StartX Med’s First Billion Dollar Biotech Company, Kodiak Sciences, Reaches a $3.56B Market Cap
Palo Alto, CA — StartX Med company Kodiak Sciences, a clinical stage company developing innovative therapeutics to treat high prevalence ophthalmic diseases, recently reached a market cap of $3.56 billion. News of the company’s stock growth marks StartX’s first biotech company to reach — and soar past — a billion dollars. StartX Med is one of the first, if not only, biotech accelerators with a company reaching the billion dollar mark in this rapidly growing sector.
StartX CEO Joseph Huang issued the following statement in response to the news:
“We created StartX Med in 2012 when investors were not even interested in looking at med companies. With the hard work of Kodiak and all of their StartX Med peers, medical startups at Stanford are now a thriving source of entrepreneurship creating real therapies and cures for real patients around the world. Congratulations to the entire StartX Med community on this significant milestone for biotech!”
StartX is a nonprofit organization advancing the development of Stanford’s top entrepreneurs through experiential education, access to thousands of VCs and investors, and a Who’s Who of industry leaders and serial entrepreneurs providing mentorship. The founder community consists of a diverse mix of 1500+ well-funded Growth-Stage Founders, tenured Stanford Professor Founders, and highly-successful Stanford Alumni Founders. Collectively, StartX companies have raised $7.9 billion in funding with a combined valuation of more than $22 billion to date. StartX’s Corporate Innovation program helps global corporations quickly test market-ready technology from Stanford alumni founders through structured co-creation and pilot programs. For medical tech founders homegrown at Stanford, having intimate access to domain experts and care environments has been fundamental to their success. StartX continues to be a unique startup community compared to accelerators and incubators and does not take equity in companies for admittance into its programs. Ranked as a number one accelerator nationally by MIT’s Seed Accelerator Rankings Project, StartX venture funded companies have a 93% survival and acquisition rate in a wide range of industries from consumer Internet and retail products to enterprise software, biotechnology and medical devices.
StartX Med entrepreneurial scientists are changing the world with medical breakthroughs and successful life-saving research trials, including an average of more than six FDA approvals per year. Clinical partners of StartX Med companies encompass more than 250 hospitals, 30,000 care centers 50,000 physicians and 65 million annual patient visits.