Daily Business Report: April 24, 2024
The Cal Grant expansion for California
college students is in
jeopardy as the state deficit grows
By Mikhail Zinshteyn | CalMatters
When California’s budget surplus was in the tens of billions two years ago, legislators passed a law that would expand the state’s nationally renowned free-tuition and cash aid program to an additional 137,000 college students by fall 2024 — but only if the money is there.
Whether the Cal Grant tuition program grows will play out in the next two months, as state legislators and Gov. Gavin Newsom grapple with a budget deficit now estimated at between
$38 billion and $73 billion, depending on whom you ask.
Early signs suggest California’s upcoming budget, which legislators and the governor must finalize by late June, won’t be able to shoulder the new expenses. “Based on current revenue projections, those conditions are unlikely to be met in 2024-25,” wrote Lisa Qing, an analyst with the Legislative Analyst’s Office, in an email last week.
Full expansion would cost $245 million, on top of the $2.4 billion the state already spends on the Cal Grant program. The financial aid juggernaut fully covers tuition at the University of California and California State University and provides cash awards to community college students of $1,650, though some students with children get more. Private college students receive partial tuition waivers.
Photo: The student center at Cuesta Community College in San Luis Obispo on Jan. 10, 2024. (Photo by Julie Leopo-Bermudez for CalMatters)
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Innovative microscopy demystifies metabolism of Alzheimer’s
By Miles Martin | UC San Diego
Alzheimer’s disease causes significant problems with memory, thinking and behavior and is the most common form of dementia, affecting more than 50 million people around the world each year. This number is expected to triple by the year 2050.
Using their own state-of-the art imaging technologies, scientists at the University of California San Diego have now revealed how the metabolism of lipids, a class of molecule that includes fats, oils and many hormones, is changed in Alzheimer’s disease. They also revealed a new strategy to target this metabolic system with new and existing drugs. The findings are published in Cell Metabolism.
“Lipids have been associated with Alzheimer’s for as long as we’ve known about the disease,” said senior and co-corresponding author Xu Chen, an assistant professor in the Department of Neurosciences at UC San Diego School of Medicine, referring to the original 1907 report by Alois Alzheimer that described the unusual presence of fat deposits in the brain of the first person to be diagnosed with the disease.
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Mayor Gloria presents $5.65 billion 2025 city budget to mixed reviews
by Eliabeth Ireland | Times of San Diego
Mayor Todd Gloria’s proposed $5.6 billion budget for fiscal year 2025 received mixed reviews Monday from the San Diego City Council, following a public presentation at City Hall. The budget, Gloria said, is focused on continuing city improvements and avoiding major service losses amid a difficult economic
“This proposed budget is on-time, balanced and will continue the business of moving San Diego forward,” Gloria said earlier this month. “With revenue down and costs rising, we had to make difficult choices in order to sustain funding for key priorities: addressing homelessness and building more housing; fixing roads and other critical infrastructure; and keeping you safe.”
“We were able to avoid the most dire cuts by using one-time measures we cannot responsibly repeat next year, so a major part of this process will be how we reckon with our structural deficit,” he said.
However, many members of the public and several city councilmembers believed where the budget did make cuts was a mistake.
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General Atomics’ Mojace UAS lights up the Yuma desert in live-fire demonstration
General Atomics Aeronautical Systems, Inc. (GA-ASI) confirms that its Mojave Unmanned Aircraft System (UAS) destroyed static targets in live-fire tests on April 13, 2024, validating the system’s battlefield relevance and recording another milestone for the demonstrator aircraft.
General Atomics partnered with Dillon Aero to mount two of Dillon’s DAP-6 Gun Pod Systems onto the Mojave aircraft. Mojave performed seven passes across two flights during the demonstration, expending around 10,000 rounds of ammunition as the UAS shredded a variety of targets.
“Seeing our Mojave perform this live-fire demo really emphasizes the versatility of the Mojave UAS and what it can do,” said company President David R. Alexander. “Mojave has the ability to act as a sensor, shooter, and sustainer while mitigating threat environments and vulnerabilities and safeguarding human lives.”
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William Lyon Family’s pristine 1934 Packard Twelve
awarded ‘Best in Show’ at La Jolla Concours d’Elegance
From April 19 – 21, automotive enthusiasts from across the globe gathered for a spectacular weekend of world-class cars and world-class events along the sparkling Pacific coastline at the 18th Annual La Jolla Concours d’Elegance. 113 jaw-dropping displays of automotive excellence competed in thirteen classes, including 16 specialty awards. Instead of featuring a single Marque, the 2024 La Jolla Concours celebrated a vast range of makes and models from the transformative era of the 1920s and 1930s, including Bugatti, Duesenberg, Packard, Bentley, Rolls Royce, and more. The coveted title of ‘Best in Show’ was awarded to The William Lyon Family’s pristine 1934 Packard Twelve.
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SeaWorld parks offer free admission to military
SeaWorld parks, including the one in San Diego, will honor Military Appreciation Month with free one-day admission for U.S. military veterans and up to three guests. Veterans can register for this offer through May 12 and have until July 7 to visit the parks with their free tickets. Active-duty military and their guests continue to enjoy one-day complimentary admission all year long. The offers are part of United Parks & Resorts’ Waves of Honor program, a longstanding partnership saluting active-duty military members, veterans and their families.
Nuvve releases upgraded PowerPort Electric Vehicle Supply Equipment
Nuvve Holding Corp., a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, announce the release of upgraded PowerPort Electric Vehicle Supply Equipment (EVSE) models, boasting hardware enhancements and unparalleled compliance with critical industry standards. Nuvve’s PowerPort Neo models not only fulfill regulatory requirements, but also embody the highest standards of quality and reliability.
New candies distributed by 619 Dulceria flying off the shelf
619 Dulceria Wholesale, the eminent Mexican candy wholesaler offering over 100 different top-quality products, proudly presents two new sensational additions to their lineup: Skittles Fruit Drinks and Sow Good Candy. These delectable treats are quickly becoming customer favorites and are in high demand.”The response to our new candies has been overwhelming,” said the owner of 619 Dulceria Wholesale while sharing a heartwarming anecdote about the new candies’ popularity.
Dole, Rais Case and Ananas Anam team up
to turn organic waste into circular fashion
Dole Packaged Foods LLC, teams up with Oceanside-based Rais Case, a Southern California circular design brand, and Ananas Anam, creator of Piñatex, to create a beautiful solution to organic waste, turning it into functional fashion. Dole and Rais Case announce a limited-edition Vida Bag made with Piñatex, an innovative, vegan leather alternative created by Ananas Anam using pineapple leaf fibers from the Dole Philippines farms. These cutting-edge brands have come together to demonstrate how to make unique pieces that help reduce organic waste in our world.
Cytonus Therapeutics expands to a clinical stage company
Cytonus Therapeutics Inc., a biotherapeutic company developing transformative medicines based on next generation drug-delivery platform technology called Cargocytes, announced that Mickey Kim, M.D., has joined the company as chief business officer. Cytonus has also added Sherry M. Carty as director of intellectual property and Karen Markham has been promoted to chief administrative officer. Dr. Kim was the senior vice president of corporate development and head of global products at CareDx Inc.,
Netradyne expands into the U.K. market
Netradyne, a pioneer in artificial intelligence (AI) technology for fleet and driver safety, announces its expansion into the U.K. market. The company has partnered with Intelex, a leading provider of aftermarket vehicle safety solutions based in Birmingham, to revolutionise the landscape of vehicle safety solutions in the region. Driver•i, the company’s vision-based safety camera system, uses artificial intelligence, machine learning, and edge computing to create new safe driving standards for commercial vehicles.
Health Canada accepts New Drug Submission by Acadia Pharmaceuticals
Acadia Pharmaceuticals Inc. announced that Health Canada has accepted its New Drug Submission (NDS) for trofinetide for the treatment of Rett syndrome, a rare neurodevelopmental disorder. Health Canada has granted Priority Review for Acadia’s submission. Rett syndrome is a rare genetic neurodevelopmental disorder that occurs primarily in females following a near normal development in the first two years of life.
Rejuvenate Bio to present at ASGCT 2024 annual meeting
San Diego-based Rejuvenate Bio, a biotechnology company dedicated to developing novel gene therapies for chronic age-related diseases, announced an oral presentation at the American Society of Gene & Cell Therapy (ASGCT) 2024 Annual Meeting, taking place May 7-11, 2024, in Baltimore, MD and virtually. Founded on scientific research developed at the Wyss Institute at Harvard Medical School, Rejuvenate Bio has developed groundbreaking therapies to treat chronic age-related disease in both humans and animals.
ModalAI launches next generation Starling 2 and Starling 2 Max
ModalAI, Inc. today announced Starling 2 and Starling 2 Max, the latest iterations of their popular VOXL 2 development drone, now refreshed and compliant with NDAA regulations. These new designs feature upgraded image sensor suites for reliable indoor and outdoor navigation, boasting record-breaking flight times for VOXL 2 drones. The smaller of the duo, Starling 2, is a 280g design that houses up to five image sensors for 40+ minutes of indoor visual navigation.
Calidi Biotherapeutics announces closing of $6.1 million public offering
Calidi Biotherapeutics Inc., a clinical-stage biotechnology company developing a new generation of targeted immunotherapies, announced the closing of its previously announced public offering of 15,197,500 shares of common stock. The company intends to use the net proceeds of the offering for working capital and general corporate purposes, and pre-clinical and clinical trials, as well as the repayment of certain debt. Ladenburg Thalmann & Co. Inc. acted as the sole placement agent of the offering.
