Daily Business Report: March 27, 2024
UC San Diego Health first in region to implant
dual chamber, leadless pacemaker
By Jeanna Vazquez | UC San Diego
UC San Diego Health is the first health system in San Diego to successfully implant the world’s first dual chamber and leadless pacemaker system to help treat people with irregular heart rhythms, known as arrhythmias, which can lead to complications like palpitations, fainting and stroke.
Approved by the U.S. Food and Drug Administration (FDA) in July 2023, a new leadless pacemaker system placed in both chambers of the heart and using a novel communication technology is now offering a more minimally invasive option for patients.
UC San Diego Health implanted the pacemaker system in the first patient in February 2024.
“To have the option to use a leadless pacemaker system on both sides of the heart will allow us to treat more individuals currently living with heart arrhythmias,” said Ulrika Birgersdotter-Green, MD, cardiologist and director of pacemaker and ICD services at UC San Diego Health.
Photo: Holding the device and pictured above is Ulrika Birgersdotter-Green, MD, cardiologist and director of pacemaker and ICD services at UC San Diego Health. (Photo credit: Kyle Dykes | UC San Diego Health)
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Guest Commentary
Wall Street is betting big on Artificial Intelligence.
California consumers must be protected
By Justin Kloczko | Tech and privacy advocate for Consumer Watchdog
Artificial intelligence may soon replace financial advisors, and that’s just the start. While one algorithm predicts stock price, another decides what to disclose to regulators. Chat GPT-style language models could soon hallucinate your mortgage application or life savings, and you won’t even know it.
I spent several months combing through the U.S Patent and Trademark Office to see how the world’s most powerful investment banks are incorporating artificial intelligence, and it’s a scary glimpse into the future.
JPMorgan has applied for a trademark called “Index GPT” that would give financial advice, and one that would match companies with investors. Goldman Sachs is seeking to patent AI that will combine all the data a trader would need to predict stock prices, and another to predict a hedging portfolio. Already, ING Group is screening for potential defaulters.
There is even AI to translate “Fedspeak so banks can tell if statements by regulators are “dovish” or “hawkish.”
Banks are pouring billions of dollars into AI research, patents and financing without adequate safeguards. A lot of attention is devoted to tech companies developing artificial intelligence, but Wall Street banks are just as interested. Financial services spending on AI is larger than any other industry, exceeding even the tech industry.
There is still little we know about generative AI. Even engineers and coders don’t understand how AI works.
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Broken border sewage plant gets its fix
By MacKenzie Elmer | Voice of San Diego
Despite fears of last-minute Republican pushback, Congress agreed to send more money to fix a broken wastewater treatment plant in San Diego along the U.S.-Mexico border.
There was some speculation from San Diego Democrats that Republican Rep. Darrell Issa would woo his GOP counterparts into stalling the funding if he wasn’t satisfied with explanations about why the South Bay International Wastewater Treatment plant had fallen into such disrepair. But the $103 million increase to the International Boundary and Water Commission’s budget – the federal agency that manages the plant and other water infrastructure at the border – passed both houses in the $1.2 trillion government spending bill early Saturday morning.
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Downtown San Diego federal building to get
electric vehicle charging ports from GSA
The U.S. General Services Administration announced $25 million for electrical vehicle supply equipment, or EV charging ports, at federal buildings across the nation, including the James M. Carter and Judith N. Keep U.S. Courthouse in Downtown San Diego.
This is part of President Biden’s Investing in America agenda. An initial planned spend of just over $20 million through the Inflation Reduction Act will support 32 projects across 21 states at 33 federal buildings for a total of 782 ports to help build an EV charging network for the federal government’s electric vehicle fleet.
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Kearny Mesa office building sells for $17 million
A 54,000-square-foot, two-story, fully leased office building in Kearny Mesa has been sold for $17 million. The property is located at 9573 and 9577 Chesapeake Drive. The buyer was Dyer 18 LLC based out of Los Angeles. The seller was Provident Chesapeake LLC. Randy LaChance, executive vice president and partner, and Brandon Keith, senior vice president and partner, of Voit’s San Diego office, directed the sale, representing both the buyer and seller.
Credit Union wins two Bronze 2024 advertising awards
San Diego County Credit Union was selected as the winner of two Bronze 2024 American Advertising Awards – San Diego for their “Stuff the Bus” and “LEGOLAND” advertising campaign submissions. These campaigns, launched in the summer of 2023, were broadcast across TV, radio and digital mediums. The full list of winners can be found on the American Advertising Awards website, sandiegoaddys.com.
Poseida appoints Dr. Syed Rizvi as chief medical officer
Poseida Therapeutics Inc., a clinical-stage cell and gene therapy company advancing a new class of treatments for patients with cancer and rare diseases, announced the appointment of Syed Rizvi, M.D., as chief medical officer effective April 1, 2024. Dr. Rizvi is a seasoned executive with over 20 years of experience across all stages of drug development, including clinical strategy, execution, and commercialization. Dr. Rizvi most recently served as chief medical officer of Caribou Biosciences, where he was responsible for overall strategy.
Cervello CO. bringing Italian artistry to laser engineering
Cervello CO. Lasers announced the launch of its new line of premium laser devices that blend elegant Italian design with cutting-edge laser technology. Founded in 2021 and headquartered in Bologna Italy, Cervello and CO. Lasers was created with a vision to push the boundaries of laser innovation while maintaining a focus on aesthetics and user experience. Known for impeccable precision engineering and timeless Italian styling, Cervello is now taking its design-led approach to the next level.
Don Norman Design Award launches inaugural award program
Don Norman Design Award, a nonprofit organization that promotes and supports the practice and education of humanity-centered design, announced the launch of its award program, named after Don Norman, the design pioneer, educator, and champion of humanity-centered design. Norman’s legacy spans more than 50 years of academic teaching and corporate leadership. He is the author of 21 books, including the world-famous reference book “The Design of Everyday Things” and the latest “Design for a Better World.”
NewPhotonics introduces second-generation photonic integrated circuit
NewPhotonics Ltd introduced its NPG102 second-generation photonic integrated circuit with integrated optical equalizer delivering reduced complexity and enhanced link performance for high-throughput optical interconnect. The enhanced transmitter-optimized chip offers breakthrough minimal latency and power performance at 800 GBps and 1.6 TBps for linear receive optics (LRO) and linear drive pluggable optics (LPO) applications in the data center.
Pilot Photonics secures large European funding
Pilot Photonics announced that the company has secured $2.5 million from the European Innovation Council (EIC) to develop, integrate and commercialize key technology blocks relevant to a coherent co-packaged optics (CPO) solution to overcome future scaling challenges in the datacentre. The funding is provided through the EIC’s Transition programme and involved a rigorous evaluation process consisting of a highly competitive written proposal stage, followed by an interview stage.
GC Genome to present new data at AACR 2024
GC Genome Corporation, a leading diagnostics company, announced that the company will present two poster presentations at the American Association for Cancer Research Annual Meeting 2024 in San Diego from April 5–10, 2024. During the event, GC Genome will showcase the innovative performance of its liquid biopsy technology for early cancer detection using cfDNA, highlighting its effectiveness across diverse ethnic groups.
Perfect Bar going dark in time for solar eclipse
Perfect Snacks, a leader in the Fresh-Snacking category since 2005, has announced the latest addition to its Perfect Bar line-up of refrigerated protein bars: Chocolate Brownie. With the Solar Eclipse coming on April 8, the new perfectly dark Perfect Bar is a must-have to celebrate the uniquely dark spectacle. The latest innovation is the perfect blend of freshly ground peanut butter, cashew butter and cocoa, topped with dark chocolate chips.
San Diego Angel Conference announces six finalists to win seed funding
San Diego Angel Conference at USD has selected six company finalists to compete for a chance to win seed funding ad SDAC VI Angel Conference at USD on May 9. Over 100 companies applied for SDAC VI, hoping to land at least $200,000 in angel investment or attract investors interested in funding their companies. SDAC engages angel investors and provides coaching, education, and connections to founders. Click here for the finalists.
MaxLinear and Jabil announce optical module production availability
Carlsbad-based MaxLinear, a leading provider of high-speed interconnect ICs enabling data center, metro, and wireless transport networks, and Jabil, a global leader in design, manufacturing, and supply chain solutions, announced the production availability of a family of 800G silicon photonics-based optical transceiver modules aimed at enabling the AI/ML revolution. The state-of-the-art modules leverage Jabil’s recently-announced collaboration with Intel and their highly reliable silicon photonics solutions.
Revelyst announces acquisition of PinSeeker
Revelyst, a collective of world-class maker brands that design and manufacture performance gear and precision technologies and a segment of Vista Outdoor Inc., announced it has acquired PinSeeker, a Wasserman portfolio company. PinSeeker will be integrated into Foresight Sports, the leading maker of golf launch monitors and simulators, in Revelyst’s Precision Sports Technology platform. PinSeeker employees will relocate to San Diego where Revelyst’s Precision Sports Technology platform is based.
Trust & Will launches new TV ad campaign
San Diego-based Trust & Will launches new ad campaign “Make It Count” in partnership with All-Inclusive TV agency Marketing Architects. Founded in 2017, Trust & Will is on a mission to help every family leave a legacy by bringing the estate planning process online. Today, they’ve helped hundreds of thousands of families create estate plans and settle probate with affordable and customizable plans, and they’re only continuing to grow.
