Stories for May 2014

Friday, May 30

Business Calendar for Week of June 2, 2014

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

Judge's Ruling Clears 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.

Opera Names New Artistic Adviser

The San Diego Opera named William Mason as its new artistic director, replacing Ian Campbell, who had steered the company for the past three decades.

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

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

Cytori Aims for $10M Through Subscription Agreements Sale

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

Company Gives Back By Giving Out Backpacks to Homeless

Instant Checkmate Inc. became the first corporate sponsor of the Arizona-based nonprofit reKindle by launching a companywide donation drive, collecting backpacks, food and other supplies in preparation for a unique, guerilla-style distribution event with the reKindle charity.

Sequenom Sells Bioscience Segment

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.

Avalon-GSK Partnership to Welcome 2 More Cos. to the World

I have the hazy outlines of a scoop for you, my dear readers: Two more companies have been born out of Avalon Ventures’ unconventional, $495 million alliance with British pharma giant GlaxoSmithKline PLC, according to Douglas Downs, a managing partner and chief financial officer at Avalon Ventures.

South San Diego County and Tijuana Maintain Close Business Ties

Border: Cross-Border Trade Is Vital to Growth Of California's Economy

Through good and bad times, the economies of South San Diego County and Tijuana remain closely connected as thousands of people — workers and visitors — cross the border each day, and billions of dollars in products are exchanged between the U.S. and Mexico.

Morena Business Center Sold

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.

A Tale of Real Estate Recovery In One South Bay Community

In the early 2000s, land in South County was plentiful and massive housing developments were sprouting up and selling out right and left. It was a time of naïve optimism and the assumption that the housing market would never go down. Then it did.

Bordering on Success

After weathering the long recession, South San Diego County businesses are poised for economic growth.

International Biotech Convention Will Highlight Region’s Progress

Biotech: Industry’s Yearly Conference Expecting 15,000 High-Level Attendees

A forthcoming downtown convention will provide a platform for area companies to tout San Diego as one of the country’s most innovative hubs for biotechnology.

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Kratos Receives $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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Home of the month: Dazzling Downtown Dream

This residence occupies the entire 37th floor of the Harbor Club’s west tower. The 360 degree wrap-around views are incomparable.

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CEO on Board: Qualcomm Sees Potential in Driverless Cars

Eyesight for driverless cars. That is one market opportunity that Qualcomm Inc. CEO Steve Mollenkopf sees, according to the Re/Code website and CNBC.

CB&T’s Sale of Collateralized Debt Obligations Reduces Profit

California Bank & Trust, San Diego’s largest bank with about $11 billion in assets, saw its first- quarter net profit fall 38 percent from the prior year first quarter to $19.7 million.

Desalination Plant Pipeline Is 50% Complete

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

A Place to Find Plenty of Property, Privacy and Panoramic Views

Fallbrook is a relaxed rural community spread over 127 square miles at the northern edge of San Diego County.

Volcano Corp. Finds ‘Synergistic Fit’ With AtheroMed Buy

BIOTECH: Volcano Sees $115M Deal as Ticket to Opening $400M Market

Volcano Corp. has agreed to acquire privately held AtheroMed Inc. for $115 million in cash, setting its sights on the Menlo Park-based company’s devices that help physicians treat peripheral artery disease.

Local Better Business Bureau Plans to Launch Mexico Chapter

The Better Business Bureau is planning to bring its services to Mexico.

Boeing to Solidify Local Logistics Efforts By Combining Units

TECH: Co. Working on Serving Cargo Transport Needs Via Multiple Devices

Boeing Co., known for making large passenger and cargo planes, is quietly building an enterprise logistics software business in San Diego to help others move large amounts of cargo — even along faraway routes such as across the tip of the Arabian Peninsula, from Muscat to other cities in the sultanate of Oman.

Co. Aims for a Captive Audience With Its Video Marketing Platforms

TECH: TVPage Channels Customers’ Attention to Products and Purchases

When Allon Caidar created a platform to keep the rising numbers of Web video watchers engaged, he didn’t know he would soon create online TV channels for Jerome’s Furniture, Char-Broil, Tilly’s and other retailers.

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Home Inventory Better, But Still Favors Sellers

HOUSING: Price Increases Lessen; Sales Pace Quickens

The number of houses listed for sale in San Diego County passed 8,000 last month, an increase of about 1,000 in late April, signaling a continued trudge toward a more balanced market.

Activists, Industry on Collision Course to Ballot

Shipbuilding: Vote to Decide Fate of Barrio Logan Has Both Sides Working Issue

Battleship gray or green? San Diego voters face that choice June 3 — asked to give direction to Barrio Logan, the neighborhood at the center of the region’s U.S. Navy ship repair community.

VCs Add M2M To the Equation At Venture Summit

iego Venture Summit set for June 19 features “machine-to-machine” expert Daniel Obodovski, the former director of business development at Qualcomm Inc. and author of “The Silent Intelligence: The Internet of Things.”

Licensing Deals Help Ligand to Stay Lean

BIOTECH: Viking Partnership Plays to Early-Stage Strengths

Ligand Pharmaceuticals Inc. has forged a creative new licensing deal with a small La Jolla startup — further indication that the once-beleaguered biotech is making a marked turnaround.

Venture Capital Lured By San Diego Biotechs

Funding: Local Life Science Scene Propels Region to No. 3

Venture capital investment in San Diego’s life sciences arena is on the upswing, boosted by the lingering positive effects of a bullish biotech market, according to area VCs and a new report from PriceWaterhouseCoopers LLP.

Some Dark Clouds Over Overland’s Sale

TECH: Prior Relationship With Sphere 3D Could Draw Scrutiny

The proposed sale of Overland Storage Inc. to Canada-based Sphere 3D Corp. looks like a winner for the sellers, although securities lawyers claim it vastly undervalues the company’s true worth.

Space Suited

TECH: Small Local Cos. Aim High to Find a Niche

Few companies can trace revenue to a big rock hurtling through space the way that Malin Space Science Systems and Vanguard Space Technologies Inc. can.

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Thursday, May 29

Adamis Pharmaceuticals Files New Drug Application for Epinephrine Single-Dose Allergy Syringe

Adamis Pharmaceuticals Corp., a maker of generic drugs, has filed a new drug application with the Food and Drug Administration for its cheaper alternative to the EpiPen.

Better Business Bureau Plans to Launch Mexico Chapter

The Better Business Bureau is planning to bring its services to Mexico.

Eset Makes U.S. Distribution Deal With Ingram Micro

Eset, a maker of computer security software with a regional office and research lab in San Diego, struck an exclusive U.S. distribution deal with Ingram Micro Inc., which bills itself as the largest wholesale technology distributor in the world.

Tickets Are Available for the 2014 Innovation Awards

Tickets are on sale now for The San Diego Business Journal’s 2014 Innovation Awards.

Northrop Grumman Honored With Prestigious Aviation Award

Northrop Grumman Corp.’s workforce basked in an honor and achieved a record recently.

Reports Puts Shortage of Affordable Housing at 128,000 Units in County

San Diego County has a shortage of about 128,000 affordable housing units for low-income wage earners and those living in poverty, according to a new report from the San Diego Housing Federation.

Local Firm Providing Marketing and Business Services to Financial Cos. Is Merging With Kansas Company

Two companies providing marketing and other business services to the independent financial advisory industry said they’re merging.

Marathon Likely to Rock Traffic Flow June 1

A reminder to anyone driving June 1: the San Diego Rock ‘n' Roll Marathon is taking place.

Wednesday, May 28

Chargers Single-Game Ticket Buyers to Pay More Bucks for Broncos and Some Others

The San Diego Chargers held the prices on single-game tickets for several years, but this season they’ll cost a bit more.

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Qualcomm Spin-Off Gimbal Transitions to Stand-Alone Company

Gimbal Inc. became a freestanding San Diego technology company as of May 28.

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Vital Therapies Reports Net Loss of $10.7M for Q1

Vital Therapies Inc. reported a net loss of $10.7 million in its very first quarterly earnings report — the biotech, which is developing treatments for liver failure, began trading on the public markets April 17 with a $61.1 million IPO.

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Lytx Announces Full-Fleet Agreement With Waste Disposal Company

Lytx Inc., a driver safety and compliance systems company, has signed a full-fleet deployment agreement with Advanced Disposal, the largest privately owned environmental services company, Lytx said.

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Port Seeking Developer for Shelter Island Gateway

The Unified Port of San Diego is seeking qualified developers to redevelop the gateway to Shelter Island, the port said.

Co. Holding Open House and a Job Fair for Veterans and Military Spouses May 29

Intelicare Direct, an outsourced call center and customer support company, is hosting an open house and a job fair for veterans and military spouses from 11:30 a.m.– 2 p.m. May 29.

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Class of 2014 Invited to Celebrate and Possibly … Get a Job

They’re billing it as a graduation party and job fair, but it sounds like an outdoor block party.

Tuesday, May 27

Volcano Corp. to Buy AtheroMed for $115M in Cash

San Diego medical device maker Volcano Corp. will acquire privately held AtheroMed Inc. for $115 million in cash, with aims to manufacture and commercialize the Menlo Park company’s devices that treat peripheral artery disease.

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SDA Security Acquired by Bay Alarm

SDA Security, a San Diego-based security business that was founded in 1930, said it was acquired by Bay Alarm for an undisclosed price.

Strategic Hotels & Resorts to Purchase Rest of Ownership Interest in Hotel Del

Strategic Hotels & Resorts Inc. has signed an agreement to acquire the remaining 63.6 percent ownership interest in the 757-room Hotel del Coronado for $210 million, the company announced.

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Chula Vista Apartment Complex Sold for $19.45M

Vista Lane Apartments, a two-building, 150 unit complex in Chula Vista, was sold by the Kreutzkamp Revocable 2000 Trust to the Conrad Prebys Trust for $19.45 million, said Christopher Zorbas of Marcus & Millichap Inc.’s San Diego office.

Recent Wildfires Did $30 Million in Private Property Damage

The estimated loss of private property from the recent wildfires that ravaged the county May 13 through May 19 was nearly $30 million, according to a report from San Diego County.

Parametric Sound Gets a New Name

Parametric Sound Corp. completed its name change to Turtle Beach Corp.

Retail Property Sells in Vista for $1.7 Million

Plaza 800, a 12,000-square-foot retail property in Vista, was sold to an unspecified a limited liability company for $1.76 million, said John Vorsheck, regional manager of Marcus & Millichap Inc.’s San Diego office.

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Local Businessman Named a ‘Veteran Small Business Champion’ By SBA

Michael Sabellico of Encinitas-based Vanguard Global Solutions was recently named Veteran Small Business Champion by the Santa Ana office of the U.S. Small Business Administration.

Honeywell to Host 70 Teachers Locally in 'Green Boot Camp'

Defense giant Honeywell International Inc. will host 70 teachers in San Diego for five days of what it calls Green Boot Camp.

Monday, May 26

Opera Makes Staff Cuts as Part of Cost-Cutting Measures

The revived San Diego Opera, which recently rescinded an earlier decision to disband, said it laid off 13 people, or about a third of its full-time staff as part of a cost-cutting strategy to meet a reduced budget for its 2015 season.

Canter Capital Is Investing $1.5 Million in Second Round Funding for Local Startup

Canter Capital will lead the next round of venture funding for San Diego startup HouseCall with a total investment of $1.5 million, the investment firm announced.

Navy League's Convention Set for San Diego

Topics such as the federal budget, shipbuilding and the need for STEM education will be on the table when the Navy League of the United States holds its annual convention June 24-29 at the Sheraton Hotel and Marina on Harbor Island.

Institute Given Grant to Aid Its Pursuit of Prostate Cancer Treatment

La Jolla-based nonprofit California Institute for Biomedical Research has received an award from the Wellcome Trust, a British charitable foundation, for an undisclosed amount of money. The grant will help the institute develop a therapy to treat a hormone-based form of prostate cancer.

The Business Calendar for the Week of May 26, 2014

Some of the business events scheduled for the week of May 26, 2014 in the county.

General Atomics ASI Improves Drone's Capabilities

General Atomics Aeronautical Systems Inc. disclosed a new milestone for its Improved Gray Eagle unmanned aircraft.

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Ceremony Celebrates Refurbishing of Imperial Beach Pier

A gathering of officials from Imperial Beach and the Port of San Diego hammered in a final, ceremonial nail into the last plank of the refurbished Imperial Beach pier recently, marking the project’s completion.

Friday, May 23

Institute Gets Grant to Pursue Prostate Cancer Treatment

La Jolla-based nonprofit California Institute for Biomedical Research has received an award from the Wellcome Trust, a British charitable foundation, for an undisclosed amount of money.

General Atomics ASI Makes Progress Improving Drone's Capabilities

General Atomics Aeronautical Systems Inc. disclosed a new milestone for its Improved Gray Eagle unmanned aircraft.

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Petco’s 10th Anniversary Naturally Went to the Dogs and Cats

In celebration of the 10th anniversary of Petco Park, the San Diego Padres and the Petco Foundation, a nonprofit serving as a voice for companion animals since 1999, donated $10,000 to the San Diego Humane Society during the pregame ceremony May 18.

Executive Q&A: Sue Reynolds, president & CEO, Community HousingWorks

Sue Reynolds, president and CEO of Community HousingWorks, describes herself as a passionate social entreprenuer fiercely focused on CHWs long-term impact of sustainability, financial health and changing families’ futures.

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Navy League of the United States’ Convention Is Set for San Diego

Topics such as the federal budget, shipbuilding and the need for STEM education will be on the table when the Navy League of the United States holds its annual convention June 24-29 at the Sheraton Hotel and Marina on Harbor Island.

Powerful Solutions

CLEAN-TECH: Cos. Offer Green Alternatives to Help Meet Energy Needs and Provide Local Jobs

San Diego’s clean technology sector is flourishing: From solar power and wind technologies to clean transportation, algae-based industrial chemicals and biofuels, the region is lush with companies that are pushing new boundaries in sustainability – and creating new jobs.

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Canter Capital Invests $1.5M in Second Round Funding for Local Startup

Canter Capital will lead the next round of venture funding for San Diego startup HouseCall with a total investment of $1.5 million, the investment firm announced.

Ex-Federal Prosecutor to Chair Litigation at Latham & Watkins

Jake Ryan has been appointed to chair the litigation department at Latham & Watkins LLP’s San Diego office. Ryan, 46, is a trial lawyer who focuses on intellectual property litigation, white-collar criminal defense, government investigations and other complex business litigation.

S.D. Airport Lets Anti-SeaWorld Ad Be Displayed

People for the Ethical Treatment of Animals has prevailed in its legal battle to post a controversial advertisement referencing SeaWorld at San Diego International Airport, representatives of the animal rights organization said.

AT&T Rebranding a Wireless Service as Cricket

All of the hoopla over AT&T Inc.’s new $49 billion plan to buy DirecTV LLC (Nasdaq: DTV) seems to overshadow another AT&T story — an admittedly smaller tale but one with a little local history.

Small Businesses in Holding Pattern When It Comes to Hiring

While recent data suggests the national, state and regional economies are all in a recovery mode, employers, particularly small ones, are still reticent about expanding their payrolls.

Experian DataLabs Is a Solution in Search of F500 Problems

TECH: Local Unit Grows Staff to 30 Doing Analytics

After three years, the experiment known as Experian DataLabs in San Diego is bearing fruit.

Comprehensive Damage Report From County Wildfires Underway

ECONOMY: Determining Extent of Losses Involves Data From Multiple Agencies

The complete extent of losses caused by San Diego’s wildfires may not be known for weeks, but the estimates routinely provided in media reports aren’t wild guesses.

Opera Lays Off 13 in Cost-Cutting Move

The revived San Diego Opera, which recently rescinded an earlier decision to disband, said it laid off 13 people, or about a third of its full-time staff as part of a cost-cutting strategy to meet a reduced budget for its 2015 season.

ViaSat’s Share Price Dips Amid Solid Improvement in Revenue

TECH: Co. Is Moving Forward With Strategic Partnership, New Initiatives

Shares of ViaSat Inc. touched a one-year low on May 21, despite the company having reported the day before significant increases in revenue in its fourth-quarter and year-end financial results for fiscal 2014.

TapSnap’s New ‘Camera Angle’ Is Reinventing the Photo Booth

TECH: Social Media, Technology Used to Shape Memories and Marketing

A new blending of technology and the photo booth is bringing that memory- capturing staple into the 21st century, complete with the ability to post digital pics on social media. And a local couple is bringing it to their part of Southern California.

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Ceremony Celebrates Refurbishing of IB Pier

A gathering of officials from Imperial Beach and the Port of San Diego hammered in a final, ceremonial nail into the last plank of the refurbished pier recently, marking the project’s completion.

Wildfire Footage Doesn’t Seem to Deter Visitors

TOURISM: Hotel Bookings Up, While Zoo Attractions Set to Debut at Balboa Park

With the peak summer travel season getting underway over Memorial Day weekend, tourism leaders were confident that global news coverage of recent wildfires would not keep visitors away from San Diego County’s hotels and top attractions.

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Attorney General Joins ‘Cast’ of Opera Drama

ARTS: Abbreviated 2015 Season Is On, as Is a State AG’s Audit of the Group

The San Diego Opera will stage a 2015 season, yet the drama that nearly sank the performing arts organization continued last week when it disclosed it is being audited by the state attorney general’s office.

S.D. Honored as Good Home for Small Businesses

The National League of Cities included San Diego in a list of 12 cities with best practices for small business development. The league released a report, “Big Ideas for Small Business,” during Small Business Week held earlier in the month.

Wermers Expands Its Multifamily Mission

PROPERTY: Experience in Building Leads to Development

After building multifamily projects for other developers for much of its 57-year history, San Diego-based Wermers Cos. is placing significant bets of its own on continued high demand for apartments in Southern California.

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Commercial Realtors Watching Waterfront

Property: Citywide Vote on Barrio Logan Plan Update Looms

San Diego’s Barrio Logan remains a tight fit for the residents and businesses that have co-existed there for the past several decades, and a pair of measures on the June 3 city ballot will determine how tightly they continue to fit.

M2M Focus Part of New Novatel Strategy

TECH: Profit Drought Stirs Personnel and Other Changes

Wireless telecom equipment maker Novatel Wireless Inc. plans to throw its laptop computer business overboard in an effort to right its ship after sinking deeper in loss during its most recent quarter.

Business Events Calendar for the Week of May 26, 2014

Some of the business events scheduled in the county for the week of May 26, 2014.

Degree of Difficulty

Health Care: Nursing Grads Face Tough Job Search

Michelle Lee left medical school to pursue her passion for nursing, preferring the more intimate contact nurses tend to have with patients over the “in-and-out” bedside manner she sees as typical of many physicians.

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Thursday, May 22

California Bank & Trust Reports Q1 Net Income of $19.7M

California Bank & Trust, San Diego’s largest bank with about $11 billion in assets and 27 branches in the county, reported first quarter net income of $19.7 million, down 38 percent from the first quarter of 2013.

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Six Luxury Home Buys Part of Pathfinder’s $50 Million Platform

Pathfinder Partners LLC, a San Diego-based private equity firm focused on real estate, recently acquired six upscale homes in the Los Angeles area as part of a newly established platform aimed at funding more than $50 million in luxury residential real estate acquisitions.

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Overland Storage to Be Acquired By Canadian Company in Stock Deal

Overland Storage, a San Diego provider of data storage services, agreed to be acquired by Sphere 3D Corp., a Canadian business for $81 million in stock.

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Ligand Pharmaceuticals Does Licensing Deal and Investment With San Diego Startup

San Diego-based Ligand Pharmaceuticals Inc. has licensed five of its programs to Viking Therapeutics Inc.; Ligand is also investing $2.5 million in Viking, a San Diego startup.

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Manchester Subsidiary Moving Ahead with $370 Million Austin Hotel

A Texas subsidiary of San Diego-headquartered Manchester Financial Group, led by developer Douglas Manchester, plans to begin work in September on a new $370 million hotel planned in Austin.

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Some of Leidos' Possible $54M Navy Work to Be Done Locally

Leidos Inc., the Virginia company that split off from Science Applications International Corp., said on May 22 that it received three task orders from the U.S. Navy that could be worth up to $54 million.

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Regency Centers Begins $3 Million Renovation of Hillcrest Retail Property

Florida-based Regency Centers Corp. has begun a $3 million renovation of the Uptown District Shopping Center in Hillcrest, which it purchased in late 2012.

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Wags for Warriors Weekend Event Honors Military and Firefighters

Helen Woodward Animal Center salutes our military Saturday, May 24 through Monday, May 26 with a Wags for Warriors Weekend Event — three special days of discounts, perks and pets available to those who protect our country.

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Wednesday, May 21

Controversial SeaWorld Ad Being Posted at San Diego Airport

Representatives of People for the Ethical Treatment of Animals (PETA) said the animal rights organization has prevailed in its plans to post a controversial advertisement referencing SeaWorld at San Diego International Airport.

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Salk Institute for Biological Studies Receives $3M Gift for Aging Research

The Salk Institute for Biological Studies has received a $3 million gift from the Glenn Foundation for Medical Research to continue researching the biology of aging.

Global Payout Subsidiary Is Launching a ‘Smart Card' for Financial Transactions

Global Payout Inc., a San Diego provider of business to business electronic payment systems, said its European subsidiary, Global Funding Ltd., is launching a prepaid MasterCard with state-of-the-art chip and pin technology.

Callaway Golf Appears to Feel a Retailer's Sales Pain

Sports equipment manufacturer Callaway Golf Co. saw its shares bounce back 2 percent May 21, closing at $7.75, after a retailer’s financial results toyed with its stock price the previous day.

San Diego North Chamber of Commerce Unveils New Name

The organization formerly called the San Diego North Chamber of Commerce is now the North San Diego Business Chamber.

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Two New Eateries Planned at Downtown’s Symphony Towers

Noted local chef and restaurateur Giuseppe Ciuffa plans a June 9 opening for two new venues at the Symphony Towers office building in downtown San Diego.

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Local Housing Market Inventory Is Up 38% for Year in April, Report Says

The inventory of available for-sale houses in San Diego increased 38 percent in April above the amount available in April 2013, according to a survey done by ZipRealty Inc., an Emeryville online real estate brokerage.

Tuesday, May 20

Disney Cruise Line Plans New Local Offerings in 2015

Disney Cruise Line plans to offer six new cruises from San Diego aboard the 2,700-passenger Disney Wonder, starting in fall 2015, as the company returns for regular service on the West Coast.

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Petco to Stop Carrying Dog and Cat Treats Made in China

Petco will stop carrying dog and cat treats made in China at the retailer’s 1,300 store locations — including Unleashed by Petco stores and online at Petco.com — by the end of 2014, the company said.

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ViaSat Reports FY2014 Revenue of $1.35 Billion

Carlsbad-based ViaSat Inc. reported a net loss of $3.5 million on $343.9 million in revenue in its fourth quarter, which ended April 4.

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Kratos Gets $9 Million Contract for Railgun Work

Kratos Defense & Security Solutions Inc. said on May 20 that it recently received a $9 million contract to develop two components for a railgun system: the electronics for operating the railgun, as well as high-speed projectiles that such a gun would launch.

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Scripps Partnering With Rady for Hospice Care for Children

Scripps Health is partnering with Rady Children’s Hospital to provide hospice care for children in need of end-of-life care.

Youngevity International Reports Q1 Revenue of $26.4M

Youngevity International Inc., a Chula Vista-based direct seller of nutritional and other products, reported first quarter revenue of $26.4 million, up 27 percent from the first quarter of 2013.

Novatel CFO Announces Departure From Company

Novatel Wireless Inc. announced May 20 that its chief financial officer is leaving the company.

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Saks Opening New Off 5th Store in Carmel Mountain Ranch

Retailer Saks Fifth Avenue Off 5th plans a May 23 opening for its newest local store, in San Diego’s Carmel Mountain Ranch neighborhood.

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Picnic People Celebrates 30 Years Serving San Diego’s Events

San Diego-based Picnic People, an outdoor events company specializing in picnics, tailgate parties and corporate team building activities, is celebrating 30 years of delivering fun and exciting events across San Diego County. Picnic People has thrown more than 20,000 unforgettable picnics for a variety of clients including families, corporations, schools and local charities.

Company Puts Its All Into Community Service on RED Day

The Helen Woodward Animal Center was visited recently by 47 volunteers from local Keller Williams Realty branches who extended their philanthropic paws to a variety of center programs.

Monday, May 19

MabVax-Telik Union Shows How Dramatically Fortunes Change

Privately held San Diego cancer vaccine maker MabVax Inc. has merged with Palo Alto-based Telik Inc. — a once high-flying drugmaker whose reputation and stock value tumbled after drug failures and an ethics controversy.

Corky McMillin Cos. Selling Millenia Development

San Diego-based Corky McMillin Cos. is in the process of selling Millenia, the $4 billion mixed-use development underway in Chula Vista, company Chairman Scott McMillin said.

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San Diego Opera Announces a 2015 Season

San Diego Opera’s board of directors announced a shortened 2015 season voting to rescind a March vote to dissolve the organization.

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EDF Renewable Energy Selling 50% Stake in Solar Project

EDF Renewable Energy announced that half of its equity interest in the 143-megawatt Catalina Solar project is being acquired by TIAA-CREF, a financial services provider.

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PepsiCo Extends Agreement with Senomyx

San Diego-based Senomyx Inc. said PepsiCo Inc. has exercised its option to extend the companies’ collaborative agreement related to Senomyx’s sweet-taste technology for an additional two years, through August 2016.

Huntington Capital Completes Investments in an Arizona Software Company

Huntington Capital, a San Diego-based private equity fund specializing in the software industry, said it closed a combination of preferred equity and mezzanine debt capital investment in Cubex LLC, a Tempe, Ariz., based software business.

Legoland Plans May 24 Opening for New Water Park Feature

Legoland California Resort in Carlsbad plans a May 24 opening for its new attraction, Lego Legends of Chima Water Park.

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Tony Hawk Gets a Marketing Role with Mini USA

Tony Hawk is hawking a four-wheel vehicle much heavier than a skateboard.

A Passport Won’t Get You to These French Charms in Oceanside

St. Malo is a cluster of French Normandy Tudor homes on the north side of the Buena Vista Lagoon between Oceanside and Carlsbad. You can see the slanted roofs, decorative half-timbering, turreted towers and animal wind vanes of this distinctive community from Highway 101 and the beach.

Epsilon Systems Receives $5.7M Navy Contract

Epsilon Systems Solutions Inc. said it received a $5.7 million contract to overhaul the Arco, a floating dry dock that the U.S. Navy uses to service submarines in San Diego.

Cox Gives USS Midway Museum $1.5M Grant for Education

Cox is giving the USS Midway Museum a $1.5 million grant to expand its educational program.

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San Diego Ad Club Changes Its Name to SDX

San Diego Ad Club is changing its name to SDX, the organization announced.

Sunday, May 18

Pratt & Whitney to Close Its AeroPower Unit, Staff Cuts Expected in 2015

Pratt & Whitney, a unit of United Technologies Corp., said it’s closing its San Diego-based AeroPower unit over the next two years, eliminating 530 jobs here.

5-Building Industrial Campus Sells for $57.6 Million in Vista

Connecticut-based Cornerstone Real Estate Advisers LLC bought North County Corporate Center, a five-building industrial and warehouse campus in Vista, for about $57.6 million.

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2 Local Firms Form a New Commercial Lending Company

Leaders of two locally based financial services firms recently joined to form Trillium Capital Partners Inc., a commercial real estate lending company with headquarters in Encinitas.

Sorrento Therapeutics Plans to Raise $23.1M With Secondary Stock Offering

Sorrento Therapeutics Inc. has priced its secondary stock offering of 4.765 million shares at $5.25 apiece, with plans to raise net proceeds of $23.1 million.

Local Uemployment Rate Drops to 6% for April

San Diego’s unemployment rate fell to 6 percent in April from 6.9 percent in March, the lowest it’s been since June 2008 when it was 5.9 percent, according to the state’s Employment Development Department.

Philanthropist Is Donating $7.5M for New UCSD Cancer Hospital

Area philanthropist Pauline Foster is donating $7.5 million to help build a new cancer care hospital at University of California, San Diego’s Jacobs Medical Center.

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The Business Calendar for the Week of May 19, 2014

Some of the business events scheduled for the week of May 19, 2014 in the county.

Music, Clothing Sellers Joining Flower Hill Promenade Roster

Two new merchants plan openings at the Flower Hill Promenade shopping center in Del Mar.

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Friday, May 16

S.D. Market for Retail Space One of Tightest Among U.S. Metros

When it comes to space vacancy, San Diego has the fifth-tightest retail market among major U.S. metro regions, according to a newly released national report by brokerage company Cassidy Turley.

Employee Arbitration Agreements Worth Using

It is no secret that California courts have been remarkably pro-employee for years. However, the courts have recently started enforcing employee arbitration agreements that waive the right to pursue class action claims.

What’s the Impact of Raising the Minimum Wage?

In September 2013, Gov. Jerry Brown signed legislation that will raise the minimum wage from $8 per hour to $9 per hour by this July and again to $10 per hour by January 2016.

Company Puts Its All Into Community Service on RED Day

The Helen Woodward Animal Center was visited recently by 47 volunteers from local Keller Williams Realty branches who extended their philanthropic paws to a variety of center programs.

Businesses Still Running Under Caution Flag in Slow Recovery

It’s spring, which means time for many banks to release surveys of their small business clients.

Executive Q&A: Steven Sefton, president and CEO of Regents Bank

Steven Sefton, president and CEO of Regents Bank, has spent his entire career in banking — much of it in top leadership positions.

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Wal-Mart’s Money Transfer Unit Seen as Move Toward Banking

Banking: Retailer Offers Services That Many Banks Stopped Due to Regulations

Wal-Mart Stores Inc., with some 4,000 stores nationally, recently launched a money transfer business that undercuts the fees charged by market leaders Western Union and MoneyGram, and is causing some distress among bankers.

Banking on Their Skills

FINANCE: Banks Compete for Customers With Assets Beyond Cash

The San Diego market may be overbanked by some measures but don’t tell that to Umpqua Bank and California Republic Bank, which just joined a group of 54 commercial lenders — not counting credit unions and finance companies — that do business here.

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A Passport Won’t Get You to These French Charms in Oceanside

St. Malo is a cluster of French Normandy Tudor homes on the north side of the Buena Vista Lagoon between Oceanside and Carlsbad. You can see the slanted roofs, decorative half-timbering, turreted towers and animal wind vanes of this distinctive community from Highway 101 and the beach.

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Philanthropist Donating $7.5 Million for New UCSD Cancer Hospital

Area philanthropist Pauline Foster is donating $7.5 million to help build a new cancer care hospital at University of California, San Diego’s Jacobs Medical Center.

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Sorrento Therapeutics Prices Secondary Stock -Offering Shares at $5.25

Sorrento Therapeutics Inc. has priced its secondary stock offering of 4.765 million shares at $5.25 apiece, with plans to raise net proceeds of $23.1 million.

‘Model Home’: CBRE Offices Show Tech Advances in Action

PROPERTY: Brokerage Sees Savings in Paper, Storage and Space Needs

CBRE Group Inc., among the world’s largest commercial real estate brokerages, recently overhauled two of its San Diego County offices in ways that reflect the tech-inspired workspace mantra of many of its corporate clients: Do more with less.

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CleverPet Offers Dog a New Best Friend When Owner Not Home

PET CARE: Device Makes Feeding Time Learning TimePET CARE: Device Makes Feeding Time Learning Time

A San Diego startup may have a solution for Fido’s and Fifi’s errant ways.

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MabVax-Telik Union Shows How Dramatically Fortunes Change

Privately held San Diego cancer vaccine maker MabVax Inc. has merged with Palo Alto-based Telik Inc. — a once high-flying drugmaker whose reputation and stock value tumbled after drug failures and an ethics controversy.

Clothing, Music Sellers Joining Flower Hill Promenade Roster

Two new merchants plan openings at the Flower Hill Promenade shopping center in Del Mar.

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Pratt & Whitney Closing Its AeroPower Unit, Staff Cuts Expected in 2015

Pratt & Whitney, a unit of United Technologies Corp., said it’s closing its San Diego-based AeroPower unit over the next two years, eliminating 530 jobs here.

For Spawar, ‘Readiness’ Also Includes Educational Outreach

DEFENSE: Programs Cultivate Needed Skills And Interest in STEM

Gracie Young is bright, driven and looking forward to getting her first patent. She is like a lot of people in San Diego’s technology scene — except that she’s in high school.

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City Ends Pact With Balboa Celebration Group

Civic: Council Members Told By Resident-Lawyer to Be Wary of BPCI’s Record

It’s been more than two months since a nonprofit group established to put on a year-long celebration of Balboa Park’s centennial threw in the towel and disbanded, but the city of San Diego is still cleaning up the mess.

Defense Spending Plan Emerges From Committee

DEFENSE: Marked-Up Budget Would Avoid BRAC, Stalls Carrier Drone Project

The Pentagon would sidestep another base closure round and hold back work on a carrier-based drone for the U.S. Navy, under modifications made this month to the fiscal 2015 defense budget bill.

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Local Firms Form New Commercial Lending Company

Leaders of two locally based financial services firms recently joined to form Trillium Capital Partners Inc., a commercial real estate lending company with headquarters in Encinitas.

San Diego Business Community Feels Impact of Wildfires

More than nine wildfires that began May 13 and 14 were still raging as of press time on May 15, affecting some 9,000 acres, county officials said.

County Unemployment Rate Drops to 6% in April

San Diego’s unemployment rate fell to 6 percent in April from 6.9 percent in March, the lowest it’s been since June 2008 when it was 5.9 percent, according to the state’s Employment Development

‘Crowd Control’ Part Of Mission Valley Plan

PROPERTY: Area Must Find Fit for Traffic, Residents, Retail

The city of San Diego this year is embarking on a comprehensive update of the community plan for Mission Valley. The San Diego River runs through the neighborhood, but the city has been unable over the decades to convert that feature into a draw for sustainable, walkable development in Mission Valley.

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Lumena’s IPO Plans End With Acquisition

BIOTECH: Shire Agrees to Pay $260M for Local Company

Lumena Pharmaceuticals Inc. is being snapped up by Irish drugmaker Shire PLC for $260 million, scrapping the San Diego biotech’s plan to raise $75 million in an initial public offering.

Vista Industrial Campus Sells for $57.6 Million

A Connecticut-based firm pays about $57.6 million for an industrial and warehouse campus in Vista.

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ElliptiGO Gains Traction With Publicity

SPORTS: Biz-Sponsored Athlete Wins Big in Boston

San Diegan Meb Keflezighi’s stunning victory at the Boston Marathon last month was sweet on many levels, including a boost the achievement gave to one of his sponsors, ElliptiGO Inc.

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BORDER WOES

TRADE: Economic Aspects Should Balance Security Role

Doug Paul, a longtime San Diego engineering and planning consultant, frequently crosses the U.S.-Mexico border locally to work on behalf of his clients, but he’d rather not — cross the border, that is.

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Business Events Calendar for Week of May 19, 2014

Some of the business events scheduled in the county for the week of May 19, 2014.

Thursday, May 15

CareFusion Prices $1 Billion of Senior Unsecured Notes

San Diego medical device maker CareFusion Corp. has priced three series of senior unsecured notes for an aggregate principal amount of $1 billion.

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Opera’s Survival Gains Big Momentum With Meeting of Some Fundraising Goals

The embattled San Diego Opera, which was heading for liquidation a few months ago, appears to be revived.

Some Area Hospitals, Clinics Close Due to Fire Danger

There have been a spate of health center closings in the wake of the area wildfires – two Palomar Health clinics in San Marcos closed May 15, and the Scripps Coastal Medical Center in Carlsbad shut down May 14.

Isis Pharmaceuticals Gets $3M Milestone Payment

Isis Pharmaceuticals Inc. received a $3 million milestone payment from GlaxoSmithKline PLC for starting a study that ties into its partnership to develop three new drugs using Isis’ proprietary antisense technology.

Rady Pledges $1 Million in Matching Funds for UC San Diego Management School

Rady School of Management, at University of California, San Diego, has received a $1 million matching gift donation pledge from local philanthropist Ernest Rady.

ImageWare Systems Reports $1.1 Million in Q1 Revenue

Imageware Systems, the San Diego maker of identity management software, reported 2014 first quarter revenue of $1.1 million from $900,000 for the like quarter of last year.

Bike to Work Day Postponed Due to Fires

Sandag announced the Bike to Work Day event has been postponed to May 30.

Wednesday, May 14

Jack in the Box Net Profit Increases 19% in Q2

San Diego-based Jack in the Box Inc’.s second-quarter net profit increased to $15.8 million or 37 cents per share from $13.3 million or 29 cents per share in the like quarter last year. Revenue for the second-quarter fell 1.8 percent to $340.9 million.

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SeaWorld Entertainment Reports $49M Loss in First Quarter

SeaWorld Entertainment Inc., parent company of SeaWorld San Diego, reported first quarter net loss of $49.4 million, or a loss of 56 cents per diluted share, for the three months ended March 31.

Human Longevity Inc. Fills Leadership Roles

Human Longevity Inc., the J. Craig Venter-backed outfit that recently raised $70 million in Series A to help extend the human lifespan through genomics and informatics, has a trio of new hires to pad its C-Suite.

Downtown Hotel Building Sells for $10 Million

Oram Properties One LLC of San Diego has purchased a downtown San Diego building housing 500 West Hotel and a YMCA branch, for $10 million.

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Sorrento Therapeutics Proposes Common Stock Offering

Sorrento Therapeutics Inc. has announced a proposed offering of its common stock, but hasn’t disclosed the size of the offering.

Seven-Property Apartment Portfolio Sells for $7.4 Million

seven-property San Diego apartment portfolio, totaling 45 units, has been sold for approximately $7.4 million, according to brokerage company Marcus & Millichap Inc.

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CommNexus Aims for Better High-Tech Community Connection With Website Upgrade

CommNexus, the San Diego nonprofit trade group supporting the area’s high-tech industry, said it revamped its website to make it more interactive and informative.

Tuesday, May 13

MabVax, Telik Conduct Reverse Merger

Privately held San Diego cancer vaccine maker MabVax Inc. has merged with Palo Alto-based Telik Inc. – a once high-flying drugmaker whose reputation and stock value tumbled after drug failures and an ethics controversy.

April Median Housing Price Increases 8.7% for the Year

San Diego’s median price for a single family house increased to $435,000 in April, up 1.8 percent from the March median priced house, and up 8.7 percent from the median priced house in April 2013, according to Dataquick, the La Jolla based real estate research firm.

Halozyme Reports $26.5M Net Loss for First Quarter

Halozyme Therapeutics Inc. reported a net loss of $26.5 million, or 22 cents per share, on $12 million in revenue for the first quarter ended March 31. That compares with a net loss of $19.3 million — 17 cents per share — on revenue of $11.8 million for first quarter 2013.

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Parametric Sound Reports Increase in Revenue, Gross Profit

San Diego audio headset maker Parametric Sound Corp. has grown both its revenue and its profit for the first quarter of 2014, as it gears up to complete a merge with Turtle Beach Corp.

Sorrento Mesa Industrial Building Sells for $18.3 Million

Alliance Commercial Partners LLC of Lakewood, Colo., recorded as GFP Alliance San Diego LLC, has purchased a Sorrento Mesa industrial building for approximately $18.3 million, according to CoStar Group and public data.

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Infosonics Increases Net Sales, Net Income for Q1

Infosonics Corp., the San Diego maker and distributor of wireless devices mainly in South America, reported first quarter net income of $55,000, compared with a net loss of $709,000 for the like period of 2013.

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El Cajon Apartments Sold for $4.2 Million

Willowcreek Apartments, a 33-unit multi-family complex in El Cajon, has been sold for $4.2 million, according to CoStar Group and public data.

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ResMed Introduces New Portable Ventilators

ResMed Inc. introduced a new platform of portable, lightweight and user-friendly life support ventilators in some European and Asia-Pacific markets, the company said.

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Monday, May 12

Biotech Firm AltheaDx Moving Headquarters to Torrey Pines

Life sciences research and development firm AltheaDx is relocating its headquarters to a new campus-style facility in Torrey Pines.

Lumena Acquired by Shire for $260 Million

Lumena Pharmaceuticals has been snapped up by Irish drugmaker Shire PLC for $260 million, scrapping the San Diego biotech's plan to raise $75 million in an initial public offering.

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2 Former Qualcomm Execs Indicted for Insider Trading

Two former Qualcomm Inc. sales executives were charged with four counts of insider stock trading in a federal indictment unsealed May 12.

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TVC Capital Invests $8 Million in Seattle Software Company

LiquidPlanner, a Seattle based project management software business, said it received $8 million in Series B funding from TVC Capital, a San Diego equity firm specializing in the software industry.

Cubic Corp. Reports Q2 Results, Restates 2013, 2012 Fiscal Year Results

Cubic Corp., the San Diego company that has operations in both the defense and transportation industries, reported fiscal 2014 second quarter results and restated financial results for its 2013 and 2012 fiscal years.

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Arena Pharmaceuticals Reports Q1 Loss of $25.3M

Despite reporting strong first quarter sales for its weight-loss drug, Belviq, San Diego’s Arena Pharmaceuticals Inc.’s net loss increased compared with the like reporting period of the previous year.

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Bridgepoint Reports Preliminary Results

Bridgepoint Education, the San Diego parent company of two for-profit colleges, Ashford University and the University of the Rockies, reported 2013 first quarter net loss of $4.4 million, compared with net income of $26.9 million for the like quarter of 2013, in preliminary results that didn’t include all financial data because of ongoing negotiations with the Securities and Exchange Commission.

Reopenings Follow Renovations at Local Denny’s Restaurants

Denny’s restaurants in Oceanside and National City are among locations recently being remodeled and reopened as part of a companywide renovation program.

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National City Looks to Boost Tourism Marketing Efforts

The National City Tourism Marketing District has tapped two public relations and marketing companies, with the goal of attracting more visitors to the South Bay city.

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New 511 San Diego Traffic App Gives Commuters a Guide on the Road

San Diegans have a new free tool to help take on their commutes, the 511 San Diego mobile app.

Sunday, May 11

San Diego Developer Starts $130 Million Luxury Apartment Project in Mission Viejo

San Diego-based multifamily developer Wermers Properties has begun construction on Adagio on the Green, a $130 million, 256-unit luxury apartment project in Mission Viejo.

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Encore Capital Reports Q1 Net Income of $23.2M

Encore Capital Group Inc., the San Diego buyer and collector of charged-off credit card debt, reported first quarter revenue of $253.7 million, up 75 percent from the like quarter of 2013.

Orexigen Therapeutics Reports First Quarter Results

Orexigen Therapeutics reported a net loss of $24.9 million, or 23 cents per share, for the first quarter ended March 31, compared with a net loss of $19.4 million, or 21 cents per share, for first quarter 2013.

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Developer Davidson Buys Rancho Santa Fe Lots for $6.2 Million

Homebuilder Davidson Communities of Del Mar has purchased Crosby Enclave, a planned residential development on eight acres in Rancho Santa Fe, for approximately $6.2 million.

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The Business Calendar for the Week of May 12, 2014

Some of the business events happening around the county for the week of May 12, 2014.

NoteVault Moves to New Headquarters in Mira Mesa

NoteVault Inc. has given up two executive suite spaces in Solana Beach and has taken up residence in 5,500 square feet of building space on Lusk Boulevard in Mira Mesa.

Youngevity Completes Acquisition of Good Herbs Inc.

Youngevity Essential Life Sciences completed the acquisition of Good Herbs Inc. of Troy, Mich. for an undisclosed price, Youngevity said.

Friday, May 9

NoteVault Announces New Headquarters in Mira Mesa

NoteVault Inc. has given up two executive suite spaces in Solana Beach and has taken up residence in 5,500 square feet of building space on Lusk Boulevard in Mira Mesa.

Orexigen Reports Q1 Results

Orexigen Therapeutics reported a net loss of $24.9 million, or 23 cents per share, for the first quarter ended March 31, compared with a net loss of $19.4 million, or 21 cents per share, for first quarter 2013.

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Homebuilder Davidson Buys Rancho Santa Fe Lots for $6.2 Million

Homebuilder Davidson Communities of Del Mar has purchased Crosby Enclave, a planned residential development on eight acres in Rancho Santa Fe, for approximately $6.2 million.

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In This Golf Tournament, Foundation’s High ‘Score’ Won

The gap intelligence second annual “Drives For Rides” golf tournament to support the Emilio Nares Foundation, doubled the attendance and nearly tripled the funds generated last year by raising $32,000.

Executive Q&A: Bary and Lynn Sherman

Bary Sherman is CEO of Fallbrook-based PEPworldwide – USA, a workplace productivity company that provides solutions for individuals, small-to-midsize businesses, large corporations and government in more than 23 countries. His wife, Lynn Sherman, is the company’s president.

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Value of Understanding Tax Deductions More Important Now

ACCOUNTING: Tax Impact Of ACA Underestimated for Most Companies in 2013

One of the biggest complaints by San Diego business owners as they prepared their 2013 tax returns was about the additional burden created by the Patient Protection and Affordable Care Act, or ACA.

Outside Hands Strengthen Management

management: Hiring Consultants Can Help Leverage Growth

Throughout the recent recession and subsequent recovery, San Diego-area businesses have relied heavily on management consulting firms to help them make the most of their potential.

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Bar Center at 401 Is a Home Base and a Home Run for Association

The San Diego County Bar Association has been awarded the American Society of Association Executives’ top award in new product or service launch category.

Expanding the DNA ‘Alphabet’ Could Spell Success for Biotech

You’re going to want to put on your high school bio thinking caps for this one: A new biotech, called Synthorx Inc., just launched in San Diego, and its proposition is pretty groundbreaking in terms of the basic structure of, well, life.

Helicopter Drone Being Developed for Roles in ‘Friendly Skies’

Northrop Grumman Corp. is looking beyond the U.S. Navy for other markets willing to buy its autonomous helicopters.

BofI’s Growth Ongoing as Online Bank Seeks Acquistion Approval

BofI Holding Inc., parent of BofI Federal Bank, San Diego’s second-largest bank, continues to get bigger.

Synthetic Genomics Researchers Seek to Reap What They ‘Sow’

Biotech: Company Gets Funding Commitment to Grow Transplantable Lungs

J. Craig Venter is certainly bringing home the bacon — potentially $50 million worth — and will direct it toward saving the lives of those suffering from end-stage lung disease.

It Will Take More Than Just a ‘Team’ Effort for New Stadium

SPORTS: Developers, City, Voters Have Role in Decision

With a newly elected city mayor in place, the San Diego Chargers are preparing the next in what is now a long series of proposals to build a new stadium.

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Technology, Social Media Visit Changes on Hospitality Sector

TRAVEL: Marketing, Customer Feedback Go in New Directions

Tech titans like Google Inc. and Facebook Inc. are increasingly finding their way into consumers’ vacation planning, as hotel operators and tourism promoters go mobile and social with their marketing efforts.

San Diego Developer Starts $130 Million Apartment Project in Mission Viejo

San Diego-based multifamily developer Wermers Properties has begun construction on Adagio on the Green, a $130 million, 256-unit luxury apartment project in Mission Viejo.

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Portfolium s Up New E-Avenue for Next Wave of Job Seekers

Internet: Service Helps Show Skills, Projects, Interests

When Adam Markowitz graduated from the University of California, San Diego with an engineering degree during the economic downturn in 2008, he had little to tell employers about his real-life work experience.

Youngevity Essential Completes Acquisition of Good Herbs Inc.

Youngevity Essential Life Sciences completed the acquisition of Good Herbs Inc. of Troy, Mich. for an undisclosed price, Youngevity said.

Encore Capital Reports Net Income of $23.2M for Q1

Encore Capital Group Inc., the San Diego buyer and collector of charged-off credit card debt, reported first quarter revenue of $253.7 million, up 75 percent from the like quarter of 2013.

Entrepreneurship Moves Forward By Giving Back

In 2012, Qualcomm Inc. co-founder Irwin Jacobs and biotech CEO Phillip Low asked mayoral candidates to rebrand San Diego as an “entrepreneurial hub.” It looks like it’s working.

Business Calendar for Week of May 12, 2014

Some of the business events scheduled in the county for the week of May 12, 2014.

The ‘Secret’ to Doing Business With Spawar Is There’s No Secret

DEFENSE: Portfolio Managers Guide Cos. In the Right Direction

How to do business with Spawar? It’s a question that many executives and small-business owners wrestle with and one that Jim Lasswell, CEO of San Diego-based Indus Technology Inc., has solved.

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FNBSC Buyers Acquire Another Institution

FINANCE: Investors See Opportunity in Community Banks Despite Tough Times

Two months after three San Diego investors acquired a Riverside bank, they pulled the trigger to buy another small bank based in Big Bear, nearly doubling the size of the original lender.

Savills’ Buy Puts It in Good Position Locally

PROPERTY: Studley Office Should Grow, Have More Resources

Another commercial real estate brokerage from outside the region is about to raise its profile in an already crowded San Diego field, with London-headquartered Savills PLC expected to complete its $260 million acquisition of Studley Inc. by month’s end.

UTC-Based Bank’s Interest Rate Draws Some, Well, Interest

Financial literacy website WalletHub picked University Towne Center-based BofI Federal Bank’s rewards checking account as one of 2014’s “Best Bank Accounts for Small Businesses.”

Life Science IPOs Show Ups and Downs

BIOTECH: Ambrx Plans to Make $86M Entrance Soon

Well-funded La Jolla drugmaker Ambrx Inc. plans to raise up to $86 million in an initial public offering, hoping to draw in more capital in the midst of an erratic biotech market.

Mexico’s Visa Rules Impact Sportfishing

TOURISM: Businesses, Officials Lobby to Relax Restrictions

City leaders, port district tenants and sportfishing advocates are urging Mexican officials to revise recently enacted visa restrictions that some believe could do long-term damage to the local region’s crucial boating, fishing and tourism economies.

Opera President Takes an Optimistic Tone

ARTS: Plan Is to Expand Audience, Cut the Budget

The fate of the San Diego Opera won’t be known until its board votes May 19 whether to stick with an earlier plan to dissolve the organization or continue, but its new president is banking on a future season.

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Refining Moment

CONSTRUCTION: Cos. Find Demand for Renovations, Upgrades

With new construction still scarce outside of a few apartment-centric project hubs, the term “fixer-upper” aptly describes the bulk of commercial, private-sector work assignments keeping San Diego County’s construction contractors busy these days.

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Thursday, May 8

General Atomics to Install New Launch, Recovery Systems on Carrier

The Pentagon announced on May 8 that General Atomics will receive a contract to provide aircraft carrier technology for the future USS John F. Kennedy.

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Union Withdraws Lawsuit Against Opera

The San Diego Opera said it’s agreed to work with the main union representing its singers, dancers and stage management personnel — which withdrew a lawsuit filed against the opera — and agreed “to work together for a newly revived, vibrant opera company.”

Plug and Play San Diego Selects New Accelerator Tenants in Pitch Contest

Plug and Play San Diego chose its third class of accelerator tenants during a pitch contest May 6 at the Co-Merge Workspace in downtown San Diego.

Former Upper Deck Headquarters Site in Carlsbad Sells for $16 Million

Regent Properties of Los Angeles has purchased Atlas at Carlsbad, the former office headquarters location of sports trading card maker Upper Deck Co., for $16 million.

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County Opening New $49.4 Million Waterfront Park

The County of San Diego plans a May 10 grand opening for its recently completed $49.4 million waterfront park in downtown San Diego.

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Chula Vista Names New City Manager

Chula Vista named its assistant city manager Gary Halbert to succeed Jim Sandoval as city manager.

Biocept Inc. Gets $10 Million Loan

Biocept Inc. has received a $10 million loan from Oxford Finance LLC that pays off the outstanding items on Biocept’s balance sheet.

Lifestyle App Follows You and the Sun

Encinitas-based startup Owaves Inc. has launched its first app on iTunes –a wellness planner that allows users “positive lifestyle management.”

Wednesday, May 7

General Atomics ASI Receives $296.9 Army Deal

General Atomics Aeronautical Systems Inc. of Poway received a $296.9 million deal from the U.S. Army, the Pentagon announced May 7.

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Presidio Invests $18.7 Million in Planned Gated Community in LA County

San Diego-based investment firm Presidio Residential Capital is investing $18.7 million to build a 51-unit gated community of detached homes in Baldwin Park.

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Tandem Diabetes Reports Q1 Results

Despite an impressive increase in sales revenue, Tandem Diabetes Care Inc.’s gross margins narrowed substantially in the quarter ended March 31, 2014 due to increased manufacturing costs.

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Survey Finds Small Businesses in State Feeling Confident About Growth

A new survey of business owners in California found 86 percent feel their businesses are moving in the right direction, and that 87 percent expect growth during the next year.

LRAD Corp. Reports Q2 Revenue of $5.4 Million

LRAD Corp., the San Diego business that makes a high-volume sound systems used for military applications and crowd control, reported second quarter net income of $526,000 on revenue of $5.4 million.

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Ligand's Revenue Increases 37% for Q1

Ligand Pharmaceuticals Inc. grew revenue for the first quarter ended March 31, 2014 by 37 percent to $16 million, and its royalty revenues increased 35 percent to $7.9 million.

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British Clothing Chains Topshop, Topman Coming to Fashion Valley

British clothing and accessories retailer Topshop plans to open joint locations of its Topshop and Topman stores this fall at Fashion Valley mall in Mission Valley.

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Silvergate Bank Reports Q1 Net Income of $943,000

Silvergate Bank, based in University Towne Center and with four branches, reported first quarter net income of $943,000, down from $1.39 million in net income for the like quarter of last year.

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Tuesday, May 6

Synthetic Genomics Gets $50M as Part of Effort to Grow Organs in Pigs for Human Use

San Diego’s Synthetic Genomics Inc. is teaming up with Lung Biotechnology, a subsidiary of pharma giant United Therapeutics of Silver Spring, Maryland, to develop “humanized” lungs and other organs in pigs that can be harvested for human transplantation.

Tri-City Announces New CEO

Tri-City Medical Center has appointed veteran health executive Tim Moran as its new CEO, effective June 24.

Northrop’s Fire Scout Scheduled to Enter Operations for Navy

Northrop Grumman Corp. announced May 5 that the larger model of its Fire Scout drone will operate from ships this spring — and that its U.S. Navy customer plans to use the unmanned surveillance helicopter in actual operations in 2015.

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BofI Holding Inc. Reports Net Income Up 40.5% for Q3

BofI Holding Inc., parent of San Diego-based BofI Federal Bank, reported fiscal 2014 third quarter net income of $14.6 million, up 40.5 percent from the like quarter of 2013.

No Change in April Median Housing Price in County From March

San Diego’s median price for a single family house in April stayed unchanged from March at $491,000, but was up 9 percent from April 2013, according to the Greater San Diego Association of Realtors.

ROIC Posts Q-1 Growth in Revenue, Net Income

Retail Opportunity Investments Corp., also known as ROIC (Nasdaq: ROIC) reported increases in revenue and net income in its first quarter ending March 31.

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Aviatech Teams Up With Ohio Company to Become Mindstream Interactive

Aviatech, a longtime San Diego integrated marketing and digital services agency, has changed its name to Mindstream Interactive after joining forces with SBC Interactive of Columbus, Ohio.

Peregrine's Stock Up 9% After Co. Reports Quarterly Loss

Peregrine Semiconductor Corp. reported a net loss of almost $10 million on net revenue of $41.3 million for the three months ended March 29.

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L.A. Firm Buys, Sells Local Properties in 2 Deals Totaling $9.8 Million

Investment and development firm Western States Technologies Inc. of Los Angles has completed two industrial building transactions in San Diego County, with a total value of $9.8 million.

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Monday, May 5

La Jolla-Based Biotech Files for IPO to Raise up to $86M

Ambrx Inc., a La Jolla-based biotech, plans to raise up to $86 million in an initial public offering.

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First National Bank of Southern California to Buy First Mountain for $14.1M

First National Bank of Southern California agrees to pay $14.1 million for a Big Bear Lake-based bank.

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Qualcomm Names Unilever COO to Board

The chief operating officer of Unilever PLC is joining Qualcomm Inc.'s board of directors.

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133 Apartments in La Mesa Sold for $20M

Pacific Urban Residential of Los Angeles paid $20 million for the 133-unit Silver Oaks apartment community in La Mesa.

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San Diego-Based Mortgage Lender Being Acquired

San Diego-based direct mortgage lender BluFi Lending is being acquired by a New Jersey-based private mortgage lender for an undisclosed price.

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County-Managed Government Money Investment Pool Rises to $8.8B

The San Diego County investment pool that manages and invests excess cash from some 100 local government agencies has grown to $8.8 billion in assets, the second-largest such investment pool in California.

San Diego-Based Property Co. Buys Office Building for $7.3M

Coseo Properties Inc. bought a two-story office building in Poway for about $7.3M.

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CareFusion Posts Quarterly Increases in Revenue, Net Income

Third-quarter revenue for CareFusion Corp. rose a little more than 7 percent to $968 million compared with the prior year’s third quarter.

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Cubic Awarded Contract for Training Support of U.S. Africa Command

Cubic Corp. has won one project while completing another, the company said May 5.

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Sunday, May 4

Alphatec Spine Inc. Makes Leadership Changes

There’s been a leadership shakeup at Alphatec Spine Inc. – the company has named James M. Corbett its new president and CEO, replacing Leslie H. Cross, who retired May 1.

Sempra Energy Reports Q1 Net Income of $247 Million

Sempra Energy reported first quarter net income of $247 million, up from $178 million for the like quarter of 2013.

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BioMed Realty Trust Posts Increases in Revenue, Net Income

Revenue at BioMed Realty Trust Inc. (NYSE: BMR) rose 5 percent from a year ago in the company’s first quarter ending March 31, reaching $168.9 million.

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Petco's Diamond Will Be in the Rough for Racing Events

Feld Entertainment, which owns a bevy of touring shows such as Ringling Bros. and Barnum & Bailey circuses, said it will be moving its Monster Jam and Monster Energy AMA Supercross to Petco Park, starting January 2015, from its previous venue of Qualcomm Stadium.

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San Diego Takes Tops Spot on Relocation-Destination List

San Diego ranked first among potential city relocation choices, in a recent national poll commissioned by the American Planning Association.

Volcano Corp. Releases Q1 Results

Volcano Corp. continues to post losses in its quarterly earnings, though it showed incremental revenue growth for the quarter ended March 31, 2014.

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The Business Events Calendar for the Week of May 5, 2014

Some of the business events scheduled for the week of May 5, 2014, in the county.

Huntington Capital Partners on Vegetarian Restaurant Chain Investment

Huntington Capital, a San Diego private equity firm, said it partnered with Laurel Crown Partners LLC on a $15 million capital investment in Native Foods Café, a Chicago restaurant chain specializing in vegetarian fare.

Massachusetts Co. Buys Keragis Corp.'s Assets

publicly traded Massachusetts company has acquired all of the assets of San Diego-based Keragis Corp. for undisclosed terms.

Northrop Grumman Awarded $10.8M Navy Contract

The U.S. Navy said on May 1 that it awarded Northrop Grumman Corp. a $10.8 million contract to develop something the Navy calls a multicapability pod, which will go on the Fire Scout unmanned helicopter.

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Friday, May 2

Mass. Company Buys Assets of Keragis Corp.

A publicly traded Massachusetts company has acquired all of the assets of San Diego-based Keragis Corp. for undisclosed terms.

San Diego Tops Relocation Destination List in National Planners’ Poll

San Diego ranked first among potential city relocation choices, in a recent national poll commissioned by the American Planning Association.

Northrop Grumman Gets $10.8M Navy Contract

The U.S. Navy said on May 1 that it awarded Northrop Grumman Corp. a $10.8 million contract to develop something the Navy calls a multicapability pod, which will go on the Fire Scout unmanned helicopter.

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Racing Events to Move to Petco From Qualcomm

Feld Entertainment, which owns a bevy of touring shows such as Ringling Bros. and Barnum & Bailey circuses, said it will be moving its Monster Jam and Monster Energy AMA Supercross to Petco Park, starting January 2015, from its previous venue of Qualcomm Stadium.

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Volcano Corp Reports Q1 Results

Volcano Corp. continues to post losses in its quarterly earnings, though it showed incremental revenue growth for the quarter ended March 31, 2014.

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Company Put Its Fundraising Plans Into Motion for Diabetes Cure

The American Diabetes Association is the beneficiary of a fundraiser by Takeda California Inc. Employees rode their bikes, walked and ran around Fiesta Island to raise money in the fourth annual Tour de Takeda. They ended up completing 2,321 miles, which resulted in an $11,605 donation.

Huntington Capital Partners on Restaurant Investment

Huntington Capital, a San Diego private equity firm, said it partnered with Laurel Crown Partners LLC on a $15 million capital investment in Native Foods Café, a Chicago restaurant chain specializing in vegetarian fare.

Home of the Month: Historic Gem

This home was commissioned by Rear Admiral Uriel Sebree in 1911.

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Executive Q&A: Jim Spain of Colliers International

Jim Spain, the San Diego managing regional director for Colliers International, has been in commercial real estate since November of 1982, when he joined Iliff Thorn and Co., the predecessor company to Colliers in San Diego. Colliers, a global commercial real estate firm with offices in 63 countries and revenues of more than $2.1 billion, acquired Iliff Thorn in 1994.

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Renovation Will Bring a Breath of Fresh Air to Retail Center

Westfield Group is ratcheting up previously announced plans to overhaul its Plaza Camino Real mall in Carlsbad, with the tab now estimated at $300 million by the time it’s completed in fall 2016.

Alphatec Spine Names New CEO

There’s been a leadership shakeup at Alphatec Spine Inc. — the company has named James M. Corbett its new president and CEO, replacing Leslie H. Cross, who retired May 1.

Sempra Reports Q1 Net Income of $247M

Sempra Energy reported first quarter net income of $247 million, up from $178 million for the like quarter of 2013.

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Properties of a Recovery

PROPERTY: Industrial, Office Demand Grow; Vacancy Rates Declining

Capstone Advisors Inc. recently did something that’s been relatively unusual for the Carlsbad-based investment firm during the past few years: it purchased an office building in La Jolla for $10 million.

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BioMed Posts Increases in Revenue, Net Income

Revenue at BioMed Realty Trust Inc. (NYSE: BMR) rose 5 percent from a year ago in the company’s first quarter ending March 31, reaching $168.9 million.

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A Vision of Paradise Can Be Seen in the Views of Point Loma

Put this on your bucket list: Drive down Rosecrans in Point Loma, go west on Talbot and south on Gage.

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Let’s Take a Look at the Doctors’ Chart ... Payroll Chart, That Is

Prompted by my article this week on minimum wage (Page 5), I took a look at the San Diego County Medical Society’s recently released annual report that tracks physician compensation.

Region’s Retail Adds to Workforce, Despite Changes in Sector

RETAIL: Tourism, Housing Recovery Bring Shoppers

In-store retail hiring in San Diego County appears to be holding its own despite the widening global influence of websites and mobile devices in the shopping arena.

Minimum Wage Proposal for City Stirs Debate Over Actual Costs

WORKFORCE: Contested Measure Would Be a First For San Diego if Approved

A heated debate is brewing over whether San Diego should hike its minimum wage from the current $8 per hour to $13.09 per hour. While proponents support an increase in the standard of living for low-wage workers, many think such a rise would be a huge blow for business.

Yes, Sweat: Startup Offers Real-Time Biofeedback During Exercise

bioTECH: Monitoring for Lactate Guides Wearers to Point of Peak Performance

A group of entrepreneurial scientists have developed biosensor technology that they hope to commercialize as the first wristwatch-based device that athletes can use to get precise feedback on their intensity levels during workouts.

Otonomy Taps New Investors in Latest $49M Round of Financing

Health Care: Money To Go Toward Pursuing Regulatory Approval By 2015

Otonomy Inc. is raking in investment after investment.

CEOs Have a Blast Learning To Be SEALs

Education: Program Puts Co. Leaders Under Different Kind of Pressure

Julieann Billings-Riordan kicked open the door and entered the house, coming face to face with two terrorist thugs. She felt for the safety catch on her rifle. The safety wouldn’t budge.

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The Chief Executive Applauds Verdezyne Deal

BIOTECH: President’s Presence Highlights Green Products’ Status

The recent $48 million investment in Verdezyne Inc. involving a Malaysian corporation drew a couple of high-profile onlookers to the signing that closed the deal.

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Tech Startup Out To Teach Old Dogs A Few New Tricks

San Diego-based startup CleverPet LLC, which is developing a Wi-Fi-enableld device to help entertain, train and feed your pet when you’re not home, launched a 33-day crowdfunding campaign to raise $100,000 on Kickstarter.

Business Calendar for Week of May 5, 2014

Some of the business events in San Diego County for the week of May 5, 2014.

No Official Rush to OK Pot Dispensaries

Marijuana: Permiting May Take Months, Include Hearings

The wheels are in motion for the first legal marijuana dispensaries to open in San Diego, amid a recent crackdown on illegally operated dispensaries in the region. Nearly 70 applicants lined up in front of San Diego City Hall April 24, in hopes of receiving one of 36 conditional use permits needed to run a “medical marijuana consumer collective.”

ViaSat Wins $283M Award in Patent Case

Satellites: Defendant Co. Plans to Challenge Jury’s Verdict

A federal jury in San Diego awarded ViaSat Inc. $283 million in damages in a patent infringement and breach of contract case, in which ViaSat alleged that Space Systems Loral is infringing on its patents in building satellites for other customers. Carlsbad-based ViaSat announced the damage award on April 24.

$50M Renovation In Store for Center

PROPERTY: Retail Growth Chases Residential Boom

Twenty-five years after Del Mar Highlands Town Center’s opening, developer Donahue Schriber Realty Group has plans for more growth at the retail property in Carmel Valley.

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Strategic Asset

DEFENSE: Spawar Is Key Player in the Navy and in the Region

Dave Phillips has a not-so-conventional job. In recent years, the civilian electrical engineer at Spawar has been busy getting some aging but vital Navy electronics to play nicely with local power grids — including one in Cutler, Maine, population 507.

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Thursday, May 1

Cubic Announces Leadership Change

Cubic Corp. announced a succession plan and additional contract wins as the calendar turned from April to May.

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Maxwell Technologies Inc. Names New CEO, Reports Q1 Results

Maxwell Technologies Inc., the San Diego maker of energy storage and power delivery products, said it named Franz Fink as its new chief executive officer and president.

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Opera Sets Fundraising Goal of $1M for Possible 2015 Season

The San Diego Opera set a $1 million fundraising goal for its 2015 season, and said it’s already received about $400,000 toward that goal.

Hotel del Coronado Completes $13 Million Renovation

Operators of Hotel del Coronado have completed a two-year, $13 million refurbishment of the historic property, which included renovation of its Beach Village villas and cottages, dining venues, common areas and original Victorian guest rooms.

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Brokerage Savills Entering San Diego After $260 Million Acquisition of Studley

London-headquartered Savills PLC will enter the already competitive San Diego County commercial real estate brokerage market, after its $260 million acquisition and merger with New York-based Studley Inc.

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First Quarter Revenue Rises at Realty Income

Realty Income Corp. (NYSE: O) saw revenue rise 26.3 percent from a year ago in its first quarter ending March 31, reaching $221.6 million, officials of the Escondido-based company reported.

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Sequenom's Revenue Up 20% for Q1

First quarter revenue for genetic analysis company Sequenom Inc. rose 20 percent, hitting $46.3 million for the reporting period ended March 31 compared with $38.5 million in the like quarter of 2013.

Neurocrine Reports Q1 Results

Neurocrine Biosciences Inc. has swelled its balance sheet in the first quarter of 2014.

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San Diego Private Bank Reports Net Income of $473,000 for Q1

San Diego Private Bank, celebrating its first year since the merger with Coronado First Bank in April 2013, reported first quarter net income of $473,000, compared with net income of $333,000 for the like first quarter of 2013, prior to the merger being completed.