SD FINANCERecent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
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.
Novatel Wireless Inc. settled a securities class action lawsuit without admitting liability on June 23, according to a securities filing, following a preliminary agreement to settle struck on Dec. 6.
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.
Solana Beach-headquartered candy maker Jer’s Chocolates has been acquired by BBX Sweet Holdings, a wholly owned subsidiary of Florida-based BBX Capital Corp.
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.
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, a privately held bio-pharmaceutical company formerly known as K2 Therapeutics, said it completed a $32 million Series A financing round.
La Jolla-based biotech Ambrx Inc. withdrew its plans for an initial public offering, citing current market conditions, according to Renaissance Capital.
Qualcomm Inc.’s venture capital arm has invested in a Silicon Valley company that specializes in Hadoop, an up-and-coming software for dealing with big data.
The American Red Cross San Diego / Imperial Counties Chapter named William Earley as regional chief executive officer.
Michigan-based Domino’s Pizza is in the process of hiring more than 200 new employees at 49 San Diego County locations.
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.
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 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.
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.