Clay Siegall is the CEO of Seattle Genetics. Inspirery recently interviewed him. He talked about the company, its business, and its history in the interview. He started by saying that he started the company because he was always interested in technology and its influence on medicine. He got into cancer treatment research after seeing how chemotherapy affected one of his family members to the point of death.
Siegall said that Seattle Genetics generates revenue in various ways. They sell their proprietary drugs including the first antibody-drug conjugate approved by the FDA. The company has established partnerships with other production companies where they license some of the technologies that they have developed.
Siegall said that the firm became profitable ten years after they had an IPO. He noted that the company ran out of operating capital for a long period in 1999 and 2000. Siegall explained that this was one of the hardest times that they had to go through. He was able to manage by investing in his work. He mentioned that the sales staff was the most important part of the company because it helped them to secure large deals in the past. He pointed out that their sales staff was made up of individuals who had backgrounds in biotech and understood the business well.
Siegall stated that hard work was the main reason for his success. He said that having the passion for working hard was the biggest differentiator between those that succeeded and those that did not. Siegall has a Bachelor’s degree in Zoology from the University of Maryland. He earned a Doctorate in Genetics from George Washington University. He has authored seventy papers on medical research and has several patents to his name. He helped the company to secure several rounds and funding and led it to a successful IPO.