Daily Business Report-June 24, 2020
The report outlines and highlights these key findings of the state’s life science industry. (Photo courtesy of Biocom)
California’s life science industry generates
$372 billion annually, providing 1.4 million jobs
San Diego County sector contributes $41.3 billion to local economy
California’s life science industry provides over 1.4 million jobs in the region, with economic activity generating a total of $372 billion in 2019 alone, according to Biocom’s 2020 Economic Impact Report.
The report outlines and highlights these key findings of the state’s life science industry, including information on economic, demographic and industry performance data.
“The 2020 Economic Impact Report is a vital barometer of the health and impact of the life sciences industry in California,” said Joe Panetta, president and CEO of Biocom, the association representing the California life science industry. “There is no more important time for our industry than right now, during an unprecedented global pandemic.”
Over the past five years, California’s life science industry has seen a 13 percent increase in the number of jobs statewide. California also received the most research funding from National Institutes of Health (NIH) of any state in the country, a total of $4.59 billion in the 2019 fiscal year.
San Diego County’s life science industry employed more than 68,000 people in 2019, generating nearly 175,000 total job opportunities (including direct, indirect and induced jobs) and contributing $41.3 billion to the local economy. The region saw solid job growth in the areas of biopharmaceuticals manufacturing, medical devices and diagnostic equipment, and research and lab services from 2014 to 2019, boasting 4.8 times the national average concentration of biochemists and biophysicists.
Click here for the full report
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UC San Diego receives $12 million
endowment from the Hellman Foundation
The Hellman Fellows Program and the University of California announced a plan to permanently support the Hellman Fellows Program on all 10 campuses in the UC system. With the establishment of this endowment, the Hellman Fellows Program will have committed a total of $125 million to support research for outstanding early-career faculty at all 10 UC campuses, including $12 million for UC San Diego.
The grant to the UC San Diego Foundation will secure the continuation of the Hellman Fellows Program through the establishment of the Hellman Fellows Endowed Fund and the creation of the UC San Diego Society of Hellman Fellows. UC San Diego Chancellor Pradeep K. Khosla has committed to providing $6 million as an institutional match for the endowment.
At UC San Diego, the Hellman Fellows program has funded over 320 fellows since 1995, including several current faculty members. Among them are composer Lei Liang, winner of the 2020 Grawemeyer Award, the top classical music honor often referred to as “the Nobel Prize for music.”
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15 women graduate from Ad Astra spring bootcamp
First virtual event boosts startups from life sciences, cleantech and others
Business accelerator Ad Astra announce that 15 founders graduated from its spring 2020 research-based training program specifically for female entrepreneurs. This is the fourth cohort to have completed the startup boot camp, which went virtual for the first time this spring.
Ad Astra, which means “to the stars” in Latin (and also the name of a Brad Pitt movie), was formed in early 2018 after its founders identified a critical need to level the playing field for minority-led startups.
“At Ad Astra, women entrepreneurs learn to become aware of unconscious biases and discover how they can combat these biases and act on this knowledge,” said Allison Long Pettine, who co-founded Ad Astra along with fellow investors Vidya Dinamani and Dr. Silvia Mah. “When founders complete our program, they’re poised to grow investable companies and become exceptional leaders.”
Each company received access to a global mentor base of seasoned investors and entrepreneurs, plus connections to an accomplished community of women.
“I wanted to participate in the Ad Astra Boot Camp because the organization supports and invests in female founders,” said Shannon Erley, founder and CEO of Pomp, an online skin care retailer. “Ad Astra gave us the tools to appropriately tackle foundational aspects of the business, fundraising, identifying and responding to implicit biases and more. It was also encouraging to be a part of a program with other female founders, in similar stages of business development, with whom I found a quick sense of comradery and support.”
The spring 2020 graduates include:
Life Science/Clean Tech
- Sivan Sidney Cohen, P.E., CEO, Noria Water Technologies
- Bhawanjit Brar, Founder and CEO, Jaan Biotherapeutics LLC
- Kay Olmstead, Founder and CEO, NanoPharma Solutions
- Sonya Satveit, Founder and CEO, Qanik DX Inc
- Carol Lynn Curchoe, PhD,TS (ABB), Founder, ART Compass
Consumer App/B2B SaaS
- Martha Montoya, Founder and CEO, Agtools Inc.
- Annie Brown, Founder and CEO, Lips
- Carrol Titus, MBA, Founder and CEO, Golden Poppy Inc.,
- Shannon Erley, Founder and CEO, Pomp
Consumer Products
- Michelle May, Co-founder and President, Seva Foods
- Jessica Bell, Founder and CEO, reVessel
- Jessica Tishue, Founder and CEO, Bliss Foods
- Amy Keller, Founder and CEO, PurePlus+
- Jenny Beeghly, Co-founder and CEO, Perilla Scrubs
- Sophie Frank, Founder and CEO, Resprana Inc.
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Audit finds Sweetwater school district
officials deliberately manipulated finances
A newly released audit casts wide blame on the top managers of Sweetwater Union High School District and says they may have committed criminal fraud by lying about their finances to the district’s board of trustees and a credit rating agency.
The audit, performed by the state Fiscal Crisis and Management Assistance Team, which investigates school finance, specifically points to the district’s current superintendent, Karen Janney, its past chief financial officer and director of fiscal services, as well as an outside financial adviser as those who may have broken the law. The findings of the audit will be presented to the San Diego County district attorney, who must decide whether to bring charges.
The audit comes after a series of stories by Voice of San Diego revealed mismanagement and deceptive practices within the district. The district unexpectedly came up $30 million short in September 2018. Reporting showed that the district previously approved across-the-board raises even though some administrators knew doing so could lead the district to go bust. High-level administrators also knew the budget was much worse off than public documents actually showed.
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Forbes School of Business & Technology
launches the Center for Women’s Leadership
The Forbes School of Business & Technology at Ashford University in San Diego announced the launch of its Center for Women’s Leadership, a network of scholars, practitioners, and students who seek to advance the standing of women in leadership, and enhance their knowledge, expertise, and research in this important area.
A virtual launch event will be held on Friday at noon with distinguished keynote speakers and a preview of the services and benefits of the center. Registration is available at https://www.facebook.com/events/186494952675446/.
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Landscape architects chapter invites
local nonprofits to apply for grants
The San Diego chapter of the American Society of Landscape Architects (SDASLA) invites local nonprofits to apply for its annual grant of up to $5,000 to design or construct landscape architectural improvements in locations such as parks, schools, and neighborhoods.
The 2021 Community Grant application is available on SDASLA’s website www.asla-sandiego.org/events or by calling the chapter at (619) 283-8818 for information or a copy of the grant application. The application deadline is Aug. 17, 2020.
Any nonprofit community group recognized by the IRS and the Secretary of State, is located in San Diego County, and has been in continuous existence as a nonprofit group for a minimum of three years is eligible to receive the grant. Projects must prove that they have the support and involvement of their community and/or environmental interests within San Diego County, and applications must show a clear benefit to the wider community.
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Kevin Sagara named group president of Sempra Energy
Sempra oversees SDG&E and Southern California Gas Co.
has been named group president of Sempra Energy, overseeing the company’s California utilities, San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas).
Sempra also announced other key appointments:
Caroline A. Winn, chief operating officer of SDG&E, has been named CEO of SDG&E. Scott D. Drury, president of SDG&E, has been named CEO of SoCalGas.
Sagara currently serves as chairman and CEO of SDG&E and is credited with raising the company’s standing as a national leader in wildfire safety and clean energy. Previously, he served as president of Sempra Renewables
Winn has served as chief operating officer at SDG&E since 2017 and is responsible for SDGE’s industry leadership in sustainability, technology and innovation, including the company’s significant advances in safety and wildfire mitigation.
Under Drury’s leadership as president of SDG&E since 2017, the utility strengthened the safety and reliability of the energy grid and provided customers with increasingly cleaner energy choices. Previously, he served as SDG&E’s chief energy supply officer and vice president of human resources, diversity and inclusion.
Bret Lane, currently CEO of SoCalGas, is retiring after 38 years of service for the company.
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Mad Engine to give away free
masks in San Diego this weekend
Mad Engine, a leader in licensed and branded apparel and accessories, will host a local community event to serve families in need of fabric masks. The DRIVE-UP MASKS GIVEAWAY is taking place Saturday from 10 a.m. to 2 p.m. in Mad Engine’s San Diego headquarters at 6740 Cobra Way, Unit 100. San Diego 92121. The masks are free to anyone in need of non-medical fabric masks.
“We understand many families in our local community are in need of non-medical fabric masks but have no access to them. We want to help,” said Faizan Hanif Bakali, president/COO.
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Carlsmed raises $2.5 million
to improve complex spine surgery
Carlsmed Inc., a San Diego-based MedTech company, announced the close of an oversubscribed $2.5 million seed round. The round was led by Cove Fund II, a prominent California Life Science and Technology fund. Participating in the round are MedTech funds Wavemaker Three-Sixty Health and Device of Tomorrow Capital, as well as individual MedTech investors.
“This round of venture financing accelerates the clinical launch of the aprevo system,” said Mike Cordonnier, CEO and co-founder of Carlsmed. “Surgeons and patients across the spectrum that have postponed treatment for debilitating spinal conditions will soon have access to an affordable and streamlined system for personalized spine surgery.”
Carlsmed also announced the appointment of Alexander Arrow, M.D., as chief financial officer, and Shariq Hussain as chief information officer, leading the company’s digital development and operations.
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Inez González Perezchica named new
executive director of MANA de San Diego
Inez González Perezchica has been named the new executive director of MANA de San Diego, a nonprofit that empowers local Latinas through education and leadership development. Perezchica has been with the nonprofit as a volunteer for more than two decades, previously serving on the organization’s board in a variety of leadership roles.
In Perezchica’s first month, she will meet with community leaders and members to inform what comes next for MANA de San Diego. She plans to expand the organization’s flagship Hermanitas program, connect with more local employers for paid internship and job opportunities for members, and spearhead new ideas that meet the community’s needs.
Perezchica brings decades of experience in the government, media and education sectors with a Latino focus. In her last role with California State University, Fullerton, she spearheaded a workforce-preparedness program to develop U.S.-Latino cultural competencies through classes, research and a broad spectrum of educational opportunities. In addition, she created thriving media policy programming, secured national foundation support, and spearheaded studies on hate speech and related public campaigns with the National Hispanic Media Coalition.
