Clay Siegall is the president and CEO of Seattle Genetics. The biotech firm is based in Seattle. It develops therapeutic drugs for a broad range of diseases. Siegall gave an interview on Inspirery where he talked about the history of the company and its business model. He said that he was inspired to get into medicine when he saw the suffering that a family member went through. The treatment regimen was very crude. It had adverse effects on the health of the patient. Siegall decided to go into medicine to try and find a better way.
Clay Siegall decided to start Seattle Genetics because of the constraints that were set at his previous job. Siegall had access to limited funds. He had little autonomy even though he was a senior researcher. The company owned all the patents and profits. Siegall thought that this was discriminatory. This enabled him to think of becoming his boss and having more ownership of his work. Siegall mentioned a few ways in which the company makes money. Its main source of income comes from the sale of its drugs. They have had exclusivity on ADCetris. This is the first antibody-drug conjugate to be approved by the FDA.
Seattle Genetics has also partnered with other pharmaceutical companies. They earn revenue by licensing their processes and the technologies that they have developed. Siegall said that Seattle Genetics became a profitable venture ten years after they went public. The early days of the company were the hardest because of the depletion of their operating capital. He stated that they were able to pull through by working hard.
Dr. Siegall studied at the University of Maryland where he graduated with a degree in Zoology. He went on to join George Washington University where he earned a Ph.D. in Genetics. Siegall co-founded the company in 1998. He has played a huge role in its success. Siegall is the chief executive officer of the company. He is responsible for making sure that the firm meets its objectives. Siegall was involved in the capital raising processes and led the firm to a successful Initial Public Offering.