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Week in Review

Quote of the Week

‘There have been 20 new banks over the last five years and the market has become very competitive and somewhat saturated.’

, Vince Siciliano, president of San Diego-based First Pacific Bank of California.

Click here for the story.

Friday, March 9

Cash For Cardium:

Cardium Therapeutics Inc. has $21.5 million more at its disposal now that it closed a private placement financing.

The San Diego company will use part of this placement, served by Oppenheimer & Co., to initiate phase three human clinical trials for Generx, a potential one-time treatment administered by a cardiologist, for recurrent angina.

, Katie Weeks

Tuesday, March 13

Ex-Peregrine Figure Pleads Guilty:

Former Peregrine Systems Chief Executive Officer Stephen Gardner pleaded guilty to three felony counts in federal court in connection with San Diego’s largest accounting scandal, which was initially revealed in 2002 and resulted in the filing of Chapter 11 bankruptcy that year.

Gardner, 53, who has posted bail and lives in Maine, faces a maximum prison term of 20 years when he is sentenced. A sentencing date was delayed at the request of prosecutors to obtain further cooperation from Gardner in the case against the remaining defendants that is set to begin next month.

Also pleading guilty to one count each of securities fraud in the same case were Andrew Cahill, a former Peregrine executive vice president of worldwide sales, and Berdj Joseph Rassam, Peregrine’s former controller.

The three plea agreements bring to 10 the number of defendants who have pleaded guilty in the case, prosecutors said.

Four defendants are scheduled to go to trial April 10, and two other defendants are awaiting a trial date.

, Mike Allen

– – –

Illumina Loses Round In Court:

A federal jury found that lab equipment made by San Diego-based Illumina Inc. infringed five patents held by Santa Clara-based Affymetrix Inc. The jury, in U.S. District Court in Delaware, ordered Illumina to pay $16.7 million in damages.

The two companies make tools to analyze genetic information.

Illumina chief executive Jay Flatley said in a statement that his company planned to appeal the verdict, and that other information makes the verdict “preliminary.”

, Brad Graves

– – –

LNG Ship Won’t Sail:

Chevron Corp. announced it had stopped work on its proposed liquefied natural gas import terminal off the Coronado Islands, in Mexican waters just south of the U.S.-Mexico border.

San Ramon-based Chevron released a statement saying it stopped for business reasons. The terminal was to have been the entry point for shiploads of natural gas, chilled to a liquid state.

, Brad Graves

Wednesday, March 14

VoIP Vendor:

Business Internet communications company CBeyond Inc., based in Atlanta, announced that it is expanding its services with a new office in San Diego. Across its seven markets, CBeyond provides voice-over-Internet-protocol services for 27,000 businesses.

, Andy Killion

Thursday, March 15

More Economic Woes:

San Diego’s economy continued to slide downward with a 10th consecutive monthly drop in the January Index of Leading Economic Indicators compiled by a University of San Diego economics professor.

For January, the index dropped a tenth of 1 percent, led by declines in the number of new building permits issued, increased unemployment claims and reduced help-wanted ads.

Alan Gin, the University of San Diego professor who assembles the data, said the outlook for the local economy remains weak through at least the first half of 2007.

, Mike Allen

– – –

Lender’s Stock Rebounds:

Shares of San Diego subprime lender Accredited Home Lenders Holding Co. took a big hit March 13, dropping 63 percent, but recovered two days later when they increased 56 percent to $9.43 on the Nasdaq. Its shares and those of other subprime lenders were slammed by news of increased delinquencies and cutbacks by investment banks on credit lines.

Accredited said it wouldn’t be able to file its year-end financial results on time, and said it was “exploring various strategic options,” including raising additional capital. Some speculated Accredited could be acquired by a larger lender, boosting its stock price.

, Mike Allen


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