SDBJ WEEKLY EDITION
The Business of Law Column
If you’ve been a tax attorney for 40 years, and decide to take down the shingle, you deserve to be the lead item in a law column. Procopio, Cory, Hargreaves & Savitch LLP said goodbye to George L. Damoose recently.
Good borrowers may be tougher to find, but it’s much easier if you’ve got a sizable loan production network. That appears to be the case at Seacoast Commerce Bank based in Rancho Bernardo, which operates a dozen loan production offices outside the county where it has two branches. Besides five branches in California, it also has sites in Arizona, Nevada, Texas, Utah and Washington.
BIOTECH: Former Canadian Firm Developing BPH Treatment
Sophiris Biosciences Inc.’s story is one of immigration and, in a way, the pursuit of the American dream: It’s a Canadian-turned-American pharmaceutical company that’s using its newfound San Diego base to restructure and ramp up development plans for its drug that treats prostate enlargement.
BANKING: Branch Banking Adapts to Technology Advances
Despite a quantum shift by more consumers doing their banking via the Internet and ATMs, most banks say they have no plans to eliminate their retail branch networks.
Nikki Hartung is senior vice president and market manager for Chase Consumer and Business Banking in San Diego. She has worked for JPMorgan Chase & Co. for 19 years, after joining the company in a management development program
FINANCE: The CDC Has Loaned Nearly $4B In Its 35 Years
Now in its 35th year, small business lender San Diego-based CDC Small Business Finance can take some pride in the legacy it’s created.
J. Robert Beyster and Betty J. Beyster will donate approximately $2.5 million to the J. Craig Venter Institute. The funds will be used to support the completion of the J. Craig Venter Institute sustainable laboratory that is currently under construction at UC San Diego.
ENERGY: Oberon’s Units Produce Fuel On-Site, Using Local Sources
A San Diego clean energy company is making strides in changing the way power plants are set up — by making them modular.
PROPERTY: Location Options Are Limited in Tight Market
Vacated San Diego County retail space often doesn’t stay empty for long, a continuing trend illustrated by cases like the recent closure of a Kmart store in Mission Valley.
DEFENSE: Northrop Grumman’s Drone Is Big Part of Navy’s Plans
The recently released White House budget request for 2014 allocates fewer dollars to Global Hawk, Northrop Grumman’s high-flying unmanned spy plane.
RESEARCH: Biotech Innovations Are Fueling Cosmeceutical Competition
A handful of San Diego companies are competing in the lucrative high-end skincare market, using a grounding in real science to produce and promote their beauty wares.
DEFENSE: Signed Bill Clears Way for Some Planned Work
A changed federal budget picture means that the General Dynamics Nassco shipyard will not have to go through with 665 layoffs announced earlier this year.
PROPERTY: Avison Young Brings Its Model to Local Market
Toronto-based commercial real estate services firm Avison Young is rapidly growing its own U.S. office footprint, most recently entering a competitive San Diego market already filled with several established regional and national brokerage players.
Terry Moore, founder and principal of local boutique venture capital firm Moore Venture Partners recently announced the final close of MVP, a $10 million fund. Moore also said he’s already closed his fifth deal from the fund, an investment in Savara Pharmaceuticals, located in Austin, Texas.
MANUFACTURING: Economic Impact Put at $299.5M and Growing
Things are ramping up at Societe Brewing Co. in San Diego. Opened about a year ago, the craft brewer is on track to produce about 2,400 barrels of beer this year but that will certainly rise when it installs two new tanks sometime this summer, says Doug Constantiner, chief executive officer.
Qualcomm Inc. reported fiscal 2013 second quarter net income of $1.87 billion, down 16 percent from the like quarter last year on record revenue of $6.12 billion, up 24 percent from a year earlier.
BIOTECH: Carlsbad Facility Plans to Open Field to Citizen Scientists
Kevin Lustig has an eye for slogans. He’s the CEO of what he calls “the Amazon.com of biotechnology,” and his latest venture is opening “the world’s largest garage laboratory.”
RETAIL: Hispanic Buying Power to Reach $1.3 Trillion in 2015
Specialty grocers serving the Hispanic community — such as Northgate Gonzalez Markets, Vallarta Supermarkets Inc. and El Super — have played a big role in filling some empty and underutilized retail spaces in San Diego County.
MEDICINE: Venture Will Find and Further Promising Research
In a unique deal that will create and bankroll 10 new San Diego drug companies, La Jolla investment firm Avalon Ventures has teamed up with British drugmaker GlaxoSmithKline Plc to funnel up to $495 million into new startups over the next three years.
WORKFORCE: Temp Placements Are Increasing; Skilled Workers Sought
San Diego’s job market is starting to show some traction based on the latest employment report that showed the region’s jobless rate falling to 7.7 percent in March.
TECH: Qualcomm Sees Need to ‘Clear the Way’ For More Data, Devices
Qualcomm Inc. sees a torrent of data in its future — and ours. The amount of data going to mobile devices is doubling every year, said Rasmus Hellberg, senior director for technical marketing.
TECH: Needs for Assistance, Backup and Security Require Pros
Clive Harrison of San Diego-based CentrexIT says he sees the phenomenon much too often: business leaders making their information technology choices based on price alone.
AudaExplore is a leading provider of automotive claims, underwriting and information solutions to insurance carriers and collision repair shops. Since 2010, Wolfgang Ahrens has been managing director of AudaExplore, where he has overseen operations and accelerated the development of innovative products and services to serve the needs of the American market.
Social networking helps patients with life-threatening conditions find both valuable information and peer counsel — and drug companies are finding these forums highly useful in developing clinical trials and treatments.
News and notes from communities around San Diego County
STM Bags, an Australian company with U.S. operations in Poway, recently released new cases for smartphones.
Projects, developments and other activity in cities in and around San Diego County
Voit Real Estate Services announced that Jonathan Segal, a San Diego-based urban-infill developer, has acquired a 29,700-square-foot site near the northeast corner of Balboa Park in the community of North Park for $2,250,000.
Michael Crick, the son of the late Nobel laureate and Salk faculty member, Francis Crick, will donate approximately $3 million to the Salk Institute for Biological Studies. The funds come from the sale of a letter that Francis Crick wrote to his then-young son Michael describing his discovery of the double-helical structure of DNA.
I am writing this column from my home office, after the children have gone to sleep, and I am feeling a tinge of last minute energy.
The recent 2013 Regional Economic Development Forum included a Mega-Region Economic Development Panel, six business leaders charged with discussing “economic development tools and regional assets” that have led to their firms’ successes. While not an intentional outcome of the session, five of the six panelists demonstrated that the ocean is important to their firms’ presence in the region. Among them, they represented San Diego’s manufacturing, research, military, tourism and marine sectors.
PROPERTY: Area’s Popularity Increasing With Various Firms
Mayor Bob Filner recently appointed Jason Hughes, who heads the local brokerage firm Hughes Marino Inc., to advise the City of San Diego on a volunteer basis as it decides what to do with a half-million square feet of downtown office leases set to expire in the next few months.