Daily Business Report: Tuesday, April 25, 2023
La Mesa startup that makes affordable prosthetic
devices takes $200,000 top funding award
from San Diego Angel Conference program
LIMBER Prosthetics & Orthotics, a La Mesa startup that takes an engineering approach to designing and manufacturing personally tailored prosthetic devices, has taken the top $200,000 funding prize from the San Diego Angel Conference V 2022-2023 season.
Runnersup were Relavo, awarded $150,000, and Athletiverse, awarded $75,000.
San Diego Angel Conference, a University of San Diego Knauss School of Business program, received 106 applications from early-stage companies. Investors from around the country invested anywhere from $7,000 to $40,000 to form the collective SDAC V fund.
LIMBER Prosthetics & Orthotics, Relavo and Athletiverse were among six finalists vying for funding. The others are Morari, PumpSpotting and Wave Therapeutics.
“What an honor to present alongside the other finalists and be selected to receive funding from the SDAC fund. This seed funding will enable us to move our product development forward,” said LIMBER CEO Joshua Pelz. SDAC also provided us with invaluable mentoring and lessons on how to effectively communicate with angel investors, complete the due diligence process, and build a strong network of mentors, investors, and peers.”
“LIMBER uses digital design and 3D printing to designing and manufacturing affordable prosthetic devices,” the company states on its website. “The LIMBER process starts with a scan of the amputee’s limbs. “Next, using digital design, the scans are transformed into a personalized prosthesis that we manufacture using our in-house 3D printers. 3D printing allows us to reduce the cost of our limbs to less than one-tenth the cost of comparable devices.”
Joshua Pelz, a Ph.D. student in the Department of Structural Engineering at UC San Diego, co-founded LIMBER Prosthetics & Orthotics. (Photo by Erik Jepsen/University Communications)
High-stakes battle brewing over California power bills
By Lynn La | CalMatters
California utility companies are advocating for a controversial pricing structure that would bill households a different fixed charge depending on their income — but the idea is catching heat from Republicans who argue it will hurt low-income families.
As you may have already noticed on your own bill, monthly electric bills come with a few fixed fees that are added on top of the charges proportional to your usage rate. These charges go toward operating costs for the state’s electric grid, including maintenance.
Earlier in April, three companies — Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric — submitted a proposal to the California Public Utilities Commission that includes an income-based pricing system for these fixed charges. According to KTLA 5,the monthly charge would vary between the companies, and range from:
• Housholds making less than $69,000 a year: $20 to $34
• Households making $69,000 to $180,000 a year: $51 to $73
• Households making more than $180,000 a year: $85 to $128
New James M. Cox Foundation
Technology Immersion Lab unveiled
Sharp HealthCare Foundation on Friday unveiled the new James M. Cox Foundation Technology Immersion Lab during a ribbon-cutting ceremony to celebrate the opening of the Sharp Prebys Innovation and Education Center (SPIEC) in Kearny Mesa, which houses the technology immersion lab. The lab was funded by a $500,000 grant from the James M. Cox Foundation, the charitable arm of Cox Enterprises (parent company of Cox Communications) and named after the company’s founder.
The James M. Cox Foundation Technology Immersion Lab will enable Sharp researchers, clinicians, technologists, and industry partners to explore leading-edge technologies including artificial intelligence, software development, machine learning, and advanced analytics, all in support of Sharp’s leadership in health care innovation.
The 68,000-square-foot, four-story SPIEC is located on the campus of Sharp HealthCare’s headquarters at 8695 Spectrum Center Blvd. in Kearny Mesa.
Former San Diego warship commander nominated
to be superintendent of U.S. Naval Academy
Rear Adm. Yvette Davids, who became the first Hispanic woman to command a Navy warship in 2007 when she took over the San Diego-based frigate Curts, has been nominated to become the first woman to serve as superintendent of the U.S. Naval Academy in Annapolis, Md.
Davids was jointly nominated for the post last week by Secretary of the Navy Carlos Del Toro and Chief of Naval Operations Adm. Michael M. Gilday. She also was nominated to become a vice admiral.
The 177-year-old Naval Academy trains men and women to become officers in the Navy and Marines. It’s alumni includes dozens of Medal of Honor recipients, more than 50 astronauts and former President Jimmy Carter.
Trump still the favorite for California GOP
If the latest public polling is to be believed, Republican voters in California, like party faithful across the country, are swinging rapidly toward favoring Florida Gov. Ron DeSantis in next year’s presidential primary. But if the attendees at the latest California Republican Party convention — a gathering of the GOP’s most dedicated activists, volunteers and local officials that took place recently in Sacramento — are anything to go by, former President Donald Trump is still unquestionably the man to beat as he seeks his party’s nomination for a third time.
“Nobody comes up to me and says, ‘What about DeSantis?’” said Deborah Baber, a delegate from Ventura County, as she hawked MAGA Republican buttons outside a Saturday lunch banquet headlined by the new House Speaker (and Bakersfield’s favorite son) Kevin McCarthy, the weekend’s marquee event.
InnoVision Market Group and GNF
Worldwide create global marketing alliance
SAN DIEGO — GNF Worldwide, a global franchise consulting firm headquartered in Madrid, and InnoVision Marketing Group, a national bilingual advertising agency headquartered in San Diego, have announced a partnership to extend their respective capabilities and brand reach. The full-service agency will add global franchise development to its growing list of in-house divisions and services, which currently includes brand strategy, advertising, digital media, creative services, film production, talent and casting, social media & reputation management, traditional media, public relations and marketing.
Avidity Biosciences granted FDA Fast Track
designation for muscular dystrophy treatment
SAN DIEGO — Avidity Biosciences Inc. a biopharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to AOC 1044 for the treatment of Duchenne muscular dystrophy (DMD) in people with mutations amenable to exon 44 skipping. DMD is a rare genetic condition that is characterized by progressive muscle damage and weakness due to the loss of dystrophin protein that typically starts in males at a very young age.
Mosaic named to 20234 SMBTech 50
SAN DIEGO — Mosaic, maker of the world’s first Strategic Finance Platform, was named to the 2023 SMBTech 50, a list created by GGV Capital in collaboration with Crunchbase and 27 venture capital firms to recognize the growth and potential of startups that serve small and medium-sized businesses. The SMBTech 50 list demonstrates both the breadth and depth of the sector and the enthusiasm of venture capital investors for these companies. More than 200 companies were nominated and voted on by top SMBTech venture capital investors to create the SMBTech 50, which represents a mix of early, growth and late-stage private companies.
Onramp adds Coinbase Prime as trading partner
SAN DIEGO — Onramp Invest, the leading, all-in-one digital asset investment platform for financial professionals, announced the addition of Coinbase Prime’s custodian, Coinbase Custody Trust Company, as its trading partner and third custodian service. Added to prior custodian choices, Gemini and Prime Trust, Onramp is the only platform to provide RIAs this level of diverse access and flexibility in their management of client digital asset portfolios.
Cubic Transportation Systems’ Umo Mobility
Platform expands into South America
Cubic Transportation Systems’ Umo Mobility Platform is starting an innovative pilot in Temuco, Chile, the first Umo implementation outside North America. The pilot program will enable passengers to choose from various types of fare payment for their journeys on urban and regional buses in addition to taxi colectivos. This will also be the first enablement of taxi colectivos, a shared taxi that travels on a fixed route, in the Umo ecosystem. Payment options for passengers include contactless smartcards, the Umo Mobility app and tickets with pre-paid QR codes.
SDSU vice president receives county’s
Public Health Champion Award
The County of San Diego Health and Human Services Agency (HHSA) has named Hala Madanat a Director’s 2023 Live Well San Diego 22nd Public Health Champion in recognition of how the initiatives she has spearheaded have benefited the health of San Diego residents. As San Diego State University’s vice president for research and innovation, Madanat stewards the university’s expansive research enterprise and leads the development of the SDSU Mission Valley Innovation District.
Guild Giving Foundation event
raises $380,000 for local charities
SAN DIEGO — The Guild Giving Foundation, a nonprofit organization created by Guild Mortgage, hosted its fourth annual Charity Golf Tournament, Auction and Dinner Social on Oct. 6, 22022, raising a total of $380,000 for local charities. The proceeds were awarded to local charities serving the San Diego community, including MyPath2Owen Dedicated to Lisa Klika, the Urban Corps of San Diego and Home Start.
Sinopia Biosciences selects lead clinical candidate
SAN DIEGO Sinopia Biosciences Inc., a biotechnology company advancing novel therapeutics identified using its proprietary computational drug discovery platform, has selected SB-0110 after extensive preclinical studies as its lead clinical candidate for Parkinson’s disease and levodopa-induced dyskinesia. Sinopia has triggered Phase II funding of its Fast Track Small Business Innovation Research grant for a cumulative funding of $3.3 million awarded by the National Institute of Neurological Disorders and Strok, a part of the National Institutes of Health.
San Diego Hunger Coalition to hold
forum on key nutrition legislation
SAN DIEGO — The San Diego Hunger Coalition will hold a Legislative Forum on April 27 to outline key pieces of legislation that it has identified as opportunities to address nutrition insecurity in the region. Hunger Coalition staff and other nutrition insecurity advocates will provide background, data and analysis on the organization’s policy slate for 2023. Attendees will be able to hear about how these legislative opportunities will increase access to nutrition assistance programs. You can register for the forum at this link.
Mirek Wieczorek named senior VP, head
of reinsurance for ICW Group Insurance Cos.
SAN DIEGO —ICW Group Insurance Companies, a group of property and casualty carriers,
has promoted Mirek Wieczorek to senior vice president, head of reinsurance. As a part of ICW Group’s vision to become a top-tier, multi-line carrier, Wieczorek joined ICW Group nearly four years ago to help build the Assumed Reinsurance business for the company and establish ICW Group in the reinsurance marketplace. Wieczorek has been instrumental in leading the company’s growth. Assumed Reinsurance now represents a significant segment of ICW Group’s total portfolio.
