Stories for September 2013

Monday, September 30

Sandag Approves $200M Spending Plan for Creating a More Bike Friendly County

The San Diego Association of Governments approved a $200 million capital spending plan Sept. 27 for the county over the next 10 years aimed at making the region more bicycle-friendly, according to the San Diego County Bicycle Coalition.

County Construction Contracts Down 13% Through August

San Diego County contracts for future building construction declined 13 percent from a year ago in the first eight months of 2013, according to newly released data from McGraw Hill Construction.

Evoke Pharma Begins Trading on Nasdaq

Evoke Pharma Inc. began trading on the Nasdaq Sept. 25 with an initial public offering of 2.1 million shares priced at $12 a share.

Local Economic Index Increases 0.4% in August

An index measuring San Diego’s economy increased 0.4 percent in August, with three of six components rising.

Biocept Files for $23 Million IPO

San Diego-based Biocept Laboratories Inc. recently filed for a $23 million initial public offering. It plans to list on the Nasdaq under ticker symbol BIOC.

Business Events Calendar for Week of Sept. 30, 2013

A calendar listing some of the upcoming business events in the county for the week of Sept. 30, 2013.

Zogenix Gets Pentagon Contract Worth Up to $20.7M

San Diego-based Zogenix Inc. recently received a Pentagon contract that could be worth as much as $20.7 million.

Poway Hampton Inn Part of $59 Million Hotel Portfolio Deal

Austin, Texas-based Summit Hotel Properties Inc. has entered into an agreement to purchase a portfolio of three Southern California hotels, including Hampton Inn & Suites in Poway, for approximately $59 million.

‘Harvest Home’ Will Provide Healing Environment for Veterans

Kudos/Giving Column

Vista-based Wounded Warrior Homes is the recipient of a net-zero-energy home for military veterans with traumatic brain injury and post-traumatic stress disorder.

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Local Housing Costs Climb Pricing Many Out of the Market

PROPERTY: S.D. Is 8th Least Affordable Region in the Nation

The disparity between San Diego’s housing prices and the national average — San Diego’s being greater — is growing and won’t lessen anytime soon, according to a recent study by the National University System Institute for Policy Research.

Del Mar Deal Adds to Co.’s Prime Properties

PROPERTY: Kilroy Grows, 2nd Largest Office Landlord

Kilroy Realty Corp. recently raised more than $260 million in a secondary public stock offering, and San Diego County ranks high on the list of places where it is looking to bolster a West Coast commercial portfolio that tops $4.7 billion.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

The San Diego Community College District held a groundbreaking recently for the new César E. Chávez Campus.

Employment Lawyers Discuss Future Trends Affecting Business

LAW: Employers Are Advised to Keep Watch On Significant New Laws

The San Diego Business Journal asked six local lawyers specializing in employment law to comment on trends and recent court decisions that will impact California businesses.

Zero Tolerance

LAW: Employers Would Do Well to Take Heed of City’s Sexual Harassment Scandal

Bob Filner’s resignation as San Diego mayor after less than a year in office over allegations of sexual harassment can teach all employers to be prepared and act swiftly.

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Regional Roundup

News and notes from communities around San Diego County

Park Hyatt Aviara Resort in Carlsbad has completed a multimillion-dollar renovation of its 329 guest rooms and its casual dining restaurant, California Bistro. Operators did not disclose the cost of the refurbishing.

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Wireless Health Care Company Aims for Expansion in Asia

Biotech/Health Care Column

One of the companies generating the most buzz in the San Diego wireless health space — which, by the way, is exploding — is Sorrento Valley-based PatientSafe Solutions Inc.

There Is No One-Size-Fits-All Strategy for Retail Development

PROPERTY: Site- Specific Solutions Part Of a Market Still in Flux

Retail real estate has multiple scenarios playing out, industry observers say, as the state of shopping centers — locally and nationally — depends on factors such as geography, access to development financing and whether the tenants are national mega-retailers or mom-and-pop stores and restaurants.

Bank Agrees to Pay $920 Million for ‘London Whale’ Scandal

JPMorgan Chase & Co. is pretty big, actually the nation’s biggest bank at $2.5 trillion in assets.

New Attractions Part of Theme Parks’ Building on Successes

TOURISM: Summer Season Was Strong For Local Operators

After posting what operators called strong summer seasons, San Diego County’s biggest theme park attractions plan to continue riding the economic recovery by adding even more attractions to what has already been a four-year run of multimillion-dollar investments.

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Taxi Services See the New Ride-Sharing Regulations as Unfair

TRANSPORT: TNC Category Created for New Ride Services

San Diego-area taxi companies plan to collectively protest new state regulations governing ride-sharing mobile applications.

Manufacturing Day Oct. 4 Will Showcase Benefits of Local Industry

MANUFACTURING: Region Employs 91,500 in More Than 2,800 Firms

The manufacturing still occurring in San Diego tends to be niche-oriented and fairly complex operations that often entail providing parts to make larger products.

Enterprise Finds New Homes for Unwanted Corporate Castoffs

RECYCLING: 150,000 Pounds Of Solid Waste Diverted From Landfills

Sue Prelozni hates waste; the thought of putting a useable item in the trash doesn’t sit well with her.

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Coalition Hopes to Capsize Barrio Logan Plan

INDUSTRY: Maritime Businesses Object to Rezoning Of Five-Block Area

A dispute over the future of Barrio Logan may end up at the ballot box by the middle of next year.

Region Receives $24.57B in Pentagon Spending

DEFENSE: Report Sees Amount Dipping Slightly in 2014

Civilian taxpayers got a rare look from the bridge of the USS Ronald Reagan during a recent Fleet Week open house.

Chinese Hackers Reportedly Target U.S. Drone Makers

SDBJ Insider

Could San Diego’s drone-building defense contractors be under a hack attack?

Urban Renewal

ECONOMY: Some See New Library as Catalyst For Area’s Development

Thomas Fitzpatrick looks toward the new San Diego Central Library a block from his East Village restaurant, The Mission, and sees more than the lively and cheerful architecture emanating from the $185 million building. The restaurant co-owner has been seeing groups of 10 to 14 library employees visiting in recent weeks.

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Millennium’s New C-Team Is an A-Team

MEDICINE: Execs Should Improve Company’s Image

Millennium Laboratories Inc. is making inroads, with the appointment of a new trio of C-level executives, toward righting a ship shaken by an ongoing federal grand jury investigation.

Verenium Deal Shows Big Interest in Biotech

BIOTECH: Buy Beefs Up BASF’s Enzyme Expertise

BASF SE’s purchase of San Diego-based Verenium Corp. represents a strategic play in the global race to acquire biotechnology assets in a quickly changing chemical industry.

Former Qualcomm Exec Accused of Insider Trading

LAW: He Pleads Not Guilty; Probe Raised FCPA Concerns

Federal probes that uncovered evidence of an alledged insider stock trading scheme leading to the indictment last week of a former top Qualcomm Inc. executive also included an investigation into the company itself, according to the San Diego company’s securities filings.

Friday, September 27

San Diego Entrepreneur Day Events Set for Sept. 27-28

About 8,000 entrepreneurs and aspiring entrepreneurs from around the country are gathering in San Diego this weekend for the 2013 San Diego Entrepreneur Day.

Developers Break Ground on Millenia Project in Chula Vista

Business and civic leaders held a formal groundbreaking Sept. 26 for the multibillion-dollar mixed-use Millenia community in Chula Vista, slated to include 3,000 residential units and related commercial elements.

General Atomics ASI Receives 2 Army Contracts Worth $156.8M

The U.S. Army recently announced that it awarded two contracts to General Atomics Aeronautical Systems Inc. worth a total of $156.8 million.

Northrop Grumman Receives $40.4M Air Force Contract

Northrop Grumman recently received a $40.4 million contract from the U.S. Air Force for logistics services related to its Global Hawk high-altitude spy aircraft.

Halozyme Stock Climbs 8% As It Reaches a Milestone

Stock for San Diego-based Halozyme Therapeutics Inc. climbed 8 percent following news that it received a $10 million milestone payment from Roche Holding AG for commercializing Herceptin, its breast cancer drug.

TrellisWare Receives Navy Contract Worth Up to $11.7M

TrellisWare Technologies Inc. of Rancho Bernardo recently received a U.S. Navy contract that could be worth up to $11.7 million over five years.

Fitness Business Joins Mercado del Barrio Roster

Fitness services provider Fathom CrossFit has joined the tenant roster at Mercado del Barrio, the mixed-use residential and retail development in San Diego’s Barrio Logan neighborhood.

DARPA extends Contract With Aethlon Medical

The Defense Advanced Research Projects Agency has extended a $6.8 million contract with San Diego-based Aethlon Medical Inc.

Sempra Acquires a Nebraska Wind Project

Sempra U.S. Gas & Power, part of San Diego-based Sempra Energy, acquired, and will develop, the Broken Bow 2 wind project in Nebraska.

Thursday, September 26

Airport Begins Construction of $316M Rental Car Center and an Aviation Complex

San Diego International Airport has begun construction on its new $316 million rental car center and a $39 million fixed base operator (FBO) facility for general-aviation services, both on the northern side of the airport.

PatientSafe Solutions Completes $27M Financing Round

San Diego-based PatientSafe Solutions Inc. has received $7 million from Singapore-based investment firm EDBI, rounding out its Series C investment round at $27 million.

La Jolla Pharmaceutical Plans to Raise $10M in Stock Offerings

The La Jolla Pharmaceutical Co. announced it has entered definitive agreements to raise $10 million by offering 96 million shares of stock at 7 cents per share. The transaction will also release 3,250 shares of Series F preferred stock at about $1,000 per share.

Earth Dragon Resources Completes Acquisition of X-Fire

Earth Dragon Resources Inc., a San Diego based precious metals recovery business, completed the acquisition of X-Fire Inc, a privately-held company in the telecommunications industry, Earth Dragon said.

Stone Brewing Opens Location at San Diego Airport

Stone Brewing Co. of Escondido has opened its newest restaurant and bar in Terminal 2 of San Diego International Airport.

Officials, Business Leaders Go to Washington, D.C., to ‘Lobby’ for Local Issues, Concerns

About 100 local business executives and elected officials are visiting San Diego’s congressional representatives and other Washington, D.C., offices Sept. 30 through Oct. 2, led by acting Mayor Todd Gloria and Jerry Sanders, the city’s former mayor and current CEO of the San Diego Regional Chamber of Commerce.

Huawei Donates Dental Kits Locally to Children

Huawei, the Chinese communications equipment maker, said it is expanding its sponsorship of a local program serving poor students. Together with K to College, an Oakland-based nonprofit organization, Huawei plans to distribute 13,000 dental kits to children in San Diego.

Wednesday, September 25

Coalition to Try Referendum Route to Reverse Barrio Logan Zoning Change

A coalition of maritime industry representatives says it will pursue a referendum to reverse the City Council’s Sept. 17 decision to rezone Barrio Logan.

Broker Pleads Guilty in Insider Trading Case Involving a Former Qualcomm Exec

Former Merrill Lynch stockbroker Gary Yin pleaded guilty to one felony count covering the laundering of money and obstructing justice in an insider stock trading case involving one of his clients, a former top Qualcomm executive, federal prosecutors said.

Harper Construction Awarded $27M Contract Modification From Navy

The U.S. Navy recently awarded a $27 million contract option to San Diego-based Harper Construction Co. Inc.

Transit System Buys San Diego Industrial Building for $16.6 Million

San Diego’s Metropolitan Transit System has purchased a 90,000-square-foot industrial building in central San Diego for approximately $16.6 million, according to CoStar Group and public data.

BAE Systems Receives $20.7M Contract Modification From Navy

BAE Systems Inc. San Diego Ship Repair recently received a $20.7 million modification to a previously awarded contract for work on the San Antonio-class amphibious transport dock USS Green Bay, the U.S. Navy announced.

Sequenom to Review Strategic Alternatives for Its Genetic Analysis Business

San Diego-based Sequenom Inc. said it will review “strategic alternatives” for its genetic analysis business, which accounts for about 30 percent of its revenue.

MabVax Awarded $1.75 Million NIH Grant

San Diego-based MabVax Therapeutics Inc., a small private biotechnology company that is developing vaccine-based treatments for cancer, has been awarded $1.75 million from the National Institutes of Health.

Tuesday, September 24

Qualcomm on CourseWith Wireless Charging

TECH: Racecars New Twist On Tried Development Route

Qualcomm Inc. is hoping its Halo business will get a charge out of — as it puts one into — auto racing next year.

ImageWare Receives Federal Contract For Iris Recognition System

ImageWare Systems Inc., a maker of biometric identity management software, was awarded a contract for software and services from an undisclosed federal agency to implement iris recognition systems for 20 state and local law enforcement agencies.

Former Qualcomm Exec Is Charged With Insider Trading

A former top Qualcomm executive was charged with insider stock trading in a criminal case that also included federal indictments of his brother and a former Merrill Lynch stock broker.

UCSD Receives $6 Million Bequest From Cubic Founder and His Wife

The University of California, San Diego has accepted a $6.05 million bequest from the trust of Walter J. Zable and Betty Zable.

Shares of Isis Surge on News of Clinical Trial Results

Shares for Isis Pharmaceuticals Inc. have again surged following news of positive clinical trial results, hitting its all-time high of $39.83 in midday trading before settling at $38.48 — a 7 percent increase from the previous day of trading.

Transit District Adds Amtrak Trains to Coaster Service

Six of Amtrak’s Pacific Surfliner passenger trains will begin serving the region’s eight Coaster stations beginning Oct. 7, under an agreement reached recently among the North County Transit District, Caltrans and Amtrak.

Prudential California Realty Becomes Berkshire Hathaway HomeServices California Properties

Prudential California Realty became the first company to operate as a member of the new Berkshire Hathaway HomeServices network, and was renamed Berkshire Hathaway HomeServices California Properties, the company said.

Northrop Grumman Receives $7.9M Air Force Contract

The U.S. Air Force recently awarded Northrop Grumman a $7.9 million delivery order for Global Hawk aircraft equipment — specifically spare parts for ground and communications systems.

Three Local Fresh & Easy Stores Closed

U.K.-based Tesco Plc has closed three San Diego County locations of its Fresh & Easy Neighborhood Market, after selling the small-format grocery chain to The Yucaipa Cos. LLC of Los Angeles.

Monday, September 23

Budget Woes Could Sink Nassco Deal for New Navy Ship

Lack of a federal budget threatens a U.S. Navy shipbuilding project at General Dynamics Nassco in Barrio Logan, the Navy’s top admiral recently told a congressional committee.

Kilroy Buys Del Mar Heights Office Park for $126.3 Million

Kilroy Realty Corp. has purchased The Heights at Del Mar office park in San Diego for $126.35 million, in what brokers said is the region’s third-largest commercial real estate deal of 2013.

Verenium Agrees to Be Acquired by BASF

San Diego-based Verenium Corp. has been acquired by BASF SE, the world’s largest chemical company, for about $62 million. Verenium stock surged nearly 60 percent following the announcement, to $3.98 market close Sept. 20, up from $2.51.

HP Investors Teams Up With Clarion Partners for $48.5M Gaslamp Acquisition

A joint venture by San Diego-based HP Investors LLC. and Clarion Partners LLC of New York City has acquired an interest in the retail and commercial parking portion of the mixed-use Gaslamp City Square in the Gaslamp Quarter.

Business Calendar for Week of Sept. 23, 2013

Some of the business events happening around the county for the week of Sept. 23, 2013.

San Diego Unemployment Rate Drops to 7.4% for August

San Diego’s unemployment rate dropped to 7.4 percent in August from 7.8 percent in July, buoyed by a net gain of 2,900 jobs in the past month.

Millenia Also Creates Homes for Businesses

PROPERTY: Chula Vista Sees Big Development as Job Creator

By mid-2014, the first buildings should be sprouting in The Corky McMillin Cos.’ long discussed Millenia mixed-use development in eastern Chula Vista, expected to include up to 3,000 residential units as it’s built out over the next 20 years.

Qualcomm on CourseWith Wireless Charging

TECH: Racecars New Twist On Tried Development Route

Qualcomm Inc. is hoping its Halo business will get a charge out of — as it puts one into — auto racing next year.

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St. Paul’s Memory Care Program Supporters Share the LUV

Kudos/Giving Column

St. Paul’s Senior Homes and Services’ recent annual LUV Gala netted more than $125,000 for St. Paul’s Memory Care Program. Key sponsors included Sodexo and Secure Transportation.

Intercare Insurance Releases Annual San Diego Benefit Survey

INSURANCE: Survey Indicates Employers Are Committed to Coverage

Intercare Insurance Solutions has released the results of its third annual San Diego Benefit Survey. Intercare, a subsidiary of Chicago-based brokerage Hub International Ltd., surveyed 114 San Diego companies in 15 industries that ranged in size from six to 23,152 employees.

Executive Profile: Byron Johnston

Byron Johnston is president of Teague Insurance Agency Inc. in La Mesa. Established in 1954, Teague is one of the largest San Diego insurance agencies with a focus on property and casualty insurance.

Insurance Providers see Many Challenges in the Next Five Years

INSURANCE: ACA, Demographics, Agent Training Among Issues

The San Diego Business Journal asked five local insurance providers what they see as the greatest challenge during the next five years:

Making the Telemedicine Connection

MEDICINE: Insurance Coverage Often a Missing Link in New Treatment

Telemedicine — a trend in health care that many agree has the potential to improve care and reduce costs — faces a significant problem: Very few health plans cover it. Of those that do, it’s complicated and restrictive.

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General Counsel Awards Will Honor Some Sterling Efforts

The Business of Law

I just finished judging the 57 nominees for the San Diego Business Journal’s General Counsel Awards event. These nominees are impressive and work with many San Diego law firms. There are big companies — such as Petco, AMN Healthcare, the Padres, TaylorMade and General Dynamics NASSCO — and lots more of various sizes.

West Health Looks to Cable TV Model to Standardize Medical Devices

Biotech/Health Care Column

The folks at the West Health Institute offered an interesting analogy to explain how they plan to model their newly launched San Diego-based Center for Medical Interoperability Inc. — cable TV.

Quality of Banks Improves as Quantity of Institutions Declines

Finance Column

The number of banks in this country keeps shrinking, but those that are left are much healthier, according to some recent reports.

New Breweries Will Add to North County’s Rich Selection

Real Estate Column

North County is about to see some additions to its already burgeoning craft beer industry, with two new brew-centric businesses on the way in Carlsbad and Vista.

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City Council May Have an Answer to ‘Paper or Plastic?’

RETAIL: Plastic Bag Ban Being Considered; Business Input Sought

San Diego is on its way to joining some 80 other California cities in banning the use of plastic bags at grocery stores and retail outlets.

Local Housing Market Favoring Sellers for Foreseeable Future

PROPERTY: Fewer Distressed Properties; Inventory Remains Low

San Diego’s housing market is gradually moving toward normalcy, but the number of homes for sale is still far below historic levels, giving sellers the advantage as prices remain relatively high, several housing experts said.

Beverage Designed to Take the Edge Off Prior to Going Under

HEALTH: Initial Trials Indicate Drink Improves Comfort After Surgery

San Diego-based BevMD Inc. has developed a preoperative beverage meant to keep patients comfortable in the hours before they go under the knife.

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Minimum Wage Boost Could Cost Labor, too

WORKFORCE: Business May Turn to Automation Or Reductions in Staff

Phil Spear’s business is about to get even more complicated. Spear employs 49 people at The Hamburger Factory restaurant in Poway, which he owns with wife Cleta Spear. Already the couple faces higher bills from food suppliers and new requirements from the Affordable Care Act. Delivers on Customer Service

AUTOS: Skilled Workers, Select Inventory Help Drive Online Sales

Competing against the biggest auto parts retailers in the nation hasn’t intimidated as long as the San Diego-based online parts seller is able to compete on its own terms.

For Entrepreneurs, Time Is Money On Kickstarter

SDBJ Insider

Popular crowdfunding website Kickstarter has apparently emerged as the go-to source to raise capital for small San Diego businesses. The latest is watchmaker Original Grain, which used the $390,000 raised from 2,200 people in 30 days to launch a new line of wood and stainless steel watches using a Japanese quartz movement.

Shipyards See Plenty of Hazards in New Zoning

Industry: Businesses to Face New Rules and Limitations

Businesses serving the U.S. Navy see a difficult road ahead after the City Council approved new zoning for Barrio Logan, the site of San Diego’s ship repair yards.

Otay Could Take Off With Proposed Airpark

TRANSPORT: Initial Phases To Focus on Aviation, Cargo

City planners and developers are looking to jump-start a previously proposed multimillion-dollar redevelopment — stalled by the recession — that would significantly boost aviation facilities and related commercial amenities at Brown Field Municipal Airport in Otay Mesa.

Public Performance

invest: Biotech IPOs Continue Their Impressive Showing

A boom year for initial public offerings by San Diego biotechnology companies is generating momentum that will buoy regional growth in that sector, industry stakeholders said. With four such IPOs executed in 2013 and two more on the way, mirroring a national trend, it’s been a boon that could help reverse a 13-year drought for investing in life sciences.

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Friday, September 20

Leap Schedules Shareholders Meeting to Vote on Sale to AT&T

Leap Wireless International Inc., the flat rate cellphone carrier doing business as Cricket, said a special shareholders meeting to vote on its sale to AT&T Inc. is set for Oct. 24 in Denver.

Pathfinder Partners Acquires Temecula Retail Centers for $18.5 Million

San Diego-based Pathfinder Partners LLC has purchased two specialty retail centers in Temecula for a total of approximately $18.5 million.

MetroCorp Bancshares Inc. Agrees to Be Bought for $273M

East West Bancorp, based in Pasadena and with $23 billion in assets, agreed to purchase MetroCorp Bancshares Inc., parent of San Diego-based Metro United Bank and one Texas bank, for an aggregate $273 million in cash and stock.

Otay Mesa Industrial Building Sells for $4 Million

Tarantino Family Trust has purchased a 73,000-square-foot industrial food processing facility in Otay Mesa for approximately $4 million.

Dave Grundies Named CEO at GET Engineering Corp.

Dave Grundies has taken over as CEO of GET Engineering Corp. of El Cajon, the company recently announced. He replaces Greg Mac Neil, who led the company since 2003.

Ruby’s Debuts Small-Format Eatery in National City

Irvine-based Ruby’s Diner Inc. has debuted a new small-format, quick-serve eatery at Westfield Plaza Bonita mall in National City.

Thursday, September 19

RQ-DPR Construction Joint Venture Receives $46.4M Navy Contract

The Navy Department recently awarded a $46.4 million contract to the RQ-DPR Construction Joint Venture for work at Marine Corps Base Camp Lejeune.

Westcore Properties Buys Denver Industrial Buildings for $29 Million

San Diego-based investment firm Westcore Properties has purchased two industrial properties in the Denver market for $29 million.

Soitec to Develop Power Plant for Defense Department; Solar Modules to Be Built Locally

Soitec Solar Development LLC, a French solar power company with a manufacturing plant in San Diego, has signed a contract with the U.S. Department of Defense to develop a power plant that will provide energy to a military training center at Fort Irwin.

Peregrine Semiconductor Supplying Antenna Switch to Samsung

Peregrine Semiconductor Corp., the San Diego maker of radio frequency integrated circuits, said it is the supplier of the main antenna switch for the Samsung Galaxy S4 LTE-Advanced smartphone.

West Foundation Grant to Create Center for Medical Interoperability

The Gary and Mary West Foundation has provided the initial grant funding to create a new San Diego-based Center for Medical Interoperability Inc.

Strategic Operations Gets Contract Potentially Worth $3M From Naval Health Research Center

Strategic Operations, the San Diego provider of “hyper-realistic” training for military and law enforcement personnel, said the Naval Health Research Center awarded it a three-year purchase agreement to support the Simulated Ambulant Lab Technology program.

Jacob Tyler Group Acquires an East Coast Agency

Jacob Tyler Group, a San Diego branding design firm with an emphasis in Web design, said it acquired an East Coast counterpart early this month.

Trinity Orthopedics Buys Patent Portfolio

San Diego-based Trinity Orthopedics Inc. has acquired the patent portfolio of Portland, Ore.-based Expanding Concepts LLC for an undisclosed sum, Trinity said.

Wednesday, September 18

Some Reports Say Nirvanix Is Planning to Shut Down

San Diego-based cloud storage firm Nirvanix Inc. appears to be shutting down, according to reports in computer trade publications.

Cardium Subsidiary to Offer Life Insurance for Prostate Cancer Sufferers

A subsidiary of San Diego-based pharmaceutical company Cardium Therapeutics Inc. has launched a life insurance program for men with prostate cancer.

El Cajon Mall Part of Westfield Group’s $1.6 Billion Divestment Deal

Australia-based Westfield Group is selling majority stakes in seven U.S. shopping malls, including Westfield Parkway in El Cajon, to an affiliate of Starwood Capital Group, in a deal valued at $1.64 billion.

JMI Completes $12 Million Renovation of The Inn at Rancho Santa Fe

JMI Realty, led by former San Diego Padres owner John Moores, has completed a $12 million renovation of The Inn at Rancho Santa Fe, the historic 87-room hotel property that it purchased last year.

Sony Making Cuts to Local Labor Force

Sony Online Entertainment, based in Sorrento Valley and the maker of massively multiplayer online games such as EverQuest, said it laid off an undisclosed number of employees in a restructuring it announced a few weeks ago.

San Diego’s GoFastCab Acquired By Total Transit

GoFastCab, a San Diego mobile app development company, said it was acquired by Total Transit for an undisclosed price.

Greg Lucier Named Chairman at Sanford-Burnham

Greg Lucier, chief executive of Carlsbad-based Life Technologies Corp., has reportedly accepted the role of chairman of the board of trustees for Sanford-Burnham Medical Research Institute.

‘Hiring Our Heroes’ Job Fair Set for Sept. 19

More than 90 employers are participating in a Hiring Our Heroes job fair at Camp Pendleton Sept. 19 that will feature Medal of Honor recipient Sgt. Dakota Meyer.

Tuesday, September 17

General Atomics ASI Awarded Nearly $200M Army Contract for Unmanned Aircraft

General Atomics Aeronautical Systems Inc. received a $199.7 million contract to provide the MQ-1C Gray Eagle unmanned aircraft system to the U.S. Army, according to a recent Pentagon announcement.

Charter School Buys Former Newspaper Building for $7 Million

The Classical Academy, a locally based charter high school, has bought a former North County Times distribution building near downtown Escondido for $7 million, according to CoStar Group and public data.

Rollet to succeed Caulfield as CEO at AIS

Greg Rollet has named CEO at AIS, a San Diego-based information technology company also known as American Internet Services.

Solpac Construction Gets $11.8M Task Order for Marine Hangar Project

Solpac Construction Inc. of San Diego has been awarded a $11.87 million task order, for hangar renovations and additions at Marine Corps Air Station Miramar in San Diego.

Pricesmart Sales up Significantly in August, Fiscal Year

Pricesmart Inc.’s net sales in August increased 15.5 percent compared with sales in August 2012, the company reported recently.

MaxLinear’s Integrated Circuits to be Used in Satellite TV Boxes

Integrated circuit maker MaxLinear has made a deal to supply ICs to a Taiwanese television set-top box manufacturer, the company reported recently.

Monday, September 16

Qualcomm and Technicolor Make ‘Smart TVs’ Even Smarter

Qualcomm and Technicolor are working together to send content to televisions using a technology usually associated with wireless phones.

Sempra Declares Quarterly Dividend

Sempra Energy’s board of directors declared a quarterly dividend of 63 cents per share of common stock. The dividend is payable Oct. 15 to shareholders of record on Sept. 28.

General Atomics ASI Awarded Air Force Contract Worth $12.8M

The U.S. Air Force awarded a $12.8 million deal to General Atomics Aeronautical Systems Inc. for work on sensor systems that go aboard the remotely operated Reaper aircraft.

Carlsbad Research Property Sells for $12.7 Million

Alvarez & Marsal Capital Real Estate of El Segundo has purchased the Faraday Research Center office property in Carlsbad for $12.7 million, according to brokerage services provider Cassidy Turley.

Legal Field to Be Honored at Inaugural Awards Event

The San Diego Business Journal is hosting the first General Counsel Awards event to recognize the best and brightest of San Diego’s distinguished group of in-house attorneys.

Sony Serves Up Kitchen Edition of Xperia Tablet Z

Not many computers come preloaded with 260 recipes for dinner.

Business Calendar for Week of Sept. 16, 2013

Some of the upcoming business events for the week of Sept. 16.

Graduates Must Build Résumé From Degree Up

Commentary: Editorials, letters, columns and other opinions

September heralds the end of the summer and the start of the academic year, an important time to confirm that “no other investment yields as great a return as the investment in education,” as Oklahoma Gov. Brad Henry once said.

Leadership Skills From Inner-Self Development

Commentary: Editorials, letters, columns and other opinions

Leadership seems to be the universally prescribed antidote for all that ails an organization. Whatever the problem, leadership is deemed the solution. Whether a group’s challenges are social, political or environmental, without a moment’s hesitation everyone calls for leadership.

Pet Day on the Bay Brings Boatload of Support for Animal Center

Kudos/Giving Column

Staffers at San Diego-based The Control Group supported Hornblower Cruises’ annual Pet Day on the Bay and the Helen Woodward Animal Center by bringing items to donate for the animals at the center.

Real Estate Round

Projects, developments and other activity in cities in and around San Diego County

Cushman & Wakefield announced three new leases at 3548 Seagate Way in Oceanside. Ron King and Amy McNamara of Cushman & Wakefield represented the lessor, Rock-Sea LLC, in all three transactions.

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Irvine Co. Makes Big Buy With La Mirage Apartment Complex

REAL ESTATE: Price Estimated at $350M for Mission Valley Complex

The Irvine Co. has bought an upscale apartment complex in Mission Valley — the company’s largest single-property acquisition of the year.

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Executive Profile: Michael "Mick" Farrell

Michael “Mick” Farrell is CEO of ResMed, a global leader in respiratory medicine, including sleep apnea, chronic obstructive pulmonary disease and cardiorespiratory disease.

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Venture Capital Spending in Region’s Biotech Space Is on the Rise

BIOTECH: San Diego Ranked Fifth in Q2 ’13, But Trend Is Up

There was an upsurge nationwide in life sciences venture funding in second quarter 2013, but San Diego hasn’t necessarily been a beneficiary.

Trading Up

BIOTECH: Companies Make Move From OTC To Big Stock Exchanges

Organovo Inc. has become a poster child for the penny stocks. The San Diego biotech recently traded up from the over-the-counter market and is now listed on the New York Stock Exchange.

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Regional Report

News and notes from communities around San Diego County

Kimco Realty Corp. had retail space that needed filling at Poway City Centre, one of the many shopping centers that line Poway Road.

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These Sorts of Signs May Mean It’s Time to Sell That Stock

Biotech/Healt Care Column

As far as I’ve seen, University of Michigan finance professor Kai Petainen is the only one pointing out — in a contributed column in Forbes — that several top executives at Neurocrine Biosciences Corp. sold shares in the weeks and months preceding a major drop in the biotech’s stock price.

Credit Union Finds Time Is Right for Pursuing Big Banks’ Customers

Finance Column

Credit unions continue to expand and gain market share mainly from larger lenders.

Can You Feel Me Now? Smartphones May Get a New Touch

Technology Column

Smartphones are good at conveying sights and sounds. But touch? Not good at all. Not yet. Soon, however, there may be a way to send a rudimentary sensation of touch through Internet-connected devices.

Cassidy Turley Merger Part of Industrywide Consolidation

REAL ESTATE: Clients Seek Companies That Can Deliver Seamless Services

The merger of the former Cassidy Turley San Diego into the national commercial real estate brokerage with which it had been affiliated should yield no staff cuts or changes in services offered, the head of local operations said.

New SEC Rules for Angel Investors May Create a Roadblock

INVESTING: Regulation’s Intent Was to Protect Unsophisticated Investors

Federal regulations covering the selling of stock that take effect this month could have a devastating impact on the ability of startup businesses to attract angel investors, the area’s main angel organization said.

Eyes Are the Prize for New Video-based Social Networking Site

TECH: Real-Time Streaming Is Tool to Build A Community of Users

With Facebook about to turn the big 1-0, and the extra-short videos of Instagram and Vine becoming business as usual, technophiles may wonder what’s next in social networking?

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Region Needs Creative Paths to Redevelopment

PLANNING: Forum Panelists Call for Focus On Underserved Areas

San Diego will be challenged in the coming decades, especially since the abolition of redevelopment agencies in California, to leverage the massive spending planned on transportation to spur significant commercial and residential development in the neighborhoods that need it most.

For Mitchell, Sale to KKR Is Business as Usual

SOFTWARE: Changes Not Expected as Company Sales Have Been Increasing

Changing owners is old hat for longtime employees at Mitchell International, so the one just announced won’t be that different, its chief executive said.

Crowdfunding Could Put Butlers In Many Homes

SDBJ Insider

La Mesa product designer Curtis Micklish — creator of “The Butler” organizer used to stash cellphone, glasses, keys, wallet and other personal items — is nearing his goal of raising $25,300 at crowdfunding website

Many Solar Incentives May Soon Go Dark

ENERGY: Popularity of Programs Depletes Funds

Many of the incentive programs that have helped California — and San Diego in particular — lead the nation in solar installation projects are quickly running out. Thanks to the stunning popularity of adding rooftop solar panels to homes and businesses, the incentive programs are being depleted of cash earlier than projected.

Possible Military Action Raises Concern Over Cuts

DEFENSE: Sequestration Is Threat to Readiness Some Say

The possibility of U.S. military action in Syria has spurred concern among local defense industry executives that sequestration — the term for across-the-board cuts to the federal budget, including the Pentagon budget — threatens to inhibit the military’s ability to respond to this and future international crises.

Chargers’ Option Play Not in City’s Game Plan

SPORT: Team’s Proposal Ties Convention Center to Stadium

With the California Coastal Commission set to review the proposed $520 million expansion of the city’s convention center, the San Diego Chargers want to change the playbook for boosting the region’s capability to host big events.

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Putting Our Technology On the Map

PROPERTY: Space Needs Of Tech Companies Create Demand in Key Clusters

Local high-tech companies — ranging from microchip and wireless providers to those involved with defense-related aerial drones — are creating steady, though less than hot, demand for commercial space. In the most vibrant clusters for such businesses, tenants are paying more for and expecting more of their space.

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Nacelle Maker Lands a Big Market Share

PRODUCTION: UTC Keeps Aerostructures Business Soaring

About a year after United Technologies Corp. acquired Goodrich Corp., the UTC Aerostructures division is busier than ever, churning out nacelles for the world’s largest aircraft makers.

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Friday, September 13

Legoland Debuting Water Park in 2014

Legoland California Resort plans to open Lego Legends of Chima, a new three-acre water park set for a summer 2014 debut on the grounds of the Carlsbad theme park.

MEI PHarma Acquires Rights to Cancer Drug

San Diego-based cancer drugmaker MEI Pharma Inc. has acquired exclusive worldwide rights for a drug from the privately held Pathway Therapeutics Inc.

San Diego Median House Price Is $415,000 for August

San Diego’s median housing price declined by $2,000 in August but was still well above the median price for the six-county Southern California median price at $415,000.

Northrop Grumman Gets Global Hawk Logistics Contract Worth $169.9M

The U.S. Air Force recently awarded Northrop Grumman a one year deal for logistics for its Global Hawk unmanned aircraft. In a Sept. 12 announcement, the Pentagon estimated the value of the contract at $169.9 million.

Business Journal’s Women Who Mean Business Nomination Deadline Extended

The San Diego Business Journal has extended the nomination deadline for its popular Women Who Mean Business Awards. Nominations for the annual recognition will be accepted through Thursday, September 26, 2013.

RF Industries Reports Q3 Net Income of $917,000

RF Industries Ltd., a San Diego maker of radio frequency connectors and cable assemblies, reported fiscal 2013 third quarter net income of $917,000, compared with net income of $735,000 for the like period of 2012.

Sorrento Mesa Office Building Sells for $5.65 Million

Yehudi & Pam Holdings LLC of San Diego has purchased a Sorrento Mesa office building for approximately $5.65 million, according to CoStar Group and public data.

Local Company Sells Self-Storage Portfolio for $195.1 Million

Solana Beach-based All Aboard Mini Storage has sold a 19-building portfolio of self-storage buildings to Extra Space Storage Inc. of Salt Lake City, in a deal valued at approximately $195.1 million, according to CoStar Group and public data.

Thursday, September 12

Nassco Receives Contract to Build 2 Tankers

General Dynamics Nassco, the shipbuilder based in Barrio Logan, received a contract to build two tankers for Seabulk Tankers Inc, Nassco said.

Qualcomm Announces New Stock Repurchase Plan

Qualcomm Inc.’s board of directors approved a new $5 billion stock repurchase program, replacing an earlier $5 billion stock repurchase plan it had since March.

Sandag Gets $14M Grant to Replace Bridges; Project Bid in the Fall

The San Diego Association of Governments, the regional planning and transportation agency, won a $14 million federal grant to replace four aging wooden trestle bridges in the Los Penasquitos Lagoon in North County, Sandag said.

San Diego’s Future Leaders Honored in New Awards Program

The San Diego Business Journal has launched a new addition to its popular slate of awards events. Emerging Generation: 25 In Their 20s will showcase young professionals who have excelled in their fields.

Walmart Opens First Escondido Location

Walmart has opened its first store in Escondido, located at 1330 E. Grand Ave. The new store employs approximately 215 full- and part-time workers, the company said.

Cubist Completes Acquisition of Trius Therapeutics

Lexington, Mass.-based Cubist Pharmaceuticals Inc. has completed its acquisition of San Diego’s Trius Therapeutics Inc. for about $704 million upfront.

Deadline for Nonprofits to Seek Wells Fargo UrbanLift Grants Is Sept. 30

Wells Fargo, the nation’s largest home lender, reminds local nonprofits that the deadline for seeking grants through its UrbanLift program is Sept. 30.

Wednesday, September 11

World’s Largest Hydraulic Mining Shovel Using Maxwell’s Ultracapacitors

San Diego-based Maxwell Technologies is supplying ultracapacitors to heavy equipment maker Caterpillar Inc. for use on what’s billed as the industry’s largest-ever hydraulic mining shovel.

San Diego Affiliate Among 4 Merged into Cassidy Turley

Commercial real estate services provider Cassidy Turley has acquired and merged four former Western affiliate operations into the national company, including the company most recently known as Cassidy Turley San Diego.

Neurocrine Shares Dive on News of Clinical Trial's Low Dosage Results

Shares for San Diego-based Neurocrine Biosciences Corp. plummeted nearly a third in value following results that its movement disorder drug didn’t meet expected goals in low dosages in a clinical trial.

Coronado Hotel Sells for $7.7 Million

A Coronado hotel known as 1906 Lodge at Coronado Beach has been sold for $7.7 million, according to CoStar Group and public data.

Deere & Co. Explores Sale of Its Irrigation Business

Deere & Co. might sell its irrigation business, John Deere Water, which has employees in northern San Diego County, the company said.

Earth Dragon Resources Signs Letter of Intent to Buy Telecom Company

Earth Dragon Resources Inc., a San Diego research firm in the precious metals industry, signed a letter of intent to acquire an unnamed private company in the telecommunications industry, the company said.

Tuesday, September 10

Isis Receives $100M Upfront From Biogen to Expand Partnership

Carlsbad-based Isis Pharmaceuticals Inc. received $100 million upfront from Weston, Mass.-based pharma giant Biogen Idec Inc. to expand its partnership and develop drugs for neurological disorders.

San Francisco Company Buys Carlsbad Office Building for $22.3 Million

Pacific View Corporate Center, a two-story Class A office building in Carlsbad — housing tenants SynteractHCR., a company that outsources clinical research, and RF Micro Devices, a company designing and manufacturing high-performance radio frequency solutions — has been sold for $22.3 million to Drawbridge Realty Trust of San Francisco.

Qualcomm’s Wireless Charging Technology Joins the Formula E Racing Team

Qualcomm Inc. announced it has entered a multiyear agreement with the FIA Formula E race series to apply its wireless charging technology to electric racecars.

Median Home Price Is Up 23% From August 2012

The median price for a single family house sold in August declined 0.4 percent from July to $483,000, but it was 23 percent above the sales price in August 2012, according to the Greater San Diego Association of Realtors.

Novatel Cutting 75 to 80 Employees as Part of Restructuring

Novatel Wireless Inc., a San Diego-based maker of wireless modems and software, said it’s cutting 75 to 80 employees or 17 percent of its total workforce.

Kratos Receives $7.3M Order for Specialty Products

Kratos Defense & Security Solutions Inc.’s Modular Systems division received $7.3 million in orders for specialty products.

Partnership Buys Pacific Beach Parcels for $4 Million

A partnership that includes locally based Caster Properties Inc. and The Focus Group has purchased seven land parcels in Pacific Beach, totaling 88,000 square feet, for $4 million.

Monday, September 9

Carlsbad Contractor Gets $27.7 Million Contract to Build Military Center

RQ Construction LLC of Carlsbad has been awarded a contract of approximately $27.7 million, to build a readiness center at Joint Base Lewis-McChord near Tacoma, Wash.

CEO Jacobs Likes Qualcomm Employee Fletcher for Mayor

Mayoral candidate Nathan Fletcher still works for Qualcomm Inc., but his boss, CEO Paul Jacobs, says he is better suited for another job.

Northrop Grumman Receives Navy Contract Worth Up to $10M

The U.S. Navy recently awarded Northrop Grumman a contract modification that could be worth as much as $10 million.

Apartments, Land in Ocean Beach Sold for $6.3 Million

A 22-unit apartment complex in Ocean Beach, with an adjacent property, have been sold for a total of approximately $6.3 million, according to Marcus & Millichap Investment Services.

Qualcomm’s Atheros Introduces Chips for Machine to Machine Communication at Home

Qualcomm Inc.’s Atheros subsidiary is introducing a new line of microchips that let machines exchange information with each other using Wi-Fi networks.

An Accrediting Agency Removes a Sanction on Ashford University

Bridgepoint Education Inc., the San Diego based provider of college courses mainly through online channels, said the Higher Learning Commission of the North Central Association of Schools and Colleges removed a sanction on Bridgepoint’s subsidiary Ashford University last month.

Business Calendar for Week of Sept. 9

A look at some of the business events happening around the county for the week of Sept. 9.

Executive Profile: Ernesto Arredondo Jr.

Ernesto M. Arredondo Jr., is area president of Wells Fargo & Co.’s San Diego community bank. A 14-year financial services veteran, Arredondo is responsible for $4 billion in deposits, and oversees a team of more than 6oo employees and 41 banking locations.

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Nonprofit Leader Rana Sampson Joins SDBJ

Kudos Giving Column

The San Diego Business Journal has long had a commitment to philanthropy and the nonprofit sector in San Diego.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

A grand opening was held recently for the new student services center and cafeteria/bookstore at San Diego Miramar College, the latest San Diego Community College District project funded by Propositions S and N.

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Banking Climate Change

BANKS: Consolidation Comes as Smaller Banks Struggle to Compete

More community banks were eliminated from the local and national banking landscape, driven by a sluggish economic recovery causing weak loan demand, and higher costs related to regulatory compliance.

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Legal Community to Honor Local Attorneys at SDBJ Event

The Business of Law

You and the rest of the legal community have nominated 57 in-house lawyers for special recognition. It’s impressive that San Diego has so many exceptional corporate counselors, and you’re invited to get to know them at a special San Diego Business Journal event next month.

American Specialty Health Will Move Its Headquarters to Indiana

Biotech/Health Care Column

Chasing a lower cost of living for employees and benefitting from state tax incentives, American Specialty Health Inc. plans to move its headquarters from San Diego to Carmel, Ind., next year, the company announced recently. It will maintain its office in San Diego, which employs about 800, but move corporate operations to the Midwest — a region that CEO George Devries says offers “a more business-friendly climate.”

Revamped La Casa del Zorro Resort Sets Date for Its Formal Debut

Real Estate Column

The new operators of La Casa del Zorro plan an Oct. 19 formal reopening for the vintage desert resort, which has recently undergone an extensive renovation.

Regents Keeps Its Name as It Becomes Division of Grandpoint

Finance Column

When Regents Bank was acquired by Grandpoint Capital last year its executives maintained that it would retain its local control and customers would see little change.

LifePlate Turns Backpacks Into Shooting Survival Gear for Students

PRODUCTION: School Shootings Are Motivation For Company’s Product

Thoughts of Anthony Sorge’s daughter couldn’t have been far from his mind as he heard the news in December 2012 about a mass shooting at a Connecticut elementary school. A year earlier, Lauren Sorge and her schoolmates at Santa Fe Christian School had been in lockdown in response to reports of a gunman being nearby.

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Sparql City Aims to Shine In Life Science Space With Software Tool

TECH: Making Big Data Easily Manageable Is Goal

A San Diego software spinoff armed with $10 million in venture funding is targeting industries such as life sciences that it sees as logical users of its tools for exploring the breadth and depth of big data.

‘Think Local First’ Initiative Seeks to Keep the Bacon Home

GOVERNMENT: Effort Promotes Local Vendors For City, County Contracts

A local business chamber has rolled out an initiative to get every government agency in San Diego County to think local when contracting for any goods or services.

It’s Where, Not How You Play

SPORTS: Stadium, Market Size Hamper Team’s Value; Wins, Losses not a Factor

Great expectations abound as the San Diego Chargers open their 2013 season before a nationally televised Monday Night Football audience Sept. 9, but win or lose this season, the value of the Chargers will undoubtedly improve.

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Supplement Market Seen As Way to Grow Triton

BIOTECH: Algae Products to Be First Used for Livestock, Pets

Triton Algae Innovations Ltd. recently received $5 million in Series A funding to continue developing nutritional supplements out of genetically modified algae that could help the stomach fend off viruses and bacteria.

Qualcomm’s Toq More of a ‘Display Model’

TECH: Smart Watch Is Sort of Industry ‘Ad’ for Company’s Tech

Qualcomm Inc.’s new Toq smart watch might be compared to a diamond ring. There are the jewels. Then there is everything else.

Santa Fe Depot Projects Are Not on Fast Track

PROPERTY: Construction Waits For Green Flag From Market

Condos, courtyards, a museum and other amenities have transformed the downtown San Diego neighborhood surrounding the historic Santa Fe Depot over the past three decades. But observers say it could be at least four years before the final pieces of the redevelopment are in place.

Sempra, Other Large Cos. Sold on Downtown

DEVELOPMENT: Urban Setting First Attracted the Young

When Sempra Energy moves into its new East Village home around 2015, it will be greeted by several new corporate neighbors now in the process of moving downtown.

ClearBalance Lending Up; Financing Fills Need in Hospital Billing

FINANCING: Patients With High Deductibles Often Use the Service

The number of patient loans made by San Diego-based lender ClearBalance Inc. has grown 76 percent from last year as the number high-deductible health insurance plans increases.

Friday, September 6

Fate Therapeutics Announces Terms for Planned IPO

San Diego stem cell treatment company Fate Therapeutics Inc. announced the terms for its approximately $60 million initial public offering.

Overland Storage Reports Net Loss of $19.6M for FY2013

Overland Storage, the San Diego based provider of data storage services, reported a fiscal 2013 net loss of $19.6 million, compared to a net loss of $16.2 million for the prior fiscal year.

Mitchell International to Be Sold By LA Equity Firm To N.Y. Private Equity Firm

New York private equity firm KKR & Co. L.P. has agreed to acquire San Diego-based Mitchell International from a private equity firm.

National Venture Capital Funding of Life Sciences Increases 26% in Q2

There has been a sharp increase in venture capital funding of life sciences companies in the second quarter of 2013, according to a new report from PriceWaterhouseCoopers and the National Venture Capital Association.

Corner Bakery Café Plans Up to 9 New Local Restaurants

Dallas-based Corner Bakery Café plans to open up to nine new restaurant locations in the San Diego region, as part of a new franchise agreement with Feast California Café LLC of Murrieta.

Cubic Receives $1.5M Contract from NCTD

Cubic Corp. said it received a three-year, $1.5 million contract from San Diego’s North County Transit District to maintain electronic ticketing equipment for the Coaster commuter rail and Sprinter light rail systems.

Home Furnishings Store Changes Name to Pirch

San Diego-based home furnishings retailer Fixtures Living has changed its name to Pirch, a variant on the word “perch.”

Thursday, September 5

Qualcomm Finds Time Is Right for Smart Watch

It’s official: Qualcomm Inc. is getting into the smart watch business.

Otonomy Rasies $45.9M In Series C Funding

San Diego-based biopharmaceutical company Otonomy Inc. has raised $45.9 million in Series C financing.

Trex Enterprises Awarded $23.6M Air Force Contract

The Air Force awarded a $23.6 million contract to San Diego-based Trex Enterprises Corp. for services related to military imaging surveillance technology.

Local Contractor Gets $14.6 Million Task Order for Navy Clinic Renovation

R.A. Burch Construction Co. Inc., based in Ramona, has been awarded a task order valued at approximately $14.6 million, to renovate existing building spaces for the dental clinic at Naval Base San Diego.

Isis Stock Rises as Success Reported in Heart Drug Trials

Stock for Carlsbad-based Isis Pharmaceuticals Inc. has risen 13 percent on news that midstage trials for its experimental heart drug have been successful.

NaZura BioHealth Spun Out of Elcelyx to Focus on Dietary Supplement

San Diego-based Elcelyx Therapeutics Inc. has formed a separate company called NaZura BioHealth to focus on developing Lovidia, a dietary supplement meant for weight management.

Summer Sports Clinic for Injured Military Veterans Set For San Diego Sept. 15-20

More than 100 injured military veterans from around the nation, and locally, are coming to San Diego Sept. 15-20 to participate in the sixth annual National Veterans Summer Sports Clinic.

Wednesday, September 4

Realty Income Names New Leader to Succeed Retiring CEO

Realty Income Corp. has named John P. Case to succeed the retiring Tom A. Lewis as chief executive officer of the Escondido-based company.

Carlsbad Company Acquires 3 Retail Properties for $16 Million

Investment and development firm Capstone Advisors of Carlsbad has completed three retail property acquisitions in three states, at a total cost of $16 million.

San Diego Places 5th Nationally for Event Bookings

San Diego placed fifth in the nation for meeting and event bookings, in an annual ranking by Virginia-based event management technology provider Cvent Inc.

Accelrys Acquires ChemSW Inc.

San Diego software developer Accelrys Inc. has acquired the privately held ChemSW Inc., paying about $15.3 million in cash to ChemSW’s shareholders, Accelrys said.

Aquiline and Genstar Complete Acquisition of Altegris

Private equity firms Aquiline Capital Partners LLC and Genstar Capital Management completed the acquisition of Altegris, a La Jolla-based investment firm, for an undisclosed price.

Triton Algae Receives $5M in Series A Funding

San Diego-Based Triton Algae Innovations Ltd. has received $5 million in Series A funding to study and commercialize its algae-based dietary supplements.

Kratos Receives Additional $3.5M Worth of Work for a Transit Authority

Kratos Defense & Security Solutions Inc. received $3.5 million worth of work with an existing customer, an unnamed mass transit authority.

GridCOM Receives $95,000 State Grant for Encryption Work

GridCOM Technologies of San Diego said it received a state grant of $95,000.

Tuesday, September 3

American Specialty Health Moving Its Headquarters to Indiana; It Will Maintain Local Office

American Specialty Health Inc. will move its headquarters from San Diego to Carmel, Ind., in the second quarter of 2014.

Bank’s California Economic Index Declines Slightly in June

Comerica Bank’s California Economic Activity Index eased in June, dropping one half of 1 percent to 105.9, the bank announced.

Church of Scientology Sells La Mesa Land for $9.3 Million

Fairfield Residential of San Diego has purchased 8.6 acres of commercial land in La Mesa from the Church of Scientology for $9.3 million , with plans to develop the property as multifamily housing.

Accumetrics Acquired by ITC; Combined Company to Be Based in San Diego

New Jersey-based ITC Nexus Holding Co. has acquired San Diego-based Accumetrics for undisclosed terms, ITC says. Both companies make specialized blood tests.

See’s Candies Opening New Store at Fashion Valley

See’s Candies plans to open its latest local store Sept. 6 at Fashion Valley mall in Mission Valley.

Borrego Solar Receives Defense Department Contract

San Diego-based Borrego Solar is among 22 companies that recently received U.S. Defense Department contracts for solar energy.

The Business Events Calendar for Sept. 2, 2013.

These are some of the business events happening in the week of Sept. 2.

Monday, September 2

Companies Find Right Price and Space in Otay

PROPERTY: Improvements To Help Region Compete

The long-slumbering industrial market in Otay Mesa has recently been waking up, with a series of big property buys and leasing deals highlighted by a site targeted for use by FedEx Corp. Brokerage experts attribute the trend to rising corporate demand for transportation-friendly sites near the border — among other factors — as large buildings and land parcels remain scarce elsewhere in San Diego County.

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Imagination Can Be ‘Hyperloop’ Taking Us to Future Discoveries

Technology Column

I think I’m the only technology reporter who has not yet written about Elon Musk’s proposal for a “hyperloop,” a device roughly akin to a capsule in a very long pneumatic tube that, the inventor claims, could get a person from Los Angeles to San Francisco in 35 minutes.

Grant Makes Scientist the $6.4M Man of Stem Cell Research

Biotech/Health Care

The California Institute for Regenerative Medicine recently met in La Jolla to dole out $40.6 million to 13 research groups throughout the state — including about $12.7 million to San Diego researchers.

Torrey Pines Is Helping a Sister Bank and Itself With Loan Sales

Finance Column

Torrey Pines Bank passed $2 billion in total assets late last year, before it shrank a bit in the first quarter to $1.95 billion.

Cruise Lines Plan New Ensenada Services for 2014, Benefitting Region

TOURISM: Baja Sees Best Summer Tourism Numbers in Five Years

Baja California tourism leaders are touting an expected increase next year in cruise ship stops at Ensenada and recent tourism improvements in the Mexican state as having the potential to bring significant economic impacts north of the border.

Failure of Key Gene Therapy Trial Leaves Vical in a Difficult Position

BIOTECH: After 20-Year Effort, Firm Must Switch Gears

San Diego pharmaceutical company Vical Inc. may be headed down a slippery slope, analysts said, now that Allovectin, its gene therapy vaccine for skin cancer, has failed in late-stage clinical trials. And it will have to produce results with its other developing vaccines to regain its footing and investors’ confidence. Is Definitely Not Your Father’s Advertising Vehicle

MARKETING: Firm Uses Brand Advocates and Social Media to Connect mixes traditional vehicle-mounted advertising with the still-emerging world of social media.

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China Expansion Gives UltraStar a Grand Opening

THEATERS: Midsize Markets Targeted; Films To Be Part of Offerings

Vista-based UltraStar Cinemas Inc. is looking to make an overseas name for itself in the movie theater business, and the script calls for more than films to be shown at its digital theaters under construction in China.

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Mortgage Activity Downturn Leads to Layoffs

FINANCE: Banks Help Affected Workers In Their Job Searches

The two national megabanks that recently notified about 800 people in San Diego that their jobs will be eliminated are providing internal and external job placement services to help affected employees find new jobs.

Self-Employed Get an Assist on Affordable Care Act

SDBJ Insider

The Washington, D.C.-based National Association for the Self-Employed says the arrival of the Affordable Care Act portends dramatic changes ahead for San Diego County’s 238,000 self-employed starting Jan. 1.

Ready to Grow

PROPERTY: Oceanside Welcomes New Businesses as Tide Begins to Turn for Area

A Virginia-based maker of organic salami and prosciutto will start construction soon on an 80,000-square-foot production facility at Pacific Coast Business Park in Oceanside. It’s among the latest projects indicative of new business coming Oceanside’s way these days and of that community’s improving economic development outlook.

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MetroPCS Joins the Crowd in San Diego

TELECOM: Carrier Enters Good But Competitive Market

MetroPCS recently brought its flat-rate, no-contract wireless phone service to San Diego and 14 other markets nationwide, taking on locally based Leap Wireless.

Biotech R&D Sector Job Growth Impressive

BIOTECH: Region Sees Increase Despite Bad Economy

San Diego has one of the fastest-growing biotechnology research and development sectors in the country, with jobs in the sector growing about 20 percent from 2008 to 2012, an analysis of government data shows.

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County Is State’s Top Spot for Hotel Sales in First Half of 2013

PROPERTY: 21 Sales Reported; More Hotel Construction May Follow

Continued warming in San Diego County’s hospitality climate made it the hottest spot in California for hotel property sales in the first half of 2013, and other big transactions could be on the horizon.

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More CEOs Heading For the Exit This Year

LEADERSHIP: Change Is Part Of Job Description for Execs

Seven CEOs from the 25 largest public companies in San Diego either left or will exit this year.

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Everyone Was On Board Supporting Boys & Girls Clubs of Carlsbad

Kudos/Giving Column

Local surfers gave the Boys & Girls Clubs of Carlsbad $2,000 after raising the money from The State Beach Classic, an annual surf contest at Tamarack Beach.

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Regional Report

News and notes from communities around San Diego County

Minnesota-based Digi-Key Corp. says it will distribute products from locally based Visual Communications Co. LLC.

Executive Profile: Jim Zortman

Northrop Grumman Aerospace Systems is one of four sectors within Northrop Grumman Corp. The sector develops, integrates and produces manned and unmanned aircraft, space systems and advanced technologies, which have a critical role in national security. Northrop Grumman’s other business sectors are electronic systems, information systems and technical services.

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Air Power

DEFENSE: Support in Congress Should Be a Boost for UAV Programs

The U.S. Congress believes the Defense Department should continue to invest in unmanned aircraft, budget documents show.

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