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Friday, Jan 27, 2023
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Week in Review



Quote of the Week

‘As long as there is fear, greed and loathing in human nature, I think there will always be some opportunities for us to do some business.’

, Douglas Wilson, president, Douglas Wilson Cos. Please turn to

story

.


Friday, Oct. 7


IPO Ahead:

Somaxon Pharmaceuticals filed to go public with the Securities and Exchange Commission.

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The company, which would trade on the Nasdaq stock exchange under the symbol SOMX, could raise up to $86.3 million with the initial public offering, according to the SEC filing.

Somaxon licenses, develops and markets drugs for psychiatric and neurological disorders.

Its drug Silenor, for insomnia, is about to enter late-phase clinical trials. Results will be available from the trial by mid-2006. The company has said the drug is nonaddictive. It has said all other drugs currently approved by the Food and Drug Administration for insomnia are addictive. Nalmafene, a drug for impulse control and substance abuse disorders, is in midphase testing.

The company declined to comment on the IPO and has not announced the number of shares it will offer nor the price per share.

The SEC filing said Somaxon would use most of the money raised by the offering to fund clinical trials and the rest for marketing, research and development and general expenses.

, Katie Weeks


Monday, Oct. 10


IMAPS Goes Into The Fold:

Science Applications International Corp. announced that it had completed the acquisition of nearly all assets of IMAPS, an Illinois-based company specializing in geographic software.

San Diego-based SAIC did not disclose terms of the deal. Based in Columbia, Ill., IMAPS offers geographic information systems, plus marine navigation and aviation flight planning software, to government and commercial customers.

In connection with the asset acquisition, 67 former employees of IMAPS have joined SAIC’s Mission Integration Business Unit.

, Jessica Long

– – –


Airport Awareness:

The San Diego County Regional Airport Authority released results of a survey showing residents have become increasingly aware of the agency’s search for a suitable spot to relocate the airport from its cramped Downtown quarters.

The survey, which sampled the opinions of 814 registered county voters in September, found that 88 percent had “heard or seen something about the ongoing airport search in the last year,” an increase from 81 percent a year ago.

Other results of the poll, conducted by CIC Research, are as follows:

– 66 percent of respondents said they would vote in support “of a regional airport solution” , up from 55 percent last year.

– 32 percent said they were aware that the November 2006 ballot would ask voters to make a decision on a recommended regional airport site. Only 21 percent said they were aware that the measure would be on the upcoming ballot during the 2004 survey.

, Connie Lewis


Tuesday, Oct. 11


A Legacy Honored:

The San Diego Regional Chamber of Commerce dedicated the Borchers Leadership Rotunda at its offices, and announced a $1 million endowment in honor of Jack Borchers, chamber president and chief executive officer from 1955-1975 , the longest-serving president in the chamber’s history.

The Oct. 11 date was selected to commemorate what would have been the 95th birthday of Borchers, who died this year.

The Borchers Endowment for Regional Studies and Solutions will provide awards for economic development, arts and culture, and education in San Diego.

“He was a visionary with the ability to see a need or seize an opportunity to improve the community and the region,” said Jessie J. Knight Jr., the chamber’s president and chief executive officer.

Among Borchers’ accomplishments were the conversion of the Camp Matthews Marine Corps base into what is now UC San Diego; leading the effort to recruit the Salk Institute via a Pueblo land donation; establishing LEAD San Diego; and founding the San Diego Taxpayers Association.

He also created COMBO/San Diego Festival of the Arts and Performing Arts League to promote arts and culture in the region, and established the first sister city program on the West Coast, marked by the Yokohama Freedom Bell on Shelter Island.

Borchers assembled the Port Tenants’ Association, and served for more than 30 years on the board of the Parker Foundation, considered one of San Diego’s earliest and most prestigious philanthropic organizations.

, Pat Broderick


Wednesday, Oct. 12


Tech In Tandem:

San Diego-based companies Wireless Facilities, Inc. and SAIC announced they will join forces to fulfill a $104.5 million defense contract designed to help the Navy keep track of its stuff.

Wireless Facilities will serve as a subcontractor on SAIC’s recently awarded contract with the Navy Automatic Identification Technology Program Office.

Under the arrangement, Wireless Facilities will provide program management and engineering and technical services in support of the Navy project, with an emphasis on logistics and identification labeling for in-transit tracking purposes.

Wireless Facilities trades on the Nasdaq under the symbol WFII. Last year, the company reported $397 million in revenues.

For now, SAIC is the largest employee-owned research and engineering company in the United States, with annual revenues of $7.2 billion. Early next year, SAIC plans to conduct its initial public offering.

, Jessica Long

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