy, in a difficult position. As the Social Democratic (CSSD) government considers cutting corporate taxes, Mertlik also is pushing for increased taxes on cigarettes, alcohol and gas. In addition, he is promoting industrial restructuring that likely will boost unemployment.
It's the kind of talk that many investors have been waiting to hear. But Czechs, Mertlik said, may be baffled.
Foreign investors eye new Slovak opportunities
March 3, 1999
Its cheap, skilled labor and central location make Slovakia ripe for foreign investment. At least that's the impression European Union officials and the young coalition leading the country would like to give.
The fact, analysts say, is that anything looks good to potential investors after six years of government by former Prime Minister Vladimir Meciar. And some companies are not waiting to see whether the four-month-old coalition of Prime Minister Mikulas Dzurinda will continue to hold firm; they trust the early signals.
Its cheap, skilled labor and central location make Slovakia ripe for foreign investment. At least that's the impression European Union officials and the young coalition leading the country would like to give.
The fact, analysts say, is that anything looks good to potential investors after six years of government by former Prime Minister Vladimir Meciar. And some companies are not waiting to see whether the four-month-old coalition of Prime Minister Mikulas Dzurinda will continue to hold firm; they trust the early signals.
Wednesday, September 12, 2007
The fight of his life
Aug. 24, 2007
Last year Mike Homer helped raise the money for 2,000 medical research computers. Now researchers are using that equipment in an attempt to save his life.
After Homer was diagnosed in May with a rare and invariably fatal brain-wasting disease, his network of friends -- a "who's who" of Silicon Valley money and technology -- marshalled cash, clout and connections on his behalf.
In just three months, they raised nearly $6 million for research, won Homer the personal attention of top doctors at Stanford University and the University of California, San Francisco, and persuaded UCSF's leading scientists and labs to focus on his case in their quest for a cure.
Along the way, a hard truth has sunk in: It isn't going to be enough.
"This money isn't going to keep Mike alive," said Intuit Corp. Chairman Bill Campbell. "But it will help others who have contracted this disease, or maybe we can prevent it."
Last year Mike Homer helped raise the money for 2,000 medical research computers. Now researchers are using that equipment in an attempt to save his life.
After Homer was diagnosed in May with a rare and invariably fatal brain-wasting disease, his network of friends -- a "who's who" of Silicon Valley money and technology -- marshalled cash, clout and connections on his behalf.
In just three months, they raised nearly $6 million for research, won Homer the personal attention of top doctors at Stanford University and the University of California, San Francisco, and persuaded UCSF's leading scientists and labs to focus on his case in their quest for a cure.
Along the way, a hard truth has sunk in: It isn't going to be enough.
"This money isn't going to keep Mike alive," said Intuit Corp. Chairman Bill Campbell. "But it will help others who have contracted this disease, or maybe we can prevent it."
Wednesday, April 26, 2006
Cabbies gripe: No fare!
June 22, 2001
Joe Fazeli cruises in his Yellow Cab through the streets of San Francisco, looking for fares in places he shied away from a year ago, taking passengers places he wouldn't have gone, and making less money in the process.
"In the late '80s, there were problems with the bad economy, but we had like 800 cabs. Now we have over 1,300. I cannot make a living," Fazeli says, camped inside his cab late one afternoon in front of the Bank of America building on California Street.
"I work eight to 10 hours a day for maybe $6 an hour."
It's a common complaint among cabbies as the dot-com-fueled economy sputters. The boom put the pedal to taxi demand, and the subsequent bust continues to siphon off ridership. And if plans for an additional 500 city taxis are approved -- a measure given a tentative green light late last year -- cabbies worry that supply will speed past demand and kill their livelihood.
Joe Fazeli cruises in his Yellow Cab through the streets of San Francisco, looking for fares in places he shied away from a year ago, taking passengers places he wouldn't have gone, and making less money in the process.
"In the late '80s, there were problems with the bad economy, but we had like 800 cabs. Now we have over 1,300. I cannot make a living," Fazeli says, camped inside his cab late one afternoon in front of the Bank of America building on California Street.
"I work eight to 10 hours a day for maybe $6 an hour."
It's a common complaint among cabbies as the dot-com-fueled economy sputters. The boom put the pedal to taxi demand, and the subsequent bust continues to siphon off ridership. And if plans for an additional 500 city taxis are approved -- a measure given a tentative green light late last year -- cabbies worry that supply will speed past demand and kill their livelihood.
Past haunts founder of new thrift
March 31, 2000
A banker linked in court documents to questionable lending and accounting practices at two former Bay Area savings and loans in the 1970s and 1980s is leading a group that has applied to start a San Francisco thrift and loan.
Bruce Flanagan, who headed Pacific Coast Savings & Loan Association until federal regulators took control in 1988 and later sold its assets at a cost of $24 million to taxpayers, heads a group that wants to open Pacific First Bank by fall. The new institution is intended to serve small businesses in Haight-Ashbury, the Sunset and other nearby neighborhoods.
Prior to Pacific Coast, Flanagan led Civic Federal Savings and Loan Association, where government overseers claimed in court documents that he improperly inflated revenues.
Flanagan was never charged in connection with either institution and he denies the allegations.
A banker linked in court documents to questionable lending and accounting practices at two former Bay Area savings and loans in the 1970s and 1980s is leading a group that has applied to start a San Francisco thrift and loan.
Bruce Flanagan, who headed Pacific Coast Savings & Loan Association until federal regulators took control in 1988 and later sold its assets at a cost of $24 million to taxpayers, heads a group that wants to open Pacific First Bank by fall. The new institution is intended to serve small businesses in Haight-Ashbury, the Sunset and other nearby neighborhoods.
Prior to Pacific Coast, Flanagan led Civic Federal Savings and Loan Association, where government overseers claimed in court documents that he improperly inflated revenues.
Flanagan was never charged in connection with either institution and he denies the allegations.
Turning risks into rewards
Aug. 25, 2000
Like other wannabe business owners, Jon Thomas has watched whatever.com rake in millions without the promise of a profit. But when it comes to basic funding for basic businesses in this Silicon Valley island of poverty, capital is in short supply.
Yet that might be slowly changing, thanks to the sheer grit of teenagers like Jon and a grassroots effort spearheaded by Stanford law school grad Suzanne McKechnie Klahr.
Now 17 kids who a year ago were at risk of falling victim to all the stereotypes of poor, inner-city America stand ready to launch new businesses in a territory customarily dismissed by bankers and venture capitalists.
Like other wannabe business owners, Jon Thomas has watched whatever.com rake in millions without the promise of a profit. But when it comes to basic funding for basic businesses in this Silicon Valley island of poverty, capital is in short supply.
Yet that might be slowly changing, thanks to the sheer grit of teenagers like Jon and a grassroots effort spearheaded by Stanford law school grad Suzanne McKechnie Klahr.
Now 17 kids who a year ago were at risk of falling victim to all the stereotypes of poor, inner-city America stand ready to launch new businesses in a territory customarily dismissed by bankers and venture capitalists.
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