Daily Business Report: July 10, 2024
SAN DIEGO venture capital
funding hits $1 billion in Q2 2024
By Fred Grier | Business San Diego
In San Diego, startup funding for the second quarter 2024 surpassed $1 billion for the fifth consecutive year, driven by dozens of tech and life science venture capital fundings.
San Diego saw roughly 42 deals in Q2 including four startups raising $100+ million, known as mega-deals.
A significant number of those venture-backed companies included biotech, pharmaceutical and genomics companies.
Globally startup funding reached $79 billion in the first half of the year, up from $71 billion in Q2 2023, according to Crunchbase.
A total of 3 San Diego companies have gone public so far, with at least two more in the pipeline. To date, Boundless Bio, Contineum Therapeutics, and Rapport Therapeutics all listed on the New York Stock Exchange (NYSE) this year.
Top five largest bio deals
- Endeavor BioMedicines: a Solana Beach-based biotech raised $132 million.
- Alterome Therapeutics: an early-stage biotech raised $132 million.
- Enlarza Therapeutics: a La Jolla-based company raised $100 million.
- Bright Peak Therapeutics: a Del Mar-based biotech raised $90 million.
- Aardvark Therapeutics: a UTC-based biotech raised $85 million.
Top Photo: Enlarza associate scientist Gloria Brattich prepares one of the company’s drug prospects for testing. Biotech venture funding surged from $4.9 billion in the fourth quarter of 2023 to $6.5 billion in the first three months of 2024, according to data from J.P. Morgan and DealForma.
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California job market propped up by
public money as private sector sheds jobs
By Levi Sumagaysay | CalMatters
Gains in public-sector and other jobs largely supported by public money have cloaked a dismal California labor market, which has seen a big decline of private-industry jobs since their post-pandemic peak, a new analysis shows.
The state Legislative Analyst’s Office looked at employment data from the U.S. Bureau of Labor Statistics through April, and concluded that private-sector industries in California have lost a total of 340,000 jobs since reaching their peak a couple of years ago.
The tech and finance industries led those losses. Jobs in the information sector — whose major employers include household names such as Google, Apple, Facebook and Disney — have declined 16 percent since their peak. There were more than 531,000 such jobs in July 2022, but 98,000 of those have gone away. Employment in the financial sector peaked at 500,000 jobs in December 2021, but it has lost 43,000 jobs, or 8 percent, since then.
Three other industries each saw a 3 percent drop in jobs since their peaks: business services, manufacturing, and transportation and warehousing. California has a 5.2 percent unemployment rate, the highest in the nation for the past four months.
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Mayor Todd Gloria names three to San Diego Historical Resources Board
San Diego Mayor Todd Gloria has appointed three persons to the city’s Historical Resources Board.
Joy Miller, a resident of Vista, is a doctoral student in history at UC San Diego. She received her Master of Art in History, with a Digital History Concentration, and a Bachelor of Art in History from California State University San Marcos. She is being appointed to a two-year term ending March 1, 2025, in the Historical Professional Seat.
Rammy Cortez, a resident of Little Italy, is a small-scale urban infill developer and builder of more than 60,000 square feet of transit-oriented missing middle housing in San Diego. He has served as a Young Leaders Group Board member, former co-chair and current advocacy co-chair of the Small-Scale Infill Development Product Council, a member of Circulate San Diego’s Policy Committee. He has a master’s degree in real estate from the University of San Diego’s Burnham-Moore’s Center for Real Estate and is a California licensed general contractor.
Kristi Byers, a resident of South Park, has a 22-year career based in San Diego and has served as project designer, project architect, project manager, and LEED coordinator on projects focused on the civic, higher education, K-12, office, mixed-use, and residential arenas. She has managed the LEED Certification process for several buildings across the U.S. and has lectured on the subject of green design to various municipalities, colleges, professional organizations, and corporations. Byers is an adjunct professor at Woodbury University and a member of the Urban Land Institute.
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Kristina Hysler appointed director of
watershed science and planning for RICK
RICK, a multidisciplinary planning, design and engineering firm serving the Western United States, has appointed Kristina Hysler, PE, as the director of Watershed Science and Planning. A recognized authority in water resource engineering and water quality consulting with over 20 years of experience, Hysler has managed more than 1,000 water quality compliance projects for municipal clients, including the first approved Water Quality Improvement Plan in the San Diego region for the San Dieguito Watershed. Hysler has held a variety of senior-level positions over the course of her career, including at WSP USA, where she rose to senior vice president and managed a team of 30+ engineers and scientists.
In the San Diego region, she has worked with municipalities to negotiate and implement regional National Pollutant Discharge Elimination System (NPDES) permits. In this regional framework, she led the multi-stakeholder party process to develop and implement three watershed-based water quality improvement plans (WQIPs) and served as principal reviewer on two additional WQIPs.
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Jing Y. Lee promoted to partner at Solomon Ward law firm
Solomon Ward Seidenwurm & Smith LLP has promoted Jing Y. Li to partner of the firm.
An employment and business litigator, Li defends California employers against discrimination and sexual harassment claims and in wage and hour disputes. He handles class actions, Private Attorneys General Act (PAGA) and a variety of other labor and employment litigation issues.
Li also has a broad range of real estate experience, including unlawful detainers, real estate leasing issues and commercial and residential property management.
Active in the community, Li is a volunteer attorney with the San Diego County Bar Association’s Diversity Fellowship Program and serves as a mentor within the program. He also mentors local law school students.
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JLL completes sale of San Diego medical office building
JLL Capital Markets announced that it has completed the sale of 450 4th Ave., a nearly 37,000-square-foot medical outpatient building in Chula Vista. JLL’s Medical Properties Group represented the seller, Turner Impact Capital, and procured the buyer, Cypress West Partners in a joint venture with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG.
450 4th Ave. is located on the campus of the 173-bed Scripps Mercy Hospital Chula Vista. Renovated in 2015, the four-story property is currently leased to 12 tenants, including anchor tenant Scripps Health.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Director Matt DiCesare and Senior Managing Director Evan Kovac.
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Credit union and DA’s Office to offer tips on how to avoid elder abuse
SAN DIEGO — San Diego County Credit Union, one of California’s largest credit unions, will host “District Attorney Tips on How to Avoid Becoming the Next Victim of Elder Financial Abuse,” on Wednesday, July 17 at 12 p.m. This complimentary educational webinar will be presented by San Diego County Deputy District Attorney Scott Pirrello. Elder financial abuse is more prevalent than ever. Fraudsters continue to employ a number of tactics to take advantage of victims, particularly older adults and those who are more vulnerable. Adults over the age of 65 are the fastest-growing population affected by elder abuse in the United States, and learning the warning signs of elder financial abuse is key in preventing it.To register, visit sdccu.com/fww.
$430 million refinancing arranged for Austin, Texas luxury hotel
SAN DIEGO — Jll’s Capital Markets group announced that it arranged a $430 million refinancing for Fairmont Austin, a 37-story luxury hotel in downtown Austin.
JLL Capital Markets represented Manchester Financial Group in securing the five-year, interest only fixed-rate SASB CMBS loan, with Goldman Sachs acting as a lead manager and sole bookrunner. The all-mortgage financing package was used to replace a $300 million senior loan and $125 million of mezzanine debt.
Preferred Employers Insurance awarded six marketing awards
SAN DIEGO — Preferred Employers Insurance, a Berkley company specializing in workers compensation insurance in California, has been recognized with six marketing awards, including two GOLD Awards, at the 2024 Insurance Marketing & Communication Association (IMCA) Showcase Awards in Orlando, Fla. The IMCA Showcase Awards acknowledge the innovative work from the industry’s best minds in insurance marketing and communications. This year’s award show received over 300 entries from over 50 insurance companies.
Aspen Neuroscience presents at Stifel 2024 Cell Therapy Forum
SAN DIEGO — Damien McDevitt, president and CEO of Aspen Neuroscience Inc., a clinical-stage private biotechnology compnay, participated in a virtual fireside chat at the Stifel 2024 Virtual Cell Therapy Forum on Tuesday, July 9. Headquartered in San Diego, Aspen Neuroscience is focused on autologous regenerative medicine. The company’s patient-derived induced pluripotent stem cell (iPSC) platform is used to create personalized therapies to address diseases with high unmet medical needs, beginning with autologous neuron replacement for Parkinson’s disease.
Lennox-Gaustaut Syndrome Foundation holds 9th International conference
SAN DIEGO — On July 12, the LGS Foundation will kick off its 9th International Family & Professional Conference in Phoenix, Ariz. The highly anticipated, 3-day hybrid conference unites global leaders, healthcare professionals, family leaders, and advocates in the fight against Lennox-Gastaut Syndrome (LGS). This groundbreaking event will be a nexus for cutting-edge research, innovative therapies, and community support initiatives. LGS, a rare and severe form of epilepsy, presents complex challenges for patients and caregivers worldwide.
RE/MAX Broker Owner Conference set for Aug. 19-21
SAN DIEGO — RE/MAX, the No. 1 name in real estate, announced that registration is open for the highly anticipated 2024 RE/MAX Broker Owner Conference (BOC). Set to take place from Aug. 19-21, 2024, at the Marriott Marquis in San Diego, this premier event will bring together RE/MAX Broker/Owners and Managers from around the world to explore the latest best practices, innovations, and trends in real estate. Hundreds of RE/MAX affiliates and guests will enjoy a three-day event featuring panel discussions, top-notch networking, industry experts, and notable speakers such
Serenity releases AI-powered mobile app
SAN DIEGO —Serenity, a leader in innovative Environmental, Health, and Safety (EHS) software solutions, announced its latest innovation: the Serenity AI-Powered Mobile app. Designed specifically for mobile use, the app enables comprehensive safety evaluations and compliance directly from mobile devices. Serenity Mobile expertly blends intuitive UI design with AI-driven guidance to streamline and elevate EHS management. The user-friendly interface enables seamless task viewing and creation from mobile screens, while the AI Agent CoPilot provides smart recommendations for action plans and hazard resolutions.
Applied Data Finance appoints Joseph Toms as CEO
SAN DIEGO — Applied Data Finance, which operates a leading technology-enabled consumer lending services platform, announced the appointment of Joseph Toms as its new chief executive officer. Toms, who most recently served as the head of consumer lending at Axar Capital and has been a member of ADF’s Board since November 2023, succeeds co-founder Krishna Gopinathan, who will transition to a board role and advisory position while pursuing his interests in artificial intelligence. Toms is a seasoned executive with over 35 years of experience in consumer finance and asset management.
Calidi to effect reverse stock split
SAN DIEGO —Calidi Biotherapeutics Inc., a clinical-stage biotechnology company developing a new generation of targeted virotherapies, announced that its Board of Directors has approved the reverse stock split of its outstanding shares of common stock at a ratio of 1-for-10 (the “Reverse Stock Split”). The Reverse Stock Split is expected to become effective at 12:01 a.m. Eastern Time on July 15, 2024. The Company’s common stock is expected to commence trading on a split-adjusted basis when the NYSE American market opens on July 15, 2024 under the existing symbol of “CLDI.”
PURE Bioscience to unveil newest food safety solutions
EL CAJON — PURE Bioscience Inc., creator of the patented non-toxic silver dihydrogen citrate (SDC) (antimicrobial, is set to unveil its newest food safety solutions at the 2024 International Association for Food Protection (IAFP) show in Long Beach on July 14-17, 2024. The Company’s food safety program, developed without the use of chlorine, quaternary ammonium compounds, or peroxyacetic acid, provides cleaning and disinfecting solutions for all your food safety needs using the Company’s patented SDC molecule.
