Daily Business Report: Tuesday, Dec. 6, 2022
San Diego Community College District economic
impact: $4.3 billion — or equivalent to 12 Super Bowls
The San Diego Community College District’s economic impact totaled $4.3 billion in the 2021-22 fiscal year, an amount equal to 1.6 percent of San Diego County’s total gross regional product and enough to support 45,365 jobs, a new study shows.
According to Lightcast, the labor market data firm that conducted the study, the district’s $4.3 billion impact is the equivalent of San Diego hosting 12 Super Bowls.
Highlights from the Lightcast report include:
• The SDCCD employs 4,645 full-time and part-time faculty and classified professionals, nearly all of whom (96 percent) live in San Diego County and spent much of their combined earnings of $326 million in the region.
• Combined with spending on day-to-day operations, the SDCCD added $504.7 million in income to the county during the year. That added income is equivalent to supporting 5,891 jobs in the region.
• Spending on construction projects generated $5.4 million in added income to the region.
• Spending by the 6 percent of students from outside the county who attended SDCCD campuses, combined with spending from students who would have left the region had it not been for the SDCCD’s educational programs, generated $179.8 million in added income.
Top Photo: Much of the SDCCD’s economic impact is due to alumni such as Francisco Hernandez, who started his own company after completing three accounting certificate programs at San Diego City College, (Photo courtesy of SDCCD)
Is California’s beleaguered jobless
benefits agency ready for a recession?
By Grace Gedye | CalMatters
A cascade of tech layoffs, the strain of inflation and news of potentially recession-inducing decisions from federal bankers could spell tough economic times ahead.
If more people are laid off, more Californians will turn to unemployment benefits to help them afford the basics while they look for a new job.
It’s a process that buckled under the pressures of the pandemic. Residents sometimes waited months for benefits from the state’s Employment Development Department, dialing the department hundreds of times.
On top of that was a string of fraud scandals: Claims came from “unemployed’ infants and children and according to prosecutors, benefits were paid to thousands of inmates in jail and prison, who are ineligible. The vast majority of the fraud was in temporary, federally funded pandemic aid programs.
The situation has since improved. But how will the system hold up if there’s a recession?
Thanks to “the level of testing that the pandemic put us through, we are in such a strong position to weather a typical economic contraction,” said Gareth Lacy, communications advisor at the department.
General Atomics flies autonomous collaboration
using Avenger Unmanned Aircraft System
In a recent demonstration, General Atomics Aeronautical Systems (GA-ASI) paired a company-owned MQ-20 Avenger Unmanned Aircraft System with a Sabreliner, operated by Lockheed Martin and acting as a surrogate fighter, and two F-5 Advanced Tigers from Tactical Air Support configured with internal TacIRST sensors, to perform multi-platform infrared sensing. During this event, all aircraft performed coordinated maneuvers to sense relevant airborne targets in the infrared spectrum.
The MQ-20 and Sabreliner were digitally connected over a Tactical Targeting Network Technology mesh network to share sensing observations. In addition to the live-flight aircraft, five digital twins of the MQ-20 were integrated to autonomously fly a Live, Virtual, Constructive collaborative combat mission.
“This test flight has broken new ground for us,” said General Atomics Senior Director of Advanced Programs Michael Atwood. “It demonstrated effective collaboration between four established defense prime contractors flying with advanced sensing, crewed and uncrewed teaming, and advanced airborne high-performance computing to meet challenging air dominance scenarios.” Read more…
Northrop Grumman and U.S. Air Force
introduce the B-21 Raider
Northrop Grumman Corporation and the U.S. Air Force unveiled the B-21 Raider to the world on Dec. 2. The B-21 joins the nuclear triad as a visible and flexible deterrent designed for the U.S. Air Force to meet its most complex missions.
“The Northrop Grumman team develops and delivers technology that advances science, looks into the future and brings it to the here and now,” said Kathy Warden, chair, chief executive officer and president, Northrop Grumman. “The B-21 Raider defines a new era in technology and strengthens America’s role of delivering peace through deterrence.”
The B-21 Raider is named in honor of the Doolittle Raids of World War II when 80 men, led by Lt. Col. James “Jimmy” Doolittle, and 16 B-25 Mitchell medium bombers set off on a mission that changed the course of World War II. The designation B-21 recognizes the Raider as the first bomber of the 21st century.
Report: Deteriorating neurons source of human
brain inflammation in Alzheimer’s disease
Despite decades of research, Alzheimer’s disease remains a debilitating and eventually fatal dementia with no effective treatment options. More than 95 percent of Alzheimer’s disease cases have no known origin. Now, scientists from the Salk Institute have found that neurons from people with Alzheimer’s disease show deterioration and undergo a late-life stress process called senescence. These neurons have a loss of functional activity, impaired metabolism, and increased brain inflammation.
The researchers also discovered that targeting the deteriorating neurons with therapeutics could be an effective strategy for preventing or treating Alzheimer’s disease. The findings were published online in Cell Stem Cell on Dec.1, 2022. Read more…
Deborah Smith elected partner
at Wilson Sonsini Goodrich & Rosati
Deborah Smith, attorney with Wilson Sonsini Goodrich & Rosati in San Diego, has been elected partner in the firm.
A member of Patents and Innovations group, Smith advises companies on IP strategy beginning from early platform development through commercialization.
This includes venture capital, capital markets, and M&A transactions in the fields of chemistry, pharmaceuticals, and biotechnology.
Smith specializes in advising clients that use platform technologies to bring new therapeutics to market.
She received her J.D. from the University of San Diego School of Law.
Shay Mitchell debuts Lemon Squeeze in
collaboration with San Diego’s HydraLyte
Shay Mitchell actress, producer and entrepreneur, announced her collaboration with San Diego-based HydraLyte, a globally trusted rapid hydration solution born in Australia, to launch her new flavor, Lemon Squeeze. Mitchell has led the co-development process to create a rejuvenating hydration option for the entire family. Throughout the process, Mitchell assumed an elevated role as an investor and part owner in the company, personally testing 12 variations of the product to find the perfect flavor balance.
Lions Tigers & Bears to hold ‘Christmas
with the Animals’ event
Lions Tigers & Bears, San Diego’s only accredited big cat and bear sanctuary, is celebrating the holidays with its annual fundraiser “Christmas with the Animals.” On Saturday, Dec. 10 from 1-5 p.m., guests can spend the afternoon alongside their favorite exotic animals, and meet newly rescued animals, as they open treat-filled presents and discover Christmas trees in their habitats. Visitors 18 and older can create an unforgettable holiday memory by booking a “Feed with a Keeper” experience, which allows them to feed one of the animals a part of their Christmas dinner from a distance. Read more…
Biological Dynamics announces prospective clinical trial
Biological Dynamics, a company developing its exosome-isolation ExoVerita platform for early disease diagnostics, has received IRB approval and will soon begin to enroll patients in its ExoLuminate clinical study to validate its pancreatic ductal adenocarcinoma (PDAC) lab-developed test. “Using novel data, we are one of the first companies in this country to use exosome-isolation for early detection of pancreatic disease. We are accelerating its application by initiating the ExoLuminate registry trial, which will enroll for high-risk or clinically suspicious patients and their family members that share risk factors,” said Harmeet Dhani, M.D., director of medical affairs at Biological Dynamics.
Outcomes Rocket wins Power Press Award for Intelligence
Outcomes Rocket has won the Power Press Award in the category of Intelligence for a 10 part podcast series on Cybersecurity produced in collaboration with the Health Sector Coordinating Council and industry experts. Each podcast was accompanied by a resource to help health care organizations and businesses enable better cyber-safety. This is a huge honor for the health care media production company as they continue creating content that impacts healthcare organizations and professionals around the world.
Safari Park’s 50-year history to be
celebrated with float in 134th Rose Parade
On Jan. 2, 2023, San Diego Zoo Wildlife Alliance — an international conservation organization with “two front doors”: the San Diego Zoo and the San Diego Zoo Safari Park — will participate in the 134th Rose Parade presented by Honda, with a float celebrating the Safari Park’s 50th anniversary. The Safari Park opened in 1972 and since the beginning, saving species has been a key part of the Safari Park’s mission.
Trive Capital partners with
San Diego’s Forward Slope Inc.
Trive Capital, the Dallas-based private equity firm, announced its recent investment into San Diego-based Forward Slope Inc., a leading independent provider of mission-critical software and surveillance solutions for the defense industry. Forward Slope specializes in the development of tactical visualization systems, geospatial mapping tools, data science, cyber security, and turnkey global surveillance solutions for the Navy and other marquee national security customers. Forward Slope was founded in 2002. Carlos Persichetti is CEO.
John Higgins to retire as CEO of Legand Pharmaceuticals
John Higgins has retired as chief executive officer of Ligand Pharmaceuticals and the board of directors has named Todd C. Davis as his replacement. Higgins will resign as a director of the company on Dec. 31, 2022, but will serve as chairman of Ligand’s recent spinout of OmniAb. Davis has nearly 30 years of experience in biopharmaceutical and life sciences operations and investing. He has been involved in over $3 billion of health care financings including growth equity, public equity turnarounds, structured debt and royalty acquisitions.
Mayor signs executive order directing
further action on illicit fentanyl
Mayor Todd Gloria has signed an executive order directing further action and cooperation with law enforcement to address the illicit fentanyl crisis, in the hopes of stemming the addiction and overdoses that claimed the lives of more than 800 San Diegans last year – and is continuing to cause overdose deaths in the San Diego region at an alarming rate. The order also directs immediate work developing a plan, in concert with the San Diego City Council and City Attorney, to develop a community outreach plan and funding strategy for the estimated $30 million in national opioid settlement funding that will be coming to the city over the next eight years.
Scientists receive $4.8 million to pursue
gene therapy for ‘incurable’ disease
The California Institute for Regenerative Medicine has awarded UC San Diego researchers $4.8 million to advance a gene therapy to treat Friedreich’s ataxia, a rare but devastating neuromuscular disorder. Friedreich’s ataxia is an inherited, degenerative neuromuscular disorder that initially impairs motor function, such as gait and coordination, but can lead to scoliosis, heart disease, vision loss and diabetes. Cognitive function is not affected. One in 50,000 Americans has FA. Read more…
