Stories for June 2014

Monday, June 30

Cidara Therapeutics Completes $32M Series A Financing Round

Cidara Therapeutics, a privately held bio-pharmaceutical company formerly known as K2 Therapeutics, said it completed a $32 million Series A financing round.

Ambrx Withdraws IPO

La Jolla-based biotech Ambrx Inc. withdrew its plans for an initial public offering, citing current market conditions, according to Renaissance Capital.

Qualcomm Joins MapR Technologies’ Backers

Qualcomm Inc.’s venture capital arm has invested in a Silicon Valley company that specializes in Hadoop, an up-and-coming software for dealing with big data.

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Publisher Buys 3 Local Newspapers and Online News Site

Mission Publishing Group is selling three newspapers and an online-news site to the San Diego Community News Network.

Parallel Capital Nears Completion on $12 Million in Office Renovations

San Diego-based investment firm Parallel Capital Partners is nearing completion on $12 million in renovations to its local portfolio of 26 office, laboratory and research-and-development properties.

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Coldwell Banker Residential Acquires Assets of Middleton Team

Coldwell Banker Residential Brokerage Southern California said it acquired the assets of Middleton Team Inc. in La Jolla, doing business as Middleton & Associates, a boutique luxury real estate brokerage.

Baja Driver’s License Work Could Be Worth $1M for ImageWare

ImageWare Systems Inc., the San Diego-maker of identity management software, was selected to implement a multimodal biometric driver license system for the state of Baja California, Mexico, the company announced.

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Cleveland Developer Buys Land Under Downtown Apartments for $6 Million

FC Cortez Hill Associates LP of Cleveland bought The Heritage, a 230-unit apartment property in downtown San Diego’s Cortez Hill neighborhood, for $6 million.

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San Diego Receives $600,000 State Grant to Complete Southcrest Trails Park

Civic San Diego, which oversees development projects on behalf of the city of San Diego, has received more than $600,000 in a state grant to complete Southcrest Trails Park, in the southeast city neighborhoods of Southcrest and Shelltown.

Image Source Moves Into San Diego Market

Image Source USA announced June 23 that it has moved into the San Diego market, where it will offer office printing and document management equipment and support.

Sunday, June 29

County Construction Contracts Up 60% in First 5 Months

Contracts for future construction in San Diego County rose 60 percent from a year ago in the first five months of 2014, topping $2.3 billion, according to data from McGraw Hill Construction.

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Palomar Health Names Hemker as New CEO, President

Palomar Health has named Robert Hemker as its new president and chief executive officer.

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Red Cross Chapter Names William Earley as CEO

The American Red Cross San Diego / Imperial Counties Chapter named William Earley as regional chief executive officer.

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Novatel Wireless Appoints Interim CFO

Novatel Wireless Inc. has appointed Tom Allen as interim chief financial officer.

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SDG&E Sees Conservation as Key to Meeting Peak Energy Demand

San Diego Gas & Electric said it is prepared to meet this summer’s energy demands but there may be days when it will need help from customers.

The Business Events Calendar for the Week of June 30, 2014

Some of the business events scheduled around the county for the week of June 30, 2014.

Proposed Budget Would Provide for Reaper Replacements

The war supplement to the 2015 Pentagon budget contains funds to replace an unspecified number of Reaper unmanned aircraft lost in combat, Politico is reporting.

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FHOOSH Names 5 to College Content Advisory Board

La Jolla-based startup FHOOSH Inc., creator of tools to speed the completion of Web and PDF forms, has tapped leading college admissions and financial aid experts for its College Content Advisory Board.

Domino's Pizza Puts Out the Call for 200 New Hires

Michigan-based Domino’s Pizza is in the process of hiring more than 200 new employees at 49 San Diego County locations.

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Cubic's Training Capabilities Pay Off With 2 Defense Contracts

Cubic Corp. has two new defense contracts in hand.

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Friday, June 27

War Supplement Budget Would Provide for Reaper Replacements

The war supplement to the 2015 Pentagon budget contains funds to replace an unspecified number of Reaper unmanned aircraft lost in combat, Politico is reporting.

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81-Year-Old Still Sharing Lessons of Her 57 Years of Sobriety

At 81 years old, Jeanne McAlister still manages the day-to-day duties as founder and CEO of the McAlister Institute, a substance abuse and recovery center that has 150 staff members who help more than 2,500 adults and teens every month.

And the Law Won

LAW: 3 Women Parlayed Passion and Perseverance To Successful Legal Careers

Among the high-powered lawyers in San Diego are three women — Juanita Brooks, Wendy Behan and Carey Cooper — with diverse backgrounds.

Novatel Appoints Interim CFO

Novatel Wireless Inc. has appointed Tom Allen as interim chief financial officer.

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You Can Find That Connection to the ‘Soil’ … or Sand in Carlsbad

A sense of place. If you have never felt it, you won’t understand. It’s that sense of roots, of history, of landscape and connection, yet it is impossible to describe.

Possible Chinese Policy Reversal Shouldn’t Harm Qualcomm

Stifel Nicolaus & Co. analyst Sanjiv Wadhwani recently gave an update on the direction of the wireless phone industry in China and how that might affect Qualcomm Inc.

Banker Considers SBA Changes ‘Stupidest Thing in the World’

In a well-intended effort to extend loans to small-business borrowers who previously had a tougher time getting them, the U.S. Small Business Administration may be setting itself up for pain down the road. That is the feeling among a few local bankers who make SBA loans. They view the agency’s latest changes to underwriting on micro loans, those under $350,000, as dumb.

Cubic Corp. Secures 2 Defense Contracts

Cubic Corp. has two new defense contracts in hand.

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Whole Foods Settles Allegations Of Overcharging

Specialty grocer Whole Foods Markets Inc. has agreed to pay nearly $800,000 in penalties and restitution for pricing overcharges, following a complaint filed by the city attorneys’ offices in San Diego, Los Angeles and Santa Monica.

Citizens Business Is Banking on the Local Market

Finance: Established Local Executive Brought In to Head S.D. Office

Citizens Business Bank, which officially entered the San Diego market earlier this month with the opening of a Carmel Valley office, touts having big-bank capabilities delivered with a small-bank sensibility.

EvoNexus Seeing Opportunities in Orange County Expansion

TECH: Incubator Also Partners With Cisco in Supporting Tech Startups

CommNexus, the local nonprofit that helps young tech companies get on their feet, is expanding beyond San Diego County with the aid of Cisco Systems Inc. and the Irvine Co.

San Diego State to Start Building Mixed-Use South Campus Plaza

DEVELOPMENT: $142.7M Project Will Create More Of a Residential Campus

San Diego State University plans to begin construction in September on South Campus Plaza, a long-planned $142.7 million mixed-use project with 600 student housing units, retail offerings and a new parking structure.

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Review Site Looks to Build, Rather Than Tear Down, Businesses

Online: Goodsnitch Structures Business Model So Big Cos. Help the Small

Online publisher. Software writer. Confidential business adviser. Goodsnitch might be called all of the above.

Seacoast Now Under Federal Reserve System

Seacoast Commerce Bank, based in Rancho Bernardo and with about $350 million in assets, joined the Federal Reserve System, becoming one of 26 banks in California in the system.

S.D. Life Science Cluster Healthy

San Diego ranks third among U.S. cities for the economic health of its life sciences cluster, scoring high in a newly issued report on factors including research facilities, funding access and critical mass of startup and midtier companies.

Small Biotechs Add Up To Demand for Space

PROPERTY: REITs Play Bigger Role in Local Market

As big global pharmaceutical companies reduce their San Diego real estate footprints, plenty of smaller firms are moving to take up spaces in various configurations in markets like Torrey Pines.

UC San Diego to Lead State Brain Research Initiative

The University of California, San Diego is taking the lead in a statewide initiative to drive research into the rapidly evolving area of neurotechnology, thanks to $2 million included in the new state budget just signed into law.

Co.’s Lightweights Are Heavyweights

TECH: BST’s Composites Use Nanotechnology’s Strengths

A walk through BST Nano Carbon’s office in Rancho Bernardo on a recent Friday morning found only a skeleton crew at work, but looks can be deceptive.

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SDG&E Sees Conservation By Customers as Key to Avoiding Power Disruptions

San Diego Gas & Electric said it is prepared to meet this summer’s energy demands but there may be days when it will need help from customers.

Breeders Cup Bonanza Expected for Region

SPORT: Wealthy Racing Fans Look for Delights Not Deals

San Diego may never get another Super Bowl without a new stadium, but as the recently awarded host city for the 2017 Breeders Cup World Championships, it could see economic returns approaching those of football’s “big game.”

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White Labs Changes Definition of ‘Green Beer’

BREWING: New Yeast Growing Process Extends Product Life While Reducing Waste

San Diego-based White Labs Inc. is looking to make sustainability a much more prominent ingredient in the recipes of commercial and home brewers of craft beer.

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Catching On

SeaFood: Aquafarm Eyes Growth for Itself and Industry

Thomas Grimm is a familiar face at local farmers markets, but few people beyond Carlsbad know that a good portion of the oysters, clams and mussels on their dinner plates come from a company he operates in a Carlsbad lagoon.

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Local Construction Contracts Up 60 Percent in First Five Months of 2014

Contracts for future construction in San Diego County rose 60 percent from a year ago in the first five months of 2014, topping $2.3 billion, according to data from McGraw Hill Construction.

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Domino’s Pizza Adding 200 Workers in San Diego County

Michigan-based Domino’s Pizza is in the process of hiring more than 200 new employees at 49 San Diego County locations.

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Business Events Calendar for Week of June 30, 2014

Some of the business events in the county scheduled for the week of June 30, 2014.

Red Cross Chapter Names Earley as CEO

The American Red Cross San Diego / Imperial Counties Chapter named William Earley as regional chief executive officer.

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FHOOSH Appoints 5 to College Content Advisory Board

La Jolla-based startup FHOOSH Inc., creator of tools to speed the completion of Web and PDF forms, has tapped leading college admissions and financial aid experts for its College Content Advisory Board.

Palomar Health Names Hemker New President, CEO

Palomar Health has named Robert Hemker as its new president and chief executive officer.

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Thursday, June 26

FAA Issues Rules Prohibiting the Use of Small Drones for Commercial Activity

The Federal Aviation Administration issued new rules for model aircraft and small drones June 18, reiterating that it is against the law for people to use them commercially.

CDC Small Business Finance Sees Good News for State in SBA Loan Activity

San Diego-based CDC Small Business Finance, a nonprofit entity that partners with banks on commercial real estate loans guaranteed by the U.S. Small Business Administration, said recent SBA data shows positive signs for the California economic recovery.

Hyatt Regency La Jolla Completes $12 Million Renovation

Hyatt Regency La Jolla has completed a $12 million renovation that included a makeover of the hotel’s 417 guestrooms, lobby, public areas and meeting space.

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Luxury-Oriented Duty Free Store Opening in San Ysidro

Duty Free City plans a late July opening for a new upscale duty-free retail store in San Ysidro, the first of approximately 25 new U.S. locations slated to be opened by the Florida-based retailer at border crossings with Mexico and Canada.

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Navy Contract Extends Service Lives of Northrop's Experimental Drones

The experimental, carrier-based drones that Northrop Grumman Corp. built for the U.S. Navy are getting an extension of what was to be short service lives.

Nominations Are Open for Most Admired CEO Awards

The San Diego Business Journal is now accepting nominations for its prestigious 2014 Most Admired CEO Awards, which recognizes San Diego’s industry leaders for their outstanding professional achievements and their contributions to the community.

San Diego Private Bank Relocates Its Downtown Office

San Diego Private Bank, with about $350 million in assets, relocates its Little Italy downtown office farther south to 550 West C Street, Suite 10 effective June 30, the bank said.

Bluewater Grill Opening in Former Hotel Del Boathouse

Bluewater Grill Seafood Restaurants of Newport Beach has a June 27 opening planned for Bluewater Boathouse Seafood Grill in Coronado, after recently acquiring and renovating the historic former Coronado Boathouse at Hotel del Coronado.

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Wednesday, June 25

San Diego Ranks Third Nationally Among Life Science Clusters

San Diego ranks third among U.S. cities for the economic health of its life sciences cluster, scoring high in a newly issued report on factors including research facilities, funding access and critical mass of startup and midtier companies.

Qualcomm Acquires Texas Company

Qualcomm Inc. has acquired Black Sand Technologies Inc., a small fabless semiconductor company based in Austin, Texas.

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Excel Trust Completes $167.6 Million Common Stock Offering

San Diego-based Excel Trust Inc. completed a public offering of common stock, with total proceeds of about $167.6 million and net proceeds of $160.6 million after underwriting and related expenses.

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Halozyme Earns $5 Million Milestone Payment

San Diego-based Halozyme Therapeutics Inc. said the commercial launch of a cancer therapeutic in Europe has triggered a $5 million milestone payment to company under an agreement with Roche.

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OneAmerica to Acquire City National’s Retirement Services

OneAmerica Financial Partners, an insurance company based in Indianapolis, said it’s entered an agreement with City National Bank, based in Beverly Hills, to acquire City National’s San Diego-based retirement services record keeping business for an undisclosed price.

County's Housing Market Value Is Up Slightly in April

The value of San Diego’s housing market continued to rise in April albeit by only 0.8 percent above a March index, according to the latest S&P/ Case-Shiller price index report.

Novatel Reschedules Shareholders Meeting After Shakeup

Novatel Wireless Inc. said it adjourned its annual meeting of stockholders until July 23.

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Whole Foods Settles Price-Overcharge Case for $800,000

Specialty grocer Whole Foods Markets has agreed to pay nearly $800,000 in penalties and restitution for pricing overcharges, following a complaint filed by the city attorney’s offices in San Diego, Los Angeles and Santa Monica.

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Miramar Industrial Property Sells for $7.95 Million

Del Mar-based Solana Enterprises has acquired an 83,335-square-foot Miramar industrial property for $7.95 million, according to brokerage company Cassidy Turley, which represented the buyer and seller.

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San Diego County Credit Union Reopens Branch at New Escondido Location

San Diego County Credit Union, the area’s largest credit union with $6.5 billion in assets, recently celebrated the re-opening of its Escondido branch, at Felicita Town Center at the corner of Centre City Parkway and Felicita Avenue.

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Tuesday, June 24

Rideshare Cos. That Operate Without Airport Permits Don't Fly with the PUC

The California Public Utilities Commission warned rideshare companies early this month that they are not allowed to operate at the state’s major airports without airport permission.

A Huge Win: Breeders Cup Coming to Del Mar

The Breeders Cup World Championships, described as the Super Bowl of thoroughbred horse racing, is coming to the Del Mar Race Track in November 2017, the organization that puts on the races announced.

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Ligand Inks Licensing Agreement With TG Therapeutics

Ligand Pharmaceuticals Inc. has signed an exclusive global license agreement with TG Therapeutics Inc. for the development and commercialization of Ligand’s Interleukin-1 Receptor Associated Kinase-4 — or IRAK-4 — inhibitors, Ligand announced.

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Port of San Diego Names Chief Policy Adviser

Job Nelson, the former chief of staff for San Diego City Councilwoman Lorie Zapf, was recently named chief policy adviser for the Port of San Diego.

Santee Apartments Sold for $9 Million

Locally based Mountain View Villas LP has purchased the 66-unit Mountain View Villas apartment complex in Santee for $9 million, according to brokerage company Cushman & Wakefield Inc.

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Syzygy Technologies Gets Navy IT Deal Worth $7.1M

The Defense Department said June 20 that it awarded Syzygy Technologies Inc. a $7.1 million, one-year deal to provide information technology services to the U.S. Navy’s Military Sealift Command. Services include shipboard electronic support and communication security support.

WD-40 Declares Quarterly Dividend

San Diego-based WD-40 Co. said its board of directors declared its regular quarterly dividend June 24, 2014 of 34 cents per share, payable July 31, 2014 to stockholders of record at the close of business on July 11, 2014.

Rancho Bernardo Elephant Bar Closes as Co. Shutters 16 of Its Locations

The Elephant Bar in Rancho Bernardo was among 16 locations recently closed by the Costa Mesa-based restaurant chain, as part of a Chapter 11 bankruptcy filing by its parent firm, S.B. Restaurant Co.

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Monday, June 23

Judge Tosses Out $173M Damage Award Against Qualcomm

A federal judge in Florida threw out a $173 million damage award that a jury had ordered Qualcomm Inc. to pay to ParkerVision Inc.

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NBC 7 Buys Kearny Mesa Building for New Studio, Offices

Local network television affiliate NBC 7 San Diego, which is owned by NBCUniversal Media LLC, has completed a $9.6 million acquisition of a Kearny Mesa office building, where it plans to relocate from its current downtown site.

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Irvine Co. Buys 2 UTC Office Buildings for $29.5 Million

The Irvine Co. of Newport Beach bought a two-building office complex recently vacated by LPL Financial Inc. at University Towne Center.

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San Diego County Taxpayers Association Names New Leader

Mark Leslie was named as the new president and CEO of the San Diego County Taxpayers Association.

Sorrento Therapeutics Registers for Possible IPO for Animal Health Subsidiary

Sorrento Therapeutics Inc. has submitted a draft registration statement on a confidential basis with the U.S. Securities and Exchange Commission for a possible initial public offering of shares of common stock of its wholly-owned subsidiary, Ark Animal Health Inc.

Foreign Investment Responsible for 50,000 Jobs in Region

Nearly 50,000 San Diego jobs were directly connected to foreign investment in 2011, or nearly double the number of jobs connected to foreign investment 20 years ago, according to a report from the Bookings Institution.

Inner Peace Now Arriving at Terminal 2

San Diego International Airport has opened its first-ever meditation room, located post-security in Terminal 2.

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Can Your Business Handle an Emergency?

Tickets are now on sale for the Business Emergency Preparedness Panel Discussion, presented by the San Diego Business Journal.

Solekai Systems Names Stafford CEO, President

Solekai Systems, a San Diego-based software design and technology integration company, has appointed John Stafford as president and CEO.

Scripps Ranch Apartment Property Sells for $13.6 Million

Point Loma-based Scripps Terrace Apartment Homes LP has purchased the 67-unit Scripps Terrace apartment community in Scripps Ranch for approximately $13.6 million.

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Sunday, June 22

Excel Trust Inc. Plans a $139.6 Million Stock Offering

San Diego-based Excel Trust Inc. plans a public offering of common stock, expected to generate net proceeds of approximately $139.6 million after underwriting discounts and related expenses.

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Partnership Pays $40.1 Million for Sorrento Mesa Office Portfolio

A partnership including New York-based DRA Advisors LLC and Cypress Office Properties LLC of San Diego has purchased a three-project office portfolio in Sorrento Mesa for approximately $40.1 million.

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Seacoast Commerce Bank to Join Federal Reserve System

Seacoast Commerce Bank, based in Rancho Bernardo and with about $350 million in assets, said it’s joining the Federal Reserve System effective June 25, becoming one of 26 banks in California that belong to the system.

Irvine Co. Is Making Space for an EvoNexus Incubator in the O.C.

The EvoNexus technology business incubator, which cut its teeth in San Diego, is expanding into Orange County.

EDF to Sell CID Solar Project

San Diego-based EDF Renewable Energy agreed to sell the CID Solar Project to Dominion Exploration & Production.

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The Business Events Calendar for the Week of June 23, 2014

Some of the business events scheduled in the county for the week of June 23, 2014.

County Unemployment Rate Is 5.8% for May

San Diego’s unemployment rate fell to 5.8 percent in May, down from a revised 6.1 percent in April, and below the 7.1 percent rate of May 2013, according to the state Employment Development Department.

Hawaiian Airlines Heads West to Terminal 2 West

Hawaiian Airlines is moving its operations at San Diego International Airport from Terminal 2 East to the recently completed Green Build at Terminal 2 West, effective June 25.

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New Restaurants Put Their 'Best Food Forward' in Del Mar, Solana Beach

Two new locally owned restaurants recently opened along Via de la Valle in Solana Beach and neighboring Del Mar.

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Hillary Clinton Set for Keynote Conversation at BIO Convention

Former Secretary of State Hillary Clinton is scheduled to participate in a keynote conversation at the BIO International Convention at the San Diego Convention Center June 25, according to BIO.

Friday, June 20

Excel Trust Plans $139.6 Million Stock Offering

San Diego-based Excel Trust Inc. plans a public offering of common stock, expected to generate net proceeds of approximately $139.6 million after underwriting discounts and related expenses.

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Seacoast Becomes Part of Federal Reserve System

Seacoast Commerce Bank, based in Rancho Bernardo and with about $350 million in assets, said it’s joining the Federal Reserve System effective June 25, becoming one of 26 banks in California that belong to the system.

McCarthy’s ‘Heart Hats’ Outreach Spins More than Just Wheels

McCarthy Holdings Inc. is giving back to the communities it serves.

San Diego Manufacturers Search for Ways to Compete With Asia

Manufacturing: Region Has Advantage With Access to Labor in Mexico

As the economy recovers from the recession, manufacturers in San Diego County are looking for ways to better compete with their counterparts in Asia, who have lower labor costs.

Forging Alliances Here and 'There'

To keep prices down as they compete globally, many San Diego County manufacturers are forced to forge alliances with companies outside the U.S. Five of San Diego’s manufacturers took some time to discuss the choices they made to build a profitable company. Tower Paddle

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Law Leaders Lab Sees Need to Change Business Model, Practice

Law Leaders Lab opened its doors this month. It’s a new firm with a goal of helping lawyers, law firms and legal services providers develop strategies to grow their businesses and communicate value to clients.

Torrey Pines Bank Parent Issuing Stock to Stoke Further Growth

Torrey Pines Bank’s parent company, Phoenix-based Western Alliance Bancorporation, plans to sell up to $100 million in stock to continue its rapid growth, and possibly buy some banks, the company said.

Restaurants Debut in Solana Beach, Del Mar

Two new locally owned restaurants recently opened along Via de la Valle in Solana Beach and neighboring Del Mar.

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Hotels, Retail, Amenities Increasingly Part of Office Development

The future of San Diego County’s office park development — and redevelopment — could be a continued blurring of the lines traditionally separating offices from hotel, retail and other types of commercial projects.

RedIT Agrees to Become Part of KIO Networks’ Network

The Spanish word for network is “red.” RedIT, a binational business with San Diego as its U.S. headquarters, said recently that it agreed to be acquired by Mexico-based KIO Networks.

Project Diversity Helps Put Penick & Sons Among Top Contractors

Construction: Work On Commercial Buildings in And Near NYC Part of Mix

Locally based construction contractors, including T.B. Penick & Sons Inc., continue to capitalize on a steadily improving economy, largely by maintaining a diverse roster of projects that span well beyond San Diego County’s borders.

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Irvine Co. Is Making Space for a New EvoNexus Incubator in the O.C.

The EvoNexus technology business incubator, which cut its teeth in San Diego, is expanding into Orange County.

Free Testing Cups Cost Company

A federal jury in Florida on June 16 decided that San Diego-based Millennium Laboratories violated laws against kickbacks by giving physicians free urine testing cups, and it awarded a Baltimore-based competitor nearly $15 million in mostly punitive damages.

Key Approval Received for Sempra’s LNG Project in Louisiana

ENERGY: Project’s Exports Also OK’d For Japan and Europe

Sempra Energy’s massive liquefied natural gas project in Louisiana obtained approval from the Federal Energy Regulatory Commission last week, one of the final steps before the company starts construction later this year.

App Aims to Get You Going in Direction of Financial Goals

TECH: Developer Seeks to License It to Banks, Others

These days there seems to be an app for everything, including one developed locally that can provide a personal financial plan in a matter of minutes.

Local Pharma Co., Stanford Univ. Forge a Pact

La Jolla Pharmaceutical Co. has signed an option agreement with Stanford University that will add proprietary technology to its programs, the pharma company said.

Community Planning and Referendums Collide

CIVIC: Some Claim Ballot Box Decisions Damage Democracy

The defeat of the Barrio Logan community plan strikes a sour note with Mark Steele.

Developer Plans 2 Towers on Downtown Block

PROPERTY: $250 Million Mixed-Use Project Counts On Downtown Cachet

Zephyr Partners is counting on continued rising demand for residential units in downtown San Diego, with plans in the works for a $250 million mixed-use project with two high-rise condominium towers.

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Tomorrow’s Titans Show Their Skills at UCSD Challenge

The University of California, San Diego’s annual Entrepreneurial Challenge, which promotes commercialization of student research, announced the winners of its recent competition.

EDF Renewable Agrees to Sell CID Solar Project

San Diego-based EDF Renewable Energy agreed to sell the CID Solar Project to Dominion Exploration & Production.

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Hawaiian Airlines Relocates Operations at Lindbergh

Hawaiian Airlines is moving its operations at San Diego International Airport from Terminal 2 East to the recently completed Green Build at Terminal 2 West, effective June 25.

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Entropic’s MoCA Is A Double Whammy

TECH: Need for 2 Chips Hurt Demand and Profits

Entropic Communications Inc., which makes semiconductors for the connected home, has set about getting its own house in order by cutting expenses as it tries to regain profitability and prepares new products for market.

Partnership Buys Sorrento Mesa Office Portfolio for $40.1 Million

A partnership including New York-based DRA Advisors LLC and Cypress Office Properties LLC of San Diego has purchased a three-project office portfolio in Sorrento Mesa for approximately $40.1 million.

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Novatel Answers Calls For Change at the Top

TECH: C-Suite Shake-Up Aims to Return Profitability

Novatel Wireless Inc. heads into its annual meeting June 24 with a newly reconstituted C-suite.

Co. Proposing Last Stop Before Border

Economy: Duty-Free Shop, Parking and Helipad Part of Plan

Duty Free Americas Inc. is proposing a new mixed-use facility with retail and parking elements, designed to complement the federal government’s ongoing $735 million reconfiguration of the international border crossing at San Ysidro.

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Turning the Tide

TECH: Desalination Plant Clears Hurdles As It Nears Completion

Pumping drinkable water from Carlsbad’s Desalination Plant could begin by the fall of 2015, several months ahead of schedule, despite the challenges the $1 billion project has faced.

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County Jobless Rate Is 5.8% for May

San Diego’s unemployment rate fell to 5.8 percent in May, down from a revised 6.1 percent in April, and below the 7.1 percent rate of May 2013, according to the state Employment Development Department.

Business Calendar for Week of June 23, 2014

Some of the business events planned in the county for the week of June 23, 2014.

Thursday, June 19

ROIC Nets $205.5 Million in Public Stock Offering

Retail Opportunity Investments Corp., also known as ROIC, has closed on an underwritten public offering of just over 14.3 million shares of common stock.

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Sempra Receives a Key Approval for LNG Facility

Sempra Energy said its liquefied natural gas project in Louisiana obtained approval from the Federal Energy Regulatory Commission, paving the way to its construction later this year.

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Northrop Grumman Brings Home the 'BACN'

The U.S. Air Force said that it awarded Northrop Grumman Corp. an $89.7 million contract modification for operation and support of its BACN electronics.

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Kona Kai Resort Nears Completion of $22 Million Makeover

Kona Kai Resort & Marina is nearing completion on the second phase of a $22 million renovation of the Shelter Island property.

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Nominations Open For San Diego’s General Counsel Awards

The San Diego Business Journal is now accepting nominations for the 2014 General Counsel Awards, which recognizes excellence in the In-House Counsel community.

ViaSat's Service Rated as Out of This World

Exede, the high speed satellite Internet service from Carlsbad-based ViaSat Inc. was the top rated ISP in report from the Federal Communications Commission for the second consecutive year, the company said.

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Part of BAE Systems $7.8M Weapons Work to Be Done in National City

The U.S. Navy awarded BAE Systems a three-year deal for pier side maintenance and repair services for its 1-inch machine gun systems. One third of the work under the $7.8 million contract will be done in National City.

Wednesday, June 18

Free Testing Cups Cost Millennium Laboratories $14.8M

A federal jury in Florida on Tuesday decided that San Diego-based Millennium Laboratories violated laws against kickbacks by giving physicians free urine testing cups, and it awarded a Baltimore-based competitor nearly $15 million in mostly punitive damages.

Local Communications Firms Form Strategic Partnership

KCD Public Relations Inc. and Diseno Communications, two San Diego based communication firms, announced a strategic partnership aimed at maximizing the presence and brand of independent financial services and professional service companies.

LISC Loan of $2.25M Aims to Provide Affordable Housing

LISC San Diego, the Local Initiatives Support Corp., a nonprofit that uses government and philanthropic resources to help revitalize communities, provided a $2.25 million loan to the City Heights Community Development Corp. to purchase a 20-unit apartment building in the neighborhood.

Cubic Lands 2 Defense Training Deals

San Diego-based Cubic Corp. announced the receipt of two defense contracts early this week.

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Honest Kitchen’s Pet Food Makes the Grade ... ‘Human Grade’

The Honest Kitchen said that it has successfully renewed its formal “Statement of No Objection” with the Food and Drug Administration to use the term “human grade” on its pet food labels.

Regency’s 4S Ranch Center Will Soon Have More Style and Stylings

Beauty products retailer Ulta and men’s salon 18|8 will soon join the retail roster at Regency Centers’ 4S Commons Town Center in San Diego.

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Draft Brings Craft-Brew Stars to Belmont Park

San Diego-based hotel and restaurant operator Eat.Drink.Sleep has opened Draft, a new restaurant and bar at Belmont Park in Mission Beach.

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CareFusion Launches New Line of Surgical Instruments

CareFusion announced the commercial launch of its new micro-laparoscopic line of surgical instruments.

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Tuesday, June 17

RedIT Agrees to Be Acquired

RedIT, a San Diego business offering Internet connectivity and data center services on both sides of the U.S.-Mexico border, said that it has agreed to be acquired by Mexico-based KIO Networks for undisclosed terms.

Community College Taps Contractor Sundt to Lead $15.3 Million Project

General contractor Sundt Construction Inc., which has a regional office in San Diego, has been selected by Southwestern Community College District to manage construction of a new $15.3 million science building in National City.

La Jolla Pharmaceutical Enters Agreement With Stanford

La Jolla Pharmaceutical Co. has signed an option agreement with Stanford University that will add proprietary technology to its programs, the pharma company said.

Sempra Declares Dividend

Sempra Energy’s board of directors declared a quarterly dividend of 66 cents per share of common stock.

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How Much Pain in a Wage Gain?

Local businesses are voicing a growing concern over a possible hike in the minimum wage in the city of San Diego, according to the most recent San Diego County Business Forecast Outlook Index.

Is Your Business Prepared for the Next Big Emergency?

Tickets are now on sale for the Business Emergency Preparedness Panel Discussion, presented by the San Diego Business Journal.

EDF Renewable's Solar Plant Is Online in Mass.

San Diego-based EDF Renewable Energy’s Lepomis Solar Project in Plymouth, Massachusetts, has reached commercial operation, the company said.

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BAE Systems Gets $20.5M Navy Contract

The U.S. Navy said on June 16 that it awarded BAE Systems San Diego Ship Repair a $20.5 million contract for dry-dock work to the USS Decatur, an Arleigh Burke-class destroyer.

Sonic Drive-In Opening Newest Local Restaurant in National City

Sonic Drive-In plans a June 23 opening for its newest San Diego County restaurant, to open in National City.

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L-3 Unidyne Gets Landing Craft Reconditioning Work Worth $22.2M

L-3 Unidyne Inc. has been tapped for work extending the service life of four air-cushioned landing craft based at Marine Corps Base Camp Pendleton.

Monday, June 16

Remembering Tony Gwynn -- the Business Owner, the Athlete, the Man

SDBJ senior reporter recalls his brief but lasting interaction with the Padres legend.

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Northrop Grumman Gets $61.3M Contract Modification for Demonstrator Aircraft Work

The work is related to the Triton aircraft -- Navy version of Global Hawk.

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Bankers Hill Apartments Acquired for $15 Million

Ninety-unit complex fetches $15 million.

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General Dynamics Nassco Awarded Contract to Build Tanker

The shipbuilder is also doing design work for new Navy amphibious ship.

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Jackson Lewis Law Firm Names New Managing Shareholder for San Diego Office

David Hoiles has more than 13 years with the firm.

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RuiYi Gets $4M Loan From Sillicon Valley Bank

Debt financing follows $15 million equity financing.

Escondido Building Housing 24 Hour Fitness Sells for $11.5 Million

The Escondido building is under lease for seven more years.

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Cumming Tops Among Local Firms on National Construction Management List

The San Diego-based construction management company continues its streak of being nationally ranked for revenue.

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Sunday, June 15

Novatel Wireless Replaces Peter Leparulo With Interim CEO

Novatel Wireless Inc. announced that its board of directors has appointed Alex Mashinsky interim chief executive officer, replacing Peter Leparulo.

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No Olympic Torch for This Town in 2024

San Diego’s longshot effort to become the United States’ bid city for the 2024 Olympics ended June 13 when the U.S. Olympic Committee announced it had narrowed the field to four cities: Boston, Los Angeles, San Francisco and Washington, D.C.

Digital Health Dominates New EvoNexus Startup Group

EvoNexus, the San Diego startup incubator for tech companies, admitted nine new companies.

Omnitracs Picks Post for President, COO

Omnitracs LLC, a provider of fleet management solutions to transportation and logistics companies, named David Post president and chief operating officer.

RF Industries Ltd.'s Net Sales Dip 35% in Q2

RF Industries Ltd., a local maker of cable assemblies and radio frequency connectors, reported net sales of $5.8 million in the second quarter of fiscal 2014, a decrease of 35 percent compared with net sales of $8.8 million in the second quarter of fiscal 2013.

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The Business Calendar for the Week of June 16, 2014

Some of the business events scheduled in the county for the week of June 16, 2014.

OncoSec Medical Inc. Reports YTD Results

OncoSec Medical Inc. reported a net loss of $8.5 million, or $0.05 per share, for the nine months ended April 30, 2014.

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Sorrento Therapeutics Inc.'s Underwriters Are All In on Allotment Purchase

Sorrento Therapeutics Inc. announced that the underwriters of its previously announced public offering of 4,765,000 shares of its common stock have exercised in full their option to purchase an additional 714,750 shares of common stock from the company at $5.25 per share.

Organovo Holdings Inc. Reports 2014 Fiscal Year Results

San Diego-based Organovo Holdings Inc. reported revenues of $400,000 for the fiscal year ending March 31, 2014 compared with revenues of $1.2 million for the year ended Dec. 31, 2012.

Symposium Set to Offer Businesses Some Health Care Solutions June 19

Intercare Insurance Solutions, a HUB International Co., is holding a Corporate Wellness Symposium June 19.

Friday, June 13

There's No Olympic Torch for This Town in 2024

San Diego’s longshot effort to become the United States’ bid city for the 2024 Olympics ended June 13 when the U.S. Olympic Committee announced it had narrowed the field to four cities: Boston, Los Angeles, San Francisco and Washington, D.C.

Wellness Symposium Aims to Assist Businesses

Intercare Insurance Solutions, a HUB International Co., is holding a Corporate Wellness Symposium June 19.

Women, Water Mix Well for Conservation, Education at Library

The San Diego Women’s Foundation’s Annual Grants Celebration was one of the most inspirational nights of the year.

From Teller to CEO, California Coast CU Leader Leaves Her Mark

Marla Shepard didn’t look at the teller’s job she took right out of college as the end game, only the start of a long career. From that modest beginning in 1972, she set an auspicious goal: to become president of the Telephone Employees of San Diego Credit Union.

Executive Q&A: Richard Muscio

Richard Muscio is a certified public accountant who assists wealthy families with estate and gift tax planning, investment due diligence and risk mitigation, family governance and business succession planning, with the goal of helping wealthy families thrive.

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The Success Behind Succession

Succession planning can take many forms for small business. Some business owners know precisely what they will do and lay the groundwork long before it might become an issue. Others know that their family has no interest in taking over the business and develop other ways to leave a legacy, and many just plan to sell the business when they decide it’s time to get out. This report takes a look at three different, yet successful companies, each with their own plan when it comes time to exit the business.

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Poway Packs Powerful Punch in Multimillion-Dollar Home Market

Poway, the aptly named “city in the country,” is home to some of San Diego County’s most spectacular luxury estates. Just 23 miles from downtown San Diego, it is truly world’s away when confronted with the views of the surrounding hillsides, and in some cases, out to the ocean.

Lawyer’s Outstanding Performance Secures Her Place as Partner

Tyson & Mendes made Kristi Blackwell the firm’s first partner. Blackwell is a member of the general liability, professional liability and business litigation team. She was second chair in a jury trial involving professional negligence and fraud against an insurance broker.

So Long and Thanks for All the Health Care, Biotechnology News

(Editor’s note: This is the final column on biotechnology and health care from Meghana Keshavan, who leaves the San Diego Business Journal as of this issue to join a national online publication focused on innovation in the health care industry.)

Unmanned Aircraft Could Make $82B Economic Impact by 2025

Aviation: FAA Tasked to Open Commercial Airspace

Jill Meyers and the other managers at 3D Robotics Inc. share a love of flying and an enthusiasm for what the company’s small unmanned aircraft might do in the commercial space.

Unmanned Aircraft Could Make $82B Economic Impact by 2025

Aviation: FAA Tasked to Open Commercial Airspace To Unmanned Aircraft

Jill Meyers and the other managers at 3D Robotics Inc. share a love of flying and an enthusiasm for what the company’s small unmanned aircraft might do in the commercial space.

Novatel Wireless Names Interim CEO to Replace Peter Leparulo

Novatel Wireless Inc. announced that its board of directors has appointed Alex Mashinsky interim chief executive officer, replacing Peter Leparulo.

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Union Bank’s Japanese Parent Moves to Comply With Regulations

Banking: Rules Require Foreign-Owned Banks To Set Up U.S. Holding Cos.

Japanese-owned Union Bank, with 59 branches in San Diego, is changing its legal name and structure — but not its branded name — to comply with regulatory changes covering foreign-owned banks doing business here.

Entrepreneur Back With a New Voice to Be Heard on the Market

Tech: goDog Hoping Users Will Adopt Its App to Link Devices With Commands

Dean Weber is back in the hunt with goDog Inc. Some readers may remember the La Jolla resident as the CEO behind One Voice Technologies Inc., a publicly traded company that offered voice technology software. One Voice eventually hit hard times, sold its patents and went out of business.

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SDIA Officials Preparing for Next Renovation

Airport: 3 Alternatives Being Proposed for Public’s Viewing and Consideration

Operators of San Diego International Airport are preparing for the next phase of renovations at the land-locked facility, where officials are looking to meet rising demand for passenger services through 2035.

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Pfenex Seeking $74.8M in Initial Public Offering

Biotech: Company Sees Huge Market for Biosimilars As Patents on Biologics End

Pfenex Inc., a spinoff of Dow Chemical Co., is the latest San Diego biotech to file for an initial public offering. The company is looking to raise $74.8 million as it focuses development on a growing class of drugs called biosimilars, which are projected to make a large dent in big pharma sales as patents for biologic drugs expire.

Local Search Firm Lands Rare Google Partnership Status

CPC Strategy — a San Diego-based, retail-focused search agency that uses a proprietary optimization process to drive online sales — was named an official Google shopping partner, only the 10th business to be so recognized since the program was launched in 2012.

Maxwell Basking in Stock Market’s Glow

Tech: Chinese Buses, Tesla Cars Hold Potential for Co.’s Products

Shareholders of Kearny Mesa-based Maxwell Technologies Inc. have enjoyed an exhilarating ride since Jan. 1, with the stock appreciating 123 percent as of June 9.

Soccer News Website Drinking From Cup

Sports: Soccerly.com Hopes World Cup Will Bring Readers

The stories being posted on Soccerly.com last week all revolved around the biggest sport event in the world that started June 12 in Brazil.

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SeaWorld 2013 Attendance Off 3% From 2012

TOURISM: Controversy Over Orcas Not Behind Drop, Co. Says

SeaWorld San Diego and its Florida-based parent company both saw visitor declines in 2013, even as revenue improved, going against a continued global trend of rising theme park attendance in an improving economy, according to the latest annual report by the Themed Entertainment Association and consulting firm AECOM.

Making it Here

Manufacturing: Cos. Growing While Being Courted

It’s not easy being an aerospace manufacturer these days — or any manufacturer for that matter — if you call California home, but that doesn’t necessarily mean the grass is greener elsewhere.

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Omnitracs Names David Post President, COO

Omnitracs LLC, a provider of fleet management solutions to transportation and logistics companies, named David Post president and chief operating officer.

Organovo Reports FY2014 Results

San Diego-based Organovo Holdings Inc. reported revenues of $400,000 for the fiscal year ending March 31, 2014 compared with revenues of $1.2 million for the year ended Dec. 31, 2012.

Sorrento Therapeutics' Underwriters Are All In on Allotment Purchase

Sorrento Therapeutics Inc. announced that the underwriters of its previously announced public offering of 4,765,000 shares of its common stock have exercised in full their option to purchase an additional 714,750 shares of common stock from the company at $5.25 per share.

EvoNexus Admits 9 Startups to Incubator

EvoNexus, the San Diego startup incubator for tech companies, admitted nine new companies.

Business Calendar for Week of June 16, 2014

Some of the business events scheduled in the county for the week of June 16, 2014.

RF Industries' Net Sales Drop 35% in Q2

RF Industries, a local maker of cable assemblies and radio frequency connectors, reported net sales of $5.8 million in the second quarter of fiscal 2014, a decrease of 35 percent compared with net sales of $8.8 million in the second quarter of fiscal 2013.

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OncoSec Reports YTD Results

OncoSec Medical Inc. reported a net loss of $8.5 million, or $0.05 per share, for the nine months ended April 30, 2014.

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Thursday, June 12

Orexigen Stock Slides After Delay of FDA Approval for Weight-Loss Drug

Possible approval of weight-loss drug pushed back to September.

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Petco Awarded $2.6 Million State Tax Credit Amid Plans to Build New HQs

Petco nabs the second-highest such tax credit awarded.

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Decline in Household Formation Hampering San Diego Economy

Not enough young adults are leaving home to help kick-start the construction and financing sectors.

Maxwell Technologies Introduces More Capable Ultracapacitor

Maxwell Technologies newest ultracapacitor expands power and energy ranges.

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School District Buys Mission Valley Office Plaza for $5.6 Million

The San Diego Unified School District plans to lease property to charter school.

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Oceanside Building Housing Surgery Center Sells for $4.8 Million

The property was fully leased.

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SeaWorld Official Joins Convention Center Board of Directors

Marilyn Hannes is vice president of marketing for SeaWorld San Diego and SeaWorld’s Aquatica waterpark in Chula Vista.

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EcoATM Partners With Former San Diego Police Chief

Ex-Chief to help company build relationships with law enforcement.

Nominations Are Open for San Diego’s Healthcare Champions Awards

The San Diego Business Journal is now accepting nominations for 2014 Healthcare Champions awards, which honors individuals within the San Diego community who have demonstrated exceptional leadership and innovation in the health care industry.

Wednesday, June 11

Kelly Investment Buys Operator of 16 Restaurants in Kansas and Oklahoma

San Diego-based Kelly Investment Group acquires 16 restaurants in Kansas and Oklahoma.

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Serco Gets Navy Task Order Worth Up to $17.5 Million

The work will involve computer equipment on at least one aircraft carrier.

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Median Home Price in San Diego Rises in May

The median price for a house sold in San Diego in May was $440,000, a bit higher than in April and considerably higher than a year ago.

Site of Now-Closed Burns Drugs Bought for $5.3 Million

Former home of La Jolla drug store was bought.

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Cricket Wireless Adding Latest Noika Phablet -- That's Right, Phablet -- to Mix

Cricket Wireless is ready to start offering latest Nokia device

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Chula Vista Retail Property Bought for $5.3 Million

Two-building property totals nearly 20,000 square feet.

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Tuesday, June 10

Entropic Communications to Transfer Workers to California, Lay Off 150 Others

Entropic Communications Inc. is planning layoffs and transfers to California as part of a restructuring.

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Isis Pharmaceuticals Gets Multimillion-Dollar Milestone Payment

Isis Pharmaceuticals Inc. has received a large milestone payment from AstraZeneca PLC.

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Apartment Vacancy in San Diego County at 12-Year Low

The vacancy rate among San Diego apartments plunged to 2.8 percent, a level not seen in a decade, according to a report from the San Diego County Apartment Association.

Music Society Buys La Jolla Retail Property for $9.8 Million

Music society plans to build a performing arts center.

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Kratos Nabs $9.9M Contract From Government Agency

The local defense contractor will do command-and-control work for an unnamed national security customer.

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Three-Building Industrial Park in Vista Sells for $5.1M

Catesgarb Holdings of City of Industry has bought a three-building industrial park in Vista for about $5.1 million.

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Coco’s Restaurant Building in Kearny Mesa Sells for $2.7 Million

Longtime restaurant location changes landlord.

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Monday, June 9

Solstice Biologics Names CEO With Boston VC Pedigree

Venture capital veteran from Boston joining San Diego biotech as CEO.

ViaSat Acquires Texas Company With Wi-Fi Technology

Carlsbad-based ViaSat Inc. company buys Texas-based company to boost Wi-Fi service capability.

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General Dynamics Nassco Awarded Lucrative Navy Contract Modification

The shipbuilder has been given the go-ahead to buy materials for the next landing platform ship.

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12-Unit Apartment Complex in Encinitas Sold for $4.8M

An Encinitas apartment complex attracts an Irvine-based buyer.

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Can Your Business Handle a Real Emergency?

Tickets are now on sale for the Business Emergency Preparedness Panel discussion, presented by the San Diego Business Journal.

San Diego Opera Beefs Up 2015 Offerings

The San Diego Opera adds to its 2015 lineup.

Fresh Healthy Vending Grows Network of Franchisees

Healthy snack vending machine company adds nearly $1 million in revenue potential.

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SANDAG, MTS Launch New Rapid Bus Service Along I-15

A new express bus service connects downtown San Diego with Escondido.

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Kleinfelder HQs Move to Downtown San Diego Now Official

A 51-year-old engineering firm moves to downtown San Diego.

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RF Industries Declares Quarterly Dividend

Local electrical component maker and distributor continues streak of profitability.

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Sunday, June 8

Pfenex Inc. Aims for $74.8M IPO

Pfenex Inc., a spinoff of Dow Chemical Co., is the latest San Diego biotech to file for an initial public offering, looking to raise $74.8 million to fund its development of biosimilars.

Maxwell Technologies Inc. Plans Follow-On Offering

Publicly traded Maxwell Technologies Inc. told securities regulators early this month that it plans a follow-on offering of stock, bonds or warrants.

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Cohu to Sell Its Electronics Division for $9.5M+

Poway-based Cohu Inc. said that it has signed a definitive agreement to sell its electronics division to Coppell, Texas-based Costar Technologies for $9.5 million in cash, plus up to $500,000 in contingent consideration.

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The Business Calendar for the Week of June 9, 2014

Some of the business events scheduled for the week of June 9, 2014.

Mad Catz Reports Q4 Results

Mad Catz Interactive Inc., the San Diego maker of computer game peripherals, reported fiscal 2014 fourth quarter sales declined 18 percent from the same quarter in fiscal 2013 to $20.2 million.

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Unlicensed Contractor Sting Yields 10 Arrests

State authorities have arrested 10 people for allegedly working without a contractor license in San Marcos neighborhoods impacted by recent wildfires, as part of an undercover sting operation.

Barons Market to Hold Job Fair For New Alpine Store

San Diego-based Barons Market plans to hold a two-day job fair June 13-14, as it looks to hire more than 30 for its new store planned in Alpine.

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Kevin Faulconer Named to the Mayors Challenge to End Veteran Homelessness

San Diego Mayor Kevin Faulconer was named to the Mayors Challenge to End Veteran Homelessness, a federal initiative recently launched by first lady Michelle Obama and Housing and Urban Development Secretary Shaun Donovan.

Friday, June 6

10 Arrested in Post-Fire Sting Targeting Unlicensed Contractors

State authorities have arrested 10 people for allegedly working without a contractor license in San Marcos neighborhoods impacted by recent wildfires, as part of an undercover sting operation.

Pfenex Inc. Plans $74.8 M illion IPO

Pfenex Inc., a spinoff of Dow Chemical Co., is the latest San Diego biotech to file for an initial public offering, looking to raise $74.8 million to fund its development of biosimilars.

Anniversary Is Rallying Point for Wounded Warrior Support

Carothers DiSante & Freudenberger LLP launched a yearlong twentieth anniversary celebration in support of Wounded Warrior Project, a national nonprofit organization dedicated to raising awareness for and providing assistance to wounded service members and their families.

Executive Q&A: Mark Payne

Mark Payne, vice president and division manager for Swinerton Inc.

Ohio native Mark Payne is vice president and division manager for the San Diego office of Swinerton Inc.

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Structures

Nationwide investment in construction projects is picking up as the general economy recovers, and San Diego County is reflecting that trend.

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New President, CFO at Celladon Says Co. Ripe to Expand Staff

I chatted recently with Paul Cleveland, a veteran biotech finance guy who has recently been brought on as president and chief financial officer for the newly public gene therapy company Celladon Corp. Cleveland most recently was CFO of Aragon Pharmaceuticals Inc., a San Diego drugmaker sold to Johnson & Johnson last August for $1 billion.

First-Quarter Loan Growth Is Welcome Sight for Credit Unions

Like their banking brethren, credit unions have dug themselves out the hole from the Great Recession and have been making more loans in the last few years.

Restless Investor Pushes Board to Adopt Exit Strategy for CEO

Novatel Wireless Inc., the publicly traded maker of wireless hardware, is feeling more pressure to change things at the top.

Precision One’s Team Brings Home an SBA Win for Its Efforts

Precision One’s Team Brings Home an SBA Win for Its Efforts

An Oceanside medical device manufacturer launched in the depths of the recession is proving the axiom that the best management teams know how to set a course and get out of the way.

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Joint Venture to Tackle Major Renovation of Town and Country

Lowe Enterprises is well known for big development projects in San Diego County, and its latest announced local venture is also high in profile. The Los Angeles-based developer is a part of a newly formed joint venture that will acquire and undertake a major renovation of the 60-year-old Town and Country Resort & Convention Center in Mission Valley. Dollar figures have not been divulged.

Search Underway for Chula Vista Waterfront Hotel Developer

REAL ESTATE: Bay Front Site Will Be Centerpiece Of Planned $2B Project

Port and city planners are embarking on the next step toward long-discussed development of Chula Vista’s waterfront — entailing up to $2 billion in projects over the next 20 years — as officials formally seek developers for a convention-oriented resort hotel to anchor the 535-acre site.

Pathway Launches Breast Cancer Test With Philanthropic Twist

biotech: Supreme Court Ruling on Gene Patent Case Clears Path to Competition

San Diego’s Pathway Genomics Corp. is employing a social entrepreneurship model as it launches its new genetic test for breast cancer — entering a market made more high profile and competitive after a U.S. Supreme Court ruling last year that invalidated patents on genes.

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Co. Knows What to Keep Out of Its Bottles and What to Keep In

Like many avid runners, Jim McFarland used to get annoyed by water bottles that leaked, got moldy fast and required constant replacing.

Legislation Aims to Foster Investment in Biotech

Biotech companies across California and the nation are facing critical issues raising capital. An extraordinary amount of time and money goes into uncovering the next scientific breakthrough; it is estimated that developing a single therapeutic can cost well over $1 billion.

Covert Stepping Down as CEO of Palomar Health

Michael Covert is stepping down after more than a decade as CEO of Palomar Health, heading to Texas in August to run six Houston-area hospitals.

Peaker Power Plant Proposed Near Encina Site

ENERGY: Natural Gas Would Generate 600 MWs, Help Replace San Onofre

NRG Energy plans to build a new peaker plant next to the site of the Carlsbad’s Encina Power Station, a move aimed at replacing lost power due to the closure of the San Onofre Nuclear Generating Station.

30 ‘COOLest’ Cos. Chosen for SDVG Venture Summit

A select few of the region’s startups have been chosen for the next gathering of venture capitalists.

Healthy Appetite

HEALTH: Cos. Seek to Tap Into Consumers’ Desire to Take Control of Their Health

Ayub Khattak’s big idea started with the swine flu.

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MTS’ Taxi Role Seen As Fair By Cab Cos.

TRANSPORT: Drivers and Owners Clash on Other Issues

Taxi business representatives say they would welcome five more years of oversight from San Diego’s established taxi regulator, and they’re hoping the Metropolitan Transit System board will decide June 19 to grant a city request that it continue acting as the city’s cab regulator through 2019.

Pacific Gateway Gets A Major Win in Court

PROPERTY: Navy’s Developer Sees Project Gaining Momentum

The long-stalled, $1.2 billion redevelopment of the Navy Broadway Complex in downtown San Diego could be moving forward in early 2016, provided the U.S. Navy and its developer can surmount one more legal challenge still pending.

Shipyards Sank Cash Into Successful Fight

CIVIC: Propositions’ Supporters Fail to Match Fundraising Efforts

The status quo has been kept in Barrio Logan, and doing so came at considerable cost for the ship repair industry.

Faulconer Named to Mayors Challenge to End Veteran Homelessness

San Diego Mayor Kevin Faulconer was named to the Mayors Challenge to End Veteran Homelessness, a federal initiative recently launched by first lady Michelle Obama and Housing and Urban Development Secretary Shaun Donovan.

Mad Catz Q4 Sales Down 18%

Mad Catz Interactive Inc., the San Diego maker of computer game peripherals, reported fiscal 2014 fourth quarter sales declined 18 percent from the same quarter in fiscal 2013 to $20.2 million.

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Maxwell Technologies Plans Follow-On Offering

Publicly traded Maxwell Technologies Inc. told securities regulators early this month that it plans a follow-on offering of stock, bonds or warrants.

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Barons Market Slates Job Fair For New Alpine Location

San Diego-based Barons Market plans to hold a two-day job fair June 13-14, as it looks to hire more than 30 for its new store planned in Alpine.

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Cohu Selling Its Electronics Division for $9.5M+

Poway-based Cohu Inc. said that it has signed a definitive agreement to sell its electronics division to Coppell, Texas-based Costar Technologies for $9.5 million in cash, plus up to $500,000 in contingent consideration.

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Business Calendar for Week of June 9, 2014

Some of the business events planned for the county for the week of June 9, 2014.

Thursday, June 5

Historic Downtown Office Building Sells for $52.5 Million

Hammer Ventures of San Diego has purchased a downtown office building at 625 Broadway, known locally as the Torbati Building, for $52.5 million, according to CoStar Group and public data.

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J. Craig Venter Institute to Receive $25M for Studies of Pathogen Genomics

The National Institutes of Health has awarded up to $25 million to the La Jolla-based J. Craig Venter Institute to study the genetics of infectious diseases like malaria and influenza.

The Best Is Yet to Come: Tickets Available for Best Places to Work Awards

San Diego boasts ideal weather and ideal living.

Ibis Biosciences Gets $7.2M Contract for Biosensor System

The Defense Advanced Research Projects Agency awarded Ibis Biosciences Inc., the Carlsbad-based unit of Abbott Laboratories, a $7.2 million contract to develop its PUMA Biosensor system.

Five San Diego County Contractors Make Magazine’s Top 400

Five construction companies with San Diego County headquarters made the latest annual ranking of the nation’s 400 largest general contractors, published by Engineering News-Record magazine.

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Halozyme Shares Increase 12% After News That Clinical Trials Can Restart

Shares for Halozyme Therapeutics Inc. surged 12 percent June 5 on news that it will be able to continue clinical trials for its pancreatic cancer treatment, albeit under a revised treatment plan.

City Minimum Wage Increase Would Hurt Businesses, Employees, Report Says

A new report commissioned by the San Diego Taxpayers Association and the San Diego Regional Chamber of Commerce states that raising the hourly minimum wage in San Diego would hurt many small businesses, and be an ineffective tool to reduce poverty.

Staffing Company Launches New Recruitment Division

San Diego-based Eastridge Group of Staffing Cos., which said it’s among the nation’s largest privately held staffing companies, launched a new recruitment division, Eastridge Finance and Accounting.

Wednesday, June 4

Voters Sink Propositions B and C

Maritime business interests got what they wanted June 3 as San Diego voters defeated Propositions B and C — and the changes they would have brought to Barrio Logan.

Illumina to Offer $900M in Convertible Senior Notes

Illumina Inc. intends to offer about $900 million in convertible senior notes, and plans to use the balance of the net proceeds for general corporate purposes.

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Covert Stepping Down as CEO of Palomar Health

Michael Covert is stepping down after more than a decade as CEO of Palomar Health, and is headed to Texas to run six Houston-area hospitals this August.

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Bridgepoint to Restate 2013 Financial Results

Bridgepoint Education, the San Diego parent company of two for-profit colleges, said in a securities filing that it will be restating its financial results for 2013, and revise its 2012 and 2011 financial reports.

Floral Trade Center Opens in New Carlsbad Venue

The Floral Trade Center, housing businesses involved in the flower industry, has opened in a new venue in Carlsbad.

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OncoSec to Sell $16M in Securities in Direct Offering

San Diego cancer drug maker OncoSec Medical Inc. has entered into definitive agreements with institutional investors to purchase about $16 million of securities in a registered direct offering.

Zodiac Pool Systems Makes Acquisition

San Diego-based Zodiac Pool Systems said it acquired the assets of Next Step Products LLC, specifically the SAVI Pool and Spa lighting line of products, and will continue to operate the company as a stand-alone business under the same brand.

Trader Joe’s Plans 2015 Opening in Pacific Highlands Ranch

Specialty grocer Trader Joe’s plans a 2015 opening for a new store in San Diego’s Pacific Highlands Ranch neighborhood.

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Tuesday, June 3

Work Begins in Otay Mesa for Cross-Border Air Terminal

Ground has been broken on the Otay Mesa side on a $78 million cross-border terminal that will give local ticketed airline passengers access to the Tijuana airport on the Mexican side of the international border.

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Joint Venture Formed to Acquire, Renovate Town and Country Resort

Developer Lowe Enterprises has formed a joint venture with AECOM Capital of New York to acquire Town and Country Resort & Convention Center, as part of previously disclosed plans to reposition the 60-year-old Mission Valley property.

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Broadcom Decision Could Be Boon for Qualcomm

Qualcomm Inc. competitor Broadcom Corp. said that it will stop offering baseband chips, or cellular radio chips, for mobile devices. The move presumably opens market share for its rivals.

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EvoNexus, Cisco Team Up for Incubator Program

EvoNexus, the CommNexus incubator for high-tech startups, has launched a joint incubation program sponsored by Cisco.

Airsis Inc. Acquired By a Texas Company

Airsis Inc., a San Diego provider of software that helps in the tracking and management of ships, was acquired by Oceaneering International Inc. for an undisclosed price.

Deloitte Names New San Diego Managing Partner

Deloitte LLP has named Kenneth Weixel as San Diego managing partner.

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Pathway Genomics Launches Gene Test for Breast Cancer

San Diego’s Pathway Genomics Corp. has launched test that detects a genetic mutation that causes breast cancer, benefitting from a Supreme Court ruling last year that invalidated patents on genes.

General Dynamics Nassco Receives $20.7M Ship Repair Contract

The Pentagon announced that General Dynamics Nassco is in line to receive a $20.7 million U.S. Navy ship repair contract.

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Indus Technology Gets $8.9M Navy Contract

Indus Technology Inc. said recently that it received a U.S. Navy contract worth $8.9 million over one year.

Local Security Alarm Services Co. Is Acquired

City-Wide Electronic Systems, a San Diego security alarm services business, said it’s been acquired by Universal Protection Security Systems of Santa Ana for an undisclosed price.

Poway Industrial Building Sells for $12.7 Million

Peckham Properties Inc. of San Diego and Dan McKinney Co. of Montclair have purchased a Poway industrial warehouse building for $12.7 million, according to CoStar Group and public data.

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Monday, June 2

ROIC Buying Los Angeles Retail Center for $210 Million

San Diego-based Retail Opportunity Investments Corp. has entered into an agreement to purchase Fallbrook Shopping Center in West Hills for $210 million in cash.

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Escondido Apartment Property Sells for $25.6 Million

Conrad Prebys Trust of San Diego has purchased the 190-unit Palmilla Apartment Homes in Escondido for approximately $25.6 million, according to brokerage companies that handled the transaction.

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Northrop Grumman Lands $13M for Global Hawk Flight Tests

The U.S. Air Force awarded Northrop Grumman Corp. a $13 million contract covering flight tests for the Global Hawk high-altitude surveillance drone.

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Peregrine Sees Overseas Opportunities, Adds 6 Sales Channels

Citing the potential of its microchips in markets outside of North America, Peregrine Semiconductor Corp. announced June 2 that it added six sales channels in the Europe-Middle East-Africa region as well as the Asia Pacific region.

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Developer Gives $25M to Salk Institute

Area real estate developer Conrad Prebys has given $25 million to the Salk Institute for Biological Studies to support its wide range of medical research.

National University Names New Provost

Debra Bean has been named provost of National University.

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Early Returns Give Apathy the Most ‘Votes’

Election Day is here, but few of us will be making a trek to the polls, according to a report from National University System Institute for Policy Research, a privately funded think tank.

Celladon Appoints Cleveland as New President, CFO

San Diego biotech Celladon Corp. has appointed industry veteran Paul Cleveland as its new president and chief financial officer.

Everything You Need to Know About Lending Options

A panel of finance experts will expound on traditional and alternative lending options on June 5 from 8 a.m. to 2 p.m. at the San Diego Marriott Marquis and Marina.

Local Cos. Join in Homebuilders Blitz

Habitat for Humanity, in partnership with Sempra Energy, Shea Homes and Emmerson Construction, is building three houses in five days beginning June 2.

Sunday, June 1

Judge's Ruling Paves Way for Navy Broadway Complex Development

A federal judge on May 28 ruled in favor of a developer and the U.S. Navy, saying their plans to redevelop a 14.7-acre, four-block waterfront site in downtown San Diego can proceed without further environmental review.

'Glass Is Half Full' for Water-Desalination Pipeline

A 10-mile pipeline that’s part of Carlsbad’s Desalination Plant is half-way completed, said the developer, Poseidon Water.

Sequenom Sells Bioscience Segment to New Local Company

San Diego-based diagnostic test maker Sequenom Inc. has shed its Bioscience segment. It has been acquired by Agena Bioscience Inc., a newly formed San Diego-based portfolio company of private equity firm Telegraph Hill Partners.

Opera Names Artisitc Adviser to Fill Leadership Role

The San Diego Opera named William Mason as its artistic adviser.

Cytori Selling Subscription Agreements to Tune of $10M

San Diego regenerative medicine company Cytori Therapeutics Inc. has entered into subscription agreements with some of its institutional investors to raise about $10 million.

The Business Events Calendar for the Week of June 2, 2014

Some of the business events scheduled for the county in the week of June 2, 2014.

Baseball, Soccer Make the Trip From Mexico to Petco Park This Summer

Petco Park will host two events featuring top professional sporting clubs from Mexico this summer.

SR Commercial Buys Morena Business Center

SR Commercial, a privately held commercial real estate investment company, bought Morena Business Center, a 62,814-square-foot flex industrial park on 6.26 acres in central San Diego, according to a news release.

Kratos' Modular Division Awarded $4.2M in Defense Contract Awards

Kratos Defense & Security Solutions Inc. said that its Modular Systems Division — which builds modular shipping containers and related products — recently received contract awards totaling $4.2 million.

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