Stories for August 2014
Friday, August 29
Mast Therapeutics Announces CMO's Departure
Mast Therapeutics Inc. today announced that Chief Medical Officer and Senior Vice President Santosh Vetticaden will be leaving the company in mid-September.
General Dynamics Nassco Gets $140M Navy Contract
The U.S. Navy said that it awarded General Dynamics Nassco a $140 million contract modification to cover dry-dock work on the USS Pearl Harbor.
Time to Escalate Efforts to Catch Cyber Criminals
Cybercrimes seem to grab headlines almost every day. In August alone, we witnessed stories about 1.2 billion usernames and passwords being grabbed by a Russian gang, 4.5 million personal identity records stolen from a major American hospital system by some folks in China, plus data breaches at UPS and Supervalu.
BOMA Equips Foster Kids for Their Educational Journey
The Building Owners and Management Association, or BOMA, recently collected a total of 206 backpacks, nearly 1,400 school supplies and raised more than $500 to donate to Promises2Kids to help make the back-to-school season brighter for the foster youth of San Diego.
Coronado’s Coastal Showhouse
Coronado was the recipient of a nationwide honor recently when Coastal Living Magazine selected a house at 100 Ocean Drive for its 2014 Showhouse.
EcoATM Eyes Increase in Deposits as iPhone 6 Launch Occurs
The rumor mill seems to be running at full churn as it anticipates news from Apple Inc. The colossus of Cupertino says it’s making an announcement Sept. 9.
Merger Results in Some New Career Paths For Attorneys
Solomon Ward Seidenwurm & Smith LLP recently announced that Katherine M. Hoffman has joined the firm as partner.
Military Is On Board With Broad-Reaching Conservation Efforts
DEFENSE: Biofuels, Solar, Water Conservation Among Efforts to Cut Consumption
Military leaders praise characteristics such as honor, sacrifice and love of country. Relatively new ideals of conservation and sustainability also seem to be taking hold at San Diego military bases.
Solar Company Aims to See Profits Come Through the Roof
ENERGY: Leasing Of Systems Is Backed By $90M Investment
Equal Earth Inc., a San Diego-based renewable energy company has received $90 million in funding to finance solar panel projects and it appointed digital media pioneer Jay Samit to its board of directors.
Drought Guidelines Vary By Agency, Mostly Still Voluntary
WATER: Biotech Is Not Affected, Beer Industry is Adjusting
If the turf grass at Balboa Park appears to be a little less green during hot summer days, it is due to a recent voluntary effort to restrict water usage throughout San Diego’s largest urban park following new drought guidelines.
Building Brings State-of-Art Touches to Sustainability Efforts
ENERGY: Recycled Water, Use of Biogas Result In Cost-Savings
It’s one thing to incorporate sustainable elements into a building to conserve energy. It’s quite another when a new office produces at least as much energy as it uses, creating “net-zero” energy usage.
Bottega Americano Set to Open in East Village at Law School Building
Operators plan Aug. 31 opening for Bottega Americano, an Italian-style restaurant and specialty food marketplace in downtown San Diego’s East Village.
Drought-Resistant Landscaping Demand Is in Full Bloom
PROPERTY: Water Shortage Brings Changes In Attitudes, Regulations
New emergency water-use restrictions enacted by the state of California, aimed at reducing outdoor water consumption in urban areas, are bringing home conservation themes that local landscape architects have been preaching for years.
Harper Construction Completes $2.67 Million Sheriff’s Substation
Harper Construction Co. of San Diego has completed a new $2.67 million San Diego County Sheriff’s substation, which opened recently at 28914 Old Highway 80 in Pine Valley.
Laser-Based Microscope Delivers Diagnostics Fast and Accurately
BIOTECH: It Also Offers Wide Visibility In Portable Package
When Paul Larson first demonstrated the world’s newest laser-based microscope for tissue diagnostics and cancer research, the observers flipped over the table cloth and peered beneath the desk.
Chinese Regulators, Qualcomm Officials Hold Meeting
Qualcomm Inc. President Derek Aberle and a delegation from the San Diego company met Aug. 21 in Beijing with Chinese regulators in an attempt to resolve concerns raised by the Chinese government.
Co. Maintains Confidence in Products, Pipeline
PHARMA: Arena Says Results May Take A Bit Longer Than Some Like
Arena Pharmaceuticals Inc. has mapped out a plan to overcome heavy spending and stagnant stock values by developing new weight loss formulations and drug compounds to treat a variety issues from autoimmune disorders to nicotine addiction.
StemCutis LLC Names Lee President and CEO
StemCutis LLC, an operating company of Stemedica Cell Technologies Inc., today announced the appointment of Ike Lee as president and CEO.
Escondido Apartment Property Sells for $9.9M
Claus Family Trust of Del Mar has purchased Windsong Villas, a 67-unit apartment complex in Escondido, for $9.9 million, according to CoStar Group and public data.
Successful IPO Adds to Avalon’s Win Column
There’s a plethora of interesting news flowing out of San Diego’s very active entrepreneurial community in recent weeks ... First up, La Jolla venture capital firm Avalon Ventures was one of the big winners when portfolio company Otonomy Inc., a late-stage life science company developing sustained-exposure treatments for ear diseases, raised $100 million in an IPO offering on Wall Street Aug. 12.
Peregrine Purchase to Cost Murata $465M
TECH: Deal Is Expected To Close By Early 2015
San Diego-based Peregrine Semiconductor Corp. is going under the wing of one its corporate allies, just two years after becoming a public company.
New Law Ensures That Brokers Disclose Roles
REAL ESTATE: Commercial Rules To Be Toughened Jan. 1
Gov. Jerry Brown recently signed into law new broker disclosure rules bringing commercial real estate into line with what is already required in residential real estate.
Business Calendar for Week of Sept. 1, 2014
Some of the business events scheduled in the county for the week of Sept. 1, 2014.
Proposition 45 Being Opposed By Insurers
HEALTH: Govt. Would Get Veto Power on Rate Increases
Health insurance companies may suffer a caustic blow by a currently popular ballot initiative that would expand the state’s authority to regulate health insurance rates.
Bend It Like...eSurface
TECH: Co. Aims to Overcome Limitations Of Circuit Boards
For the people at eSurface Technologies, a flat board of electronics makes about as much sense as a flat Earth.
Chamber Ready to Push for Policies, Politicians
groups: Survey Finds Businesses Looking for More Aggressive Advocate
Fresh off wins in recent battles over issues including developer linkage fees and the Barrio Logan community plan update, the San Diego Regional Chamber of Commerce is aiming to further boost its clout in business and political circles.
Thursday, August 28
Balfour Beatty Completes First Phase of $221.5 Million Detention Facility
The San Diego office of Balfour Beatty Construction recently completed the first phase of the two-phase, $221.5 million Las Colinas Detention and Re-entry Facility in Santee.
Seragon Announces Closing of Its Acquisition By Genentech
San Diego-based Seragon Pharmaceuticals Inc. today announced the closing of its acquisition by Genentech Inc., a member of the Roche Group.
Viejas Proposes Expanding Hotel, Casino
The Viejas Band of Kumeyaay Indians is considering an expansion to its hotel and casino on its reservation near Alpine.
Mapp Biopharmaceutical CEO Discusses Ebola Fight
The elusive CEO of Mapp Biopharmaceutical Inc., the company that delivered an experimental Ebola drug to American aid workers in West Africa, spoke at a panel discussion yesterday afternoon hosted by The Scripps Research Institute.
Downtown’s Declan Suites Hotel Completes Renovation
Operators recently completed a multimillion-dollar renovation of The Declan Suites hotel, located in the Cortez Hill neighborhood of downtown San Diego.
Global Hawk Reaches 100,000 Hours Milestone
Aircraft from Northrop Grumman Corp.'s Global Hawk family of unmanned, high-altitude jets recently passed 100,000-hour mark doing what they were built for: combat and related operational support.
Wednesday, August 27
City Won’t Appeal Court Ruling on Convention Center Finance Plan
San Diego City Council recently voted 7-0 not to appeal a court ruling that invalidated the funding mechanism for a planned $520 million expansion of the San Diego Convention Center.
OneRoof Energy Secures Equity for $58M Solar Financing Fund
OneRoof Energy Inc., a residential solar services provider and wholly owned subsidiary of One Roof Energy Group Inc., announced today that it has reached an agreement with an unrelated third party securing equity for a $58 million residential solar financing fund.
Turtle Beach, Twitch Extend Partnership
Turtle Beach Corp., a designer of audio products, and Twitch, a live video platform and community for gamers, announced the extension of their exclusive partnership.
San Diego County Construction Project Values Rise 42 Percent
San Diego County’s contracts awarded for future construction rose 42 percent in value from a year ago in the first seven months of 2014, according to the latest data from McGraw Hill Construction.
Soltek Pacific Construction Gets Navy Deal Worth $6.8M
The U.S. Navy said on Aug. 27 that it awarded Solpac Construction Inc., doing business as Soltek Pacific Construction, a $6.8 million task order to restore, modernize and reconfigure the interior and utilities in the ophthalmology department at Naval Medical Center San Diego.
Tuesday, August 26
San Diego's Life Sciences Get $167M in VC Funding in Q2
Venture capital funding for the life sciences sector reached $2.5 billion in 195 deals nationally for the second quarter of 2014, according to a new report by MoneyTree and PricewaterhouseCoopers, based on data provided by Thomson Reuters.
California Economic Activity Index Is Up 0.4% in June
Comerica Bank’s California Economic Activity Index grew in June, advancing 0.4 percent to a level of 113.3.
Internet Poker Legislation Not in the Cards This Session
With the end of the legislative session in sight, the author of the remaining Internet poker bill in the California Legislature called it quits, saying he will try again in the 2015-16 session.
Escondido Apartment Property Sells for $10.8 Million
Vista International Inc. of San Francisco has purchased the 96-unit Tanglewood Apartments in Escondido for approximately $10.8 million, according to CoStar Group and public data.
Tocagen Fills Key Positions in Clinical Development
San Diego-based Tocagen Inc. announced Wayne Saville has been named vice president of clinical development and Mary Rose Keller has been named vice president of clinical operations.
Governor Park Office Building Sold for $3.9 Million
Locale Advisors Inc. of San Diego has purchased an office building in the city’s Governor Park neighborhood for approximately $3.9 million, according to a statement from the real estate investment firm.
Mission Valley Office Building Sells for $3.3 Million
West Coast Development of Mission Viejo has purchased a Mission Valley office building for approximately $3.3 million, according to CoStar Group and public data.
Monday, August 25
Qualcomm Delegation Meets With Chinese Regulators
Qualcomm Inc. President Derek Aberle and a delegation from the San Diego company met Aug. 21 in Beijing with Chinese regulators in an attempt to resolve concerns raised by the Chinese government.
BAE Systems Gets Navy Ship Repair Contract Potentially Worth $78M
The U.S. Navy said on Aug. 25 that it awarded BAE Systems San Diego Ship Repair a contract for dry-dock work to the Ticonderoga-class cruiser USS Lake Erie.
Pinnacle Hotels Completes $3.5 Million Renovation of Four Points by Sheraton
San Diego-based Pinnacle Hotels USA has completed a $3.5 million renovation of the Four Points by Sheraton San Diego Downtown hotel.
ITC Judge Rules in Favor of ResMed in Patent Infringement Case
An administrative law judge at the International Trade Commission ruled in favor of San Diego-based ResMed against Chinese medical device maker BMC Medical Co. Ltd. in a patent infringement case.
Telik Receives $1.5 Million Contract From National Cancer Institute
Telik Inc., a San Diego-based oncology drug development company, announced it has received a $1.5 million contract from the National Cancer Institute.
Indus Technology Receives Navy Contract Potentially Worth $7.8M
San Diego-based Indus Technology Inc. said that it received a U.S. Navy contract that could be worth up to $7.8 million over five years if the Navy exercises all of its options.
Kid Ventures Third Location Set for Liberty Station
San Diego-based Kid Ventures, which operates “edutainment” facilities with children’s activities and adjacent café areas for parents, plans a December opening at Liberty Station in Point Loma.
Sunday, August 24
Opponents of Minimum Wage Hike Begin Referendum Efforts
Opponents of an approved hike in San Diego’s minimum wage have begun circulating petitions to place the matter before voters, following City Council’s recent override of a mayoral veto.
ViaCyte Gets $20M in Rights Agreement With Janssen
San Diego-based ViaCyte Inc. announced that it has entered into a rights agreement with Janssen Research & Development LLC, one of the Janssen Pharmaceutical Companies of Johnson & Johnson.
Illumina Inc. Partners With Pharma Companies for Oncology Test System
Illumina Inc. announced it has formed collaborative partnerships with AstraZeneca, Janssen Biotech Inc. and Sanofi to develop a universal next-generation sequencing oncology test system.
Peregrine Semiconductor Stock Soars on News of Planned Sale to Japanese Company
Shares of San Diego-based Peregrine Semiconductor Corp. rose 60 percent early Aug. 22 on news that Japan-based Murata Manufacturing Co. Ltd. planned to buy the company for $471 million.
The Business Calendar for the Week of August 25, 2014
Some of the business events planned in the county for the week of August 25, 2014.
Fenway Properties Obtains $7.1M Loan for Office Renovation in Oceanside
Investment firm Fenway Properties of San Diego has obtained $7.1 million in financing for a planned renovation of Tri-City Corporate Towers in Oceanside.
Hot Dog on a Stick Purchased in Bankruptcy for $12.2M
Carlsbad-based Hot Dog on a Stick reportedly has been purchased by a portfolio company of Los Angeles private equity firm Levine Leichtman Capital Partners for $12.2 million.
$3.7 Million Card Room Project Underway in Chula Vista
Dempsey Construction Inc. of Carlsbad is at work on a $3.7 million renovation and expansion that will convert an existing property into the new location for Village Club Card Room casino in Chula Vista.
Two Navy Repair Contracts to Bring Work to Local Shipyards
The U.S. Navy announced two ship repair contracts Aug. 22.
Friday, August 22
2 Navy Contracts Will Bring Work to Local Shipyards
The U.S. Navy announced two ship repair contracts Aug. 22.
ViaCyte Gets $20M for Rights Agreement With Janssen
San Diego-based ViaCyte Inc. announced that it has entered into a rights agreement with Janssen Research & Development LLC, one of the Janssen Pharmaceutical Companies of Johnson & Johnson.
Illumina Partners With Big Pharma Companies for Oncology Test System
Illumina Inc. today announced it has formed collaborative partnerships with AstraZeneca, Janssen Biotech Inc. and Sanofi to develop a universal next-generation sequencing oncology test system.
Ligand Inks Licensing Deal With Georgia Co.
Ligand Pharmaceuticals Inc. announced the signing of a commercial license agreement with Atlanta, Georgia-based Avion Pharmaceuticals LLC for the development and commercialization of four Captisol-enabled programs.
$3.7 Million Village Club Card Room Project Underway
Dempsey Construction Inc. of Carlsbad is at work on a $3.7 million renovation and expansion that will convert an existing property into the new location for Village Club Card Room casino in Chula Vista.
25th Anniversary Is a Celebration of Community, Giving
Jackson Design & Remodeling decided to come up with a unique way to celebrate 25 years in business in San Diego.
Fenway Properties Obtains $7.1 Million Loan for Oceanside Office Renovation
Investment firm Fenway Properties of San Diego has obtained $7.1 million in financing for a planned renovation of Tri-City Corporate Towers in Oceanside.
Port Has Reason to Be Picky With the Kind of Cargo Received
What will the Port of San Diego look like circa 2064? I waded into the port’s effort to create a master plan for its next 50 years (see page 1), and on the way got to thinking about cargo operations.
Balboa Thrift and Loan Stays on Profitable Path of Car Loans
Balboa Thrift and Loan, based in Chula Vista and one of the last six thrift and loans in the state, just keeps on truckin’, racking up profits despite more competitors in its chosen niche — auto lending.
For a Luxury Ride, Hang Your Saddle at Hacienda Elegante
The featured home in this week’s column is in Fallbrook, right on the edge of Bonsall, just 10 minutes from the San Luis Rey Downs Training Center. The property, a horse lover’s dream, which the now retired horse breeder calls Hacienda Eleganté.
Vista Brewer Is Bringing Its Craft(s) to Mercado Del Barrio
Experts at a recent craft beer summit in North County pointed out that brewers from that region have some work to do when it comes to boosting their profile in places such as the city of San Diego, which has its own crowded contingent of beer makers running their own tasting rooms and brewpubs.
SeaWorld Is Looking to Counter a Recent Tide of Criticism
TOURISM: New Orca Enclosures and Research Efforts Pledged By Park
SeaWorld Entertainment Inc. plans to spend several hundred million dollars to overhaul its performing-whale enclosures, including a near doubling of its orca environment in San Diego, amid other moves to bolster its investments in marine research.
Imprimis Sees Opportunity in Cataract Surgery Drug Compound
PHARMA: Co. Looks For Broad Applications To Common Problems
A San Diego-based pharmaceutical company is hoping to grab market share in the ophthalmology space by combating expensive post-cataract surgery drugs with a cheaper and more efficient alternative.
Potential Matches Put Under A Microscope at New Dating Site
SERVICE: DNA Analysis Is Used to Find That Special Someone
San Diego is home to countless institutes, laboratories and research collaborations aiming to find better uses for advancements in genetic sequencing. Yet, there is one market that seems an unlikely match for DNA analysis — online dating.
Chargers’ Worth Put At $995M
The value of the San Diego Chargers increased by $46 million or 5 percent over the past year to $995 million, according to the annual Forbes report on the National Football League.
Nisen Named to CEO Post at Sanford-Burnham
HEALTH: He Sees Need for ‘Constellation’ Of New Relationships
Sanford-Burnham Medical Research Institute announced that the board of trustees has appointed Perry Nisen as CEO and holder of the Donald Bren chief executive chair for the institute’s La Jolla-based headquarters.
Platform Gives ERs a New Cardiac Device Tool
HEALTH: Co. Just Signed an Enterprise Deal With Sharp
Geneva Health Care Inc., a San Diego-based medical technology company has developed a platform that receives data from cardiac devices and converts it into usable information for health care providers. The data is presented in a dashboard that is integrated into the provider’s internal computer system so that physicians and medical staff can quickly identify the urgency of a patient’s needs.
Stone Gathers a Crowd and Funds With Beer Offering
The region is crazy with new business activities. As of early last week, Stone Brewing Co. had raised close to $1.9 million from about 11,160-plus funders at crowdfunding site Indiegogo.com to underwrite its inventive “Stone Groundbreaking Collaborations” pre-sale event.
Looking to Grow, Co. Returns to S.D. Roots
FOOD: Kashi Given Some Independence From Kellogg
Kashi, the San Diego homegrown natural cereal business that had its local office closed last year by owner Kellogg Co. and moved to Michigan, is returning to its roots.
Triton Put Through Paces By Northrop
DEFENSE: Navy to Buy 68 of the Rugged Aircraft
As the people of Rancho Bernardo went about their business Aug. 19, an operator in one of Northrop Grumman Corp.’s secure office buildings there took control of a U.S. Navy Triton — a large unmanned aircraft — during the middle of its flight over the western United States.
Biotech Property Deals Will Soon Surpass 2013
REAL ESTATE: Life Sciences Activity, IPOs Create Demand
A potent blend of initial public offerings, merger and acquisition activity and steady venture capital funding have made life-science properties the hot commodity in San Diego real estate leasing so far in 2014.
Co. Plays a Part in New Plane Production
AVIATION: Edge-Tech Supplies Molds and Parts
Edge-Tech Design and Manufacturing has a seat on Icon Aircraft Inc.’s sporty little A5 aircraft — and it hopes to see revenue take off if aircraft sales do.
Port of Commerce?
PROPERTY: Businesses Ready to Defend Turf as Port Shapes Its Big Picture
A view of the Port of San Diego from 10,000 feet shows a diverse place, with small businesses, heavy industry, hotels and restaurants, U.S. Navy installations, parks, wetlands, marinas, cargo terminals and more.
Minimum Wage Hike Opponents Start Referendum Campaign
Opponents of an approved hike in San Diego’s minimum wage have begun circulating petitions to place the matter before voters, following City Council’s recent override of a mayoral veto.
Business Calendar for Week of Aug. 25
Some of the business events planned in the county for the week of Aug. 25, 2014.
Peregrine Stock Soars on News of Planned Sale to Japanese Company
Shares of San Diego-based Peregrine Semiconductor Corp. rose 60 percent early Aug. 22 on news that Japan-based Murata Manufacturing Co. Ltd. planned to buy the company for $471 million.
Thursday, August 21
San Diego Chargers' Worth Is Put at $995 Million
The value of the San Diego Chargers increased by $46 million or 5 percent over the past year to $995 million, according to the annual Forbes report on the National Football League.
113 San Diego County Companies Make Inc's Fastest Growing List
A total of 113 companies based in San Diego County made the 2014 Inc. Magazine’s 5000 Fastest Growing Companies list.
Work Begins on $28 Million Science Building at Point Loma Nazarene
General contractor Rudolph and Sletten Inc. has begun site work for a new $28 million science building at Point Loma Nazarene University, with demolition of existing buildings underway on the San Diego campus.
Encinitas Restaurant Building Sells for $6.5 Million
PS2 Pacific LLC of Solana Beach has purchased a vacant beachfront restaurant building in Encinitas for $6.5 million, according to CoStar Group and public data.
Searsucker to Open First Venue in Los Angeles Market
San Diego celebrity chef and restaurateur Brian Malarkey plans to open a new location of Searsucker in Santa Monica this winter, making it the restaurant’s first in the Los Angeles area.
Wednesday, August 20
JMI Equity Closes $1 Billion Fund
JMI Equity, a private equity firm with offices in San Diego and Baltimore, said it closed its largest fund ever this week-— $1 billion for JMI VIII.
Search Optics Acquires DigiGo
Search Optics, a digital marketing business based in San Diego, said it acquired KPA’s DigiGo division, formerly known as TK Carsites. Terms of the agreement weren’t disclosed.
Batu Biologics Completes $100,000 Crowdfunding
A San Diego-based immunotherapy company has successfully completed $100,000 of financing by utilizing an unusual fundraising approach — crowd funding.
R.A. Rauch to Manage and Market Keating Hotel in Gaslamp Quarter
R.A. Rauch & Associates, a San Diego-based hospitality management and consulting firm, has entered into a partnership with locally headquartered Gotham Management, in which R.A. Rauch will manage and market Gotham’s Keating Hotel in the Gaslamp Quarter.
Navy Selects 5 Vendors for Next Generation IT Network for Ships
The U.S. Navy chose five vendors to provide the next-generation information technology network for its ships, announcing the winners on Aug. 20.
Clothing Retailer H&M Opening Store in El Cajon
Fashion retailer H&M plans to open its newest local store this fall at the Parkway Plaza mall in El Cajon. It will be the sixth San Diego County store for the Sweden-based company, also known as Hennes & Mauritz.
Jamba Juice ‘Hiring Day’ Recruitment Seeks 1,000 New Workers
Emeryville-based Jamba Juice Co. plans to hold a National Hiring Day on Aug. 21, recruiting in several California cities including San Diego as it seeks to add up to 1,000 new employees.
Tuesday, August 19
Sanford-Burnham Medical Research Institute Names Nisen CEO
Sanford-Burnham Medical Research Institute’s board of trustees has appointed Perry Nisen as CEO and holder of the Donald Bren chief executive chair for the institute’s La Jolla-based headquarters.
San Diego Places Fifth Among U.S. Meeting Destinations
San Diego placed fifth on the latest list of the nation’s top 50 meeting and event destinations, published by event management technology provider Cvent Inc.
Pathfinder Partners Buys Vista Retail Center for $7.35 Million
San Diego-based Pathfinder Partners LLC has purchased Breeze Hill Promenade, a three-building retail center in Vista, for $7.35 million, according to CoStar Group and public data.
Admiral Discusses Navy's Local Needs and Role
Constrained defense budgets and constraints to the Port of San Diego were two domestic topics that Adm. Samuel Locklear III touched on during a visit to San Diego on Aug. 19. The commander of the U.S. Pacific Command has responsibility for the globe “between Hollywood and Bollywood.”
Mitek Sees Stock Drop as CTO Leaves, Some Patent Lawsuits Dismissed
Mitek Systems , a San Diego maker of software used by more than 2,500 financial institutions for transferring money via mobile devices, saw its stock plunge 18 percent Aug. 18 following the company’s announcement that its chief technology officer abruptly left the company.
Two San Diego Apartment Properties Get New Owners
Del Coronado Villas LLC of Del Mar has acquired the 24-unit Coronado Villa Apartments in San Diego for $5.7 million.
Monday, August 18
SR Commercial Buys Miramar Property Portfolio for $40 Million
Investment firm SR Commercial of Solana Beach has purchased a portfolio of 17 Miramar industrial and office buildings for $40 million, according to CoStar Group and public data.
San Diego City Council Overrides Veto of Minimum Wage Hike
San Diego City Council has voted 6-2 to override Mayor Kevin Faulconer’s veto of a measure to raise the city’s minimum wage to $11.50 an hour by 2017.
County Business Forecast Index Drops 8 Points in July
The San Diego Business Forecast, an index measuring the county’s business outlook, showed a dramatic decline in July, falling 8 points from June.
Celladon Announces Closing of Public Offering of Common Stock
Celladon Corp., a San Diego-based biotech company, has announced the closing of its underwritten public offering of 4,600,000 shares of its common stock at $9.50 per share.
Cytori Appoints Girão VP and CFO
San Diego-based Cytori Therapeutics Inc. announced that Tiago Girão has been appointed vice president and chief financial officer.
General Dynamics AIS Gets $19.5M Defense Contract
The U.S. Navy said on Aug. 18 that it awarded General Dynamics Advanced Information Systems a $19.5 million contract for electronics that protect ships from missiles.
Oceanside Medical Office Building, Adjacent Lot Sold for $5.9 Million
Trollman Properties LLC of San Diego has purchased Oceanview Plaza, a medical office building in Oceanside, for approximately $5.9 million.
E. Digital Corp. Reports Q1 Results for FY2015
E. Digital Corp., a technology developer and licensor for consumer products, reported fiscal 2015 first quarter revenue of about $683,000, compared with $449,000 for the like quarter of the prior year.
ResMed Sees New Devices Bridging Some Monitoring Divides
ResMed Inc. has released its new sleep apnea therapy device that will use patient data and communication software to help health care providers monitor and analyze their patients’ conditions.
Sunday, August 17
SeaWorld to Double the Size of Orca Enclosure at San Diego Park
Florida-based SeaWorld Entertainment Inc. plans to nearly double the size of the killer whale enclosure at SeaWorld San Diego, part of a multimillion-dollar effort to address controversies and resulting business damage tied to concerns over its treatment of performing orcas.
Air Force Awards Northrop Grumman a $240M Contract for Global Hawks
The U.S. Air Force awarded Northrop Grumman Corp. a $240.7 million contract for three Global Hawk unmanned aircraft of the Block 30 variety, according to an Aug. 15 Pentagon announcement.
Organovo Says It Met 'a Key Challenge' With Tissue Testing
Organovo Holdings Inc. recently passed a major drug test with the company’s 3-D bioprinting technology.
Kashi Returning to 'Re-Establish Brand as a Stand-Alone Natural Food Business'
With news of some San Diego companies moving to other states, it’s refreshing to report that one that left is returning.
Mark Riedy Retiring as Director of USD’s Burnham-Moores Center
Mark Riedy has announced his retirement as executive director of the Burnham-Moores Center for Real Estate at University of San Diego, with plans to leave the position in January.
San Diego County's Unemployment Rate Increases to 6.6% for July
San Diego’s unemployment rate increased to 6.6 percent in July, up from a revised 6.1 percent in June, as the region shed nearly 6,000 jobs, mostly from school employees taking a summer recess, according to the state’s Employment Development Department.
The Business Calendar for the Week of August 18, 2014
Some of the business events scheduled in the county for the week of August 18, 2014.
Affordable Housing Complex Aims to Serve Developmentally Disabled
Independence Point, a housing complex geared to families with a member who has developmental disabilities, broke ground on renovations of a site in Lincoln Park.
Friday, August 15
Ground Broken on Apartment Complex for Disabled Residents
Independence Point, a housing complex geared to families with a member who has developmental disabilities, broke ground in Lincoln Park.
Northrop Grumman Gets $240.7M Air Force Contract
The U.S. Air Force awarded Northrop Grumman Corp. a $240.7 million contract for three Global Hawk unmanned aircraft of the Block 30 variety, according to an Aug. 15 Pentagon announcement.
Organovo Calims Success With Tissue Testing
Organovo Holdings Inc. recently passed a major drug test with the company’s 3-D bioprinting technology.
Children’s Museum Project Brings Art, Creativity to the Masses
The New Children’s Museum in downtown San Diego will continue its popular Mass Creativity project for a third year in 2015, supported by a $30,000 grant from the National Endowment for the Arts, the Museum announced.
Whistleblower Laws Call for Sound, Clearly Defined Policies
LAW: Proliferation of Lawsuits Emphasizes Scope of the Problem
A tidal wave of new lawsuits claiming retaliation against so-called whistleblowers has been hitting business owners in recent years.
Mark Riedy to Retire as Director of USD’s Burnham-Moores Center
Mark Riedy has announced his retirement as executive director of the Burnham-Moores Center for Real Estate at University of San Diego, with plans to leave the position in January.
YOU CAN’T TAKE IT WITH YOU
LAW: Trade Secret Agreements Are a Must to Protect Assets
When it comes to protecting trade secrets, the biggest obstacle businesses often face is overcoming their employees’ inability to keep their work confidential. It’s human nature to share information, especially when you’ve learned something new and exciting, said Ned Israelsen, managing partner of the San Diego law firm of Knobbe, Martens, Olson & Bear LLP.
Procopio Partner Elected to Lead San Diego Chapter of ACG
Procopio, Cory, Hargreaves & Savitch LLP partner Dennis Doucette was elected board president of the Association for Corporate Growth. Doucette, who leads Procopio’s corporate and securities practice group, has been on the ACG’s board for five years and has chaired its programs committee for the past 18 months.
Silvergate Shifts Strategy to Make More Nonqualified Mortgages
Silvergate Bank changed its lending strategy from making qualified mortgages to making nonqualified ones, or those that aren’t bought by the two major government-sponsored entities, Fannie Mae and Freddie Mac.
Qualcomm Working to Keep Sixth-Grade Girls Steeped in STEM
Hats, hats and more hats. Nope, this is not opening day at Del Mar. We’re on the top floor of one of Qualcomm Inc.’s buildings in Mira Mesa. The room is alive with the energy of a few dozen sixth-grade girls. They’re assembling short-crowned, wide-brimmed hats with imaginative decorations on top — and computer controls.
CEO Gathered Leadership Lessons Along Unusual Career Path
HEALTH: Van Gorder’s Book Is About Building Up a Place and People
Chris Van Gorder has earned a reputation in San Diego as an influential leader in health care management, frequently receiving national attention for contributions to the profession. Now the Scripps Health CEO has permanently added his name in the history books of leadership and management by putting his name on the shelf with them.
A Stroke of Luck Brought Financial Adviser to Golf Franchise
SPORT: Players’ Swings Evaluated With Motion Sensors, Video
Suzanne LaTour was looking to improve her golf game and ended up owning a national franchise that provides golf lessons.
App Maker Brings Human Touch to Technological Twists, Turns
TECH: Medium- and Small-Sized Businesses Are Targeted Customers
Wide open. That is how Nathan Keating of BuildFire describes the opportunity for creating smartphone apps.
Scripps Research Names Paulson Acting President
Aqua Sphere — a swimming equipmeThe Scripps Research Institute appointed James Paulson as acting president and CEO, the institute’s board of trustees announced Aug. 11.
Mirati Narrows Focus to Fewer Forms of Cancer
BIOTECH: FDA Grants Orphan Drug Status to Promising New Therapy
Mirati Therapeutics Inc., a public company in San Diego developing medicines for targeted oncology, is one step closer to achieving regulatory approval for its cancer drug Mocetinostat.
Calif. Tribes Put Off Pushing Internet Poker Bill
Gaming: Viejas, Brown Agree on New Compact To Change Revenue Sharing
The likelihood of an Internet poker bill passing the California Legislature decreased as the days of August passed, meaning that California’s American Indian tribes will have to stick with conventional revenue sources — traditional casinos — until at least the 2015 session.
Cardiff-based Raken Raking In Kudos for Latest Mobile App
Here’s another information technology success story with that unique San Diego twist. Friends who grew up with Kyle Slager in Ohio have two reasons to be jealous of the Buckeye native.
‘Field Goal’ Linked To Convention Center
TOURISM: 2 Proposals By JMI Include Chargers’ Stadium
The developer of Petco Park has joined the convention center fray with its own proposals for a downtown facility that could double as convention space and a new home for the San Diego Chargers, as city officials weigh their options to salvage the existing $520 million plan to expand the convention center.
Co. Gathers Partners, M-Health Momentum
TECH: Attendance Doubles at Qualcomm Life Industry Event
Qualcomm Life Inc., the mobile health-focused subsidiary of Qualcomm Inc., drew nearly 300 leaders in mobile health care to its annual conference in San Diego last week aimed at brainstorming, collaborating and forming partnerships in a burgeoning industry.
‘Tactical Urbanism’ Taking Hold in San Diego
Development: Concept Bringing Vacant Lots to Life
Slowly but noticeably, “tactical urbanism” is playing out in San Diego and other large cities where young people are flocking to high-density core neighborhoods in search of their desired quality of life.
Fresh Start
RETAIL: Amazon’s New Delivery Service Gives Local Food a Lift
With retail giant Amazon.com Inc. now delivering goods to many of its loyal customers, San Diego-based Venissimo Cheese Inc. doesn’t need to depend solely on walk-in customers craving gourmet items such as the fresh goudas, cheddars and prosciuttos sold in its local stores.
Kashi Returning to San Diego
With news of some San Diego companies moving to other states, it’s refreshing to report that one that left is returning.
Business Calendar for Week of August 18, 2014.
Some of the business events scheduled for the week of Aug. 18, 2014 in the county.
SeaWorld Doubling Size of Orca Enclosure at San Diego Park
Florida-based SeaWorld Entertainment Inc. plans to nearly double the size of the killer whale enclosure at SeaWorld San Diego, part of a multimillion-dollar effort to address controversies and resulting business damage tied to concerns over its treatment of performing orcas.
County Unemployment Rate Increases to 6.6% in July
San Diego’s unemployment rate increased to 6.6 percent in July, up from a revised 6.1 percent in June, as the region shed nearly 6,000 jobs, mostly from school employees taking a summer recess, according to the state’s Employment Development Department.
Thursday, August 14
City Council to Consider Override of Veto of Minimum Wage Hike Aug. 18
The San Diego City Council will consider overriding the veto by Mayor Kevin Faulconer of the ordinance to boost the minimum wage to $11.50 by 2017 and extend sick leave benefits to employees during a meeting scheduled for Aug. 18 at 11 a.m, according to the council.
Ligand Signs Licensing Agreement With Georgia Company
Ligand Pharmaceuticals Inc. announced the signing of a commercial license agreement with Atlanta, Georgia-based Avion Pharmaceuticals LLC for the development and commercialization of four Captisol-enabled programs
Renovation Realty to Expand to Bay Area
Renovation Realty, a San Diego company that renovates houses and then sells them without the owners paying up front construction costs, said it’s expanding to the Bay Area.
ViaSat Reports FY2015 First Quarter Revenue of $319.5M
ViaSat Inc. reported a net loss of $5.9 million on revenue of $319.5 million during the quarter that ended July 4, its first quarter of fiscal 2015.
Infosonics Corp. Reports Net Sales Increase 25% in Q2
Infosonics Corp., the San Diego maker and distributor of wireless devices mainly in South America, reported second quarter net sales of $10.4 million, up 25 percent from the like quarter of 2013. For the six months, sales were $22.1 million, up 37 percent from the comparable period of the prior year.
Thermo Fisher Gets $9.1M Defense Deal, Work to Be Done in San Diego
The Defense Department said on Aug. 14 that it awarded a $9.1 million contract modification to Thermo Fisher Scientific to acquire reagents and consumables for its DNA Identification Laboratory at the Armed Forces Medical Examiners System at Dover Air Force Base in Delaware.
Rita’s Italian Ice Joining Menu at Petco Park
Rita’s GP LLC, the San Diego-based area franchise developer for Rita’s Italian Ice, has reached an agreement with ballpark operators to begin selling the company’s ices and custards at Petco Park starting in late August.
Iron Fist Brewing, Mariscos Coming to Mercado Del Barrio
Vista-based Iron Fist Brewing Co. and San Diego seafood restaurant Mariscos El Pulpo have joined the roster of commercial offerings at Mercado Del Barrio, a mixed-use development in Barrio Logan.
Wednesday, August 13
Shares Rise After Otonomy's $100M IPO
Shares of Otonomy Inc. were rising Aug. 13 after the biotech drug developer's initial public offering raised $100 million.
RCS Capital to Buy Girard Securities
RCS Capital Corp. said it has entered into an agreement to purchase independent broker-dealer San Diego-based Girard Securities Inc.
SeaWorld Entertainment Gives Q2 Results, Plans Cost-Saving Initiatives
The parent company of SeaWorld San Diego plans to invest savings in new attractions.
City Pension Fund Reports Preliminary Return of 16.6%
The San Diego City Employees Retirement System, the pension fund for employees of the city of San Diego, the Port of San Diego, and the San Diego County Regional Airport Authority, reported a preliminary return of 16.6 percent, net of fees, for the 2014 fiscal year ended June 30.
Carlsbad Industrial Building Sells for $16.35 Million
Regent Properties of Los Angeles has acquired the Research Center Pointe industrial building in Carlsbad for $16.35 million, according to brokerage company Cassidy Turley, which represented the buyer and seller.
California Bank & Trust Reports Q2 Results
California Bank & Trust, San Diego’s largest locally-based lender with $11 billion in total assets, reported second quarter net income of $29.1 million, compared with net income of $31 million for the like quarter of 2013.
County Median House Price for July Is $445,000, According to Dataquick
The median price for a single family house sold in San Diego during July was $445,000, down by $5,000 from the June median, but up 6.6 percent from July 2013, according to Dataquick, the San Diego based real estate research firm.
General Atomics Receives Contract for Aircraft Carrier Launch and Recovery Sytem
General Atomics of La Jolla said on Aug. 13 that it received an initial, sole-source contract to provide the electromagnetic launch and recovery systems to be installed on the second ship of a new class of U.S. Navy aircraft carriers.
Encinitas Building Housing GoPro Sells for $8 Million
Covey Cardiff Properties LLC of Glendale has purchased an office building in Encinitas, housing local operations of high-tech digital camera maker GoPro Inc., for approximately $8 million, according to CoStar Group and public data.
Tuesday, August 12
$283M Damage Award Favoring ViaSat Set Aside by Judge
A new trial to determine damages in breach of contract case is tentatively set for November.
Callaway Golf to Issue $200M in Securities
Carlsbad-based Callaway Golf Co. plans to issue $200 million in new securities.
Landmark Completes $39 Million FBO Facility at San Diego International
Facility includes a 19,000-square-foot terminal.
2Q Revenue, Loss Down at ImageWare Systems
ImageWare Systems, a San Diego-based maker of identity management software, reported second quarter revenue of $937,000, compared with $1 million in revenue for the like quarter of 2013.
Cytori Therapeutics Nets $11.8M Loss for 2Q
Cytori Therapeutics Inc. reported a net loss of $11.8 million for second quarter 2014, down from a net loss $3.2 million during the same period in 2013.
Moss Adams Signs $9.47 Million Lease; Moving to UTC
The accounting firm is moving to La Jolla Commons Tower I.
Suffolk Completes $13 Million Family Health Center
The opening of the 23,000-square-foot medical office building was celebrated with a public event.
Sports Industry Startups Sought for Incubator
SD Sports Innovators accepting applications through Sept. 7.
Monday, August 11
Scripps Research Names Paulson Acting President and CEO
The Scripps Research Institute appointed James Paulson, chair of its Department of Cell and Molecular Biology, as acting president and CEO, the institute’s board of trustees announced Monday.
PriceSmart July Sales Increase 5.4%
PriceSmart Inc. said sales increased 5.4 percent to $198.6 million for the month of July from $188.5 million in July of 2013.
Athletic Endurance Events Have $64.1M Economic Impact Locally
Endurance events like San Diego’s Rock ‘n Roll Marathon and Carlsbad’s 5000 meter race generate significant economic benefits to the county, according to a new report from the National University System Institute for Policy Research, a think tank based in Torrey Pines.
Ligand to Offer $225 Million in Senior Convertible Notes, Authorizes $200M Share Buyback
San Diego-based Ligand Pharmaceuticals Inc. announced that it intends to offer $225 million of convertible senior notes due 2019 and has authorized a $200 million share repurchase program over the next 12 months.
County Tax Collections Hit Record Level
San Diego County Treasurer-Tax Collector Dan McAllister said his office hit a record for tax collections for the 2014 fiscal year that ended June 30.
Cubic Deal Could Be Worth $57M
Cubic Corp. said Aug. 11 that it received a Pentagon contract to operate the Korea Battle Simulation Center — a deal which could be worth up to $57 million over four and a half years if all options are exercised.
Ignyta Names Chief Medical Officer
San Diego-based cancer drug developer Ignyta Inc. has appointed Adrian Senderowicz as chief medical officer and senior vice president of clinical development and regulatory affairs.
Qualcomm Aids China Earthquake Relief Efforts
Qualcomm Inc. said it donated $325,000 to assist in earthquake relief efforts in China’s Yunnan Province.
Escondido Industrial Properties Sold for $7.8 Million
Meridian Properties Real Estate Development of Carlsbad recently purchased two Escondido industrial buildings for approximately $7.8 million, according to CoStar Group and public data.
San Diego-Based Succession Capital Acquires Washington State Company
Succession Capital Inc., a San Diego based private equity firm that buys small- and medium-sized businesses of retiring owners, said it acquired Wine Valley Siding Supply Inc., a distributor of cedar and fiber cement siding based in Bothell, Wash., near Seattle.
Austin Beutner Named Publisher of L.A. Times
Former Los Angeles deputy mayor Austin Beutner was named publisher and chief executive of the Los Angeles Times Media Group, the Times announced Monday.
Pinot’s Palette to Pair Art Class and Wine Bar at Liberty Station
Houston-based Pinot’s Palette, which describes itself as a “paint-and-sip” franchise that combines art and wine, plans an Aug. 15 opening at Liberty Station in Point Loma, its first San Diego County location and 50th nationwide.
ViaCyte Raises $5.4 Million in Private Financing
ViaCyte Inc. has announced it has raised $5.4 million in private financing to pursue the clinical development of its artificial pancreas, which could treat type 1 diabetes.
Sunday, August 10
Encore Capital Group's Revenue Up 72% for Q2
Encore Capital Group, the San Diego buyer and collector of defaulted credit card debt, reported second quarter net income of $21.3 million, compared with $11 million in the like quarter of 2013.
Mayor Faulconer Vetoes Minimum Wage; Gloria Believes Council Will Override Veto
The San Diego City Council will schedule a vote within the next 30 days to consider overriding Mayor Kevin Faulconer's veto on Friday of the council’s recent move to raise the city’s minimum wage to $11.50 an hour by January 2017.
Novatel Sees Net Loss of $17.4 Million in Q2
Novatel Wireless Inc., the maker of data modems which replaced its CEO and CFO in 2014, offered quarterly look at its finances recently.
Kratos Reports Net Loss of 49.9 Million for Q2
Kratos Defense & Security Solutions Inc., the defense holding company based in the University Towne Center area, said on July 7 that it recorded a net loss of $49.9 million on revenue of $229.3 million during its second quarter, which ended on June 29.
DexCom Announces Data Integration Deal With Asante
Asante Solutions Inc., a Sunnyvale-based medical device company manufacturing an insulin pump, has announced its intention to use DexCom Inc.’s mobile platform to integrate and display insulin data.
Cohn Adds to Its Restaurant Collection With OB Warehouse
San Diego-based Cohn Restaurant Group has opened its newest venue in Ocean Beach, called OB Warehouse at 4839 Newport Ave.
The Business Calendar for the Week of Aug. 11, 2014
Some of the business events scheduled for San Diego County.
Oceanside Medical Office Building Sold for $5.9 Million
Trollman Properties LLC of San Diego has purchased an Oceanside medical office building for $5.9 million, according to brokerage company Cushman & Wakefield Inc.
July's Median Housing Price in County Is $517,000
San Diego’s median sales price for a single family house sold in July was $517,000, down 2 percent from June, but up 7 percent from July 2013, according to the Greater San Diego Association of Realtors.
Friday, August 8
Novatel Reports Q2 Results
Novatel Wireless Inc., the maker of data modems which replaced its CEO and CFO in 2014, offered quarterly look at its finances recently.
Kratos Reports Q2 Revenue of $229.3M
Kratos Defense & Security Solutions Inc., the defense holding company based in the University Towne Center area, said on July 7 that it recorded a net loss of $49.9 million on revenue of $229.3 million during its second quarter, which ended on June 29.
Commentary: Level Field for Aviation Contractors Serves State
We’ve all heard the news about companies fleeing California for greener pastures in more “business-friendly” states. It’s no different for our colleagues in the aerospace and defense industry. In recent years, several aerospace companies have picked up stakes and moved operations out of California.
Newest Cohn Restaurant Opens in Ocean Beach
San Diego-based Cohn Restaurant Group has opened its newest venue in Ocean Beach, called OB Warehouse at 4839 Newport Ave.
These ‘Lights’ Are a Shining Example of Caring, Compassion
The LightBridge Hospice Community Foundation, a nonprofit organization that fulfills special requests for hospice patients and their loved ones, held its annual celebration of inspirational people recently at Old Poway Park.
Executive Q&A: SCPMG Chief Administrative Officer Jim Malone
Jim Malone is the chief administrative officer for the Southern California Permanente Medical Group — SCPMG — in San Diego, which consists of more than 1,100 physicians and 4,700 ancillary staff who provide care to more than 534,000 Kaiser Permanente members.
Kaiser’s New Hospital to Bring 450 Beds to San Diego Market
MEDICINE: Increasing Demand to Be Met By New Facility, Upgrades
Kaiser Permanente’s new 450-bed hospital in Kearny Mesa will feature cutting-edge technology and innovative communication strategies while relieving the growing pressure on its current facilities.
Encore Capital Reports Q2 Results
Encore Capital Group, the San Diego buyer and collector of defaulted credit card debt, reported second quarter net income of $21.3 million, compared with $11 million in the like quarter of 2013.
Operation Changes
Walking through the old mansion-converted City Hall in Amsterdam, N.Y., a young Tim Moran climbed into the gated elevator and braced himself when the elevator shook and creaked to a halt — stalled between floors.
City Planning Director Fulton Is Joining the Exodus to Texas
As the city of San Diego gets busy updating the community plans for neighborhoods such as Mission Valley, it will also be searching for its next top planning official.
DexCom Announces Data Integration Relationship With Asante
Asante Solutions Inc., a Sunnyvale-based medical device company manufacturing an insulin pump, has announced its intention to use DexCom Inc.’s mobile platform to integrate and display insulin data.
San Pasqual Paradise
This custom home, perched on a hill in southeast Escondido, incorporates all the luxuries of modern living.
Who Derailed Proposed Bank Acquisition Is Open to Interpretation
Federal regulators didn’t approve the proposed acquisition of First Mountain Bank by First National Bank of Southern California, with four of its five branches in San Diego.
Drivers REALLY Wanted; Trucking Cos. Look to Fill Positions
It’s Tuesday morning and Stan Ferdyn is holding his regular recruiting meeting in an office building off San Diego Mission Road. He meets a lot of potential employees here, trying to convince at least a few of them to climb into big-rig cabs and take freight across the United States.
Google Executive Brings Big Data Skills to Human Longevity
BIOTECH: Interpreting Massive Genetic Sequencing Information Is the Challenge
A San Diego startup founded by human genomics pioneer J. Craig Venter has recruited Franz Och, former leader of Google Translate and expert in machine learning, to find new ways to crunch and interpret human sequencing data.
Local Beer Summit Tackles Ideas to Improve ‘Hops Highway’
BREWING: North County Efforts Currently Skewed to Production
Craft beer is now a significant economic generator in North County, but more can be done to put the region’s “Hops Highway” — the nickname for Highway 78 — on par with the impact now seen in places like the city of San Diego’s 30th Street “Craft Beer Corridor.”
Local Company Takes a Leading Role in Fight Against Ebola
BIOTECH: Mapp Provided Its Experimental Serum to Infected Missionaries
Mapp Biopharmaceutical Inc., a San Diego-based company with only nine employees, made international headlines last week for its role in developing an experimental Ebola treatment that may save the lives of two American aid workers who contracted the virus in Liberia.
OwnPhones’ Earbuds Aim for Perfect Fit With A Sense of Style
TECH: 3-D Printing Used To Make a Custom Product
A visual artist who spent the last eight years in New York City has detoured to San Diego and into entrepreneurship.
County Meidan Housing Price Is $517,000 for July
San Diego’s median sales price for a single family house sold in July was $517,000, down 2 percent from June, but up 7 percent from July 2013, according to the Greater San Diego Association of Realtors.
Aqua Sphere, Partners With Olympian Phelps
Aqua Sphere — a swimming equipment manufacturer for fitness and recreational swimming, aquatic exercise and triathlons — has formed a long-term strategic partnership with the Olympic champion swimmer Michael Phelps and coach Bob Bowman.
Court Shrinks Options For Convention Center
CIVIC: Proponents of Expansion Seek Plan B After Ruling Against Hotel Tax
Civic and tourism leaders were scrambling for a follow-up strategy after a state appeals court recently rejected the funding mechanism for the planned $520 million expansion of San Diego Convention Center.
Sempra Sales, Profits Going in Right Direction
ENERGY: Second-Quarter Net Income Up 9.8%; Key Project Gets Financing
Sempra Energy, San Diego’s second-largest company by revenue, is on track get bigger this year, both in sales and profits.
It’s ‘The End’ For Sony’s E-Book Efforts
Sadly, the news media is reporting the end of an era that has an impact on San Diego. Sony Electronics is closing its E-reader business which was orchestrated from its North American headquarters in Rancho Bernardo.
Qualcomm Runs Into Royalty Problems
TECH: China Challenges Affect Analysts’ Outlook
Shares of Qualcomm Inc. touched $80, slid more than 10 percent and have been trying to find their proper level since the company’s earnings call in late July, when executives spoke of the company’s inability to collect all royalties it says are owed by some of its Chinese customers.
Peer-to-Peer Lending Is Gaining Currency
FINANCE: Borrowers and Investors Find a Useful Tool
Peer-to-peer lenders are becoming more acceptable, both as a source of capital for consumers and as a legitimate place for investors to get a better return on their money.
FTD Must Pick Its Course for Provide
ACQUISITION: Staffing Overlap May Bring Cuts
FTD Companies Inc.’s acquisition of San Diego-based Provide Commerce should yield $25 million in annual synergies within three years, according to the buyers. But how those savings will be achieved is difficult to discern.
Picking Winners
Manufacturing: Rising Instrument Sales Are Music to Industry’s Ears
Thanks in part to the recent popularity of Hawaiian ukulele virtuoso Jake Shimabukuro — with an assist from pop stars Jason Mraz, Taylor Swift, Bruno Mars and others — the miniature stringed instruments have become a big seller at San Diego-based Bertrand’s Music.
Mayor Vetoes Minimum Wage Hike, Spurring Upcoming Override Vote
San Diego City Council will schedule a vote within the next 30 days to consider an override, after Mayor Kevin Faulconer vetoed council’s recent move to hike the city’s minimum wage to $11.50 an hour by January 2017.
Business Calendar for Week of Aug. 11, 2014
Some of the business events scheduled for the county for the week of Aug. 11, 2014.
Thursday, August 7
New Commander Takes Over at SPAWAR
Spawar received a new commander Aug. 7 during ceremonies where the U.S. Navy’s top admiral officiated.
Sempra's Q2 Net Earnings Up 9.8%
Sempra Energy reported second quarter net earnings of $269 million, up 9.8 percent from the net profit in the second quarter of 2013.
BofI Holding Reports Net Income of $56M for Fiscal Year
BofI Holding Inc., parent company of BofI Federal Bank, formerly called Bank of Internet USA, reported fourth quarter net income of $16 million, up 44 percent from the like quarter of 2013.
Organovo Taps Lucier's Talents for Advisor Role
San Diego 3-D bioprinting company Organovo Holdings Inc. has appointed Greg Lucier as a corporate advisor.
Bridgepoint Education Reports Q2 Results
Bridgepoint Education, the for profit operator of two colleges, reported second quarter revenue of $171.5 million, down from $193.5 million for the like quarter of 2013.
Aethlon Medical Addresses Reports of Ebola Cure
San Diego-based Aethlon Medical Inc. today released a letter from its CEO and Chairman, Jim Joyce, addressing the CNN claim that the medical device maker offers a cure for Ebola.
BioMed Realty Revenue, Net Income Rise in Second Quarter
BioMed Realty Trust Inc. saw total revenue rise 7 percent from a year ago in its second quarter ending June 30, reaching $171.2 million, the San Diego-based company reported.
Pulse Electronics Reports Q2 Net Sales of $93.6M
Pulse Electronics Corp., a San Diego based maker of electronic components, reported second quarter net sales of $93.6 million, up 6 percent from the prior year’s second quarter.
Revenue Dips Slightly, Net Income Rises at American Assets
San Diego-based American Assets Trust Inc. reported second-quarter revenue and net income figures similar to those of a year ago, with revenue totaling $62.2 million for the period ending June 30.
La Mesa Retail Center Sold for $7.1 Million
Lake Murray Center LLC of La Jolla has purchased the Village Shopping Center in La Mesa for $7.1 million, according to CoStar Group and public data.
ROIC Reports Second-Quarter Increases in Revenue, Net Income
San Diego-based Retail Opportunity Investments Corp. reported total revenue of $36.9 million in its second quarter ending June 30, an increase of 42 percent from the year-ago period.
Wednesday, August 6
Qualcomm Brainpower Is Behind Timex Smart Watch
Timex said on Aug. 6 that it plans to release a smart watch powered by Qualcomm Inc. technology.
Padres Name Preller New GM
The San Diego Padres named A.J. Preller as the team’s new executive vice president and general manager, replacing Josh Byrnes, who was fired in June.
Jack in the Box Reports Q3 Results for FY2014
San Diego-based Jack in the Box Inc. reported net income of $24.7 million for its fiscal third quarter ended July 6, compared with a net loss of $5.6 million for the like quarter of 2013.
Sempra and Its Partners Approve Final Financing Decision for Louisiana LNG Plant
Sempra Energy announced that it and its partners approved the final investment decision for the natural gas liquefaction and export project planned in Louisiana.
DexCom Reports Revenue of $58.8M for Q2
DexCom Inc., a San Diego-based medical device company, reported total revenue grew to $58.8 million for the second quarter of 2014, up 64 percent from the same quarter last year.
Land Slated for Oceanside Apartments Sold for $25 Million
Locally based Presidio Cornerstone Master LLC has purchased a 28-acre land parcel in Oceanside for $25 million, with plans to develop a 338-unit luxury apartment community.
Regulus Reports Q2 Results
San Diego-based Regulus Therapeutics Inc. reported a net loss of $12 million for the second quarter of 2014, compared with a net loss of $7.3 million for the same quarter last year.
Silvergate Bank Reports Net Income of $1.5M for Q2
Silvergate Bank, based in University City and with four branches, reported second quarter net income of 1.5 million, up 10 percent from the like quarter of 2013.
Nike Factory Store Opening in Carlsbad
Oregon-based Nike Inc. plans an Aug. 28 opening for its new Nike Factory Store, at Carlsbad Premium Outlets.
El Cajon Apartment Buildings Sold for $12 Million
San Diego-based Conrad Prebys Trust has purchased a four-building apartment portfolio totaling 94 units in El Cajon for $12 million, according to brokerage firm Apartment Consultants Inc., which represented the buyer.
OncoSec Medical Makes Appointment to Its Scientific Advisory Board
San Diego-based OncoSec Medical Inc., a biopharmaceutical company focused on cancer immunotherapy, has appointed Holbrook Kohrt to its scientific advisory board.
Tuesday, August 5
UCSD, The Scripps Research Institute and Illumina Get NIH Grants
The Scripps Research Institute, the University of California, San Diego and Illumina Inc. have been awarded a total of $8.7 million in grants by the National Institutes of Health for DNA sequencing research.
Microsoft Hires Former Qualcomm Exec
After days of speculation in the technology trade media, Microsoft Corp. confirmed Aug. 5 that it has hired Peggy Johnson, who recently left her job at Qualcomm Inc.
Escondido Retail Center Sells for $10.3 Million
MDA Mission Ave One LLC of Rancho Santa Fe has purchased a three-building retail center in Escondido for $10.3 million, according to CoStar Group and public data.
Aqua Sphere Partners With Olympics Champion Michael Phelps and His Coach
Aqua Sphere, a swimming equipment manufacturer for fitness and recreational swimming, aquatic exercise and triathlons, announced the formation of a long-term strategic partnership with the Olympics champion swimmer Michael Phelps, and coach Bob Bowman.
Overland Storage Expects Q4 Revenue to Exceed $24M
Overland Storage, a San Diego provider of data storage systems that’s in the midst of being acquired by a Canadian software company, said its net revenue for the fourth quarter should exceed $24 million, up from $20 million in the third quarter.
Poway Industrial Building Sells for $6.15 Million
Atomic Investments Inc. of National City has purchased a Poway industrial building for $6.15 million, according to CoStar Group and public data.
La Jolla Commercial Building Sells for $6.8 Million
EHOF La Jolla LLC, with developers William Berwin and Michael Pierson, have purchased a La Jolla commercial building for $6.8 million, according to brokerage company CBRE Group Inc., which represented the seller.
Monday, August 4
Local Company Takes a Leading Role in Ebola Fight
Mapp Biopharmaceutical Inc., a San Diego-based company with nine employees, has made international headlines for its role in developing an experimental Ebola treatment that may save the lives of two American aid workers.
Otonomy Price IPO at $80 Million
San Diego-based Otonomy, a biopharmaceutical startup developing new treatments for diseases and disorders of the ear, has announced the estimated pricing of its initial public offering at $80 million — 5.3 million shares at a price range of $14 to $16.
Rady Children’s Hospital Receives $120M Donation
Rady Children’s Hospital will receive the second largest donation in San Diego history to fund pediatric research and innovation in San Diego.
San Onofre Cleanup Expected to Cost $4.4 Billion
Southern California Edison said that its plan to decommission the San Onofre Nuclear Generating Plant would cost $4.4 billion.
Broadcom to Layoff Up to 203 Locally
Broadcom Corp. plans to lay off 203 people from its San Diego office beginning in late September, according to the state Employment Development Department.
Fulton Leaving San Diego City Planning Director Post
San Diego City Planning Director Bill Fulton has resigned from the post to take a position at Rice University in Houston.
Cubic Reports Q3 Results
Cubic Corp., the San Diego defense contractor and provider of mass transit fare systems, reported fiscal 2014 third quarter revenue of $340.4 million, up 1 percent from the like quarter of last year.
Calbiotech, Intrinsic LifeSciences Agree to Development Deal
Calbiotech, a life science company in Spring Valley, has entered a development agreement with La Jolla-based Intrinsic LifeSciences to develop and validate ELISA kits for hepcidin, a hormone that plays a central role in the regulation of iron in the blood and indicator of iron disorders.
Isis Reports Q2 Revenue of $57.1 Million
Isis Pharmaceuticals Inc. reported second quarter revenue of $57.1 million compared with $38.1 million in the previous quarter.
OneRoof Energy Raises $1 Million in Loan Funding
OneRoof Energy Group Inc., a San Diego solar power finance provider, said it closed on $1 million of additional loan funding under an existing loan arrangement. The loan was made by Hanwha Holdings Inc., an existing shareholder of the company.
North Park Apartments Sold for $5.3 Million
Florida Place LLC of San Diego has purchased the 28-unit Florida Manor Apartments in North Park for $5.3 million, according to CoStar Group and public data.
Sunday, August 3
Appeals Court Rules Against the Convention Center Financing Plan
A state appeals court has ruled against the funding mechanism for a planned $520 million expansion of San Diego Convention Center, saying a proposed tax on hotel room bills is unconstitutional because it was not approved by voters.
Consultant to Advise Convention Center on Possible Naming-Rights, Sponsorships
San Diego Convention Center officials have hired Cleveland-based The Superlative Group to provide consulting work in relation to potential naming-rights and sponsorship programs at the center.
Mitchell International Will Fund Incubator Companies Through EvoNexus
Mitchell International Inc. is the third company to come forward to fund startup businesses in San Diego’s EvoNexus incubator program.
ResMed Reports Fourth Quarter Results
ResMed Inc.’s fourth quarter net income dipped slightly at $87.7 million, down from $90 million last quarter, but an overall increase of 20 percent over the same quarter last year.
Southwest Airlines, SeaWorld to End Partnership
Southwest Airlines Co. and SeaWorld Entertainment Inc. have decided to end their partnership when their contract expires at the end of the year, the companies said.
Altman Named Managing Partner at KPMG
Beth Altman has been named managing partner of accounting firm KPMG LLP’s San Diego office.
The Business Calendar for the Week of Aug. 4, 2014
A list of some of the business events scheduled for the week of Aug. 4, 2014.
Survey says: ...You Don't Want to Know If You're in Small Business in S.D.
A nationwide survey of entrepreneurs gave San Diego an F rating for its friendliness to small businesses.
Senomyx Inc. Reports $7.3 Million in Q2 Revenue
San Diego-based Senomyx Inc. — which develops flavor ingredients for foods and beverages using proprietary taste science technology — reported $7.3 million in unaudited revenue for the second quarter ended June 30.
Sorrento Therapeutics Announces Death of Its Chief Business Officer Amar Singh
Sorrento Therapeutics Inc. announced the death of its Chief Business Officer and Executive Vice President Amar Singh.
Maxwell Technologies Inc. Reports Q2 Revenue of $46.1 Million
Maxwell Technologies Inc., the San Diego maker of energy storage and power delivery devices, reported second quarter revenue of $46.1 million, down 17 percent from $55.6 million in revenue in the like quarter of 2013.
Friday, August 1
Appeals Court Rules Against Convention Center Financing Plan
A state appeals court has ruled against the funding mechanism for a planned $520 million expansion of San Diego Convention Center, saying a proposed tax on hotel room bills is unconstitutional because it was not approved by voters.
Commentary: Business Must Lead Innovation to Conserve Water
July 25, Colorado River Day, was recently celebrated as the day the river was officially renamed from the “Grand” to the “Colorado,” honoring the waterway that serves as the backbone of the West’s economy and a critical drinking source for millions.
Builder, Other Cos. Give STEM a Home At Boys & Girls Club
Employees of McCarthy Building Companies Inc. teamed recently with a group of consultants and subcontractors to give the Boys & Girls Clubs of Greater San Diego what it needed most: a new STEM lab and outdoor garden area at its Ron Roberts Family Branch on East Jewett Street in San Diego’s Linda Vista area.
San Diego Gets a Failing Grade in This Business Survey
A nationwide survey of entrepreneurs gave San Diego an F rating for its friendliness to small businesses.
Hera Hub Blends Co-Working and Community at Its Offices
SERVICE: Business Signed First Franchise Agreement in April
San Diego-based Hera Hub, which provides women who work for themselves a working space where they can share ideas and meet with others, has signed its first franchise agreement.
ResMed Reports Q4 Results
ResMed Inc.’s fourth quarter net income dipped slightly at $87.7 million, down from $90 million last quarter, but an overall increase of 20 percent over the same quarter last year.
Workspace Trends Favor Flexibility, Collaboration Over Cubicles
PROPERTY: For Office Designers, Division Is Out as Shared Spaces Take Shape
If you’re wondering what the office of tomorrow looks like, two local office designers suggest looking at the trendsetters of today.
Space Age
Offices of the Future Are Designed to Encourage Collaboration, Boost Job Satisfaction While Reducing Overhead
By creating office environments that place a greater emphasis on collaboration and having shared workspaces, many San Diego County businesses are striving to increase their productivity.
Attorney Pairs His Legal Career With Other Tasteful Pursuits
San Diego attorneys are really interesting people with varied interests and pursuits, but Harold Small, you might say, takes the cake. He has been elected bailli délégué — or just president to us commoners — of the Bailliage des Etats-Unis of the Confrérie de la Chaîne des Rôtisseurs, the world’s oldest and largest international food and wine society.
San Diego Private Bank Posts Solid Earnings Growth for Q2
San Diego Private Bank’s second quarter net income more than doubled from a year earlier at $594,000, while its total assets grew 8 percent to $339.5 million.
Home of the month: Cortez Hill Victorian Redux
This home is on the National Register of Historic Places as the John Ginty House.
Business Calendar for Week of Aug 4, 2014
Some of the business events scheduled in the county for the week of Aug. 4, 2014.
Cubic Corp. Gets $700M+ Along With a Stronger British Accent
By now, the red London bus is firmly part of Cubic Corp.’s heritage. The Kearny Mesa-based business has been part of London’s mass-transit system for 30 years, and it looks like it will stay on board for at least seven more.
Zingle Uses Your Texts to Help You Get to the Front of the Line
TECH: Device Connects Hospitality Businesses to Their Customers’ Orders
Making a call is OK but texting is better for business, said John Girard, who heads Zingle, a Carlsbad business built around texting technology.
An Acne-Fighting App Is Just What the 2 Doctors Ordered
A San Diego-based mother-and-son team of dermatologists has launched a Web application that provides diagnoses, treatments and prescriptions exclusively online for patients with acne.
Meiling to Cover Health Care, Biotech For SDBJ
Brittany Meiling has joined the San Diego Business Journal’s editorial team as the reporter covering health care and the life science industries, including biotechnology, pharmaceutical and medical devices.
Commercial Market Seen as Solid Through 2017
PROPERTY: SoCal Rental, Occupancy to Climb; Industrial Increases
Demand for commercial real estate space — including development, leasing and investing — is expected to stay on the increase in San Diego and most other California markets through 2017, spurred by factors including continued job growth.
Port May Take Several Months to Find New CEO
CIVIC: Silence Surrounds The ‘Personnel Matter’ Of Darbeau’s Departure
Leaders at the Port of San Diego are already taking steps to fill the organization’s top job after port commissioners relieved Wayne Darbeau of his duties as CEO on July 25, in the wake of a hiring controversy that played out in the news media.
Correlation Ventures Invests In 8 Startups
La Jolla-based venture capital firm Correlation Ventures added eight new startup companies to its portfolio during the second quarter, Managing Director David Coats said. The investments included PowerVision, Soldsie, Splice Machine, SynthoRX and VigLink, plus three smaller seed deals.
Phase 2 of Bay Cleanup Dredges Up Old Issues
BAY: Some Say Costs Increased By Foot-Dragging, Litigation
One of the more contentious environmental remediation projects in San Diego history — a cleanup of two sites in San Diego Bay — enters phase two this week.
Funds Help Biotech Track ‘Moving Target’
Life Science: Epic’s Cancer Diagnostics Generate Interest
A rapidly growing diagnostics company in San Diego has raised $30 million in Series C financing to help commercialize its new technology for cancer research, while adding a high-profile life science veteran to its board.
‘NEW DEAL’
GAMING: Local Tribe Gets into Online Poker As Brick-and-Mortar Casino Operators Wait and See
Online poker is coming to California eventually; at least, that’s the opinion among many leaders at the area’s American Indian casinos. And for one San Diego County tribe, the future is coming fast.
SeaWorld, Southwest Airlines to End Partnership
Protests lead to airline severing ties.
Consultant to Advise Convention Center on Possible Sponsorships, Naming Rights
San Diego Convention Center officials have hired Cleveland-based The Superlative Group to provide consulting work in relation to potential naming-rights and sponsorship programs at the center.
Mitchell International to Fund Incubator Companies Through EvoNexus
Mitchell International Inc. is the third company to come forward to fund startup businesses in San Diego’s EvoNexus incubator program.
Altman Is Named Managing Partner at KPMG
Beth Altman has been named managing partner of accounting firm KPMG LLP’s San Diego office.
Senomyx Reports $7.3M in Q2 Revenue
San Diego-based Senomyx Inc. — which develops flavor ingredients for foods and beverages using proprietary taste science technology — reported $7.3 million in unaudited revenue for the second quarter ended June 30.
Sorrento Therapeutics' Chief Business Officer Amar Singh Passed Away
Sorrento Therapeutics Inc. announced the death of its Chief Business Officer and Executive Vice President Amar Singh.
Maxwell Technologies Reports Q2 Revenue of 46.1M
Maxwell Technologies Inc., the San Diego maker of energy storage and power delivery devices, reported second quarter revenue of $46.1 million, down 17 percent from $55.6 million in revenue in the like quarter of 2013.
Civic Gets New Leader; City Has New Priorities
The mayor’s choice to lead Civic San Diego, the city’s primary project oversight agency, said he’s ready to take on community development priorities that go well beyond the downtown core.