San Diego Business Journal

SD FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Seragon Being Purchased in Deal Potentially Worth $1.7 Billion

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.

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Novatel Settles Class-Action Lawsuit

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.

SANDAG Program Will Help Companies to Increase Number of 'Teleworkers'

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.

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BBX Capital Corp. Acquires Solana Beach-Based Jer’s Chocolates

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 Secures Debt Facility of $15 Million

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.

Real Estate Firm’s Service Targets Sellers Needing Quick Cash

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 Completes $32M Series A Financing Round

Cidara Therapeutics, a privately held bio-pharmaceutical company formerly known as K2 Therapeutics, said it completed a $32 million Series A financing round.

Ambrx Withdraws IPO

La Jolla-based biotech Ambrx Inc. withdrew its plans for an initial public offering, citing current market conditions, according to Renaissance Capital.

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Qualcomm Joins MapR Technologies’ Backers

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.

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Red Cross Chapter Names William Earley as CEO

The American Red Cross San Diego / Imperial Counties Chapter named William Earley as regional chief executive officer.

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Domino's Pizza Puts Out the Call for 200 New Hires

Michigan-based Domino’s Pizza is in the process of hiring more than 200 new employees at 49 San Diego County locations.

Banker Considers SBA Changes ‘Stupidest Thing in the World’

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.

Citizens Business Is Banking on the Local Market

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 Now Under Federal Reserve System

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.

CDC Small Business Finance Sees Good News for State in SBA Loan Activity

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.