Daily Business Report-June 20, 2017
The genomics report was issued on the first day of the BIO International Convention in San Diego.
Genomics Industry’s Economic Impact
on San Diego County Put at $5.6 Billion
The genomics industry has a $5.6 billion annual economic impact on San Diego County, enveloping 35,000 jobs and employing about 10,000 people, The San Diego Regional Economic Development Corp. reported on Monday. It called San Diego “The epicenter of genomics.”
The report was issued on the first day of the BIO International Convention in San Diego.
With more than 115 genomics-related firms, San Diego has companies that handle every aspect in the field — from sampling and sequencing, to clinical applications, creating a “complete ecosystem,” the report said.
While San Diego is home to just 1 percent of the U.S. population, the report said, it received 22 percent — $292 million — of the venture capital funding in genomics in 2016. “In fact, San Diego received $3.2 million in federal contract dollars in 2016 — more than any other U.S. region,” it said.
Other key findings of the report:
- Among top life sciences U.S. metros, San Diego’s genomics industry ranks No. 2 overall, No. 3 in innovation, No. 2 in talent and No. 4 in growh.
- From 2014 to 2016, San Diego generated 371 genomics-related patents. Collectively, 28 local firms generated 120 genomics-related patents in 2016.
- From 2011 to 2016, San Diego’s genomics talent pool grew by 11 percent, far outpacing the national growth rate of 5.1 percent.
San Diego produces more genomics-ready graduates, relative to the size of its workforce, than any other U.S. region, the report said. With nearly 2,000 average genomics-related degrees (biochemistry, cognitive science and bioinformatics) conferred per year, San Diego’s genomics companies benefit from the preparatory work of the region’s top academic institutions. In that vein, it is projected that the local talent pool for key genomics occupations will grow by an additional 10 percent by 2021.
For a copy of the full study, click here.
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San Diego Ranked 3rd in Global
Biotech Venture Capital Funding
Times of San Diego
San Diego ranks third in the the United States and ahead of China in the amount of venture capital raised for biotechnology ventures, according to a report released Monday.
The report by the global accounting and consulting firm EYfound New England ranked in first with $7.1 billion raised in 2016, followed by $4.8 billion in the San Francisco Bay area and $2.2 billion in San Diego.
Each of those American regions exceeded the total for both China and the United Kingdom, both of which were under $2 billion in 2016.
The report comes as the BIO Intermatopmal convention opens in San Diego with more than 16,000 people expected to attend.
The biggest venture capital deal in San Diego last year was $220 million in financing for Human Longevity, the startup founded by DNA pioneer Craig Venter to extend human lifespans.
EY said that investment demonstrated “strategic investors’ interest in the potential medical applications of sequencing technologies.”
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Small Business Loan Defaults
Worsened in California in April
Small business loan defaults worsened in California in April, according to data announced by PayNet. Of the 18 major industries, 12 worsened and 6 improved in the state.
In spite of a 5 basis point climb from March, California’s PayNet Small Business Default Index (SBDFI) of 1.67 percent was still 23 basis points below the national SBDFI level of 1.90 percent. Rising default rates over the past year signals heightened financial stress in the state. The national SBDFI increased 26 basis points year-over-year, while California’s SBDFI increased 24 basis points.
The three industries with the worst default rate in California were Mining, Quarrying, and Oil and Gas Extraction (4.58 percent); Transportation and Warehousing (4.44 percent); and Information (2.78 percent). With a 3.36 percent variance, Mining, Quarrying, and Oil and Gas Extraction has also seen the largest increase year-over-year of any industry in California.
“The increasing default rate over the past year has created a cautious lending environment,” said William Phelan, president of PayNet.
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Air Force Officer Redesigns Device
for General Atomics’ MQ-9 Reaper UAV
ExecutiveGov
A U.S. Air Force officer has redesigned a device to help address communication difficulties between ground forces and pilots of General Atomics-built MQ-9 Reaper unmanned aerial vehicles, the Air Force reported.
Capt. Gregory, a flight training commander with the service branch’s 42nd attack squadron, created an upgraded version of the device called Frankenphone in 2016. “The end product is a soldered and shrink-wrapped survivable piece of equipment,” Gregory said. “Because it’s a direct electrical connection, we were able to tune the audio and get rid of feedback and echoes.”
The 42nd attack squadron at Creech Air Force Base in Nevada deployed the updated Frankenphone device after it secured clearances and used it in combination with the cockpit’s Audio Multilevel System to carry out reconnaissance and persistent attack missions abroad. Gregory said the use of the device has helped Reaper aircrews employ and move weapons by facilitating communications with joint terminal attack controllers and other ground personnel. The squadron has been using the device for the past eight months to support counterterrorism efforts, the report added.
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Pedego Electric Bikes to Open
First Store in Downtown San Diego
A dealership for Pedego Electric Bikes, reputed to be the country’s top electric bike company founded in Southern California, has leased retail space at BRIC, the new mixed-use development in San Diego’s North Embarcadero. The lease was announced by Lankford Phelps Portman, a real estate joint venture comprised of Portman Holdings Lankford & Associates and Hensel Phelps. This will be Pedego’s first store in Downtown San Diego.
Pedego San Diego is leasing a 1,479-square-foot space on the ground floor.
The deal was brokered by Jim Reinhart of Retail Insite representing the owner and William Strong of Riviera Real Estate Inc. representing Pedego San Diego. While design of its permanent location is underway, Pedego recently opened a pop-up shop at the plaza which offers free test rides and rentals.
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General Atomics Completes Design Review
for Advanced Cockpit Ground Control System
General Atomics Aeronautical Systems Inc. said it has successfully completed the Critical Design Review for its next-generation Advanced Cockpit Block 50 Ground Control Station at the company’s Poway facilities. Completing the CDR was a key milestone towards fielding advanced capabilities for the U.S. Air Force that will enhance combat effectiveness of its entire Remotely Piloted Aircraft (RPA) fleet.
The Cockpit Evaluation Team, comprised of USAF pilots and sensor operators, designed the Block 50’s Human Machine Interface HMI) to reduce pilot and operator workload. The overall layout, along with the cockpit’s HMI, was based on human-factors in collaboration with the National Institute for Aviation Research in Wichita, Kan.
Block 50 is designed for single seat operations that can reduce manpower at the user’s discretion. MQ-9 Reaper ground and flight tests are scheduled for next year following successful conclusion of the systems integration and ground test phase.
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SoccerCity Vote Set for November 2018
San Diego City Council members voted unanimously on Monday to send the SoccerCity proposal to voters in November 2018 instead of holding a special election this November or adopting the proposal without a public vote. The council’s 5-4 Democratic majority reiterated its strong opposition to having a special election this year and said voters must wait until November 2018. San Diego Union-Tribune
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Personnel Announcements
Regents Bank Promotes Stephen Friedman
to Regional President in San Diego County
Longtime San Diego banker and business executive Stephen Friedman has been promoted to regional president of Regents Bank in San Diego County.
Friedman will oversee operations at Regents Bank’s four San Diego offices, which include locations in Downtown, La Jolla, Escondido and Vista. Friedman, who has been with Regents Bank since 2009, will continue to work from the La Jolla office.
Friedman is former CFO of Bruegger’s Bagels — the national bagel chain, the former CFO of the Westwind Group — a large Burger King franchisee, and the former owner of a local commercial bakery.
“Stephen combines his 20 years of banking experience with his past business experience to provide a unique level of business understanding not normally found in a banker,” said Rocky Laverty, president of Grandpoint Bank. “He has demonstrated leadership and success in consistently growing Regents Bank, primarily due to his ability to deliver valuable services and advice to Regents’ clients.”
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Alejandra Moises Appointed Account
Manager at Cavignac & Associates
Alejandra Moises has been appointed as account manager within the Employee Benefits Department of Cavignac & Associates. Moises has nearly 10 years of experience in the insurance industry, specifically in the area of employee benefits. In her new position, she is responsible for maintaining ongoing relationships with clients’ human resource teams or individuals, assuming full responsibility for servicing her assigned customer accounts.
Her duties include completing request for proposals and preparing quotations for new or renewal coverage, planning and conducting open enrollment meetings, and coordinating applications and forms with carriers.
For nine-and-a-half years prior to joining Cavignac & Associates, Moises worked at Discovery Benefit Solutions, later acquired by Arthur J. Gallagher & Co., in Mission Valley, where she most recently held the position of senior client manager. Her responsibilities included serving clients, marketing, open enrollment communications, renewal presentations and claim issues. Previous career experience includes six years with the California Orthopedic Institute, serving as billing coordinator; and another six years with San Diego Internal Medicine, where she most recently held the position of front office supervisor.
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Deborah Yates Joins Solomon Ward Seidenwurm & Smith
Deborah Yates has joined the firm of Solomon Ward Seidenwurm & Smith LLP as an associate. Yates joins the firm’s business litigation and intellectual property and technology practice groups. With 10 years’ experience in litigating, Yates has represented a wide range of business clients, from small private schools to international pharmaceutical companies.
For several years before joining Solomon Ward, Yates served as counsel at the law firm WilmerHale in Washington, D.C, where she was litigator within the IP Department of the Year named by The American Lawyer in January 2014. At WilmerHale, Yates litigated in both state and federal courts, with issues ranging from breach of contract to patent infringement.
Ms. Yates has previously served as senior litigation counsel at Blackbird Technologies, where she managed patent litigation with a focus on inventions by individuals and small companies.
