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Week In Review



Friday, Jan. 16

Fantasy World Sold:

Sony Online Entertainment, a San Diego-based producer of online video games, acquired the assets of Tucson, Ariz.-based Octopi and took on 17 members of its development staff. Terms were not disclosed. Octopi produces a game called PoxNora.

, Brad Graves


Tuesday, Jan. 20

New Focus At Metabasis:
Metabasis Therapeutics, a maker of experimental drugs that treat diabetes and liver disease, announced a corporate restructuring that will eliminate 38 jobs, or 43 percent of its work force. “Given the tough market conditions, we have decided to refine our research and development focus and increase our efforts to monetize certain of our assets and/or form strategic collaborations,” said Metabasis CEO Mark Erion in a prepared statement.

, Heather Chambers


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Qualcomm Buys Chip Unit:
Qualcomm, a San Diego wireless chip maker, said it acquired some hand-held graphics and multimedia assets from AMD for $65 million. The company did not disclose the number of AMD employees joining Qualcomm. Qualcomm said the transaction will reduce fiscal 2009 pro forma earnings by about 2 cents per share, but will add to the earnings by the second half of 2010.

, Mike Allen


Wednesday, Jan. 21

Akesis Heads Toward Chapter 7:
Akesis Pharmaceuticals said it ended its only drug development program and intends to file for Chapter 7 bankruptcy protection. Akesis was developing a drug candidate for type 2 diabetes but said it stopped the program following an ongoing safety review in preclinical studies. The company said a three-month study showed kidney changes in study subjects, and determined the drug would not be suitable for a chronic disease such as diabetes.

, Heather Chambers


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A Suitor For Charlotte:
San Diego-based apparel retailer Charlotte Russe, which targets teenage girls and women in their 20s, reported a loss and said it is considering selling the chain.

Traded on Nasdaq under the symbol CHIC, Charlotte Russe reported a first fiscal quarter 2009 loss of $2.9 million, or 14 cents a share, compared with a gain of $13.9 million, or 56 cents a share, in the same quarter the year before. The fiscal quarter ended Dec. 27.

Additionally, the company said its board of directors is evaluating a possible sale and has received “expressions of interest” from an unnamed party, but gave no timetable for making a decision. It rejected a $198 million bid in November.

, Connie Lewis

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