San Diego Business Journal

Spring Valley Car Dealer Pleads Guilty to Theft Following Unreported Sales Taxes

The dealer was sentenced to 300 days of work furlough and ordered to pay $400,360 in restitution.

GlassesOff Secures Commitment for Equity Financing of up to $15M

Financing could help fund global marketing.

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Fresh Healthy Vending International Adds 9 Franchisees in June

Fresh Healthy Vending International Inc., a San Diego franchisor of vending machines selling healthy snacks, said it added nine new franchisees and 124 machines in June, the company’s highest total since September 2012.

Pulse Receives Notice of Noncompliance From NYSE

Pulse Electronics Corp., a San Diego-based maker of electronic components, said it has been notified by the New York Stock Exchange that it is not in compliance with the exchange’s minimum listing requirements covering market capitalization.

Teens Without Diplomas Face Bad Job Prospects

ECONOMY: Minimum Wage Hike Could Make Job Search Even Harder

Many San Diego teenagers are likely singing the summertime blues amid an already tough job market and a $1 per hour statewide minimum wage hike that took effect last week.

Cidara Completes $32M Financing

Biopharmaceutical company Cidara Therapeutics Inc. completed a $32 million Series A financing round, the company said.

Acquisition of Seragon Could Bring $1.7B

PHARMA: Co. Is Working On Breast Cancer Treatment

Seragon Pharmaceuticals Inc., a privately held San Diego-based drug developer targeting breast cancer treatment, agreed to be acquired by Genentech, a subsidiary of the Roche Group AG, for $725 million in cash plus future payments that could reach $1 billion if specific milestones are reached, the companies announced.

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Quality and Quantity Both Count at Pipette

TECH: Tool Calibration Is Critical Service for Biotechs

You could say that Pipette.com is enjoying a healthy measure of success.

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Fresh Healthy Vending Adds 9 New Franchisees in June

Fresh Healthy Vending International Inc., a San Diego franchisor of vending machines selling healthy snacks, said it added nine new franchisees and 124 machines in June, the company’s highest total since September 2012.

Seragon Being Purchased in Deal Potentially Worth $1.7 Billion

Seragon Pharmaceuticals, a privately held San Diego-based drug developer targeting breast cancer treatment, agreed to be acquired by Genentech, a subsidiary of the Roche Group, for $725 million in cash plus future payments which could reach $1 billion if specific milestones are reached, the companies announced.

SANDAG Program Will Help Companies to Increase Number of 'Teleworkers'

The San Diego Association of Governments is launching a pilot program aimed at helping employers to convert more of their workers to teleworkers, or working from their homes.

Sungear Acquired by Pittsburgh Company

Sungear Inc., a San Diego manufacturer of precision gear components for the aerospace industry, has been acquired by Pittsburgh, Pa.-based H-D Advanced Manufacturing Corp., the buyer said.

Trovagene Secures Debt Facility of $15 Million

Trovagene Inc., a San Diego molecular diagnostics company, said it secured an unrestricted debt facility of $15 million from Silicon Valley bank and Oxford Finance LLC.

Real Estate Firm’s Service Targets Sellers Needing Quick Cash

Renovation Realty, a San Diego residential contractor and full-service real estate firm, said it launched a new service it calls Sell Your Home Quick aimed at homeowners who need to sell their homes quickly for cash.

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.

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.

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.

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.

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.

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.

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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.

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.

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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.”

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.

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.

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.

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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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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.

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.

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.

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.

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.

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.

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.

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.

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.

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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.

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.

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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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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.

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.

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.

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

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

RuiYi Gets $4M Loan From Sillicon Valley Bank

Debt financing follows $15 million equity financing.

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.

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.

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.