Stories for October 2013
Thursday, October 31
Scripps Health and Sharp HealthCare have recently joined a health information exchange called San Diego Health Connect, the federally funded program connects hospital systems’ electronic health records.
About 100 elected officials from around San Diego took part in the official groundbreaking ceremony for Lindbergh Field’s Rental Car Center.
San Diego-based NuVasive Inc.’s stock reached a 52-week high, closing day trading Oct. 30 at $31.40 — a 22 percent increase — following reports of strong third quarter earnings.
PriceSmart Inc., the San Diego operator of warehouse club stores in the Caribbean and Central America, reported fiscal 2013 fourth quarter net income of $20.8 million, compared with net income of $17.7 million for the like quarter of FY 2012.
San Diego-based Peregrine Semiconductor Corp. celebrated the shipment of its 2 billionth radio frequency chip recently.
Kratos Defense & Security Solutions Inc. announced the receipt of its second U.S. Department of Education contract in two days.
Wednesday, October 30
The San Diego Business Journal is offering its estimated 42,000 daily eNews subscribers an introductory subscription to the Journal’s weekly print and online editions.
San Diego County new light vehicle sales are projected to beat 2012 levels by more than 10 percent this year.
San Diego-based Pfenex Inc. has received a subcontract from Reston, Va.-based defense contractor Leidos Holdings Inc. to develop an anti-malaria agent.
DJO Global Inc., a Vista-based maker of orthopedic braces and other medical supports and devices, announced that its third quarter net sales grew 5.1 percent to $288 million, compared with the like quarter in 2012 in which it reported net sales of $274 million.
Kratos Defense & Security Solutions Inc. received a $14.5 million contract from the U.S. Department of Education.
San Diego-based solar services company OneRoof Energy Inc. has named Dan Halvorson as executive vice president and chief financial officer.
Tuesday, October 29
Illumina Inc. has reached a definitive agreement to acquire Santa Clara-based NextBio, Illumina announced on Oct. 28.
Callaway Golf Co. reported a third-quarter net loss of $21 million, which the company viewed favorably, having posted a net loss of $87 million for the like quarter of 2012.
General Atomics Aeronautical Systems Inc. recently conducted a second test to determine how well an unmanned Predator B aircraft can function as an electronic attack aircraft, the company announced.
Tech Coast Angels, the largest angel investor organization in the nation with a chapter in San Diego, was named as one of five most active investor groups in the nation by the Halo Report, which tracks these organizations.
San Diego-based Biocom is joining with the Biotechnology Industry Organization, an international trade group, to facilitate the 2013 Pacific Rim Summit on Industrial Biotechnology and Bioenergy.
Monday, October 28
San Diego-based Zogenix Inc. won Food and Drug Administration approval for its extended release version of hydrocodone, a narcotic painkiller, despite disapproval from an advisory committee which cited addiction concerns.
Petco, the San Diego pet store chain, said it opened its first store Mexico in that country’s second largest city, Guadalajara, through a joint venture with Grupo Gigante, one that country’s largest companies.
San Diego County’s contracts for future construction dropped 13 percent from a year ago in the first nine months of 2013, according to new data released by McGraw Hill Construction.
Maxwell Technologies Inc., the San Diego maker of energy storage devices, said Chief Executive Officer David Schramm is retiring at the end of this year.
MEI Pharma Inc. and Sorrento Therapeutics, both San Diego-based drugmakers, have announced secondary public offerings of about $35 million apiece.
Shares for San Diego-based medical device maker ResMed Inc. plummeted 12 percent following news that its quarterly earnings were lower than expected.
Some of the business events happening around the county for the week of October 28, 2013.
The sixth annual Innovation Night at La Jolla Playhouse, presented by Qualcomm, kicks off Nov. 20 at 5:30 p.m.
Biotechnoloy/Health Care Column
I recently sat next to a venture capitalist on a flight from the Bay Area. We were discussing San Diego’s penchant for growing these amazingly innovative biotech startups — and how right as they begin to pick up some serious momentum, they get acquired by a big fish.
What is life? One famous San Diegan might have the answer, if you attend his upcoming book party. J. Craig Venter, the scientist who first sequenced the human genome, will be on the University of California, San Diego campus Oct. 28 to promote his new book “Life at the Speed of Life: From the Double Helix to the Dawn of Digital Life.”
It’s no secret that San Diego is one of the most diverse cities in America — reflected in the city’s architecture, cuisine and cultural centers.
One of the biggest threats to our collective prosperity became clear in the early 1990s, when drought prompted the Metropolitan Water District of Southern California to slash water deliveries to San Diego County by 31 percent.
Ronald McDonald House’s annual ROMP gala raised nearly $690,000 for the organization that provides a “home away from home” for families with critically ill or injured children while they’re in the hospital.
Tonya Torosian is CEO of Promises2Kids, a 30-year-old nonprofit founded as the Child Abuse Prevention Foundation. Best known for building the Polinsky Children’s Center, Promises2Kids is dedicated to creating a brighter future for foster children.
GIVING: Companies Encourage Input and Participation of Staff
The San Diego Business Journal reached out to five of San Diego’s largest employers to find out what community initiatives and programs they support.
GIVING: Active Employee Involvement Becomes a Key Part of Corporate Giving
San Diego businesses continue their philanthropy despite the shaky economy, but the way companies give is changing.
Breaking news from www.sdbj.com
ChargePoint, a Northern California electric charging station operator, has launched a program with the participation of the city of San Diego and the California Energy Commission to install 206 electric vehicle charging stations in apartment locations in San Diego County.
ARCHITECTURE: Aim Is To Cultivate New Markets, Expanding in Pacific Rim
As the new chief operating officer of San Diego’s Carrier Johnson + Culture, Vincent Mudd plans to apply the same big-picture approach deployed in his past civic leadership work — with the San Diego Regional Chamber of Commerce and Economic Development Corp., among other entities — to the highly competitive architectural industry.
News and notes from communities around San Diego County
Property owners in Imperial Beach may soon get flexibility to build apartments in the city’s commercial sections. City officials said there is little demand for all the retail space in the city.
Some bankers cynically called the program “Son of TARP,” but to many of the community banks that accepted capital from the U.S. Treasury through its Small Business Lending Program, it’s been quite a help.
Bot-Brained? Research teams at Qualcomm Inc. are working on an experimental processor that mimics the architecture of the human brain and nervous system, the company recently disclosed. It’s called Zeroth. Among other things, the processor would be able to learn much as human brains do.
HEALTH: Study Predicts Region’s Health Care Costs Will Rise 7%
San Diego employees pay a higher share of their health care benefits compared to the national average, according to a new analysis from a global human resources consultancy.
Wireless: Current Stock Price May Open Door for Other Bidders
Shareholders of Leap Wireless International Inc., the San Diego prepaid carrier behind the Cricket brand, will convene in Denver this week to weigh in on the $4 billion sale of the company to AT&T following a postponement of the meeting last week.
RETAIL: Co. to Keep It Casual With an Inviting Retail and Drinking Site
The fast-growing Stone Brewing Co. is looking to become even more ubiquitous in craft beer circles. By mid-November, the Escondido-based brewer will debut the latest location of its neighborhood-focused retail concept, Stone Company Store, in downtown San Diego.
ECONOMY: Recession A Possibility as Military Cuts Hit Hard in Region
San Diego’s economy is in danger of falling back into a recession as a result of higher federal government cuts that will occur next year, said Kelly Cunningham, the economist with National University System Institute for Policy Research.
CLEAN-TECH: Co.’s System Also Delivers Tips on Conservation
Vladymir Rogov is looking to connect with his market — literally. The local industrial designer put an innovative twist on the humble electric plug socket, turning it into a tool in the fast-emerging market of home-energy monitoring.
MEDICINE: Panelists Highlight Potential Savings, Availability of Infrastructure
Scripps Health has rolled out a new telemedicine program for its employees, allowing them to consult with doctors remotely using a telehealth program called MDLIVE that could eventually be made available to Scripps patients.
FINANCE: GoFundMe Finds Niche, Helping in Crises
When James Rivera needed $5,000 to cover the expenses of the woman willing to donate a kidney to him, he turned to a San Diego-based website that is putting a new twist on the increasingly popular concept of crowdfunding.
DEFENSE: General Atomics Uses Own Funds for Railgun
General Atomics is betting millions of dollars that the U.S. Army or U.S. Marine Corps will want weapons based on the same technology that the company has developed for U.S. Navy ships.
PROPERTY: Projects to Craft Pedestrian-Friendly Destination
San Marcos next year could see pieces start falling into place for something the city has long been awaiting: a central, pedestrian-friendly downtown to call its own.
TECH: Agriculture Has High-Tech Helpers
The proper way to care for grapevines — very old knowledge depicted in ancient art and mentioned in scripture — is being taught to robots in Sorrento Valley.
Friday, October 25
A federal jury ordered Qualcomm Inc. to pay a Jacksonville, Fla.-based chipmaker $173 million in damages for patent infringement, according to the Florida business, ParkerVision Inc.
Arthur J. Gallagher & Co. has acquired San Diego-based G.S. Levine Insurance Services Inc. for undisclosed terms, the buyer announced Oct. 24.
Civic San Diego, the city’s nonprofit agency that oversees development projects, has approved proposed zoning that would create a downtown buffer zone between residential parcels and the industrial area that includes Solar Turbines.
San Diego-based medical device maker ResMed Inc. has acquired Warsaw, Poland-based distributor Mediserv International for an undisclosed sum.
San Diego-based Mirati Therapeutics Inc. announced it will offer 3.25 million shares of its common stock at $17.50 per share.
San Diego-based Cumming, an international construction project and cost management firm, has opened a new regional office in New York City.
ServiceNow, the San Diego provider of cloud-based IT services, reported a third quarter net loss of $14.7 million, compared with a net loss of $13 million in the third quarter of 2012.
Jay Goldstone, who worked as the city of San Diego’s chief operating officer until the end of 2012, was named managing director in the public finance group of the Bank of Tokyo-Mitsubishi UFJ.
Thursday, October 24
Leap Wireless International Inc., the San Diego flat rate carrier doing business under the Cricket brand, adjourned its special shareholders meeting scheduled for Oct. 24 in Denver, postponing the meeting, to vote on its pending sale to AT&T, to Oct. 30.
A joint venture of Clark Construction Group LLC and McCarthy Building Cos. Inc. has completed the $456 million Naval Hospital at Marine Corps Base Camp Pendleton near Oceanside.
Regent Properties of Los Angeles has purchased Faraday Corporate Center, an office building in Carlsbad, for $40.4 million.
G2 Software Systems Inc. received a two-year, $8 million satellite electronics contract from Spawar, the U.S. Navy’s Space and Naval Warfare Systems Command.
The University of California, San Diego is set to hold a “topping out” ceremony Oct. 24 for its $839 million Jacobs Medical Center, located in UCSD health system’s La Jolla campus.
Kansas-based Title Boxing Club, a franchised national chain of fitness centers, is opening its second California location, in Carlsbad.
Art Barter of Datron World Communications will be the guest of honor during the Palomar College black tie gala set for Nov. 16 at the La Costa Resort & Spa in Carlsbad.
Wednesday, October 23
Realty Income Corp. of Escondido is conducting a public stock offering with anticipated net proceeds of approximately $329 million, expected to close on Oct. 25.
Scripps Translational Science Institute has received a $29 million grant renewal to explore genomics, wireless technology and bioinformatics.
Three San Diego shipyards will split as much as $35 million for ship repair work under a contract awarded by the U.S. Navy.
La Jolla-based Auspex Pharmaceuticals Inc. has appointed four life science industry veterans to its executive team.
Debra Reed, chairman and CEO of Sempra Energy, was named to this year’s 50 Most Powerful Women in Business list compiled by Fortune Magazine.
Tin Roof, a Nashville-based chain of restaurants and music clubs, plans to open its first local location in downtown San Diego’s Gaslamp Quarter.
Intel Capital, Intel’s investment arm, announced investments in 16 technology companies totaling $65 million at the Intel Capital Summit held at the Grand Hyatt Hotel San Diego on Oct. 22.
Tuesday, October 22
The U.S. Navy announced two contracts for BAE Systems San Diego Ship Repair Inc. that could be worth a combined $94.6 million.
San Diego-based real estate services firm Trigild has been named liquidating trustee for a $50 million portfolio of 37 strip retail centers in 17 states.
San Diego-based Epsilon Systems Solutions Inc. received a $15.8 million U.S. Navy contract for professional and engineering support services.
Arcturus Therapeutics Inc., a San Diego life sciences company founded this year, secured $5 million in a Series A funding round led by multiple private investors from Canada, Japan and the U.S.
An index tracking the confidence of San Diego businesses called the San Diego County Business Forecast fell to its lowest point in the last three months, dropping from 28.2 in July to 25.2 as of mid-September, according to a report from the San Diego Regional Chamber of Commerce.
StratAcuity Staffing Partners Inc., a Boston-area-based staffing and placement firm specializing in the recruitment of biopharmaceutical professionals, is opening an office in San Diego.
Irvine-headquartered The Habit Burger Grill plans to open its fourth San Diego County location Oct. 24 in San Marcos. Officials said the new eatery is at 727 San Marcos Blvd., off Grand Avenue near state Route 78.
Monday, October 21
TDA Investment Group of San Mateo has purchased Alvarado Medical Plaza III, an office building in San Diego, for approximately $11.4 million, according to CoStar Group and public data.
The U.S. Air Force recently awarded General Atomics Aeronautical Systems Inc. a delivery order that could be worth as much as $377.4 million.
ChargePoint, a Northern California electric charging station operator, said it’s launched a program along with the participation of the city of San Diego and the California Energy Commission to install 206 electric vehicle charging stations at apartment locations in San Diego County.
San Diego’s median housing price in September increased $7,000 above the median in the prior month to $422,000, according to Dataquick, the La Jolla real estate research firm.
The San Diego Business Journal has extended its deadline for accepting nominations for its annual Most Admired CEO Awards. Nominations will be accepted through October 28, 2013.
A list of some of the business events happening around the county for the week of October 21, 2013.
Australian retailer Lorna Jane, which sells women’s activewear, will have its formal grand opening Oct. 26 at Westfield UTC mall in San Diego.
DEFENSE: Area Should Still Fare Better than Most in Cuts
Slightly less military money will circulate through San Diego County in 2014, thanks to the economy, Washington politics and what’s known of future military priorities.
A terrific time was had by the 500 guests who attended Boys & Girls Clubs of Carlsbad’s “Come Play With Us” Gala. A record $220,000 was raised at the black-tie event held at La Costa Resort and Spa’s Costa Del Sol Ballroom recently — a 30 percent increase over the previous year. All proceeds go directly toward operating funds for the Club.
The Business of Law Column
Madeline Cahill and Larry Campitiello have joined Evans Keane LLP, a Boise, Idaho-based business law firm that recently opened an office in Carlsbad
Real Estate Column
Carlsbad-based developer Terramar Retail Centers has unveiled a full roster of dining and retail tenants set to open in November at The Headquarters at Seaport District on the downtown waterfront next door to Seaport Village.
DEFENSE: Carriers and Other Navy Ships Deliver Big Dollars to San Diego
San Diego could become home to more U.S. Navy ships during the next decade, as some vessels are shifted west under what military leaders call the Pivot to the Pacific.
DEFENSE: Allowances Estimated to Bring More Than $1B Into Market
The Pentagon offered housing benefits worth an estimated $2.34 billion to sailors and Marines in San Diego County during 2013, new research shows.
The interest that lenders are paying on savings accounts is at an all-time low and getting worse, according to a recent study by GoBankingRates.com, a personal finance website.
The profile of a life sciences employee has shifted dramatically, according to a new study published in Nature. Employers at biotech, medical device and pharmaceutical companies are now looking for well-rounded candidates who have some business acumen, as opposed to researchers who have deep — but myopic — knowledge of their niche fields.
Salaries for in-demand positions in several industries — particularly accounting and finance and high-tech — continued to increase this year in San Diego and nationally, and should rise again in 2014, according to a salary survey by Robert Half International.
PROPERTY: Market Improves, But Recovery Is Not a ‘Done Deal’
The U.S. commercial lending climate has improved markedly since the dark days of the Great Recession, when billions of dollars in properties held by over-leveraged owners ended up on the books of banks and other lenders, said experts at the recent 13th annual Trigild Lender Conference in San Diego.
LEGAL: Breach of Contract Allegations, IP Issues at Heart of Dispute
Technology Integration Group will receive a little more than $1 million to settle a five-year legal dispute involving former employees who the company accused of breaching their contracts and stealing its trade secrets to help their new employer.
SPORTS: Ron Fowler Has Served San Diego In Numerous Roles
Business leaders and sports figures gathered at the Town & Country Resort Hotel recently to honor San Diego Padres Executive Chairman Ron Fowler as sportsman of the year.
BIOTECH: New Tools Allow Real-Time Sharing, Easier Viewing of Samples
Leica Biosystems’ Aperio ePathology division in Vista sees opportunity in ultrahigh definition — whether it is looking at high-resolution images of tissue samples for pathologists that its equipment and software make possible or the images of Albert Einstein’s brain it has cataloged for posterity using its technology.
TRAVEL: Membership Service Looks to Land Corporate Travelers
Operators of Set Jet believe they’ve created a model for corporate air travel that will appeal to San Diegans who are put off by crowded and time-consuming commercial flights and the prohibitive costs — for many — of private aviation, such as chartered flights or aircraft ownership.
PHARMA: Plant Will Soon Be Able to Make 2 Drugs Simultaneously
San Francisco-based Genentech Inc. is investing $132 million in its Oceanside plant, with aims to double its drug manufacturing capacity. It will hire 50 scientists, engineers and technicians to support its expanded operations.
As the number of venture capital firms continues to decrease, some local entrepreneurs are in a quandary about where to find much needed cash.
funding: Vital Therapies, Celladon Each Seeking $86M
With aims to raise $86.3 million apiece in initial public offerings, San Diego-based companies Celladon Corp. and Vital Therapies Inc. have joined the bevy of biotechs that have filed this year to go public.
SPORTS: Chargers Look at Options, Hold Discussions
The San Diego Chargers are mulling their next options for developing a new football stadium, including variations on prior ideas for projects in Mission Valley and East Village, after the California Coastal Commission’s approval of a convention center expansion that doesn’t incorporate a stadium and that the team opposed.
PHARMA: Weight-Loss Pills Have Yet to Bring Big Returns
One would wager that a fat-busting prescription pill would be a shoo-in pharmaceutical blockbuster, with more than a third of the American public struggling with obesity.
Friday, October 18
A former executive of Maxwell Technologies was indicted on charges of bribery and violations of the federal Foreign Corrupt Practices Act involving payments allegedly made to Chinese officials at state owned companies as part of contracts on sales of Maxwell’s high voltage capacitors.
The U.S. Navy awarded San Diego-based General Atomics a $52 million order for advanced arresting gear equipment.
Seragon Pharmaceuticals Inc., a new San Diego company focused on breast cancer therapies, has raised $30 million in Series A financing.
Belgian life sciences company Eurogentec is shuttering its San Diego operations, with aims to consolidate its North American business in its larger, Fremont-based site.
Realty Income Corp., with headquarters in Escondido, has named Sumit Roy as its new chief investment officer, overseeing the company’s investment activities.
WD-40 Co. — the maker of lubricants, cleaners and specialty chemicals — ended its fiscal year on a positive note.
San Diego-based Cohn Restaurant Group has opened a new restaurant in La Mesa, called BO-beau kitchen + garden, which is the company’s 16th local full-service restaurant.
The San Diego Business Journal presents an in-depth look at today’s changing health care industry and the evolution of technology for its management.
Thursday, October 17
Landmark Aviation of Houston is breaking ground on a new $39 million fixed base operation (FBO) facility for general-aviation aircraft at San Diego International Airport, expected to open by late 2014.
San Diego Gas & Electric announced the redemption of all issued and outstanding shares of SDG&E cumulative preferred stock and preference stock.
Shares for Isis Pharmaceuticals Inc. rose 5 percent on news that the company has received a $10 million milestone payment from Weston, Mass.-based Biogen Idec Inc.
Investment firm CVG Properties has purchased an El Cajon apartment complex for $4 million, according to brokerage services provider Apartment Consultants Inc.
The San Diego Business Journal continues its in-depth look at today’s changing health care industry and the evolution of technology for its management.
The Defense Commissary Agency, the federal agency that runs the low-priced supermarkets on military bases, is taking a page from private industry’s playbook.
Wells Fargo Bank, the nation’s largest mortgage lender, issued another job reduction notice, resulting in the elimination of 24 workers in its San Diego mortgage unit.
Kim Richards, principal with San Diego-based KDR PR, is headed to Doha, Qatar in late October to attend education conferences.
Wednesday, October 16
Japanese drugmaker Eisai Inc. said it will double its U.S. sales force to 400 representatives to market Belviq, the anti-obesity medication developed by San Diego-based Arena Pharmaceuticals Inc.
The North County Transit District has begun a $2 million project to improve the rail line from Mission Bay to the San Diego-Orange county line.
San Diego-based real estate services provider Douglas Wilson Cos. has moved its downtown headquarters to an office building that it owns and manages at 1620 Fifth Ave., Suite 400.
Kratos Defense & Security Solutions Inc. received a U.S. Army research and development contract that could be worth as much as $2 million.
San Diego-based Jimbo’s Naturally is opening a new store at Westfield Horton Plaza, the fifth location for the natural-foods grocer.
EcoATM, the San Diego business that makes kiosk machines that accept and make payments for unwanted digital devices, said the FBI-Law Enforcement Executive Development Association Inc. cited the company's verification process as excellent evidentiary source for prosecuting criminals.
RF Industries Ltd., the San Diego maker and distributor of coaxial connectors and cable assemblies, ranked No. 46 on the Forbes 100 Best Companies in America list, the company said.
Tuesday, October 15
San Francisco-based Genentech is investing $132 million into its Oceanside plant, with aims to double its drug manufacturing capacity.
San Diego-based Vital Therapies Inc. has filed for an $86.3 million initial public offering, making it the tenth San Diego company to do so this year.
San Diego-based Vet Therapeutics Inc. has been acquired by Kansas City, Kan.-based Aratana Therapeutics Inc. in a deal worth more than $30 million.
San Diego-based real estate investment company Coseo Properties Inc. has purchased three Michigan apartment communities, totaling 468 units, for $13.8 million.
San Diego-based Arynga said that it recently released version 1.0 of its CarSync software.
Encinitas-based Dudek, which does environmental and other construction-related consulting, has opened a new office in Pasadena, to serve the Los Angeles metro region.
Accion San Diego, the nonprofit micro lender, is hosting free, round-robin small business workshops Oct. 19 from 8 a.m. to noon at the Joe and Vi Jacobs Center, 404 Euclid Ave. in San Diego.
Maxwell Technologies, the San Diego manufacturer of energy storage devices, filed an amendment to its annual report for 2012 to respond to a comment from the Securities and Exchange Commission, making clear that the 2011 results contain restated numbers.
Monday, October 14
With aims to raise $86.3 million in an initial public offering, San Diego-based Celladon Corp. has joined the bevy of biotechs aiming to go public this year.
San Diego-based Sorrento Therapeutics Inc. has acquired the privately held New York-based Sherrington Pharmaceuticals Inc. for an undisclosed sum.
The National University System recently named Michael R. Cunningham as its chancellor.
San Diego-based Cognitive Medical Systems obtained six contracts valued at $2.4 million during the third quarter. Clients include the U.S. Department of Defense, North Carolina and unspecified commercial businesses.
Aquatica SeaWorld’s Waterpark in Chula Vista will open a new 375-foot slide attraction called Taumata Racer, set to debut on Memorial Day weekend of 2014.
San Diego-based Burger Lounge has leased a space at the Palomar Place retail center in Carlsbad, for what would be the company’s 12th restaurant.
A list of some of the business events happening in the county during the week of October 14, 2013.
Biotech/Health Care Column
For the better part of a year, my column has basically been a log of how biotech has been booming. With the mergers and acquisitions, the partnerships and payouts, the mind-boggling number of initial public offerings, the industry has been showing a real turnaround — until this past week.
SOFTWARE: Weather Is Big Part of Business Climate For EarthRisk’s Customers
How cold will it be in the week leading up to Thanksgiving? It’s mid-October, and the people at EarthRisk Technologies are already mulling that question.
RETAIL: Jerome’s Is Opening 10th Store, Plans More Local Outlets
San Diego-based Jerome’s Furniture, a stalwart of the local retail scene for nearly 60 years, is set to open its 10th store next month in Torrance, its first in the Los Angeles region.
SCHOOL: Philanthropist Shiley Donates $20 Million In Honor of Late Husband
The recently dedicated Shiley-Marcos School of Engineering at the University of San Diego, backed with a $20 million gift from its namesake’s family, is striving to produce graduates who can make strong contributions to San Diego County’s growing high-tech community.
Junior Achievement of San Diego County hosted its first JA Golf Classic presented by San Diego Fluid System Technologies. The sponsors plan to hold the event annually. More than 80 supporters of Junior Achievement’s mission gathered for a day at The Grand Golf Club. The participants raised more than $138,000 for JA’s financial literacy programs offered to more than 50,000 kids each year.
Elena Pacenti is director of the Domus Academy School of Design at NewSchool of Architecture and Design, where students learn to apply Italian design approaches in a global and interdisciplinary context.
TRAINING: Universities Provide Custom Courses For Local Companies
Local businesses increasingly are partnering with universities that offer customized classes as they look for ways to provide training for workers that keeps them up to date.
Credit unions in recent years have been returning to more normal lending activity — more so than banks — after all lenders pulled back on extending credit because of the Great Recession, according to a recent study by SNL Financial LC.
SPORT: Unskilled Hiring Pool a Concern as Are Business Logistics
Amateur sports and fitness is a growth industry in San Diego County but one that faces challenges in areas such as logistics and workforce skills, according to a new study commissioned by the San Diego Workforce Partnership.
PROPERTY: San Diego Ranks 9th in Nation In Investor Friendliness
San Diego County ranks ninth in the nation for the investor friendliness of its apartment development climate, according to a new report by Meyers Research. Its ranking reflects rents that continue to rise and supply that lags far behind demand, even amid a sharp increase in new construction permits.
REAL ESTATE: Providers Wait to See Demand; Some Preparation Done Earlier
The implementation of the national Affordable Care Act, with the first enrollments in state- and federal-run health insurance exchanges, is so far not creating a run on San Diego County medical office space to serve new patients.
FINANCE: Owners List Business for Free; Buyers Charged a Fee
Selling a professional service business can be a delicate matter, especially selling one that manages people’s money.
BIOTECH: Company Has Big Backer, Funding And a Focused Team
San Diego-based PharmAkea Therapeutics Inc., launched last year, recently received $45 million in funding — a large sum for such an early-stage company.
FINANCE: Move Would Streamline Some Processes, Create 1 Board
The parent company of San Diego- based Torrey Pines Bank plans to consolidate its three subsidiary banks into a single charter, a move intended to improve efficiencies and reduce costs.
The US Grant hotel, a grande dame of local hostelries, turns 103 years old this month, with a series of tours scheduled Oct. 15 to celebrate the anniversary.
AEROSPACE: 55 Jobs to Be Lost; Move Part of Cost Cutting
Precision Engine Controls Corp., a San Diego-based unit of United Technologies Corp. under its Aerospace Systems division, is moving its assembly and testing work to Poland, resulting in the loss of 55 local jobs.
POLICY: Bigger Levies Sought To Support Affordable Housing
The San Diego City Council in early November is expected to consider a proposed hike in so-called “linkage” fees assessed on commercial construction projects — raising them by 500 percent or more — to fund affordable housing development in the city.
HEALTH: Levy on Revenue Affects 250 Local Companies
The medical device excise tax — a levy created with the Affordable Care Act that impacts several San Diego manufacturers — is becoming a linchpin in federal budget negotiations.
TOURISM: Region’s Craft Beers Can Be Even Bigger Tourism Draw
Former brewer Jon McDermott is in a position to tell — as well or better than anyone — how important craft brewing is becoming to tourism in the San Diego area. McDermott, a former brewer, now shares his love for craft beer with the thousands of people annually who take his company’s bus tours of San Diego County breweries and tasting rooms
HEALTH: Company to Seek Acquisitions and Technology
San Diego-based Tandem Diabetes Care Inc. has filed for a $100 million initial public offering, making it the eighth area company to join this year’s spate life science IPOs.
Friday, October 11
County Treasurer-Tax Collector Dan McAllister said San Diego County’s investment pool, which invests the reserve accounts for some 100 local government agencies and school districts, received Standard & Poor’s highest ratings for the 13th consecutive year.
San Diego-based Excel Trust Inc. has purchased a Rancho Bernardo building housing LA Fitness for $14.3 million, according to CoStar Group and public data.
San Diego-based health care software company Independa Inc. has closed $1.85 million of its $2.25 million Series B financing round.
Carlsbad software writer 5D Robotics Inc. received a $100,000 U.S. Army contract to develop an autonomous robot that can interact with humans.
The California Coastal Commission has approved plans for a $520 million expansion of the San Diego Convention Center.
The South County Economic Development Council said it’s hosting a series of workshops for community residents and business owners beginning Oct. 15 as part of developing a five-year strategic plan for the region.
Santa Rosa-based Reach Air Medical Services has expanded its emergency helicopter service to Oceanside.
The San Diego Venture Group, a local nonprofit group of venture capitalists and technology executives, reminds entrepreneurs that the deadline for this year’s PitchFest is Oct. 25 at 5 p.m.
Thursday, October 10
Achates Power Inc., a maker of fuel efficient internal combustion engines for commercial vehicles and other uses, has received $35.2 million in Series C financing.
NRG eVgo, a Houston-based subsidiary of NRG Energy Inc., recently installed an electric-vehicle charging station at Fashion Valley mall in Mission Valley, which NRG said is the nation’s first station able to support all types of electric vehicles on the road.
Level 10 Construction, based in Sunnyvale, said it is expanded its operations in California, recently opening offices in San Francisco and San Diego.
The Active Network, the San Diego provider of online registration services that agreed to be taken private last month, said its buyers recently launched the tender offer payment for the company’s outstanding shares.
KTR Family LLC has purchased a La Jolla office building, known as La Jolla Palace, for $5.8 million, according to CoStar Group and public data.
National University announced recently that the partial federal government shutdown will not affect students in the armed forces who need tuition.
PriceSmart Inc., the San Diego operator of warehouse club stores in Central America and the Caribbean region, said its sales in September increased 11 percent from the same month last year to $185.3 million.
The federal government shutdown will probably not be a windfall for supermarkets and drugstores outside military base gates.
Wednesday, October 9
The Holiday Bowl, San Diego’s oldest and biggest college football game, has a new sponsor: National University.
San Diego City Council has approved a redevelopment of Brown Field Municipal Airport in Otay Mesa, involving more than $900 million in planned improvements over the next 20 years.
Christopher Weil & Co. Inc., a San Diego financial services company, and its affiliate, CWC Asset Advisors Inc., said it has raised about $10 million for a private equity fund to invest in health care and medical device technologies.
Senté Inc., a San Diego company that develops medical skincare products, has entered a distribution agreement with Tri-City Medical Center.
San Diego’s median priced single family detached house was $486,500 in September, up by a percent from August, and 20 percent higher than September 2012, according to the Greater San Diego Association of Realtors.
Some 430 California small businesses registered for the new Small Business Health Options Program between Oct. 1 to early Oct. 8, according to Covered California.
Kratos Defense & Security Solutions Inc. recently reported that its Modular Systems Division received several orders from the U.S. government.
Massachusetts-based Dunkin’ Donuts has signed agreements with franchisees to open 27 new restaurants in Southern California, including one at downtown San Diego’s Embassy Suites San Diego Bay hotel.
Tuesday, October 8
San Diego-based Tandem Diabetes Care Inc. has filed for a $100 million initial public offering, making it the eighth area company to attempt going public this year.
Archrock Development Group LLC of Orange County has purchased a 10.2-acre site in San Diego for approximately $26.3 million, with plans to develop a 444-unit apartment complex.
Carlsbad-based MaxLinear Inc. and Austin, Texas-based Silicon Laboratories Inc. announced recently that they had settled all litigation between the two companies.
San Diego-based developer The Corky McMillin Cos. has obtained $47 million in refinancing for its Liberty Station Marketplace retail center in Point Loma.
Carlsbad-based Isis Pharmaceuticals Inc. has received $7 million in milestone payments from GlaxoSmithKline Plc, with which it has been partnered for three years.
San Diego-based Indus Technology Inc. received a U.S. Navy contract that could be worth as much as $4.5 million.
Qualcomm Inc.’s Board of Directors elected Clark Randt to join the board.
Monday, October 7
San Diego-based PharmAkea Therapeutics Inc. is receiving $35 million in a three-year contract with Summit, N.J.-based pharma giant Celgene Corp.
Pacific Development Partners LLC of Santa Monica has purchased an Oceanside building housing a LA Fitness for $17 million, according to brokerage services provider Colliers International, which represented the buyer.
AmericanWest Bank, based in Spokane, Wash., expanded its footprint in San Diego and the nearby region when it completed the purchase of eight branches from Pacific Trust Bank.
San Diego chemical maker WD-40 Co. recently declared a quarterly dividend of 31 cents per share.
A listing of some of the business events happening for the week of Oct. 7, 2013.
As if banks and other traditional, brick-and-mortar lenders don’t have enough competition, yet another player has entered the market for small business lending — PayPal.
Commercial Real Estate Column
Port of San Diego officials and other backers of the proposed $520 million convention center expansion are likely to stage a miniconvention of their own on Oct. 10, when the California Coastal Commission discusses the latest version of the project.
MEDICINE: $12.4M Renovation Includes Cosmetic Improvements
Sharp Mesa Vista Hospital, the county’s largest private psychiatric center, has begun a $12.4 million renovation that will, in part, expand its eldercare facilities to help accommodate an aging San Diego population.
FINANCE: Some Say Financing Tool Was Misused Across the State
A series of restrictions on a type of public bond financing for school districts was adopted last week following Gov. Jerry Brown’s signing of a reform bill supported by local state legislators.
REAL ESTATE: System Makes Key Information Accessible In Real Time
A Rancho Santa Fe-based company that provides tools for real estate and financial professionals recently rolled out a proprietary Web-based platform designed to boost their efficiency in making deals.
Tri-City Medical Center has dropped the patient-poaching lawsuit it filed four years ago against Scripps Health. This follows on the heels of a Sept. 4 vote by Tri-City’s board of directors to put CEO Larry Anderson on paid administrative leave.
BIOTECH: It Seeks $23M to Pursue Its Cancer Diagnostics
San Diego-based Biocept Laboratories Inc. recently filed for a $23 million initial public offering and soon after hired a new CEO.
RETAIL: Spy Focusing Its Efforts on a Specific Demographic and Lens
A few thousand dollars spent on a sexually suggestive billboard in Encinitas one year ago appears to still be paying dividends for Spy Inc., CEO Michael Marckx said in a recent interview.
The San Diego Community College District’s three campuses generate $4 billion in overall activity, which accounts for 2.3 percent of the region’s economy, according to the district’s recently released economic impact study.
TRAVEL: Runway Extension Likely to Bring New Businesses
San Diego County officials are considering a $95 million runway extension at McClellan-Palomar Airport in Carlsbad, which consultants project could inject more than $163 million yearly into the North County economy by allowing larger aircraft to use the facility.
TECH: Customers Told to Transfer Data By Oct. 15
Cloud storage provider Nirvanix is ceasing operations and trying to help customers move their data elsewhere as it seeks Chapter 11 bankruptcy protection.
SPORT: Dee Says Team Has Right Owners, Players and Plan
Mike Dee describes himself as “a recovering San Diegan.” Dee, the new chief executive for the San Diego Padres, left in 2002 to take an executive position with the Boston Red Sox, following mentor Larry Lucchino, and later became CEO of the Miami Dolphins.
FINANCE: Pawnshops Fill a Need for Credit For Small Businesses
A man in his late 20s walked into a San Diego pawnshop with an idea for an online business and a $5,000 collection of gold coins.
3D Robotics Inc. is eyeing the agricultural market, which is worth an estimated $37.5 billion in California alone.
FINANCE: Rule Change Requires Investors Meet Financial Qualifications
CEO Dan Gibbs is wasting no time capitalizing on recently enacted federal rule changes that now allow small companies like his to publicly solicit and advertise for investors via the Web, newspapers and other traditional and social media.
San Diego’s unique location and talents have given rise to many defense and commercial companies including L-3 Communications Holdings Inc., Qualcomm Inc. (the world’s largest wireless chip manufacturer), ViaSat Inc., Synthetic Genomics Inc. and General Atomics bringing forth hundreds of new high technology products and services.
The Combined Health Agencies, a federation of 23 local health charities, recently held its 20th Annual Volunteer of the Year Awards to recognize outstanding volunteers nominated by each member agency. Every year, the members of Combined Health Agencies inspire more than 12,000 volunteers who impact the lives of 1.6 million San Diegans each year.
Valorie Seyfert is president, CEO and co-founder of CUSO Financial Services LP and Sorrento Pacific Financial LLC. She has more than 25 years of experience in the securities industry and is a recognized expert on the structure and strategy of successful investment services programs in banks and credit unions.
GROWTH: Private Companies Post Gains In Revenue for 2012
Lusardi Construction Co. is notable on the 2013 San Diego Business Journal’s Largest Private Companies list as the top 10 company making the largest leap in ranking from last year.
GROWTH: Newcomers to The Largest Private Companies List a Diverse Group
Welk Hospitality Group Inc. acquired three geographically distinct properties for its time-share resort business in 2013, making this a watershed year for the privately held company.
Carlsbad-based NTN Buzztime Inc., provider of social entertainment and gaming platforms found in bars and restaurants, recently launched a new tablet-based platform, known as Beond.
The San Diego Volunteer Lawyers Program held its annual Justice for All celebration recently, and it was cool. Really. If you’ve attended in prior years, you remember it was held at the Museum of Man, where there is no air conditioning.
Health Care/Biotechnology Column
Louis Pasteur crafted the first anthrax vaccine in 1881, helping curb the spread of a deadly disease. More than a century later, a San Diego company is working with the U.S. government to find a way to mass-produce these vaccinations, which are available but costly and difficult to preserve.
Friday, October 4
The Carlsbad-based western division of apartment developer Trammell Crow Residential has acquired 20.6 acres on two adjoining parcels in Vista, for a planned $96 million, 410-unit luxury apartment community.
American Assets Trust Inc., a San Diego-based real estate investment trust, is being added to the S&P SmallCap 600 stock index, effective with the close of trading on Oct. 7.
DriveCam Inc., the San Diego provider of video recording systems for vehicle fleets, said that FTS International has become a client, adding DriveCam’s systems to its fleet.
San Diego-based Ligand Pharmaceuticals Inc., in its partnership with New York-based drugmaker Pfizer Inc., has received U.S. approval for its drug that treats hot flashes and osteoporosis.
Cricket Communications Inc. said recently that the number of subscribers to its mobile phone music service, called Muve Music, has passed 2 million.
Chief executive officers had more optimistic expectations for gains by their own companies but less favorable views about the overall economic environment in the most recent Vistage CEO Confidence Index Survey for the third quarter.
Thursday, October 3
The split of defense contractor SAIC into two companies early this week meant that overnight a new company appeared in San Diego, with 1,300 employees.
Prudential Real Estate Investors has purchased the Rio San Diego Plaza office building in Mission Valley for approximately $56.8 million, according to CoStar Group and public data.
San Diego-based BioNano Genomics Inc. has received $10 million in financing to support its human genome analysis platform.
San Diego-based Trex Enterprises Corp. recently received a contract to produce mirrors for the Missile Defense Agency.
Operators of Living Coast Discovery Center, formerly known as Chula Vista Nature Center, have announced plans to close the facility by year’s end, citing severe budget shortfalls.
Reven Housing REIT Inc., based in La Jolla, recently completed a private financing of $11.9 million.
Vionic, a San Diego social media deal platform, raised $900,000 from unnamed angel investors.
Wednesday, October 2
Halbert Construction Co. Inc. of El Cajon has been awarded a contract of approximately $18.5 million, for work on military dining and administration buildings at Presidio of Monterey.
Guild Mortgage Co. recently opened its 10th office in San Diego County, in Mission Valley.
RQ Construction Co. Inc. of Carlsbad has received a task order of approximately $13.9 million to renovate three barracks at Naval Amphibious Base Coronado.
Kratos Defense & Security Solutions Inc. said it received a contract from Sikorsky Aircraft Corp. valued at more than $8.5 million.
The U.S. government has exercised an option to extend a contract with San Diego-based Pfenex Inc., increasing an earlier agreement $8 million to award $23.9 million all told to support the development of its anthrax vaccine.
American Mortgage Network, the wholesale division of Bexil American Mortgage Inc. and Castle Mortgage Corp., said it released AmnetCastle Express, a program aimed at helping brokers close more loans.
The U.S. Navy said it awarded BAE Systems Inc. San Diego Ship Repair a $7.8 million contract modification for work on the Arleigh Burke-class destroyer USS Higgins.
Tuesday, October 1
The Active Network Inc., a publicly traded San Diego company that develops online tools for event organization, is being acquired by Vista Equity Partners for $1.05 billion.
General Atomics Aeronautical Systems Inc. has received a contract to provide its Reaper remotely piloted unmanned aircraft to France.
3D Robotics Inc., which sells hardware and software for small unmanned aircraft, recently announced it received $30 million in series B financing.
The U.S. Air Force said it has awarded Northrop Grumman a $114.2 million contract for Global Hawk high-altitude spy aircraft.
Minnesota-based Andersen Corp., a large manufacturer of windows and doors sold globally, has agreed to acquire Weiland Sliding Doors and Windows Inc., with headquarters in Oceanside.
La Jolla-based retailer Geppetto’s Toys has opened its eighth local store, at Westfield UTC mall, with a ninth location set to open in November at The Headquarters at Seaport District commercial center in downtown San Diego.
San Diego-based CareFusion Corp. has updated the status of its voluntary Class I Avea ventilator recall, saying that hospital users in high altitude areas are at the highest risk when using the device.