The new CEO of Morphogenesis, a clinical-stage Tampa company developing novel therapies to treat cancer, is determined to take the company public within two years.
James Bianco, a serial healthcare entrepreneur who has led several companies to raise millions, never intended to move his life from Seattle to Tampa until a recruiter on LinkedIn contacted him last year about an opportunity to become CEO of Morphogenesis . Founded by Patricia Lawman in Tampa, the company is developing medicines that fight deadly skin cancer in patients and works closely with the Moffitt Cancer Center.
“It seemed like a great opportunity, but leaving Seattle wasn’t enough for me until I started meeting with the team between February and June. I saw the fire in their stomachs and the amazing, cutting-edge immunotherapies they were developing that would give people another chance at life,” he said.
Bianco founded biotechnology company CTI BioPharma in Seattle and spent $2.1 billion developing cancer drugs. In 2016 he resigned as CEO. Before founding CTI BioPharma, he was part of the research department at the Fred Hutchinson Cancer Research Center. He was also previously director of the bone marrow transplant program at the Veterans Administration Medical Center.
Since officially assuming his new role as CEO of Morphogenesis in July 2021, he and his team have had a strong focus on the Food and Drug Administration process and raising funds for their research.
Today, the company raised $21.6 million in its Series B round. Local philanthropist Dr. Kiran Patel and his family’s office were the primary investors, with Patel investing over $15 million along with his family’s office. However, the company has several new investments in the funnel that will officially close the round.
Funding will be used for a new phased trial for a skin cancer drug in hopes of gaining FDA approval.
Bianco said Morphogenesis also prepared an S1.
“The reason we want to take Morphogenesis public is access to capital,” he said. “Tampa isn’t known as a biotech hub, so it’s difficult to attract institutional money here. We were fortunate that the Patels have a track record and believe in us.”
Bianco is confident that Morphogenesis can become a public company by the end of this year or in the first quarter of 2023.
He said there was a SPAC (Special Purpose Acquisition Company) option that he was pursuing. The SPAC market was evolving rapidly, however, but there’s a reverse acquisition option that allows Morphogenesis to potentially combine with a public company — an option Bianco is keeping an eye on.
While Bianco helps lead Morphogenesis, Lawman continues to play an important role in the company, serving on the board of directors and remaining in an advisory capacity.
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