Daily Business Report: Tuesday, January 16
Transparent brain implant can read
deep neural activity from the surface
By Liezel Labios | UC San Diego
Researchers at the University of California San Diego have developed a neural implant that provides information about activity deep inside the brain while sitting on its surface. The implant is made up of a thin, transparent and flexible polymer strip that is packed with a dense array of graphene electrodes.
The technology, tested in transgenic mice, brings the researchers a step closer to building a minimally invasive brain-computer interface (BCI) that provides high-resolution data about deep neural activity by using recordings from the brain surface.
The work was published on Jan. 11 in Nature Nanotechnology.
“We are expanding the spatial reach of neural recordings with this technology,” said study senior author Duygu Kuzum, a professor in the Department of Electrical and Computer Engineering at the UC San Diego Jacobs School of Engineering. “Even though our implant resides on the brain’s surface, its design goes beyond the limits of physical sensing in that it can infer neural activity from deeper layers.”
Photo: When placed on the surface of the brain, this thin, flexible implant enables researchers to capture high-resolution information about neural activity deep inside the brain without damaging its delicate tissue. (Photo by David Baillot/UC San Diego Jacobs School of Engineering)
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Liberty National Corporation acquires Downtown
San Diego property to build future residential tower
Last month, San Diego-headquartered residential developer Liberty National Corporation completed the purchase of a property in Downtown San Diego with the intention of redeveloping the site into a residential tower.
Located at 1520 and 1532 Third Ave., the property is at the northwest corner of Third Avenue and Beech Street in the Cortez Hill neighborhood, one of the most architecturally historic neighborhoods in San Diego. Liberty National acquired the property due to its prime location with convenient access to many of the city’s top attractions, such as the 1,200-acre urban oasis Balboa Park, the retail and nightlife of Little Italy, and San Diego’s Bayfront offering leisure amenities and office space.
The developer plans to build a high-rise, multi-family community on the site, including a selection of much-needed affordable homes. The property is directly across the street from the historic St. Joseph Cathedral, founded in 1874 and celebrating its 150th anniversary this year.
County program helps qualifying first-time homebuyers
The County of San Diego’s Down Payment and Closing Cost Assistance Program helps first-time home buyers whose income is 80 percent or less than the annual area median income, which ranges from $77,200 or less for a single adult, to $110,250 for a family of four and $145,550 for a family of eight.
The program offers low interest loans with deferred payments. The loans may be as much as 22 percent of the sales price for the down payment and up to $10,000 for closing costs.
The loan can be used to buy new or re-sale homes, including single-family, condominium, townhome, and manufactured homes on a permanent foundation. The purchase price may not exceed $676,000, subject to periodic adjustments.
For more information, visit the Housing and Community Development Services website.
Cal State San Marcos forms partnership to support municipal clerks
By Brian Hiro | CSUSM
Cal State San Marcos and the City Clerks Association of California (CCAC) have formed an innovative partnership to establish the Municipal Clerks Institute.
The Institute strives to educate municipal clerks, engage them with one another and their communities, and elevate the profession as a continuum of public service. Municipal clerks stand on the front lines of democracy in their communities, administering free and fair elections, among other functions. The Institute strives to support municipal clerks in these efforts to keep communities strong.
Through the partnership, CSUSM becomes the first and only California State University education partner authorized by the International Institute of Municipal Clerks to offer its Certified Municipal Clerk (CMC) and Master Municipal Clerk (MMC) training program. CSUSM Extended Learning will be offering these training sessions online and in person.
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A new low-cost airline is coming to San Diego
San Diego International Airport is welcoming a new budget air carrier that will soon be offering nonstop flights to several destinations not currently served locally, spanning states from Ohio and Pennsylvania to Florida. Breeze Airways, a relatively new airline started in 2021 by David Neeleman, the founder of JetBlue, announced it is making its debut in late April in San Diego where it will launch nonstop service to Raleigh-Durham, N.C., followed in quick succession by Jacksonville, Fla.; Norfolk, Va.; Cincinnati, Ohio; and Pittsburgh, Pa.
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Johnson & Johnson acquires Ambrx Biopharma for $2 billion
Johnson & Johnson agreed to buy San Diego-based Ambrx Biopharma for $2 billion to gain access to its pipeline of prostate, kidney, and breast cancer therapies. Spun out of Scripps Research in 2003, Ambrx specializes in antibody-drug conjugates often used in chemotherapy drugs to deliver medications to specific targets while minimizing damage to healthy cells.
Illumina partners with China’s HaploX
DNA sequencing giant Illumina has teamed with Chinese genetic testing provider HaploX to build and launch the first NextSeq 2000Dx-CN-HAP, a benchtop genetic sequencing system that aims to expand and propel China’s science and medical innovation efforts. The company also recently launched Illumina Ventures Lab in Foster City, Calif., and Cambridge, UK, which offer early-stage genomic startups fully-equipped genomics labs with state-of-the-art life science technologies to support development and acceleration.
New report highlights role of creative industries in San Diego economy
A report commissioned by the City of San Diego and the San Diego Regional Policy & Innovation Center has underscored the importance of creative industries to the local economy and made recommendations to addressing persistent issues, such as the high cost of living. The report says creative businesses combined add nearly $11 billion to the local economy and 3.7 percent to the gross regional product.
Castlelake and Vervent reach agreement on credit card programs
Castlelake, L.P., a global alternative investment firm specializing in asset-based opportunities and Vervent, a leading fintech servicing company based in San Diego, announced the entry into a new forward flow agreement whereby certain Castlelake funds and affiliates will provide up to $180 million to Vervent and its affiliates. Under the terms of the agreement, affiliates of Vervent will use the funds to finance origination for its Revvi, Total Card and First Access unsecured credit card programs.
Bill Nye to keynote ASU+GSV Air Show April 13-15
ASU+GSV AIR Show, the world’s largest gathering for all things AI in education, announces iconic science educator Bill Nye as a keynote speaker for the inaugural AIR Show April 13-15, 2024, at the San Diego Convention Center. Known for his unique blend of entertainment and education, Bill Nye will bring his signature enthusiasm and accessible style to the free, in-person event that will explore the AI Revolution in education.
Neuralace Medical announces FDA clearance of Axon Therapy
Neuralace Medical Inc., an innovator in pain management technology, announced the FDA clearance of its groundbreaking product, Axon Therapy, for the treatment of chronic Painful Diabetic Neuropathy (PDN). This landmark approval marks the first-ever FDA clearance of a non-invasive, magnetic peripheral nerve stimulation (mPNS) treatment for Painful Diabetic Neuropathy, offering new hope to millions suffering from this debilitating condition.
Heritage Global Partners and partners acquire Missouri plant
San Diego-based Heritage Global Partners, a subsidiary of Heritage Global Inc. and a worldwide leader in asset advisory and auction services, in partnership with New Mill Capital, Federal Equipment Company and Keith Machinery Corp., announced that it has acquired a state-of-the-art pharmaceutical plant in Fenton Missouri, formerly owned by Alkem Laboratories. The joint venture plans to find a pharmaceutical user-operator to continue operations at the site and take advantage of the plug and play nature of the offering.
Altium launches Altium 365 BOM Portal
Altium LLC, a global leader in electronics design systems, announced the launch of the BOM Portal within the Altium 365 platform. The BOM Portal is engineered to dramatically enhance collaboration between engineering and procurement teams, offering a unified approach to managing Bills of Materials (BOMs) in electronics design. Procurement professionals now have visibility into upcoming designs before they are released, enabling them to catch issues early in the development process.
Concentric by Ginkgo and Illumina collaborate
Concentric by Ginkgo, the biosecurity and public health unit of Ginkgo Bioworks, which is building the leading platform for cell programming and biosecurity, announced that it has entered into a co-marketing agreement with Illumina Inc., a global leader in DNA sequencing and array-based technologies, to partner on expanding biosecurity capabilities globally. Concentric is building a global pathogen monitoring network—a “bioradar” system —in countries around the world.
