Daily Business Report: Wednesday, Oct. 6,2021
Covid test maker Cue Health goes public
at $2.3 billion valuation as demand surges
Covid-19 test maker Cue Health, one of Vista’s largest employers, went public last Friday at a valuation of nearly $2.3 billion. Shares opened above the $16 price set the night before and closed at $20—a 25 percent increase in the first day of trading.
Its Covid-19 test—which consists of a swab, test cartridge and battery-operated reusable reader about the size of a smartphone—delivers test results in around 20 minutes and automatically uploads them to a mobile app. It’s used by a wide array of customers, including the Mayo Clinic, the Pentagon and even the Iditarod race in Alaska.
TOP PHOTO: Cue Health cofounders Clint Sever, left, and Ayub Khattak. (Courtesy Cue Health)
San Diego to consider proposal to guarantee
free trash pickup for single-family homes
Some California cities provide different services to different neighborhoods — a practice that is drawing ire from local officials, residents and advocates. On Thursday, a San Diego City Council committee will consider potential changes to a city law that guarantees free trash pickup for single-family homes — but forces businesses and other residences to pay private garbage collectors.
That system differs from the rest of the state, according to a recent report from San Diego’s independent budget analyst: Most cities have private collectors handle all of their trash service, while four others — Los Angeles, Sacramento, Fresno and Long Beach — treat it as a municipal service. The analyst suggested that San Diego divert the $72 million it spends annually on homeowner trash collection to services accessible to all residents.
Councilmember Sean Elo-Rivera: “This is not the woke pack running amok, this is just on its face an inequitable system.”
— CalMatters
City of San Diego calls for proposals to
develop property at the Sports Arena site
The City of San Diego has issued a notice of availability for the 48.5-acre site in the Midway-Pacific Highway Community that includes the Sports Arena area. The official notice signifies to developers that the city intends to lease the site for redevelopment. Interested developers must include in their proposals at least 25 percent of proposed housing units as affordable. Preference will be given to developers with the highest number of proposed affordable units and the highest levels of affordability.
Redevelopment of the Sports Arena site is included as part of Midway-Pacific Highway Community Plan update, which was started in 2010 and serves as a blueprint for the future development of the neighborhood. The plan envisions the Sports Arena Community Village, which would incorporate a mix of entertainment, office, retail, residential, public and park uses.
Proposals must be submitted to the city within 60 days. Interested parties can view the official Notice of Availability (NOA) on the Department of Real Estate and Airport Management website.
East County Advanced Water Purification Program
unveils new 360-degree virtual reality tour
The East County Advanced Water Purification Program unveiled its new 360-degree virtual reality tour video. Viewers are greeted by the program’s Big Deal animated mascot and are then immersed into a guided tour of water facilities where they can look all around by simply moving their computer mouse or phones to anywhere in the video they want to see.
Locations include the Ray Stoyer Water Recycling Facility, the East County AWP Demonstration Facility and Lake Jennings.
Viewers who have a virtual reality headset for cell phones can take engagement one step further by “stepping into” the video. Program representatives will also begin scheduling opportunities for community groups, schools and scouts to view the video using program-provided virtual reality googles starting in October.
Scheduled to be complete in 2025, the program is a partnership between four agencies: Padre Dam Municipal Water District, County of San Diego, City of El Cajon and Helix Water District.
To watch the 360-degree virtual reality video and learn more about the Program, visit – https://www.eastcountyawp.com/177/Videos.
SeaSpine receives innovative technology contract
from Vizient for its 7D Flash navigation system
SeaSpine Holdings Corporation announced its 7D FLASH Navigation System has received an innovative technology contract fromVizient Inc., the nation’s largest member-driven health care performance improvement company.
The contract was awarded outside of the standard competitive bid cycle based on recommendations by hospital experts and signifies to Vizient members the novel qualities of the 7D FLASH Navigation System that potentially bring improvement to the health care industry. Currently the 7D FLASH Navigation System is the only contracted vendor in the navigation category.
The 7D FLASH Navigation System is the only approved image guidance system that utilizes a novel and proprietary camera-based technology and machine-vision algorithms. The system uses only visible light, reducing radiation exposure by eliminating intra-operative CT (computed tomography) and fluoroscopy for purposes of registration, both of which commonly are used with other technologies. This results in a registration workflow that takes just seconds and allows surgeons to control the system within the sterile field.
Makeover of Grand Avenue in Escondido
to begin, with first phase costing $2.5 million
The makeover of Escondido’s Grand Avenue set to begin. The first phase of the project, which will cost $2.5 million, was funded through a $1.44 million grant from the San Diego Association of Governments, or SANDAG, and $1.1 million in matching funds from the city, said Julie Procopio, Escondido city engineer.
The work will include narrowing Grand Avenue to one lane in each direction from Escondido Boulevard to Juniper Street, widening the sidewalk on the north side of Grand from Broadway to Maple, adding diagonal parking to create a net total of 45 more parking spaces, installing new light fixtures and overhead string lighting, and new fencing around outdoor dining spaces, Procopio said.
Lincoln Military Housing forms largest
property management ESOP in the U.S.
Lincoln Military Housing (LMH) announced the creation of an Employee Stock Ownership Plan (ESOP) that will give its employees, many of whom are military-affiliated, an ownership stake in the company, its mission, and its future. This transition also makes LMH the largest property management company ESOP in the United States and is a first for the military housing industry.
With the formation of the ESOP, LMH will now be independent of its former parent company, Lincoln Property Company.
To ensure a smooth transition and provide clarity around the new name and brand, the company website will feature both an introduction on the homepage as well as maintain all historical news and updates from Lincoln Military Housing.
Prevu accelerates West Coast expansion
with launch in San Diego
Prevu, a real estate technology company, announced its expansion into San Diego, advancing its strategy to bring control, transparency and savings to the home buying process in metropolitan cities across the country.
The launch marks an expansion within California following the company’s entry in Los Angeles and Orange County earlier this year.
Prevu digitizes the home buying process, allowing consumers to search for available listings, schedule tours, make offers, and more easily collaborate with their agent. The platform’s local agents guide homebuyers every step of the way along the most-complicated last mile of the transaction, from offer through closing.
Prevu’s differentiated structure eliminates most of the overhead costs associated with operating a real estate brokerage, and the platform translates these efficiencies into savings to buyers in the form of an industry-leading commission rebate of up to two percent of the home’s purchase price, according to the company.
County announces $9 million in funding
for childhood obesity programs
The County of San Diego and its partners announced $9 million in funding to address childhood obesity. The funding is a combination of three separate grants that will support programs that address the root causes of childhood obesity, including barriers to healthy eating and exercising.
The grants will fund the work of several organizations within the San Diego County Childhood Obesity Initiative, a public-private, multi-sector partnership bringing together over 400 entities to address youth health through a collective impact model.
The funding includes a $3 million grant from the California Governor’s Office of Research & Planning to address adverse childhood experiences, build resilience against stress and reduce childhood obesity in the Latino communiy.
San Diego County Bar Association to provide free estate
planning services to first responders, health care workers
The San Diego County Bar Association (SDCBA), in partnership with Wills For Heroes Foundation, announced that it will once again offer free wills and estate planning services to eligible first responders and licensed frontline health care workers in both San Diego and Imperial Counties at a virtual legal event spanning Oct. 4 to 29, 2021.
Participants qualify if they have an estate and net worth valued at less than $500,000. Net worth consists of cash, personal property, stock and bonds, real estate (equity only), savings, cash value of life insurance policy, and retirement assets like a 401(k) or an IRA. Those whose net worth exceeds $500,000 can be matched to an estate planning lawyer through the SDCBA’s Lawyer Referral and Information Service to pay for this service.
Those who meet the eligibility guidelines can sign up for a free appointment with a Bar Association estate planning attorney. Click here.
Call for Presentations now open for GS1 Connect 2022
GS1 US is now accepting applications for presentations at GS1 Connect 2022, to be held June 7-9, 2022, at the Marriott Marquis San Diego Marina in San Diego.
With more than 40 live sessions plus additional on-demand content, the event will span two days across six tracks, including health care, grocery, retail, foodservice, innovation and technology.
The conference will also feature the Startup Lab Pitch Competition, which showcases emerging technologies that could have a significant impact on the supply chain. In addition, the conference will provide networking opportunities, solution provider exhibits and GS1 US University for those seeking to build their foundational GS1 Standards knowledge.
WTIA appoints April House as
president of HR Benefits Inc.
Washington Technology Industry Association (WTIA), a nonprofit organization dedicated to fostering a robust, equity-centered technology sector that empowers thriving communities, announced it has appointed April House as president of its subsidiary, HR Benefits Inc. HRBI provides over 500 businesses and their employees with access to medical, 401K programs, business insurance, personal insurance and business consulting. With over 15 years experience in the healthcare industry, April brings a wealth of expertise and passion to her role.
April joins WTIA from San Diego Workforce Partnership where she served as chief administrative officer responsible for strategic planning, P&L management, operations oversight, and the DEI strategy. Leading through a new growth strategy, April astutely built teams and delivered operational efficiencies to achieve organizational priorities and a sustainable growth trajectory.
