Daily Business Report: May 31, 2024
Newsom unveils plan that would hasten
insurance-rate reviews — and increases
By Levi Sumagaysay | CalMatters
Gov. Gavin Newsom has proposed legislation to speed up insurance premium rate reviews as he and the Insurance Department try to fix the state’s battered insurance market.
Last fall, Newsom issued an executive order tasking Insurance Commissioner Ricardo Lara with fixing home and fire insurance availability and affordability as insurers — citing rising wildfire risk and pandemic-induced inflation, and complaining about having to wait too long to get their requests for rate increases approved by the state — were canceling homeowner policies and halting the writing of new ones in California.
Homeowners continue to have trouble obtaining or hanging onto affordable insurance. From September through March, more than 45,000 of them have had to turn to the FAIR Plan, which is supposed to be an insurer of last resort for fire insurance. The plan provides limited coverage at high prices, so some homeowners have chosen to forgo fire insurance because they can’t afford their premiums, which in some cases have tripled or more.
Lara has been rolling out a plan to address the insurance market problems, which is expected to take effect by the end of the year. But Newsom said at a press conference earlier this month that “We’ve got to move it. We’ve just got to do more.”
Photo: Luis Quinonez surveys the damage to his property in the aftermath of the Highland Fire in Aguanga on Oct. 31, 2023. Insurance companies have cited increased risk of wildfires as they have asked for premium rate increases or paused issuing new policies in California. (Photo by Marcio Jose Sanchez, AP Photo)
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UC San Diego team wins entrepreneurship
Challenge for third year in a row
By Mika Ono | UC San Diego
When paramedics arrive at the scene, they confront a woman experiencing classic signs of a stroke. She is confused, slurring her words and having difficulty moving one arm. The first responders know that time is of the essence. For every minute that a stroke patient goes untreated, the more brain cells die and the worse the patient’s prognosis.
But treatment depends on what type of stroke it is—whether it is caused by a blockage of vessels or bleeding inside the brain. Administering the wrong treatment makes the patient’s condition worse. So there is little the paramedics can do except transport the patient to the hospital to be examined by medical staff there.
A team of students from the University of California San Diego hopes to rewrite the ending to stories like this one, which represent an all-too-common scenario; stroke is the second-leading cause of death worldwide, according to the World Health Organization. The UC San Diego team wants to create a company to give first responders and emergency room personnel a new, portable and cost-effective tool to rapidly diagnose stroke patients and speed treatment.
The team’s pitch was awarded first place in the National Nanotechnology Entrepreneurship Challenge (NTEC), which also drew competitors from Stanford University, Virginia Tech and others of the National Nanotechnology Coordinated Infrastructure network. This is the third year in a row that a team from UC San Diego mentored by Yves Theriault, program manager for education and outreach at the UC San Diego Qualcomm Institute (QI), has won the competition.
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Focus on Local Business
Raglan Public House completes major makeover
By Dave Schwab | sdnews.com
New Zealand-themed Raglan Public House in Ocean Beach just completed a major makeover.
And owner PJ Lamont of the eatery at 1851 Bacon St. couldn’t be more pleased. Of Raglan’s recent remodel, which took about three months to complete, Lamont noted he was nervous about it, but confident as well because the restaurant “had been received so well” by the local community.
He added a remodel became necessary because “we had to up our game again and wanted to put our best back into the restaurant making it fresher, nicer, for the community. So we added quite a few skylights and put in booths which we never had before. We blew out an entire wall and made a bigger entrance, as well as created a lounge setting outside that now has a warm feeling with positive energy.”
As managing partner of NZ Eats Group, Lamont now presides over a growing family of Kiwi-inspired establishments including Bare Back Grill in Pacific Beach, Queenstown Public House in Little Italy, Dunedin New Zealand Eats in North Park, and Queenstown Bistro in La Jolla.
The restaurateur talked about how he first got acquainted with Kiwi cuisine while on a surfing expedition to that group of some 600 islands, comprising the sixth-largest island nation in the world in terms of area lying east of Australia.
According to Lamont, the appeal of New Zealand cuisine can largely be summed up in one word. “It was just so unique,” he recalled of his first impression of that island’s cuisine.“It was a burger place in Queenstown (South Island). It was flavors that we had never really seen – or had – before. And everything was organic, made fresh in-house with meat ground daily. It was your basic burger. But the flavor profile was kind of shocking in a great way.”
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General Atomics completes durability test for heavy fuel engine
On May 16, 2024, General Atomics Aeronautical Systems Inc. (GA-ASI) completed durability testing for its new 200-horsepower heavy fuel engine at its El Mirage, Calif. flight facility. The Heavy Fuel Engine (HFE) 2.0, featuring a new General Atomics-designed gear box and dual brushless generators from General Atomics Electromagnetic Systems (GA-EMS), is designed to bring the engine and all ancillary components to 2,500 hours between scheduled overhauls and greatly increase maintenance-free operational periods.
The HFE 2.0 engine is being considered by the U.S. Army to become the fleet replacement for the current 180-horsepower engine used on General Atomics’ Gray Eagle Extended Range (GE ER) Unmanned Aircraft System.
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MiraCosta College’s affordable
housing program leads to jobs
By The Coast News
OCEANSIDE — Marisol Martinez is one of the first success stories from MiraCosta College’s new affordable housing management certificate program.
Martinez, a stay-at-home mother to four children, was in the program’s first cohort, which began in August. Students who complete the free program receive a certification in affordable housing management, which prepares them to enter the workforce for management jobs in affordable housing.
When she completed the course, Martinez applied for a temporary job as a leasing agent through a staffing agency. She was placed at Azure Point, a 55-and-older community in Encinitas. Martinez continued to apply for permanent positions and was offered a job at another facility two weeks later. She told her supervisor at Azure Point, who countered with a permanent job offer as an assistant manager. Martinez happily accepted the offer for a well-paying job close to her home. “It’s ideal,” she said. “I’m definitely learning and I’m preparing myself faster for a property manager position.”
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Neurocrine Biosciences to participate at investor conferences in June
Neurocrine Biosciences Inc. will participate at two upcoming investor conferences in June. Kevin Gorman, CEO, Kyle Gano, chief business development and strategy officer, and Matt Abernethy, CFO, will present at the Jefferies Global Healthcare Conference at 2:30 p.m. Eastern Time on Wednesday June 5, in New York. Kevin Gorman and Kyle Gano will present at the Goldman Sachs 45th Annual Global Healthcare Conference at 10:40 a.m. Eastern Time on Thursday June 13, in Miami.
Sesame Place San Diego announces opening
date for all-new Dine with Elmo & Friends
Sesame Place San Diego, the only theme park on the West Coast based entirely on the award-winning show “Sesame Street,” announced the official opening date of the All-New interactive dining experience, Dine with Elmo & Friends, on May 31 at the All-New Sunny Day Café. The immersive experience allows guests to dine alongside their favorite furry friends and experience exclusive entertainment including singing, dancing, and photo opportunities. Season Pass Members will be the first to experience the All-New Dine with Elmo & Friends.
Lytx’s ‘State of the Data’ report highlights increased road risks
Lytx Inc., a global leader in video safety and video telematics, released its annual “State of the Data” report on vehicle fleets and the increased risks that drivers face on roadways. Powered by 40 billion miles of new driving data from 2023, Lytx’s 2024 “State of the Data” report identifies heightened levels of risk on the roads and a greater urgency for fleets to decrease unsafe driving behaviors. Notable findings from this year’s report highlight how as roadway risk increases, the importance of knowing how to drive safely become more vital and can play a significant role in overall fleet safety.
TSIA names Smartsheet’s Michael Hubbard to Executive Advisory Board
TSIA (Technology & Services Industry Association), the leading research and advisory firm for technology and service organizations, recently named Michael Hubbard as the newest member of TSIA’s Executive Advisory Board. TSIA’s Executive Advisory Board, a powerhouse of 16 senior leaders from some of the most impactful technology companies worldwide, plays a pivotal role in shaping the technology services industry. They collaborate with the TSIA executive team to enhance the operating and financial results of technology services companies.
Illumina research to be presented at clinical oncology meeting
Illumina Inc., a global leader in DNA sequencing and array-based technologies, announced some of its latest research being presented at the American Society of Clinical Oncology (ASCO) Annual Meeting, May 31–June 4 in Chicago. Highlights include data from several studies in partnership with Labcorp, a global leader of innovative and comprehensive laboratory services; and research with Sarah Cannon Research Institute (SCRI) demonstrating further evidence to support the use of comprehensive genomic profiling (CGP) over single-gene testing.
Protalix BioTherapeutics to present at 2024 BIO International Convention
Protalix BioTherapeutics Inc., a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins produced by its proprietary ProCellEx plant cell based protein expression system, announced that Dror Bashan, its president and chief executive officer, will present at the upcoming 2024 BIO International Convention June 3 – 6, 2024, in San Diego. The convention is the world’s largest industry gathering.
North Island Credit Union presents 2024 Innovation in Education Impact Award
As the Premier Sponsor of the Classroom of the Future Foundation (CFF), North Island Credit Union Foundation recently presented the organization’s prestigious 2024 Innovation in Education Impact Award to Grossmont Union High School District for its Patient Care Pipeline Program. North Island Credit Union Foundation provided Grossmont Union High School District with $10,000 to support student participation in its Patient Care Pipeline, a unique program that prepares high school students for a variety of healthcare career opportunities.
Jack in the Box unveils New Jack’s Munchies under $4 menu
Jack in the Box Inc. is fighting the inflation squeeze with a new value menu that gives fans more ways to choose. Jack in the Box unveiled a brand new Jack’s Munchies Under $4 Menu, featuring some of the brand’s most beloved, iconic menu items plus a new edition. Launching June 3, this new permanent addition to the Jack menu brings fans servings of Tiny Tacos, French Toast Sticks, new Sourdough Grilled Cheese and more, all under $4.
Dexcom announces upcoming conference presentation
San Diego-based DexCom Inc. announced that Jereme Sylvain, executive vice president and chief financial officer, will present an update on the company at the William Blair 44th Annual Growth Stock Conference on Wednesday, June 5. The live presentation is scheduled to begin at approximately 4:20 p.m. EST and will be concurrently webcast. Links to the webcast will be available on the Dexcom Investor Relations website at investors.dexcom.com and will be archived there for future reference.
Tandem Mobi Insulin Pump now compatible with Dexcom G7 CGM
Tandem Diabetes Care Inc. and Dexcom Inc., announced that the Tandem Mobi insulin pump with Control-IQ technology is now fully compatible with both the Dexcom G7 and Dexcom G6 Continuous Glucose Monitoring (CGM) Systems. Tandem Mobi, the world’s smallest, durable automated insulin delivery (AID) system, launched in the United States earlier this year. Tandem is now the only company that offers people living with diabetes two insulin pump options that connect with both Dexcom G6 and Dexcom G7, providing more choice in how they manage their diabetes.
Top 20 life science companies named to BioTools Innovator 2024 cohort
BioTools Innovator, the first accelerator dedicated to supporting life science tools and diagnostics startups, announced that 20 companies have been selected to participate in its annual BioTools Innovator Accelerator, a four-month program providing in-depth, customized mentorship from senior industry leaders, funding opportunities, and engagement with peers and advisors. Narwhal Bio, a San Diego company is one of the firms selected. The top 20 companies were selected to participate from a pool of more than 300 applicants from 33 countries and 35 U.S. states.
Autobahn Therapeutics to participate in the Jefferies Global Healthcare Conference
Autobahn Therapeutics, a biotechnology company leveraging its brain-targeting chemistry platform, validated biology and biomarker-driven strategies to develop restorative treatments for people affected by central nervous system (CNS) disorders, announced that Kevin Finney, president and chief executive officer, will participate in the Jefferies Global Healthcare Conference in New York on Tuesday, June 4, 2024. Autobahn Therapeutics is a biotechnology company developing a portfolio of neuropsychiatric and neurodegenerative clinical candidates leveraging its brain-targeting chemistry platform.
