Daily Business Report: Friday, March 31, 2023
Illumina files preliminary proxy, urging
shareholders to vote for its director nominees
Illumina on Thursday filed its preliminary proxy statement with the Securities and Exchange Commission, which contains important information for shareholders. The activist investor Carl Icahn has nominated three of his associates to stand for election to the Board of Directors at Illumina’s 2023 Annual Meeting of Shareholders.
Illumina recommends shareholders vote in favor of the company’s Board of Directors and withhold votes for the three Icahn Group director nominees. Icahn’s involvement with Illumina risks the long-term success of the company, and his director nominees bring no relevant skills to the board of directors, the company said in a statement.
According to Illumina, Icahn is not a long-term Illumina shareholder and made no attempt to engage constructively with the company before demanding board representation. Icahn’s first communication to the company was a written request for a director questionnaire (a pre-requisite to a director nomination), received days prior to the close of the company’s nomination deadline.
Photo: Illumina headquarters. (Credit: Illumina)
SDSU team awarded $10 million to research
safer streets for pedestrians, cyclist
By Ryan Walsh
As driver fatalities have been decreasing, pedestrian and bicyclist deaths have been growing at an alarming rate to about 20 percent of all fatalities. Researchers at San Diego State University and their team have received a $10 million grant to understand this trend and design safer streets.
SDSU teamed with the University of New Mexico, the University of California, Berkeley, the University of Wisconsin at Milwaukee, and the University of Tennessee to create the first-ever USDOT-funded University Transportation Center (UTC) dedicated solely to pedestrian and bicyclist safety.
They will research equity in bicyclist and pedestrian safety and use, as well as street livability and street reimagination and re-design.
County offers free graffiti removal
for property owners in unincorporated area
A new county program now in place allows San Diegans in the county’s unincorporated area to remove unwanted graffiti from their property free of charge. The Board of Supervisors approved the initiative in January. The first graffiti abatement occurred last week when contractors removed extensive graffiti damage from the side of a building along Campo Road. in Spring Valley.
The previous policy required the property owner to pay graffiti removal costs. Under the new program, residents in the unincorporated area can schedule the graffiti removal through the county, and a contractor will remove the unwanted graffiti free of charge.
The initiative aims to beautify the region without placing a financial burden on property owners. Close to 90 percent of graffiti cases are reported in areas of the region where residents often struggle to pay the removal cost.
U.S. Marine Corps uses General Atomics
UAS planes for training exercises
General Atomics Aeronautical Systems Inc. (GA-ASI) is working with the U.S. Marine Corps on a series of Service-Level Training Exercises (SLTE) using a company-owned MQ-9A Unmanned Aircraft System to support the Marine Air-Ground Task Force Training Command. The SLTE 2-23 is being conducted near Twentynine Palms, Calif. with participation from Joint Forces. The training ensures participants are prepared for the future dynamic environment.
Contracting the use of MQ-9A enabled USMC to begin integrating Group 5 unmanned aircraft into the Marine Air-Ground Task Force for the first time within the various exercises.
General Atomics was contracted by the USMC in 2022 to delivereight MQ-9A Extended Range UAS as part of the ARES contract.
James Peterson elected managing
partner of Higgs Fletcher & Mack
Higgs Fletcher & Mack has elected its next managing partner, attorney James Peterson.
Peterson succeeds current HFM Managing Partner Steve Cologne, who will return to his business litigation practice and expand his work as a panel arbitrator.
Cologne has served as the firm’s Managing Partner since 2017. Peterson’s term as Managing Partner will begin on April 1, 2023.
Peterson began his law career as an associate at the firm in 1988 and formed the firm’s Labor and Employment Practice Group in 1991.
‘ He was elevated to partner in 1993 and has built his practice at HFM over the past 35 years.
For over 25 years, Peterson has been a member of the firm’s Executive Committee and Partner Board.
In his law practice, Peterson currently counsels management and litigates disputes for business clients of various sizes on claims involving the employment relationship including individual, representative and class actions.
Matt Marschall, Dylan Marschall and
Warren McCafferty join Kidder Mathews
Matt Marschall, Dylan Marschall, and Warren McCafferty have joined Kidder Mathews’ office in Carlsbad, specializing in land and agribusiness commercial real estate. Matt Marschall has joined the firm as senior vice president, Dylan Marschall as first vice president, and McCafferty as senior associate.
Matt Marschall brings 40 years of experience in commercial real estate. Prior to Kidder Mathews, Marschall was with Cushman & Wakefield and CBRE. He has provided extensive appraisal services including litigation support for a range of properties and investment-grade assets.
Dylan Marschall has been in the commercial real estate industry for over a decade. His experience prior to Kidder Mathews includes Cushman & Wakefield and CBRE. At Cushman & Wakefield, he worked in appraisal on assignments throughout the United States, Canada, and Mexico.
Warren McCaffertybrings over 30 years of experience in real estate and construction management. He worked as a project engineer for Peter Kiewit Sons’ Inc., one of the world’s largest construction firms, overseeing major projects ranging from water treatment plants, pumping stations, rate flow control stations, and power plants.
Blended Eyewear launches new products
in partnership with Oracle Red Bull Racing
SAN DIEGO — Blended Eyewear, a leading eyewear brand founded in San Diego in 2012 by Chase Fisher, announced an exclusive new product collection launched in partnership with Oracle Red Bull Racing. As a continuation of the company’s official sponsorship, the collection includes three winning styles of sunglasses inspired by the Oracle Red Bull Racing team’s iconic livery. The Blenders Eyewear x Oracle Red Bull Racing Collection features the superior durability of its PureBlend Lens fueled by the World Championship racing team’s signature colors and livery design.
Padres pitcher Joe Musgrove signs two-year
endorsement deal with Sycuan Casino Resort
EL CAJON — Sycuan Casino Resort has signed a two-year endorsement deal with San Diego Padres Pitcher Joe Musgrove. In 2022, Sycuan welcomed Musgrove as the organization’s first MLB ambassador. As part of the agreement, Musgrove will make exclusive casino appearances, participate in community events and continue to be featured in marketing campaigns, promotions and social media content.
Apex Risk & Insurance Services
establishes operations in Carlsbad
CARLSBAD — Apex Risk & Insurance Services, a boutique risk management and insurance brokerage, is launching its operations in Carlsbad. Apex brings a commitment to providing personalized service and customized solutions to businesses in the Carlsbad area and beyond. Peter Katkov, a seasoned insurance professional with over 15 years in the industry, founded Apex Risk & Insurance Services to bridge the service gap left by agency consolidations in the insurance marketplace.
AlphaTrAI begins next stage of growth
with expansion of senior leadership team
SAN DIEGO — AlphaTrAI, a technology-driven asset management firm that delivers results through transformative artificial intelligence, has started its next stage of growth with the expansion of its leadership team and board of directors. The firm reported the additions of asset management senior executive Anjun Zhou as chief investment officer, and technology entrepreneur and executive José Pierre as chief solutions officer. Asset management industry leader Richard Goldman has joined theboard of directors to provide strategic guidance and relationships to the fast-growing, venture-backed fintech firm.
Viking Therapeutics says proceeds of public
offering of stock to reach $250 million
SAN DIEGO — Viking Therapeutics Inc., a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, announced the pricing of its underwritten public offering of 17,242,000 shares of its common stock at a price to the public of $14.50 per share. Gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $250 million. Viking has granted the underwriters a 30-day option to purchase up to 2,586,300 additional shares of its common stock on the same terms and conditions. The offering is expected to close on or about April 3.
Sorrento Therapeutics receives final
approval of debtor-in-posession financing
SAN DIEGO — Sorrento Therapeutics Inc., a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, announced that the U.S. Bankruptcy Court for the Southern District of Texas granted final approval of Sorrento’s $75 million debtor-in-possession financing from JMB Capital Partners, in connection with Sorrento’s chapter 11 case that was filed on Feb. 13, 2023. This follows the court’s interim approval of the DIP financing, granted on Feb. 21, 2023 with respect to $30 million of the DIP financing. This leaves Sorrento with an additional $45 million of liquidity so it can continue operating its business during its chapter 11 case.
WD-40 adds degreasing solution
to Specialist product line
SAN DIEGO — WD-40 is expanding its product offerings with the creation of WD-40 Specialist Degreaser and Cleaner EZ-Pods, a concentrated, industrial-strength formula that lets professionals customize their degreasing power for degreasing challenges. Whether in the factory, food processing facility, jobsite, or auto shop, degreasing challenges are just about everywhere. This customizable degreasing solution can be used on sensitive surfaces like plastics, rubber, neoprene, stainless steel, carbon fiber, copper, aluminum, chrome, and painted areas for a clean unlike any other. The product has no harmful fumes, is non-abrasive, non-corrosive, leaves no residue, and doesn’t require a CA-Prop 65 warning.
Lineage and the Christopher & Dana Reed Foundation
to present spinal cord injury investor symposium
CARLSBAD — Lineage Cell Therapeutics Inc., a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, and the Christopher & Dana Reeve Foundation, a nonprofit organization dedicated to advancing innovative research and improving quality of life for individuals impacted by paralysis, will present the 1st annual Spinal Cord Injury Investor Symposium on June 29 at the Sanford Consortium for Regenerative Medicine in La Jolla. . The forum will connect investors and companies engaged in the development of therapeutic interventions in the field of spinal cord injury.
Frost & Sullivan selects Micronoma for award
for technology innovation leadership
SAN DIEGO — Based on an independent team of experts’ rigorous evaluation of a broad field of nominated companies, Frost & Sullivan has selected Micronoma, the first biotech company offering early cancer detection with a microbiome-driven liquid biopsy platform, to receive this year’s Best Practices Technology Innovation Leadership Award in the North America liquid biopsy for lung cancer market. Noting that lung cancer has one of the highest mortality rates, the panel concluded that Micronoma’s Oncobiota platform delivers improved diagnostic capabilities that can result in better patient outcomes and lower costs. OncobiotaLUNG was recently granted FDA Breakthrough Designation Devices status.
Rubio’s Coastal Grill partners with Padres
to give free tacos for 2023 MLB season
SAN DIEGO — Rubio’s Coastal Grill and the San Diego Padres are giving fans something extra tasty during the 2023 MLB season. Each time the Padres steal a base at Petco Park, fans will score a free, à la carte Rubio’s taco, with any purchase, the day after the game. Padres fans will receive one taco of their choice, with the purchase of any menu item, on the day after the stolen base. Guests can order online, or through the app, and enter code GOPADRES, or mention the offer when visiting a restaurant.
