Patrick

Senior Business Development Manager - Licensing and Strategic Partnerships @ ThermoFisher Scientific.

[David Wade @davidwade]

This is why Adam Vinatieri should already be in the Hall of Fame. Because he was kicking field goals through that back in 2001.

[Philadelphia Business Journal @PHLBizJournal]

As an AI-ready platform, Proscia's digital pathology software features what the company describes as "powerful integrations and workflow capabilities." https://t.co/6w77TEihou

[Adam Feuerstein ✡️ @adamfeuerstein]

‘We arguably saved their lives’: Newborn DNA-sequencing reveals elevated cancer risks for parents https://t.co/8mQOfyjZsc via @MeganMolteni

[Latest News from Business Wire @NewsFromBW]

EMIT IMAGING Collaborates with MIT Koch Institute for Integrative Cancer Research to Enhance Cryo-Fluorescence Tomography Technology https://t.co/56Yj74zNgv

[Patrick @BostonPatrick77]

10 Years, still hard to believe. #bostonstrong

[Alec MacGillis @AlecMacGillis]

Here is something I have been wondering for the past couple years: why has Boston been largely spared the rise in violence, disorder and downtown distress experienced by demographically similar cities such as Seattle, Portland, and San Francisco? 🧵

[unusual_whales @unusual_whales]

Bank of America, $BAC, has gotten more than $15 billion in new deposits since the collapse of Silicon Valley Bank.

[Matthew Herper @matthewherper]

Useful chart:

https://t.co/9mnzsWPQZG

[Garry Tan @garrytan]

Regulators need to step in to do a *backstop* of depositors (not a bailout of a bank)

40,000 SVB depositor small businesses
30% will fail to make payroll in the next 30 days
Estimate 10 employees each
120,000 jobs on the line

Years of US innovation on the line

[Garry Tan @garrytan]

The real victims of the SVB fallout are the depositors:
startups (10 to 100 employees) who cannot make payroll, and will have to shut down or furlough *next week*

If these startups wait weeks/months for their deposits, we have destroyed a generation of US startups, *at random*

[John D Carroll @JohnCendpts]

If your biotech is having trouble with the collapse of SVB, we'd like to hear. Email me [email protected]

[Bill Ackman @BillAckman]

The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or @BankofAmerica acquiring SVB before the open on Monday, a prospect I believe to be unlikely, or the gov’t guaranteeing all of SVB’s deposits, the giant sucking sound you will hear will be the withdrawal of substantially all uninsured deposits from all but the ‘systemically important banks’ (SIBs). These funds will be transferred to the SIBs, US Treasury (UST) money market funds and short-term UST. There is already pressure to transfer cash to short-term UST and UST money market accounts due to the substantially higher yields available on risk-free UST vs. bank deposits. These withdrawals will drain liquidity from community, regional and other banks and begin the destruction of these important institutions. The increased demand for short-term UST will drive short rates lower complicating the @federalreserve’s efforts to raise rates to slow the economy. Already thousands of the fastest growing, most innovative venture-backed companies in the U.S. will begin to fail to make payroll next week. Had the gov’t stepped in on Friday to guarantee SVB’s deposits (in exchange for penny warrants which would have wiped out the substantial majority of its equity value) this could have been avoided and SVB’s 40-year franchise value could have been preserved and transferred to a new owner in exchange for an equity injection. We would have been open to participating. This approach would have minimized the risk of any gov’t losses, and created the potential for substantial profits from the rescue. Instead, I think it is now unlikely any buyer will emerge to acquire the failed bank. The gov’t’s approach has guaranteed that more risk will be concentrated in the SIBs at the expense of other banks, which itself creates more systemic risk. For those who make the case that depositors be damned as it would create moral hazard to save them, consider the feasibility of a world where each depositor must do their own credit assessment of the bank they choose to bank with. I am a pretty sophisticated financial analyst and I find most banks to be a black box despite the 1,000s of pages of @SECGov filings available on each bank. SVB’s senior management made a basic mistake. They invested short-term deposits in longer-term, fixed-rate assets. Thereafter short-term rates went up and a bank run ensued. Senior management screwed up and they should lose their jobs. The @FDICgov and OCC also screwed up. It is their job to monitor our banking system for risk and SVB should have been high on their watch list with more than $200B of assets and $170B of deposits from business borrowers in effectively the same industry. The FDIC’s and OCC’s failure to do their jobs should not be allowed to cause the destruction of 1,000s of our nation’s highest potential and highest growth businesses (and the resulting losses of 10s of 1,000s of jobs for some of our most talented younger generation) while also permanently impairing our community and regional banks’ access to low-cost deposits. This administration is particularly opposed to concentrations of power. Ironically, its approach to SVB’s failure guarantees duopolistic banking risk concentration in a handful of SIBs. My back-of-the envelope review of SVB’s balance sheet suggests that even in a liquidation, depositors should eventually get back about 98% of their deposits, but eventually is too long when you have payroll to meet next week. So even without assigning any franchise value to SVB, the cost of a gov’t guarantee of SVB deposits would be minimal. On the other hand, the unintended consequences of the gov’t’s failure to guarantee SVB deposits are vast and profound and need to be considered and addressed before Monday. Otherwise, watch out below.

[Patrick @BostonPatrick77]

Good bye Vilnius, until next time Lithuania 🇱🇹

[Patrick @BostonPatrick77]

Congrats Bruce, nice end to the year!

[Bruce Booth @LifeSciVC]

Takeda Acquires Nimbus’ Tyk2 Autoimmune Program for up to $6B

Congrats to @JebKeiper & the @NimbusTx team!

Here's a blog on the Nimbus' journey - more to come in Chapter 3!

Looking fwd to watching 4858's continued success in Takeda's capable hands

https://t.co/Zapf9IyQva

[Patrick @BostonPatrick77]

@michael_gilman Wequassett

[Nucleate @NucleateHQ]

Unsure how to start a company with your advisor?

Announcing: "Starting a Company With Your PI."

with @geochurch @bathe_mark
and their students-turned-founders, @glebkuz @TimWannier @fasengelhardt.

REGISTER to attend 10.17 / 6PM ET
https://t.co/JN0JLxBuf9

[The New York Times @nytimes]

Breaking News: The pharmaceutical companies Biogen and Eisai said on Tuesday that a drug they are developing for Alzheimer’s disease had slowed the rate of cognitive decline in a large late-stage clinical trial.
https://t.co/4uYWRy7zpo

[Garry Tan @garrytan]

Next year, I'll be going back to Y Combinator as President and CEO.

It's a one in ten billion lifetimes kind of opportunity— YC gave me my start, and I'm deeply grateful to the community.

https://t.co/EVO6QY0jnm

[Matthew Herper @matthewherper]

Verve begins human tests of first ‘base editor,’ aiming at heart disease. W/ ⁦@MeganMolteni⁩. https://t.co/c3DZSNtHv2

[Biobot Analytics @BiobotAnalytics]

Update from our #COVID19 #wastewater data:
-The national average & all 4 regions are rising
-This may indicate the start of a new wave
-Current levels are slightly higher than the Delta peak
-BA.5 is the most prominent variant nationwide (37.6%)
More at https://t.co/GBL4twMJIT