Daily Business Report: March 11, 2024
San Diego strengthens its position
as a life sciences giant
With its life sciences core anchored in Torrey Pines, UC San Diego and numerous private research institutions — including Scripps Research, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute — San Diego continues to strengthen its position as one of North America’s largest life sciences hubs. That’s according to Cushman & Wakefield’s February 2024 Life Sciences Update:
- Continued growth of the industry has been fueled by public, private and academic collaboration, a talented workforce, a high quality of life and strong anchors, such as Illumina, Pfizer, Bristol Myers Squibb, Eli Lilly and Company, and Takeda.
- The region is home to nearly 2,100 life sciences companies, including more than 80 independent and university-affiliated research institutes.
- The life sciences cluster generated $57.4 billion in economic impact in 2022, according to Biocom California.
- As of fourth quarter 2023, there were 4.6 million square feet (20 buildings) under construction countywide, 31 percent of which are pre-leased, alongside 453,000 square feet of conversions. New development has pushed vacancy to 12.4 percent and will continue to rise with an abundance of active construction in the pipeline.
- As venture capital investment returns to pre-pandemic levels and sublease availabilities increase, tenants will have an attractive choice in less expensive, move-in ready space.
Photo by Louis Reed on Unsplash.
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California Legislature could set a new record for women
CalMatters
With Adam Schiff and Steve Garvey advancing to the general election later this year, it’ll be the first time in 32 years that California won’t have a woman representing the state in the U.S. Senate. (That seat is currently held by Laphonza Butler, who was appointed after the death last September of Dianne Feinstein.)
But in the Legislature, at least, representation of women is likely to grow. The number of women in the state Senate and Assembly is already a record 50 of 120 after the 2022 election. And based on the primary results so far, it’s expected to increase to at least 55 women after the November election, according to Close the Gap California, an advocacy group that seeks to elect women to office.
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Community college district saves taxpayers
more than $31 million through bond refunding
San Diego taxpayers will save more than $31 million thanks to a San Diego Community College District (SDCCD) decision to take advantage of a window of opportunity due to unique market conditions by converting existing taxable refunding bonds back into tax-exempt bonds years before it otherwise would have been possible, lowering future debt service.
Of the $770 million targeted bonds, $228 million in par amount were tendered (a 30 percent participation rate), ultimately $208 million of bonds were accepted resulting in $31 million in taxpayer cashflow savings and $22.3 million in present value savings. $168 million in new refunding bonds were issued. The refunding bonds generated strong investor participation which demonstrates the interest shown by the investors in the district.
The most recent refunding in December 2021 saved the district taxpayers $38.1 million in cashflow savings through the sale of $532.2 million in refunding bonds.
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James Carideo appointed market director
for UBS Wealth Management in San Diego
UBS Wealth Management has named James (Jim) V. Carideo market director for the firm’s San Diego offices. He will be based in the downtown San Diego office and will oversee financial advisers and support staff in San Diego and additional branches in Rancho Bernardo and Carmel Valley.
Carideo has been with UBS for nearly 13 years, most recently serving as market director in Portland, Ore. In that role, he oversaw all aspects of the wealth management business in the area and led a transformation of the Portland complex into a top-performing market. His primary responsibilities in San Diego will include expanding the firm’s business activities in the region, recruiting new advisers and coaching team members to maximize performance.
Prior to UBS, Carideo worked with Smith Barney for 19 years, working his way up from being a financial adviser into management, including spending two years in Australia.
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This injectable hydrogel mitigates damage
to the right ventricle of the heart
By Ioana Patringenaru | UCSD
An injectable hydrogel can mitigate damage to the right ventricle of the heart with chronic pressure overload, according to a new study published March 6 in Journals of the American College of Cardiology: Basic to Translational Science.
The study, by a research team from the University of California San Diego, Georgia Institute of Technology and Emory University, was conducted in rodents. In 2019, this same hydrogel was shown to be safe in humans through an FDA-approved Phase 1 trial in people who suffered a heart attack. As a result of the new preclinical study, the FDA approved an investigational new drug application for the Emory and Georgia Tech researchers to start a clinical trial with the hydrogel in pediatric patients in the coming months, once institutional approvals are received.
“To the best of our knowledge, it’s the first time that an injectable biomaterial therapy has been evaluated to mitigate right ventricular heart failure,” said Jervaughn D. Hunter, the paper’s first author, who earned his Ph.D. in the Shu Chien-Gene Lay Department of Bioengineering at UC San Diego.
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Samsung Semiconductor expands San Diego footprint
EDC celebrated the opening of Samsung Semiconductor’s customer engagement office in San Diego. he company currently employs 200 San Diegans with plans for additional growth in the new Del Mar office and beyond. The expansion follows last year’s WTCSD trade mission to South Korea where more than 30 delegates visited Samsung Biologics and other tech giants to strengthen relationships with the strategically important innovation cluster.
Dexcom gets first FDA clearance for wearable glucose monitor
San Diego device maker Dexcom has received the first FDA clearance for a continuous glucose monitor that doesn’t require a doctor’s prescription. The U.S. Food and Drug Administration cleared Dexcom’s Stelo biosensor for over-the-counter use. This opens the door for people to access a continuous glucose monitor without insurance coverage.
It is geared toward people who are 18 years and older who are not on insulin and who do not have problematic hypoglycemia.
Novo Nordisk, Neomorph enter $1.46 billion deal
Sorrento Valley-based biotech startup Neomorph signed a $1.46 billion collaboration and licensing agreement with Danish pharmaceutical giant Novo Nordisk. Neomorph, which was founded in 2020 and launched with $109 million in Series A funding, will be developing molecular glue degraders in targets related to cardiometabolic and rare disease space for Novo Nordisk.
Rakuten Medical closes $119 million Series E financing
Rakuten Medical, Inc., a global biotechnology company developing and commercializing precision, cell targeting therapies based on its proprietary Alluminox platform, announced the completion of a $119 million Series E preferred stock financing, including $45 million in new capital and the conversion of $74 million of convertible promissory notes with accrued interest.
Stemson Therapeutics and Aderans sign licensing deal
Stemson Therapeutics and Aderans Company, the parent company of Bosley and Hairclub, announced an greement securing Stemson the exclusive global rights to research, develop and commercialize hair regeneration therapeutic products based on Aderans’ proprietary hair regeneration cell therapy technology. Stemson Therapeutics is headquartered in San Diego.
StratEdge brings packaging innovation to conference
Santee-based StratEdge Corporation, a leader in the design, production, and assembly of high-performance semiconductor packages for demanding applications, announced it will showcase its latest package manufacturing innovations at the IMAPS Device Packaging Conference in Fountain Hills, Ariz., March 19-20. StratEdge’s molded ceramic semiconductor packages are designed specifically for high-reliability applications.
Serenity unveils EHS management solution
Serenity, a leader in innovative environmental, health, and safety solutions, announced the launch of Serenity Ascend, a groundbreaking EHS management solution that promises to transform the industry. This AI-powered platform is uniquely designed to be a self-register, ready-to-use tool that addresses the core needs of EHS management, making it an indispensable asset for businesses–especially small-to mid-market companies–aiming to enhance their safety protocols and compliance strategies.
Manscaped debut new brand campaign
Manscaped, global men’s grooming company, in collaboration with Pereira O’Dell, debuts a new brand campaign utilizing a visual metaphor to demonstrate a few qualms surrounding the topic of men’s below-the-waist grooming. The commercial is available on Manscaped’s YouTube channel and social media accounts. Manscaped was founded in San Diego in 2016 by Paul Tran.
Brain Corp. secures $32 million in Tennant deal
Local AI leader Brain Corp. has secured $32 million to power Tennant Company’s new X4 ROVR autonomous mobile robots with its BrainOS Robotix Platform. This deal expands their six-year partnership under which Tennant has acquired more than 6,500 Brain Corp. cleaning robots to aid janitorial teams struggling with overwhelming demand amid talent shortages.
Joseph Bruner wins Guy Fieri’s ‘Tournament of Cocktails’
University Club announced that Bar Manager Joseph Bruner has won Guy Fieri’s “Tournament of Cocktails” held at Brian Malarkey’s restaurant, Herb & Wood, in Little Italy. Bruner’s winning concoction, named “Blistered State of Mind,” featured Santo Reposado Tequila, a premium spirit from Guy Fieri’s tequila brand, along with a blend of maple syrup, shishito pepper, bacon, basil, lime juice, and orange bitters.
