H.C. Birndorf Named President of Newly Formed Progenx Inc.
Howard C. Birndorf, who co-founded Hybritech in 1978, Gen-Probe in 1984 and Idec Pharmaceuticals in 1985, has been named president of Progenx Inc., a recently formed San Diego-based biomedical company, officials of the firm said Thursday.
Progenx, formed in September, 1987, recently completed its initial, $1.6-million round of venture-capital financing. The company will use a licensed monoclonal antibody technology to develop cancer detection and therapy products.
The company’s technology was developed and licensed by Scripps Clinic and Research Foundation and Johnson & Johnson, Birndorf said. That research initially was funded in part by federal National Institute of Health grants.
“We’ve got about 15 people right now, and we’re anticipating that we’ll be doubling that (number) by the end of the year,” Birndorf said Thursday.
However, it will be at least a year before the first diagnostic product is ready for commercialization, he added. Therapeutic products would be developed at a later date.
Birndorf left Gen-Probe, where he had served as vice president, on Dec. 31, reporting to Progenx on Monday. The new company has “the technology and research staff in place to quickly become a leader in the field of cancer diagnostics,” Birndorf said.
Progenx technology differs from biotechnology at the base of Idec, Gen-Probe and Hybritech, but Birndorf and venture capitalist Brook Byers have been involved in all of the various companies.
Birndorf, for example, serves on the boards of directors at Progenx, Idec, Gensia and Gen-Probe. Progenx chairman is Byers, who represents the lead investor, San Francisco-based venture capital firm, Kleiner, Perkins, Caufield & Byers. The firm also was an investor in Hybritech, Gen-Probe, Idec and Gensia.
Birndorf said he became involved in the recent flurry of start-ups because “when you’ve gone through a start-up one or two times, you learn by past mistakes and it’s easier to do. I think the formula . . . can be successful again.”
Gensia raised $9.7 million in capital during a venture capital round completed in late 1987. Idec raised $2.5 million in a venture capital round completed in 1986.
Other Progenx investors include Enterprise Partners and 3i Ventures.
