Stories for August 2013
Friday, August 30
Sempra Energy plans to move its downtown San Diego headquarters to a new 16-story building in East Village in 2015, relocating approximately 700 employees from the West Ash Street location that has been its home since 1968.
Fast-food workers from some of the largest restaurant chains in San Diego walked off their jobs Aug. 29 as part of a nationwide strike spanning 35 cities, according to union organizers.
State firefighting authorities are using an MQ-1 Predator, flown by the California National Guard, to monitor the 301-square-mile Rim Fire in Yosemite National Park and nearby national forest.
An index measuring San Diego’s economy increased 0.7 percent in July, the 19th time it’s gone up in the last 20 months.
The California Institute for Regenerative Medicine recently met in La Jolla to award $40.6 million to 13 research groups throughout the state — including about $12.7 million to San Diego researchers.
Colyear Development Corp. of El Monte has purchased an eastern San Diego warehouse building, occupied by a FedEx Corp. distribution center, for $14.1 million, according to CoStar Group and public data.
Chicago-based AbbVie Inc. has begun a second Phase 3 trial of San Diego-based Neurocrine Bioscience Inc.’s drug Elagolix that treats uterine fibroids and endometriosis.
Thursday, August 29
San Diego housing prices rose nearly 3 percent in June, and increased 19 percent over 12 months, according to the most recent Standard & Poor’s / Case Shiller Home Price Indices.
The recently combined general contractors Dempsey Construction Inc. and Legacy Building Services Inc. have relocated from San Diego to a new headquarters building in Carlsbad.
A&D GC Inc., a Santee-based general contractor and small business, received a $9.08 million task order for the Triton Maintenance Training Facility renovation at Naval Base Ventura County in Point Mugu.
The U.S. Army has selected ViaSat Inc. to build defense communication electronics for use on AH-64E Apache helicopters.
National City Partners Ltd. has acquired a 40,000-square-foot industrial building in National City for $3 million, according to brokerage services company Cassidy Turley San Diego, which represented the seller, International Paper.
San Diego-based Imprimis Pharmaceuticals Inc. announced it has acquired intellectual property from Randolph, N.J.-based Novel Drug Solutions Inc. and Sparta, N.J.-based Eye Care Northwest for its cataract treatment.
Arena Pharmaceuticals Inc.’s stock continues to fall, despite having successfully completed an early stage trial for a new pulmonary arterial hypertension drug.
Wednesday, August 28
Google Inc. has named the city of Carlsbad as the “digital capital” of California in its annual eCity Awards program, analyzing the online strength of the small-business communities of all 50 states.
Health care costs have increased an average of 7.8 percent in San Diego over the past year, according to an employee benefits survey released recently by San Diego-based Intercare Insurance Solutions, a subsidiary of Chicago-based brokerage Hub International Ltd.
Orexigen Therapeutics Inc. may resubmit a new drug application for its anti-obesity pill, Contrave, to the U.S. Food and Drug Administration as Orexigen finishes acquiring further required data, the company said.
Locally based Phil’s BBQ has opened its newest restaurant inside Terminal 2 at San Diego International Airport.
BuyAutoParts.com, a Sorrento Valley based online auto parts distributor, was named to the Inc. 5000 Fastest Growing Companies List for the third consecutive year.
Kyocera Communications Inc., the San Diego-based unit of Japan-based Kyocera Corp., has released a new, high-end, waterproof smartphone through Verizon Wireless.
Harris Corp., the Florida-based defense and communications contractor, has named Vyomesh Joshi to its board of directors.
Tuesday, August 27
The Emmes Group of Cos. of New York City has purchased the Columbia Square office tower in downtown San Diego for $35 million, according to CoStar Group and public data.
An Escondido medical office building is part of a six-building portfolio purchased for $59.5 million by CNL Healthcare Properties Inc. of Orlando, Fla.
La Mesa-based Eclipse Breast Health Technologies Inc. has launched a crowdfunding campaign to raise $650,000 to build a limited number of its novel breast self-exam devices.
BeyondTrust, a San Diego-based IT security solutions vendor, announced the appointment of Kevin Hickey as chief executive officer.
The U.S. Navy awarded San Diego-based General Atomics a contract for lithium-ion batteries and accessories that could be worth as much as $12.5 million.
Costa Mesa-based El Pollo Loco has opened its 25th Mexican-style chicken restaurant in San Diego County, at 3500 College Blvd. in Oceanside.
Solana Beach-based investment company SR Commercial has purchased two local industrial properties for a total of $4.4 million from private investors, bringing its recent acquisition total to 14 properties valued at $60 million in the past 24 months.
The Pechanga Development Corp. plans to remodel the hotel lobby, restaurants, rooftop nightclub and retail store at Pechanga Resort & Casino.
Monday, August 26
The San Diego Business Journal’s recent story on the Scripps Proton Therapy Center (Aug. 19, “Treatment Plans”) left the door open for misperceptions about three key aspects of proton therapy. Scripps Health would like to clarify each of these points here.
Torrey Pines Bank employees and executives from Western Alliance Bancorporation, the bank’s holding company, gave back to the community by volunteering at Oceanside’s Operation Homefront Village.
Efrain Ibarra Jr. is the program manager and binational affairs liaison of the South County Economic Development Council, an organization that represents about 350 businesses.
TRANSPORT: Improving Cross-Border Routes Is Key Part of Increasing Commerce
A handful of infrastructure projects related to cross-border transportation are expected to improve congestion at the three San Diego-area ports of entry, officials hope.
Projects, developments and other activity in cities in and around San Diego County
The structural steel framing is complete for Phase 1 of the Shire campus, consisting of a three-story, 239,000-square-foot technical operations building on Summers Ridge Road in San Diego. When complete, the building will include manufacturing, warehousing, technical operations, amenities and administrative areas. Shire, the global specialty biopharmaceutical company, is expanding its capacity to meet future demands for its lead regenerative medicine product, Dermagraft, while offering additional space and infrastructure to manufacture additional products.
News and notes from communities around San Diego County
This summer saw the opening of Iberico Spanish Bistro and Gin Club, a new restaurant on La Jolla’s Prospect Avenue. The upscale eatery is a project of Juan Carlos Gomez, who owns El Agave in Old Town San Diego. Iberico takes up 5,900 square feet and features private and outdoor dining. Menu selections include three types of calamari and 14 types of gin.
The Business of Law
About 20 Gordon & Rees associates hosted “Family Night” at the Monarch School, a school dedicated to serving K-12 students impacted by homelessness, earlier this month. The lawyers and their families delivered, set up and served dinner at the school, which is a few blocks from the law firm’s downtown office. About 150 students and their parents attended.
Biotech/Health Care Column
Carlsbad-based Life Technologies Corp. just announced it has developed a test that quickly detects whether beer has spoiled. Unwelcome bacteria can impact the smell, taste and clarity of beer, and can be costly to brewers — or winemakers — that don’t catch a spoilt batch before bottling and distribution, said Nir Nimrodi, vice president and general manager of animal health and food safety at Life Technologies.
REAL ESTATE: Dawn Eisenberg Stresses Need for Students to Be Multitalented
As the new director of San Diego State University’s The Corky McMillin Center for Real Estate, Dawn Eisenberg’s top goals include bracing students for work in an industry where competition for jobs remains as tough as ever. And client expectations for those who do find work have been raised significantly.
HEALTH: Systems Build For New Care Model and Increase in Patient Load
Kaiser Permanente has opened a new $32 million medical office building in Carmel Valley that it expects will serve more than 157,000 residents in North County — marking it the latest in a steady stream of ambitious health care construction projects in the region.
TRANSPORTATION: Sandag Will Present Details Of Work Needed Sept. 11
Disadvantaged and small businesses will have a place in the large construction project to build a new San Diego Trolley route linking Old Town and University Towne Center.
HEALTH: System Provides Solution to Controlling the Spread of Infectious Disease
Area researchers have teamed up with the Verizon Foundation to develop a smartphone app designed to help tuberculosis patients stick to their treatment regimens.
PROPERTY: Tribe Sees Opportunities for Housing and Preservation
The Sycuan Band of the Kumeyaay Nation expanded the acreage of its reservation east of El Cajon nearly threefold this month.
TRAVEL: Application Must Be Re-Submitted To FAA By Sept. 13
Despite facing another in a series of delays in its bid to obtain federal certification, California Pacific Airlines is standing by plans to offer regional commercial flights out of Carlsbad, perhaps in early 2014, the airline’s CEO says.
Health care, technology and business consulting are the three fastest-growing industries in the region, according to a new business forecast launched by the San Diego Regional Chamber of Commerce in partnership with Silvergate Bank.
PROPERTY: Coastal Commission Approves Plans
The California Coastal Commission has conditionally approved plans for a major renovation of the iconic Belmont Park in Mission Beach, whose history dates back to the 1920s.
CLEAN-TECH: Investors Support Stock Again
Maxwell Technologies Inc. has been steadily recovering its value in the eyes of investors, partly by addressing accounting problems that sent its stock price tumbling in March, but perhaps more so by showing that it still makes products that have promising markets.
DEFENSE: Counterfeit Parts Concerns Drive Industry Change
The fallout from a Senate committee report about bogus electronic parts in the Defense Department supply chain will soon reach San Diego businesses, and it’s unclear whether they’ll be ready for it or what its impact will be.
BIoTeCH: Reimbursement Issues Hurt Revenue Outlook
Sequenom Inc., a San Diego developer of genetic testing services, is laying off 75 employees — about 12 percent of its workforce — in hopes of trimming $10 million in annual expenses to offset lagging revenue, according to a regulatory filing.
SPORT: A Successful Breeders’ Cup Bid Could Pay Big for the Region
The Breeders’ Cup World Championships, a 30-year-old horse racing event featuring a series of races over two days, could bring the largest crowds Del Mar’s landmark racetrack has ever seen while giving tourism in the area a boost during a typically slow part of the year.
Mayor Bob Filner said that he would resign Aug. 30 as part of a deal approved by the City Council in a 7-0 vote.
Qualcomm Inc. agreed to sell wholly-owned subsidiary Omnitracs Inc. to Vista Equity Partners, an Austin, Texas, private equity group, for $800 million in cash, Qualcomm said.
Personal computer maker Lenovo will ship software from San Diego-based SweetLabs in its new products, SweetLabs said. Financial terms of the deal were not disclosed.
Koyl Real Estate Ventures of Placentia has purchased Hillside Gardens, a 58-unit apartment property in Oceanside, for $7.49 million, according to Marcus & Millichap Real Estate Investment Services, which represented the buyer and seller.
La Jolla-based Sophiris Bio Inc. has closed its initial U.S. public offering. The company issued 13 million shares at $5 apiece for gross proceeds of $65 million.
Umami Sustainable Seafood Inc., a San Diego operator of aquafarms in Mexico and Croatia, appointed Tim Fitzpatrick as its chief executive officer and a director on the company’s board.
Friday, August 23
TaylorMade-addidas Golf, the Carlsbad based golf manufacturer, reported second quarter sales of $454 million, down 8 percent from the like quarter of last year, which the company blamed on unseasonably cool weather around the globe.
The U.S. Army awarded General Atomics Aeronautical Systems Inc. a multiple-year contract that could be worth as much as $30.5 million.
San Diego-based biotech Vical Inc. will lay off 47 of its employees — about 39 percent of its workforce — after it ended development for its melanoma treatment, the company said.
New Jersey-based sandwich restaurant Jersey Mike’s Subs plans to open its 18th San Diego County location Aug. 28.
AMC Theatres of Kansas City has completed a multimillion-dollar renovation of its AMC La Jolla 12 theater in San Diego’s La Jolla Village neighborhood.
San Diego-based EDF Renewable Energy Inc. announced that its Catalina Solar Project, located in the Mojave Desert, has reached commercial operation.
Xifin Inc., a San Diego-based company that helps medical labs and physicians with their billing, has acquired Irvine-based PathCentral Inc. for an undisclosed sum.
Thursday, August 22
RedIT, a San Diego based IT services provider, said it obtained a $72 million investment in its common stock from two entities, Cartesian Capital Group and Digital Reality Trust.
San Diego County contracts for future construction declined 13 percent from a year ago in the first seven months of 2013, according to data from McGraw Hill Construction.
The U.S. Navy recently exercised an option on a contract with Northrop Grumman, giving the vendor more work on an experimental unmanned surveillance aircraft.
Carlsbad-based Life Technologies Corp. announced that its stockholders recently voted approval of the $13.6 billion merger with Waltham, Mass.-based Thermo Fisher Scientific.
A Lakeside industrial building was bought for $7.4 million by construction products maker Oldcastle Prescast Inc. of Atlanta, according to CoStar Group and public data.
A local small business and the San Diego Supercomputer Center at University of California, San Diego are taking computer services to market using the Sherlock brand.
Wells Fargo Bank, the San Francisco bank that is the country’s largest mortgage lender, said it’s cutting 87 employees mostly in two San Diego mortgage offices as part of a nationwide reduction in workforce caused by a slowing demand for mortgage refinancing.
Wednesday, August 21
The California Coastal Commission has granted conditional approval for a planned $316 million consolidated rental car center at San Diego International Airport.
Acutus Medical Inc., a San Diego medical device company, has completed a $28 million Series B investment round.
Sequenom Inc., a San Diego developer of genetic tests that diagnose fetal conditions, said it is laying off 75 employees — nearly 13 percent of its staff — as it attempts to collect revenue from Medicare, Medicaid and other insurers.
A November opening is planned for Pier South, a $34 million boutique hotel in Imperial Beach being built by San Diego-based Pacifica Cos., and its on-site full-service restaurant to be operated by locally headquartered Cohn Restaurant Group.
DermTech Inc., a La Jolla-based developer of skin cancer diagnostic technology, has raised $5.6 million in Series B funding.
El Cajon-based Halbert Construction Co. Inc. is among six small businesses selected to compete for U.S. Navy construction work on military bases in the northwest region of the United States.
Tuesday, August 20
San Diego-based molecular-diagnostics company Applied Proteomics Inc. has closed a $28 million Series C financing round. With the investment, it will begin commercializing its diagnostic tools, the company said.
Sparql City Inc. of San Diego received nearly $10 million in funding, it said in a recent securities filing.
Kratos Defense & Security Solutions Inc. received a $10 million contract from an unnamed mass transit authority in the United States, the company said.
Johnson & Johnson Inc. has closed on a $650 million acquisition of San Diego-based drugmaker Aragon Pharmaceuticals Inc.
Kiernan Cos. of Coronado has purchased 10.1 acres of industrial land in Otay Mesa for $3.6 million.
Huntington Beach-based BJ’s Restaurants Inc. plans to open its sixth San Diego County location of BJ’s Restaurant & Brewhouse this fall, at Hazard Center in Mission Valley.
San Diego Private Bank has been awarded Preferred Lender Program status by the U.S. Small Business Administration, the bank said.
Monday, August 19
Four Sorrento Mesa office buildings are among seven properties purchased by New Jersey-based Prudential Real Estate Investors, in a portfolio deal valued at $405 million.
Vista-based movie theater operator UltraStar Cinemas recently announced it has entered into a joint venture with China’s Letian Entertainment to develop and operate theaters in China.
San Diego County’s unemployment rate hit 7.8 percent in July, rising from a revised 7.4 percent in June, according to recent figures from the state Employment Development Department.
Shares for La Jolla-based Sophiris Bio Inc. dropped nearly 17 percent after the drugmaker lowered the price of its initial public offering while increasing the number of shares it sold.
Callaway Golf Co. reported recently that it struck private deals to issue 3.39 million shares of common stock in exchange for 233,843 shares of its outstanding 7.50 percent Series B Cumulative Perpetual Convertible Preferred Stock.
San Diego-based Sempra Energy has ordered 1.1 million solar panels for its Nevada power plant from Changshou, China-based Trina Solar.
Fogo de Chao, a Dallas-based chain of Southern Brazilian-style steakhouses, plans an Aug. 29 opening for its newest restaurant in the Gaslamp Quarter.
Here is a list of some of the business events happening around the county this week.
PROPERTY: Inventory Tight, But Financing Favors Apartments
Developers such as Bosa Development Corp. are proceeding with plans to build new high-rise residential condominiums in downtown San Diego, while mindful that the market for them may not bounce back to its heights of the early 2000s.
PROPERTY: Locations Are Desirable; Some of The Areas Underserved
North County is leading a rebound in retail construction as that sector of the local market slowly awakens from a years-long slumber brought on by the Great Recession and its aftermath.
RETAIL: Military, First Responders Guided To Discounts on GovX
A La Jolla-based e-commerce company has put a new and apparently lucrative twist on the concept of providing discounts to military personnel — a longstanding tradition for many businesses.
Hoist one for San Diego’s craft brewing industry. Escondido’s Stone Brewing Co. ranks No. 2 on a list of the top 15 craft beer makers in the U.S., according to a tabulation of 11,500 voters asked to choose from a select field of 72 brewers by a USA Today poll.
MEDICINE: Scripps Sees Partnerships as Key To Its New Proton Therapy
Scripps Health is talking with the University of California, San Diego and other health systems to recruit physicians and their patients for cancer treatment as it prepares to open its $225 million Proton Therapy Center in the fall.
AEROSPACE: It Sees Need for Fast, Stealthy Aircraft
Eric DeMarco admits he was holding something back in spring 2012 when he announced that his company, Kratos Defense & Security Solutions Inc., was buying Composite Engineering Inc., a Sacramento aerospace business.
DEFENSE: BAE Makes Various Upgrades on Navy Ships
San Diego-based U.S. Navy ships are getting the latest version of the Aegis combat system, as well as other upgrades, with the help of BAE Systems.
SPORT: Try for 2024 Games Bid Seen as Catalyst for Change
Competing to be the city offered in a U.S. Olympic Committee bid to host the 2024 Summer Olympic Games could be a boon to San Diego, regardless of whether such efforts succeed in bringing the international event here.
The San Diego Foundation awarded more than $2.1 million in scholarships to 800 recipients. “We are committed to ensuring a quality education is within reach of every San Diegan, and we are grateful for the generous donors and volunteers who share that conviction to make it happen,” said Bob Kelly, president and CEO of The San Diego Foundation.
Robin Gomez is administrator for Alvarado Hospital Medical Center. She oversees the strategic direction, operations and physician relations, as well as maintaining overall leadership responsibility for the hospital. She has more than 20 years of health care experience in management positions in Southern California.
HEALTH: Of Original ‘Pioneer 32’ ACOs, 23 Remain in Program
Sharp HealthCare is keen on moving forward with its Medicare Pioneer accountable care organization after breaking even in its first year. Sharp’s intentions are notable since nearly a third of the 32 Pioneer ACOs have recently dropped out of the government’s ambitious cost- cutting program for health care.
INSURANCE: A Delay In Employer Mandate Is Welcome News to Some
The service industry is the main beneficiary of the recent announcement by the Obama administration that businesses will no longer face steep government fines if they don’t provide health insurance in 2014.
San Diego-based Vical Inc.’s recent stock plummet is testament to how critical late-stage trials are for any drugmaker — and how costly a failure in the clinic can be. Shares plunged 57 percent after the company announced its melanoma treatment did not work.
Real Estate Column
The San Diego region ranks No. 17 on this year’s list of the nation’s best performing metro industrial markets, put out annually by Marcus & Millichap Real Estate Investment Services Inc.
Qualcomm Ventures is one of several entities that have put money behind a company that makes wearable, wireless devices that track activity, sleep and general fitness.
Bank regulators are not infallible. For proof that more than a few of them were asleep during the years leading to the Great Recession, check out the Inspector General’s audit on the failure of Pacific Coast National Bank, based in San Clemente and with a branch in Encinitas.
GOVERNMENT: Goal Is to Streamline, Guide Smart-Growth Projects
Former Ventura Mayor Bill Fulton was recently hired as the city of San Diego’s planning director, but the seeds of a career in urban planning were sown early in life.
RETAIL: Local Store Is First to Test Offering Of Manufacturing Service
You can make a lot of things with a three-dimensional printer, but a retail business model wouldn’t seem to be one of them — or would it?
DINING: Company Veteran Leonard Comma Groomed For Top Role
In its commercials, San Diego-based Jack in the Box Inc. often comes off edgy, unpredictable and unconventional, which suits its target demographic, young men who are 18-34 years old, just fine.
Friday, August 16
Fate Therapeutics Inc., a company developing stem cell transplants for blood cancer patients, recently proposed a $69 million initial public offering with the U.S. Securities and Exchange Commission.
The U.S. Navy awarded two San Diego-based businesses — Koam Engineering Systems Inc. and Tactical Engineering & Analysis Inc. — multimillion-dollar contracts to test radios and other electronics.
San Diego-based fast food chain Jack in the Box Inc. said it has sold 27 of its restaurants around the country, and plans to refranchise an additional 29 by the close of the fiscal year.
Encinitas-based technology company Seismic received $4.5 million in venture capital, the company said.
San Diego-based NuVasive Inc., a maker of surgical products for the spine, is expanding and relocating its office in the United Kingdom.
General Atomics Aeronautical Systems Inc. disclosed recently that it was testing its Predator B unmanned aircraft as an electronic warfare platform.
Thursday, August 15
InfoSonics Corp., the San Diego distributor of cellphones mainly in Central and South America, reported net sales of $8.3 million for the second quarter, up 3 percent from the like quarter of 2012.
Kratos Defense & Security Solutions Inc. said recently that one of its business units received a contract from Indonesia’s biggest telecommunications companies. Financial terms of the deal were not disclosed.
A San Diego-based translation service has taken on a unique assignment: translating documents related to the Iraqi government’s 1988 chemical weapons attack on Halabja, a town in the country’s northern, Kurdish region.
Sjn Properties LLC of La Jolla has purchased Hillside Gardens, a 44-unit apartment building in Oceanside, for $6.15 million, according to CoStar Group and public data.
Kaiser Permanente has opened a new medical office building in Carmel Valley that it expects will serve more than 157,000 residents in La Jolla, Carmel Valley and other parts of the North County.
San Diego-based Arcturus Therapeutics Inc., a biotech startup founded earlier this year, has acquired about 30 patents from Cambridge, Mass.-based Marina Biotech Inc. Financial terms were not disclosed.
The San Diego Regional Chamber of Commerce in partnership with Silvergate Bank launched a new monthly report called the San Diego County Business Forecast to give insight into future local business trends.
El Dorado Park, a mobile home park in San Marcos, has been purchased for $5.5 million, according to CoStar Group and public data.
Wednesday, August 14
Cubic Corp. said that it received a $54.5 million contract to service its mass transit fare collection equipment in the Los Angeles area.
Carlsbad-based GenMark Diagnostics Inc. has announced a $60 million secondary offering of its common stock.
TKG Management Inc. of Columbia, Mo., has purchased San Ysidro Village, an 11-building shopping center in San Ysidro, for $43.5 million, according to CoStar Group and public data.
La Jolla-based Sophiris Bio Inc., on track to complete a $65 million initial public offering on the Nasdaq later this week, announced a 52-1 consolidation of its common shares traded on the Toronto Stock Exchange.
The Vista Village retail center in Vista is among seven properties being acquired in a $332 million deal by DDR Corp. and an affiliate of Blackstone Real Estate Partners VII LP.
Kyriba, a San Diego firm that makes cash management software, said it completed an $18.2 million Series B investment round led by new investor Daher Capital.
SkillStorm is getting back into the government services arena after a three-year absence, according to Brian Noerr, area vice president for sales and operations.
Tuesday, August 13
San Diego’s entrepreneurial landscape is being featured as a model for other communities as part of an online series by the Ewing Marion Kauffman Foundation, a private, nonpartisan foundation that promotes entrepreneurship.
Encore Capital Group, the San Diego collector of charged-off credit card debt, reported second quarter gross collections of $278.4 million, up 16 percent from the same period of last year.
Shares for San Diego-based Vical Inc. plunged 57 percent after the drugmaker announced its melanoma treatment failed in clinical trials.
The U.S. Air Force awarded General Atomics Aeronautical Systems Inc. a contract worth tens of millions of dollars to extend the range of its Reaper remotely piloted aircraft.
Torrey Pines Investment has committed up to $20 million to Cleveland-based biotech accelerator BioMotiv LLC to help fund early stage life sciences companies.
Ballantyne Villas LLC of Tustin has purchased the 40-unit Gold Coast Apartments in El Cajon for $4 million, according to CoStar Group and public data.
Biocom, the trade association of San Diego’s life sciences industry, became the latest group to call for Mayor Bob Filner to resign.
Monday, August 12
Resale home sales in San Diego County in July increased 5 percent over the June numbers, while the median housing price stayed flat, according to the Greater San Diego Association of Realtors.
San Diego-based medical equipment maker CareFusion Corp.’s fourth quarter earnings rose 14 percent.
A Carmel Mountain Ranch industrial building has been sold for approximately $9.2 million, for eventual use by Millennium Laboratories.
Mad Catz Interactive Inc., a San Diego-based provider of interactive gaming, posted a nearly $2.1 million loss during its fiscal 2014 first quarter, which ended June 30.
The U.S. Department of Defense said it will buy up to $6.6 million worth of acetaminophen injections from San Diego-based Cadence Pharmaceuticals Inc.
PROPERTY: Tight Retail Market Drawing Investors
Commercial broker Danny Fitzgerald’s firm has fielded more than a dozen offers for the space being vacated by the popular Croce’s restaurant in the heart of the Gaslamp Quarter. A new tenant could be announced in mid-September by the property’s landlord, the Keating Hotel. Many of those queries are from major national and global restaurant industry players.
The San Diego Business Journal has named a new managing editor. Tony Quesada joined the SDBJ Aug. 5 from the Austin (Texas) Business Journal, where he was the managing editor for five years.
HEALTH: Qualcomm, Palomar Health Support The Software Research
A new medical technology incubator formed by executives from Palomar Health and Qualcomm Life Inc. aims to help software companies develop health care applications for wearable devices such as smart watches, implants and Google Glass.
PORT: Blueprint for Next 50 Years Would Begin to Take Shape
The San Diego Unified Port District’s board of commissioners is scheduled to vote Aug. 13 on hiring a consultant to begin crafting a 50-year master plan.
Agriculture, already an important activity in the region, has been growing, so to speak. The county’s crop values increased 4 percent to $1.75 billion, according to the annual agricultural report released by the county Farm Bureau and the county’s agriculture commissioner.
BIOTECH: Drugmaker Focused On Rare Autoimmune Diseases
San Diego drugmaker aTyr Pharma Inc. will spend its $59 million in recent financing to hire more researchers, expand the company’s patent portfolio and bring a novel class of protein-based therapies to clinical trial. The company, which targets rare autoimmune diseases that have no approved treatments, also plans to expand its pipeline of drugs.
TELECOM: AT&T Deal to Trigger Payouts to 7 Officers
The seven top executives of Leap Wireless International Inc. would receive more than $50 million in severance and stock payments once the sale of the company to AT&T Inc. is completed, according to the agreement covering the transaction.
GOVERNMENT: Leaders Say Scandal Damaging City
A San Diego business group is formally asking embattled San Diego Mayor Bob Filner to resign.
WORKFORCE: Best Places to Work Earn Employees’ Admiration
John Rooney believes the workplace must be more than a place where people merely show up every morning.
The University of San Diego raised more than $50,000 at the 5th Annual Wine Classic. The funds raised will benefit the Alumni Endowed Scholarship Fund, which supports USD students. More than 750 people attended the event, which featured USD-affiliated wineries, gourmet food stations, live music and a silent auction.
Projects, developments and other activity in cities in and around San Diego County
Cushman & Wakefield announced the sale of 1081 Poinsettia Ave. in Vista for $5,562,500. Joe McDermott of Cushman & Wakefield represented the buyer, B Group Holdings LLC. The seller, Symphony Asset Pool XIV LLC, was represented by Henry Zahner and Jon Busse of Colliers International.
Keri Robinson is the general manager of The Westin San Diego Gaslamp Quarter and the area managing director for Starwood Hotels & Resorts in Southern California. Robinson is directly responsible for the Westin hotel and provides operational support to the Starwood managed hotels in San Diego and Orange County. She has been with Starwood/ITT Sheraton for 27 years and held various corporate and property level leadership roles in Southern California and the state of Washington.
MEETINGS: Local Business Gathering Sites Give Guests an Experience
For groups that are looking for places to meet that are beyond the confines of conference rooms and banquet halls, San Diego County is a prime destination.
The Business of Law Column
The San Diego Volunteer Lawyers Program is putting on its annual Justice for All Celebration Sept. 19. It’s a fun event, and you should be there.
The clouds that once darkened one local bank appear to be burning off to reveal their silver lining. About five years ago as the recession was unfolding, the prospects for Silvergate Bank looked rather dim.
Real Estate Column
The general pull-back in San Diego County’s office market “flight to quality” that dominated the climate from 2010 through mid-2012 has not held true for life science real estate.
With the death of Duane Roth, CEO of Connect, the San Diego technology community has lost a passionate advocate, astute businessman, a mentor and a friend, those who knew him said.
FILM: Local Industry Seeks to Reinvent Self; No Permit Process in Place
Film production experts say the demise of the San Diego Film Commission, amid budget cutting by the region’s tourism authority, marks an opportunity to remake the infrastructure of an industry that generates more than $15 million annually for the local economy.
RETAIL: iPad-enabled Transactions Made Easier With Firm’s Tools, Services
A small iPad accessory company wants to carve a niche for itself by piggybacking on the growing mobile credit and debit card processing market.
GAMING: 2012 Data for 64 Casinos in Region Puts Total at $7 B
Casino gaming revenue on American Indian reservations in California and northern Nevada grew 1.4 percent to $7.0 billion in 2012, according to recently released federal data.
TECH: McCain Inc.’s Redesign Creates Safer Paths for Pedestrians
The city of Chula Vista recently turned to a Vista-based company for a new solution to an old problem: how to make a crosswalk near an elementary school safer.
Friday, August 9
Chase Bank notified 730 employees at its Rancho Bernardo mortgage servicing office that it’s cutting all positions there as part of a companywide restructuring that will eliminate about 15,000 jobs.
Linda Lang, chairman and chief executive officer at San Diego based Jack in the Box, is retiring from the job at the end of this year, the company said.
A group from the U.S. Olympic Committee is expected to visit San Diego in September or October to assess the region as a potential site for the 2024 Olympic Games, said the chairman of a local exploratory committee formed to make a bid on the event.
Solana Beach-based Xpera Group, which provides construction and related real estate consulting services, has launched a new economic and market research division, led by locally based real estate economist Alan Nevin.
Kratos Defense & Security Solutions Inc. will be getting into the unmanned combat aerial systems business, the company said.
Shares for DexCom Inc., a San Diego maker of blood glucose monitors, shot up 21 percent after the company posted its second quarter earnings.
Wireless communication hardware maker Novatel Wireless recently reported a net loss of $7.9 million on revenue of $91.1 million in the quarter ended June 30.
Pulse Electronics Corp., a San Diego-based maker of electronic components, reported a second-quarter net loss of $5.2million on sales of $88.3 million.
Thursday, August 8
Sempra Energy reported second quarter net income of $245 million, compared with $62 million for the like quarter of 2012.
San Diego-based BioMed Realty Trust Inc., which invests in life-sciences real estate, reported gains in revenue and net income for its second quarter ending June 30.
Shares for San Diego specialty drugmaker Santarus Inc. rose 10 percent after it posted better-than-expected second quarter earnings that improved its financial outlook for the year.
Vista View Plaza, a multi-tenant office building in Sorrento Mesa, has been purchased for $4.3 million.
ImageWare Systems Inc. said it received a $2.2 million contract from the U.S. Department of Veterans Affairs. The San Diego company will expand biometric identity management services for the federal agency.
Solana Beach-based Assay Depot Inc. has launched an online medical research exchange with the National Cancer Institute’s Center for Cancer Research.
Wednesday, August 7
San Diego-based Adamis Pharmaceuticals Corp. announced it will buy 3M Co.’s asthma inhaler technology for an undisclosed sum.
Bridgepoint Education, the San Diego provider of college courses mainly through online channels, reported second quarter net income of $10.4 million compared with $43.3 million for the like quarter of 2012. Revenue was $197.6 million, compared with $256.3 million in the second quarter of 2012.
Jack in the Box Inc. recently introduced an advertising campaign in an unconventional format: 6-second videos from New York-based Vine Labs Inc.
Freedom Meditech Inc., a San Diego-based maker of devices that detect disease in the eye, has received $7 million in Series B financing to help advance its launch of a new eye scanner, the company announced.
RF Industries, the San Diego maker of cable assemblies and radio frequency connectors, said it sold its RF Neulink division to Raveon Technologies Corp. for an undisclosed price.
Texas-based Wingstop Restaurants Inc. recently opened its seventh location in San Diego County. The newest, the third in the city of San Diego, is at 1901 El Cajon Blvd.
Locally based natural-foods grocer Jimbo’s… Naturally has scheduled a hiring fair at Westfield Horton Plaza in downtown San Diego, where its fifth store location will open in September.
Tuesday, August 6
Connect CEO Duane J. Roth died Aug. 3 from a brain injury he sustained during a July 21 biking accident near Lake Cuyamaca.
Cubic Corp., the San Diego defense contractor and provider of automated fare collection systems, reported fiscal 2013 third quarter net income of $18.4 million, compared with net income of $26.7 million for the like quarter of 2012.
The U.S. Navy awarded Carlsbad-based ViaSat Inc. a $21.7 million delivery order for communications electronics.
Excel Trust Inc. posted gains in revenue and funds from operations in its second quarter ending June 30.
San Diego-based Retail Opportunity Investments Corp., also known as ROIC, reported gains in revenue and funds from operations in its second quarter ending June 30.
San Diego-based Voxox said that it is on a team that will provide telecom services in Africa — specifically the West Coast countries of Gambia, Ghana, Liberia and Sierra Leone.
Monday, August 5
San Diego-based Organovo Holdings Inc. has announced a $40.5 million public offering of its common stock. The company said the offering of 9 million shares will be priced at $4.50 per share. Net proceeds are expected to be about $37.7 million, Organovo said.
Tri-City Healthcare District, which operates Tri-City Medical Center in Oceanside, said it has purchased both the 58,000-square-foot building, occupied by Tri-City Wellness Center, and the adjacent 25,000-square-foot Medical Office Building for $47 million.
The U.S. Air Force recently awarded General Atomics Aeronautical Systems Inc. a $39.5 million contract for modifications to its Reaper unmanned aircraft and ground control stations.
The San Diego Business Leadership Alliance, a group made up of 44 business organizations, approved a motion calling on Mayor Bob Filner to resign.
General Dynamics Nassco will receive slightly more than $13 million for work on the amphibious assault ship USS Peleliu, the Pentagon announced recently.
ServiceNow, the San Diego-based provider of information technology services via the cloud, reported second quarter net loss of $21.4 million, compared with a net loss of $8.7 million for the like quarter of 2012.
B Group Holdings LLC, doing business as Brown Safe Manufacturing, has purchased a Vista industrial property for approximately $5.56 million.
Business events in and around San Diego County for the week of Aug. 5- Aug.11.
PROPERTY: 1ST Phase Calls for 634 Residences Along With Retail Space
Heightened demand for downtown apartments has revived plans for Ballpark Village, a mixed-use East Village development that was approved by city planners in 2005 but stalled by the recession.
PROPERTY: Mixed-Use Project Seen as Catalyst
Developers are in early planning stages for Park Station, a proposed $200 million mixed-use project that would bring more than 400 multifamily residential units, retail and related commercial elements to downtown La Mesa over the next five to 10 years.
HEALTH: Nascent Industry Is Seen As an Important Addition to Patient Care
Telemedicine may still be in its infancy, but it’s growing up fast. It could soon become a widespread reality among hospitals, businesses and the nation’s patient core, according to a panel that spoke at the San Diego Business Journal’s recent panel discussion, “2013 Technology Transforming Business: Telemedicine.”
PacWest Bancorp, parent of Pacific Western Bank, which operates 18 branches in the county, caused a bit of buzz recently when it announced a $2.3 billion merger with CapitalSource Inc., an industrial loan company based in Los Angeles.
News keeps rolling in about the biotechs bringing in the big bucks. This just in: San Diego’s aTyr Pharma Inc. has secured $59 million in funding — $49 million from venture sources and $10 million in debt financing. Investors in the equity financing include Alta Partners, Cardinal Partners, Domain Associates and Polaris Partners.
FINANCE: Shares Rise On News, Analysts Recommend a Buy
Peregrine Semiconductor Corp., the San Diego maker of high performance chips contained in a host of wireless devices and delivery systems, continued its fast growth curve in the second quarter with $52.4 million in revenue, up 20 percent from the like quarter of last year.
TECH: It Takes Stake In Alcatel-Lucent to Work On Small Cell Use
Qualcomm Inc. has taken a small stake in the French-based communications gear provider Alcatel-Lucent, and has embarked on a joint research and development project.
TECH: Robots Being Designed to Tend, Harvest Crops
The grapevines outside Vision Robotics Corp. are long gone. They’re nothing more than deadwood. Still, their lifeless forms serve a purpose.
AIRPORT: August 13 Brings New Touches, Tastes and Conveniences
Lindbergh Field’s Terminal 2’s Green Build, the $1 billion makeover and expansion being unveiled publicly Aug. 13, features a much easier access and exiting roadway, touches of brilliant innovation, mesmerizing artwork, and a whole lot more food choices.
TOURISM: Despite Increased Airline Passenger Traffic, Hotel Stays Lag
Local tourism promotion leaders will be spending the rest of 2013 dealing with a downsized budget and staff, as the San Diego region seeks to answer rising competition from other destinations amid slowing growth in its own hotel performance metrics.
In partnership with RusanoMedInvest, a Russian government agency focused on commercializing nanotechnology, local VC firm Domain Associates has participated in a $55 million investment in OC-based private biotech concern ReVision Optics.
PHARMA: Cubist Buys Trius, Optimer for Work on Antibiotics
Targeting a growing worldwide need for powerful new antibiotics, Lexington, Mass.-based Cubist Pharmaceuticals Inc. has acquired two biotechs with San Diego connections in a deal that could be worth up to $1.62 billion.
BUILDERS: Number and Scope of Projects Can Increase
C.W. Driver, already among the local region’s largest general contractors, has acquired Vista-based construction firm Good & Roberts Inc., as it seeks to broaden its presence in the burgeoning technology and life-sciences markets.
STARTUP: LifeProof and ecoATM Acquisitions Profitable for Investors
Neither ecoATM nor LifeProof, two San Diego startup businesses that were recently acquired, were looking to sell, but when a deal was proposed, they jumped at it.
TECH: 100 Gigabit Capability To Change Way We Do Business
Hollywood has a storage problem. American Internet Services has a solution. Movies involve large amounts of data. San Diego-based AIS serves the entertainment industry by moving very large data sets that Burbank production houses generate, and storing them in places such as San Diego or Arizona.
Projects, developments and other activity in cities in and around San Diego County
T-Squared Professional Engineers Inc. of Vista provided the mechanical, electrical and plumbing engineering design for the Transitional Living Center at the Margaret A. Cargill Door of Hope Campus for the Salvation Army.
Twenty years ago this October, Jeffrey Essakow worked with Bob Babbitt and Rick Kozlowski to put on a fundraising event at La Jolla Cove — the first San Diego Triathlon Challenge. From that initial effort, the Challenged Athletes Foundation (CAF) was born. Now, more than $47 million has been raised and 8,200 physically challenged athletes around the world have been funded.
News and notes from communities around San Diego County
Stone Brewing Co. said it plans to distribute its line of ales in Alabama beginning Aug. 27, with the help of Birmingham-based International Wines & Craft Beer. Alabama will be the 40th state to get the company’s products.
BIOTECH: A Private Placement Also Adds $20M to Firm’s Funding
Stock prices initially fluctuated for San Diego’s Ocera Therapeutics Inc. ever since its unusual reverse merger with Research Triangle Park, N.C.-based Tranzyme Pharma Inc. The combined company is public and began trading on the Nasdaq Global Market under the symbol OCRX on July 16.
Friday, August 2
Poway-based PKL Services Inc. received a $16.3 million contract modification from the U.S. Navy for work on U.S. Marine Corps helicopters.
Carlsbad-based Life Technologies Corp. announced it has opened a new DNA forensics laboratory in Gurgaon, India. The lab will provide DNA profiling services aimed, in particular, to help the police force identify criminals or dead bodies, the company said.
San Diego County Credit Union, the area’s largest credit union with $6.2 billion in total assets, reported second quarter net income of $22.8 million.
San Diego molecular diagnostics company Trovagene Inc. has closed a registered direct offering of $15 million in common stock at a price of $7 per share. The shares were sold directly to one of the company’s unnamed institutional investors.
Silvergate Bank, based in University City and with five offices, reported second quarter net income of $1.37 million, down from last year’s second quarter when it had $1.46 million in net income.
American Assets Trust Inc. saw same-location operating income rise 10 percent from a year ago in its second quarter ending June 30, with overall funds from operations rising 23 percent.
Leap Wireless International Inc., which agreed to be acquired by AT&T last month for $15 per share or $1.2 billion, reported second quarter net loss of $163 million, compared with a net loss of $41.6 million for the like period of 2012.
San Diego County’s contracts for future construction in the first half of 2013 declined 17 percent from the same period of 2012, according to newly released data from McGraw Hill Construction. Projects totaled just over $1.6 billion in the January-to-June period.
Thursday, August 1
The board of directors of San Diego-based Kabe Exploration rejected a tender offer to purchase the company which was made earlier this month by International Equity Partners Oil & Gas.
The UPS Store said recently that it will offer 3-D printing services at its outlets, beginning with San Diego store locations. The UPS Store plans to use the Stratasys uPrint SE Plus model.
An industrial building at 7650 Convoy Court in Kearny Mesa has been purchased by the Los Angeles-based Apprentice & Journeymen Training Trust Fund, for $8.15 million.
Stock shot up 20 percent for San Diego’s Trius Therapeutics Inc. after it announced it was acquired by Lexington, Mass.-based Cubist Pharmaceuticals Inc.
SD Sports Innovators, a business accelerator for the active sports industry, is accepting applications for Springboard 2.0, a free mentoring program.