Biomedical Frontiers: Winter 1994, Vol.1, No.2
A Columbia M.D./Ph.D. and his Company

When Paul Maddon was getting his M.D./Ph.D. at Columbia in 1988, he knew he was more entrepreneurial than academic. His classmates were considering postdocs or residencies; he wanted an industrial career.

But it wasn't a staff position in an existing pharmaceutical company he was after. After commencement, Dr. Maddon became vice president of research at Progenics Pharmaceuticals, Inc. (Tarrytown, NY), a biotechnology firm he started in 1986 based on doctoral work on HIV he did in the laboratory of Dr. Richard Axel, Eugene Higgins Professor of Biochemistry and Molecular Biophysics and Pathology. Dr. Maddon later became CEO and chairman of the board.

As a student, Dr. Maddon was part of a team that identified and cloned CD4, the human T cell receptor to HIV. Because the findings had potential application in combating AIDS, the University applied for various patents on the discovery in 1986, some of which have been issued. Dr. Maddon licensed rights to the patent from the University in 1986 to launch his company. Now he has a staff of 18 people dedicated to using CD4 to develop diagnostics, therapeutics, and vaccines against AIDS.

While completing his doctoral thesis, Dr. Maddon audited courses at Columbia's business school in accounting, marketing, finance, and management so he could learn the business of science. Today he has staff to help him with the commercial end of Progenics, but Dr. Maddon is still active in raising money for his young company.

In fact, Progenics recently raised $5.1 million in a private placement to gear up for the manufacture of an AIDS diagnostic and an AIDS therapeutic based on their proprietary CD4 receptor- antibody technology. The diagnostic--an imaging agent linked to an antibody joined to a portion of the CD4 receptor--is capable of binding to HIV-infected cells. Following HIV's location in the body allows clinicians to monitor the effects of drug therapy. The therapeutic can find and destroy HIV-infected cells because it exploits the CD4-antibody complex bound to a toxic agent.

Dr. Maddon delights in the growth of Progenics and seeing his ambition fulfilled. Lab space recently increased from 5,000 to 12,000 square feet. Dr. Maddon soon plans to nearly double his staff.