Seattle Genetics Inc. of Bothell has licensed its proprietary antibody-drug conjugate technology to PSMA Development Co. LLC for an undisclosed sum, the two companies announced Monday. PSMA Development plans to use the technology, which helps drugs more accurately target and kill cells, in a potential prostate cancer drug.
Seattle’s biotechs hit top ten list
The Puget Sound area’s cluster of biotechnology companies and research ranked 10th out of 11 areas studied by the Milken Institute. The institute’s Life Sciences Index, released on Monday, measured clusters now only on their existing strength but also on their growth potential. The Puget Sound region ranked just behind Chicago and ahead of Dallas, while Boston, San Francisco and Philadelphia topped the index.
Google rumored to offer pay system
Hoping to build upon the power of its Internet-leading search engine, Google Inc. is believed to be developing an online payment system that would pose a stiff challenge to online auctioneer eBay Inc.’s PayPal service. Industry analysts, merchants and investors were digesting reports Monday that the Mountain View-based company is testing a payment system – codenamed “Google Wallet” – in hopes of rolling out the service later this year. Google declined to comment, but the company’s silence didn’t muffle the buzz.
Economic indicators dip below estimates
A closely watched gauge of future business activity fell more than expected in May, indicating slower economic growth may lie ahead later this year, a private research group announced Monday. The New York-based Conference Board reported that its Composite Index of Leading Indicators fell 0.5 percent last month to 114.1. The decline was more than the 0.2 percent drop that analysts had expected.
T-bill rates mixed in Monday auction
The Treasury Department auctioned three-month bills Monday at a discount rate of 2.965 percent, down from 2.975 percent last week. Six-month bills were auctioned at a discount rate of 3.175 percent, up from 3.120 last week. The rates understate the actual return to investors – 3.029 percent for three-month bills with a $10,000 bill selling for $9,925.05 and 3.272 percent for a six-month bill selling for $9,839.49. The Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, rose to 3.39 percent last week from 3.3 percent the previous week.
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