Daily Business Report: June 13, 2023
Scripps Memorial Hospital Encinitas
breaks ground on $263 million Lusardi Tower
By Times of San Diego
Work to expand Scripps Memorial Hospital Encinitas took a step forward with the start of construction on the $263 million Lusardi Tower. Scripps leaders, philanthropists and local public officials gathered at the North County campus Thursday for a ceremony commemorating the groundbreaking of the three-story, 224,000-square-foot facility.
It is set to offer a broad range of patient care services, including acute care and specialized pulmonary care.
The project, set to open before the end of 2025, will add 64 private inpatient rooms, including 36 private medical/surgical beds; 16 intensive care unit beds; multiple operating rooms, and the Lusardi Pulmonary Institute, which will build on the hospital’s existing pulmonary medicine program, with inpatient and outpatient care.
The expansion will bring the hospital’s total bed count to more than 230.
The Lusardi Tower and pulmonary institute are key components of the second and final phase of the master plan for hospital expansion.
Photo: Rendering of the Lusardi Tower. (Credit: Scripps Memorial Hospital Encinitas)
California’s budget whiplash: From
a record-setting surplus to a
massive shortfall in one year
CalMatters
This time last year, there was excitement and possibility over how to spend a record $97.5 billion budget surplus, a shocking figure coming at the end of a bruising COVID-19 pandemic. But this year, excitement has turned into a fight over what not to cut as the state stares down a $31.5 billion budget gap.
How did this budget whiplash happen? To understand how the state could, in one year, have a revenue swing of about $128.5 billion requires a look at how the state raises money for the general fund — the big pot of money that funds most state programs — and a few other complicated aspects of how California juggles competing budget requirements.
Sudberry Properties completes Phase One
of the Otay River Business Park in Chula Vista
Sudberry Properties has completed and fully leased the 137,500-square-foot Phase One of the Otay River Business Park in Chula Vista. Tenants include SuperStar Car Wash, Jamba Juice, Menuderia Guadalajara, Knockaround Sunglasses, Colonna’s Shipyard, Inc., Sunbelt Rentals, Luv Sola wood flowers, Shore Total Office, and Boochcraft hard kombucha.
Sudberry Properties has started construction on the two manufacturing and warehouse buildings in Phase Two, which will total 205,335 square feet. The 97,230-square-foot building is located at 2995 Faivre St., and the 108,205-square-foot building is located at 2855 Faivre St.
The development team includes TFW Construction and SCA Architecture of San Diego, Lightfoot Planning Group of Carlsbad, Ridge Landscape Architects (RLA) of Irvine and Southland Paving Inc. Michael Mossmer of Voit Real Estate Services is providing brokerage services. Pre-leasing is underway with sizes ranging from 25,000 to 108,000 square feet.
Southwestern College to hold first
binational graduation ceremony in Tijuana
On June 15, Southwestern College will hold its first binational graduation in Tijuana, Mexico to give students the opportunity to share their accomplishments with their friends and family across the border.
The event, which will be held at 3 p.m. at Preparatoria Federal Lazaro Cardenas, reflects the college’s ongoing efforts to collaborate and share educational experiences between the United States and Mexico. School officials are hopeful that more educational opportunities in San Diego could lead to more students enrolling in classes, getting degrees or obtaining skilled jobs to strengthen the local economy.
The ceremony is open to all students who were eligible to participate in the graduation ceremony held May 26 at Southwestern College’s main campus in Chula Vista.
CaseyGerry attorney appointed to
Social Media Steering Committee
Frederick Schenk, a longtime CaseyGerry partner and head of the firm’s mass torts practice, has been appointed by Judge Carolyn Kuhl of the Los Angeles Superior Court to serve on the plaintiffs’ steering committee in the social media judicial council coordination proceedings (JCCP) lawsuit against some of the world’s biggest social media companies, including Facebook, Instagram, YouTube, Snapchat, TikTok and others.
The steering committee is tasked with overseeing the plaintiff’s prosecution of civil cases arising from the social media addiction litigation filed in the Superior Courts of the State of California.
Schenk will be working closely with a team of law firms to hold social media companies accountable for allegedly encouraging social media addiction in young users —despite knowing the negative impact such use has on the physical and mental health of those individuals and their families.
Battling Godzilla: Inflation, Recession
and the fight against the COVID-19 economy
Douglas Page, associate editor of SD METRO Magazine, reviews the Stephen D. King book, “We Need to Talk About Inflation,” in the current issue of the magazine.
Says Page: “There may be no greater economic menaces than inflation and recession, which alone and combined can metamorphose into a towering, saber-toothed Godzilla, destroying companies, mangling careers and, sometimes, vanquishing governments.”
Read the review in the PDF version of the magazine here
Petco partners with Snoop Dogg to sniff out
‘Better Quality Pet Care for Less Human Money’
Petco Health and Wellness Company Inc. has teamed up with hip-hop legend and devoted pet parent Snoop Dogg for a new advertising campaign that spotlights the value Petco offers when it comes to caring for pets’ whole health.
The campaign is the latest iteration of the brand’s long-standing “It’s What We’d Want If We Were Pets” platform, which personifies pets with human actors to affirm Petco’s commitment to delivering them the same quality of care as any other member of the family.
The campaign’s hero 30-second spot, “DOGG Walk” features the rapper as the human version of a Doberman Pinscher, aptly reminiscent of the breed Snoop famously transformed into in the video for his top hit “Who Am I? (What’s My Name?)” on his 1993 debut album, “Doggystyle.”
In the film, Snoop’s familiar pet persona is the epitome of health thanks to the high-quality — yet wallet-friendly — nutrition, supplies and care he gets from Petco. In two accompanying shorter spots, Snoop confirms that dogs like him — and the Doberman — love a good deal and can always sniff them out.
MedCrypt and Stratigos Security partner
to offer specialized penetration testing
SAN DIEGO — MedCrypt Inc., the proactive cybersecurity solutions provider for medical device manufacturers, including seven of the top 10, announced its partnership with Stratigos Security, a company that specializes in penetration testing and independent security assessments. Together, they offer a suite of third-party assessment and advisory services, with specialized penetration tests for medical device makers to assure the safety and effectiveness of their devices.
IPS Group demonstrates advantages of fully
integrated Smart Parking Ecosystem
SAN DIEGO — IPS Group, a Smart Parkin innovation leader based in San Diego, will demonstrate at the IPMI Parking & Mobility Conference & Echo in Fort Worth, Texas, June 11-14. It will show how the fully integrated Smart Parking Ecosystem streamlines operations in a seamless experience. The IPS Fully Integrated Smart Parking Ecosystem connects technology that was built from the ground up, together, to enable a common user experience, operational efficiencies, and scalability.
Aardvark Therapeutics reports positive
Phase II clinical data for ARD-101
SAN DIEGO — Aardvark Therapeutics Inc., a clinical stage biopharmaceutical company, reported positive clinical data from three Phase II trials for its lead program ARD-101, an oral small molecule bitter taste receptor agonist. These early results suggest a promising future for a new class of pharmaceuticals that could benefit people afflicted with obesity or other metabolic conditions, particularly those associated with hunger, which is a prominent feature of the rare genetic condition Prader-Willi Syndrome (PWS).
Smith+Nephew to demonstrate its AETOS
Shoulder System at Coronado conference
CORONADO —Smith+Nephew, A UK medical technology company, announces it has received 5 clearance from the United States Food and Drug Administration (FDA) for its AETOS Shoulder System, which will be showcased this week at the San Diego Shoulder Institute’s annual shoulder course in Coronado. Smith+Nephew is a portfolio medical technology company focused on the repair, regeneration and replacement of soft and hard tissue.
William Forbes named chief development
officer for Heron Therapeutics
SAN DIEGO — Heron Therapeutics Inc., a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments to address some of the most important unmet patient needs, announced the appointment of William Forbes as executive vice president, chief development officer, and the resignation of Kimberly Manhard as executive vice president. Forbes joins Heron’s management team.
Medtronic to present new data on
its intelligent dosing platforms
SAN DIEGO — Medtronic plc, a global leader in medical technology, announced its participation in the upcoming American Diabetes Association’s (ADA) 83rd Scientific Sessions at the San Diego Convention Center on June 23-26. Medtronic will present new data and clinical outcomes across a broad population of patients from its newly FDA-approved MiniMed 780G system with Guardian 4 sensor — which began shipping in the U.S. earlier this month — as well as their Extended Infusion Set and InPen smart insulin pen.
NanoImaging Services receives investment
from Amersand Capital Partners
SAN DIEGO — NanoImaging Services, the leading provider of cryo-electron microscopy services to the pharmaceutical and biotechnology communities, has received a growth equity investment from Ampersand Capital Partners. Members of the NIS management team joined Ampersand in the financing. The company will use this investment to support its worldwide growth initiatives, including expanding microscope capacity and adding complementary services to further serve the needs of existing and future customers.
Regulus Therapeutics names Preston
Klassen to president and head of research
SAN DIEGO — Regulus Therapeutics Inc., a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs, announced the appointment of Preston S. Klassen M.D., to president and head of research and development. Klassen brings over 20 years of experience in leadership roles in both large and small biopharmaceutical companies. In addition, the company announced the appointment of Curtis A. Monnig to vice president of CMC.
Trucept launches Afinida Marketing
SAN DIEGO —Trucept Inc., a leading provider of comprehensive business solutions, announces the establishment of its new marketing subsidiary, Afinida Marketing. This move is part of the company’s continued commitment to provide more comprehensive and innovative services to its clients. Afinida Marketing is poised to offer a broad array of marketing services, from digital advertising and search engine optimization to content creation, social media management, and market analytics. It is aimed at helping businesses to not only navigate, but also thrive in the rapidly evolving digital marketplace.
Philter Labs lands $1 million investment
SAN DIEGO — Philter Labs, a leader in secondhand smoke elimination technologies, secured an additional $1 million investment from Atayf Investments Pty Ltd. and a warrant for an equivalent investment by the end of 2023. Btomorrow Ventures, the venture capital arm of British American Tobacco, originally led the financing round. The allocated funds will further propel R&D initiatives within the company. They will also back the introduction of the industry’s first-ever heat-not-burn device specifically designed for organic substrates with the ability to eliminate secondhand smoke.
