Bill Haney be­lieves there’s a bet­ter way to build a biotech — and now he has $100M more at Sky­hawk to prove it

Bill Haney

Bill Haney want­ed to do things dif­fer­ent­ly when he launched Sky­hawk Ther­a­peu­tics at the be­gin­ning of the year with $8 mil­lion in seed cash from some un­con­ven­tion­al biotech back­ers.

Now he has a $100 mil­lion more to fo­cus the team on step 3: 

“I think we start dri­ving drugs in­to the clin­ic,” he says.

Cel­gene — which has had more than its share of woes this year — will have a lot to do with that. The big biotech has un­corked one of its clas­sic start­up col­lab­o­ra­tions with Sky­hawk, drawn by the emerg­ing field of drug­ging RNA and the team of sci­en­tists at the biotech who are rac­ing to get out front with the new plat­form play. 

Cel­gene is pay­ing Haney and co-founder Kath­leen Mc­Carthy $60 mil­lion up­front to get them fo­cused on a line­up of new neu­ro­sciences pro­grams. The dis­ease tar­gets in­clude amy­otroph­ic lat­er­al scle­ro­sis — ALS — and Hunt­ing­ton’s dis­ease. And the com­pa­ny is buy­ing an eq­ui­ty stake as well, con­tribut­ing to­ward a $40 mil­lion raise along­side a group of in­vestors that in­cludes the Duke of Bed­ford, tech in­vestor Great­point and Alexan­dria Ven­ture In­vest­ments.

Kath­leen Mc­Carthy

Mile­stones? There Haney isn’t be­ing spe­cif­ic, but he did vol­un­teer that it’s big­ger than the $2 bil­lion pack­age Cel­gene hand­ed to Prothena when their ex­ecs aligned on a part­ner­ship aimed at con­struct­ing a new neu­ro­sciences pipeline.

Ex­cit­ed much? You could say that.

“I just love these guys,” says Haney, sin­gling out long­time de­vel­op­ment vet Richard Har­g­reaves and his team at Cel­gene for the ad­vice they’re get­ting. 

“You don’t want 4 hands on the wheel and co-dri­ve,” he adds. But gain­ing ad­vice to speed up the pre­clin­i­cal ef­fort comes in mighty handy, along with Cel­gene’s en­dorse­ment of a tech­nol­o­gy that al­so in­cludes key play­ers like Mike Gilman’s Ar­rakis, Ex­pan­sion Ther­a­peu­tics and Ri­bometrix.

Haney is back­ing the work of Mc­Carthy and her group of 25 staffers and FTEs work­ing on the start­up project. The Roche vet worked on the SMA drug RG7916 — a project that has now wound its way in­to piv­otal tri­als. 

Richard Har­g­reaves

“We will do more part­ner­ships,” says the CEO, “maybe one more this year.” He has some term sheets to look at and con­sid­er. In the mean­time, the com­pa­ny has kept on­col­o­gy for it­self so far, look­ing to build its own pipeline.

Haney is still quite new to biotech, ar­riv­ing with his oth­er com­pa­ny Drag­on­fly, which he found­ed with MIT’s Tyler Jacks and David Raulet out of Berke­ley. A doc­u­men­tary film­mak­er and chair­man of Blu Homes, Haney isn’t a fan of the Se­ries A-B-C-D ap­proach to rais­ing mon­ey through the ven­ture back­ers that fu­el much of the work. Why hand out com­mon shares to staff and pre­ferred stock to these in­vestors? And you have to con­sid­er that the VCs’ in­ter­ests may not align so well with longterm com­pa­ny build­ing.

So he’s been in­volved with fam­i­ly of­fices, work­ing with in­vestors like long­time friend and col­league Tim Dis­ney and oth­ers when rais­ing seed mon­ey. Haney has blazed a trail in the Boston/Cam­bridge biotech hub in short or­der. And he isn’t slow­ing down.

Com­mu­ni­cat­ing the val­ue of pre­ci­sion med­i­cine

By Natasha Cowan, Content Marketing Manager at Blue Latitude Health.
Many stakeholders are confused by novel precision medicines, including patients and healthcare professionals. So, how can industry help them to navigate this complexity?

Precision medicine represents a new paradigm in healthcare. It embodies the shift from treating many patients with the same therapy, to having the tools to identify the best treatment for every patient.

Amir Nashat, World Medical Innovation Forum via Youtube

Bay­er bets up to $100M on ex­plor­ing new bio­mol­e­c­u­lar con­den­sate ter­rain with a biotech up­start

In the Indiana Jones warehouse of genomic oddities, the millions of units of so-called “junk DNA” that create nothing but play a hand in tons of things have grabbed most of the attention. But there are other arks and Templar crosses out there.

Among them: the code for intrinsically disordered regions. Floating like boundless clumps of boiling spaghetti throughout the cell, these regions first appeared in scientific sketches at the turn of the century before vanishing from most cell diagrams, such as those in a high school textbook. Most organelles were neatly bound in membranes. These loose molecules resisted characterization. Scientists largely ignored them.

In­vestors could emerge from Neil Wood­ford de­ba­cle with £1B loss, in­ter­nal analy­sis re­veals

When Link Fund Solutions announced that it is closing Woodford Equity Income Fund permanently and kicking out Neil Woodford, it was implied that investors probably won’t get back everything they entrusted to the fund manager. But nobody knew just how much they would lose.

An internal analysis commissioned by Link suggested that the collective loss could amount to £1 billion — out of a fund last valued at £3.1 billion — Citywire has revealed.

Mer­ck buys a fledg­ling neu­rode­gen­er­a­tive biotech spawned by an old GSK dis­cov­ery al­liance. What’s up with that?

Avalon Ventures chief Jay Lichter has a well-known yen for drug development programs picked up in academia. And what he found in Haoxing Xu’s lab at the University of Michigan pricked his interest enough to launch one of his umbrella biotechs in San Diego.
Xu’s work laid the foundation for Avalon to launch Calporta, which has been working on finding small molecule agonists of TRPML1 (transient receptor potential cation channel, mucolipin subfamily, member 1) for lysosomal storage disorders. And that pathway, they believe, points to new approaches on major market neurodegenerative diseases like Parkinson’s, ALS and Alzheimer’s.

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GSK's asth­ma bi­o­log­ic Nu­cala scores in rare blood dis­or­der study

GlaxoSmithKline’s asthma drug Nucala, which received a resounding FDA rejection for use in chronic obstructive pulmonary disease (COPD) last year, has shown promise in a rare blood disorder.

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Spe­cial re­port: Twen­ty ex­tra­or­di­nary women in bio­phar­ma R&D who worked their way to the top

What differentiates a woman leader in biopharma R&D from a man?

Not much, except there are fewer of them in senior posts. Data suggest women are not more risk-averse, family-oriented or less confident than their male counterparts — indeed the differences between the two sexes are negligible. But a glance at the top R&D positions in Big Pharma leaves little doubt that upward migration in the executive ranks of biopharma R&D is tough.

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FDA Vas­cepa re­view spot­lights new safe­ty sig­nals, pos­si­ble min­er­al oil spoil­er as Amarin hunts a block­buster ap­proval

An in-house FDA review of Amarin’s Vascepa raises a set of hurdles the biotech will have to clear if the biotech expects to get the long-awaited FDA approval that could set it on a path to superstar status. But it appears that Amarin has survived another potential setback without introducing a major new threat to its prospects.

The stakes don’t get much higher, with analysts saying a win this week for Amarin could lead to billions in new sales — provided the agency stamps it with an OK. And investors liked what they say in the FDA review this morning, bumping the stock $AMRN 17%.

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FDA puts Sol­id Bio’s lead gene ther­a­py pro­gram on hold — again — af­ter an­oth­er pa­tient is hurt by SGT-001

Solid Biosciences continues to be plagued by safety issues.

Close to 18 months after the gene therapy biotech was able to quickly shed an FDA hold on their lead Duchenne muscular dystrophy program for SGT-001, regulators have stepped back in to force another halt after another patient was hit hard by a set of serious adverse events remarkably similar to the first set.

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FDA slaps a hold on an AML tri­al as Mark­er scraps a fail­ing ovar­i­an can­cer pro­gram, sink­ing shares

The FDA has placed a hold on a Phase II AML trial from the small immuno-oncology biotech Marker Therapeutics. Marker disclosed the issue two weeks after responding to FDA concerns, adding it to the Q3 release Tuesday. The company also announced it was scrapping a Phase II ovarian cancer program it determined was unlikely to succeed.

The agency’s concern centers around two reagents used in manufacturing for their trial for acute myeloid leukemia patients who have received a stem cell transplant. The reagents are from third parties and not present in the final product, Marker said.