Daily Business Report: Wednesday, June 22, 2022
Cosmic Game Changer: Northrop Grumman
and NASA’s James Webb space telescope
By David Larter
The report doesn’t read like something you’d expect from an acclaimed astronomer.
“Hubble Space Telescope and Beyond: Exploration and the Search for Origins” largely eschews scientific jargon and instead speaks about searching for alien life and discovering the origins of our universe.
Colloquially known as “the Dressler report” for its lead author, Alan Dressler, the 1996 document is a work of equal parts scientific inquiry and romanticism, discoursing on the cosmic mysteries to be unlocked by the successor to that National Aeronautics and Space Administration’s revolutionary Hubble Space Telescope.
The report marked a moment for the next-generation space telescope: A dividing line between a time when the Next Generation Space Telescope (NGST), as Webb was called at the time, was a collection of ideas developed inside the astronomy community for a decade or more, and the birth of a program that NASA would see through to its conclusion.
“For us, the fundamental questions were: Where did we come from and are we alone?” Dressler said, between sips of coffee at a sidewalk café in Pasadena.
“The Universe doesn’t know itself except through us and creatures like us. So, the questions were ‘Are there other places like this’ and ‘are there other creatures like us?’ Maybe they aren’t exactly like us but, of course, we were raised to expect life to look like this, so we better look for that first. And then the other question was, with our limited understanding of the origins of galaxies, ‘where did we come from?’”
Mayor, council members propose Ash Street, Civic
Center Plaza buyout; city attorney urges rejection
Mayor Todd Gloria and members of the San Diego City Council are proposing to buy out a pair of controversial leases for two downtown office towers that were supposed to save taxpayers millions of dollars, but instead became symbols of government ineptness and possible fraud.
Gloria and two council members announced Monday that they have agreed to settle key parts of two lawsuits filed by the City Attorney’s Office over the lease-to-own deals for the former Sempra Energy headquarters at 101 Ash St. and the nearby Civic Center Plaza.
In a major wrinkle hours later, City Attorney Mara Elliott released a report saying the deal was not good enough for taxpayers and should be rejected.
New Sidewalk Vending Ordinance takes effect today
The City of San Diego has started issuing permits for sidewalk vending under new regulations that take effect this week aimed at protecting public health and safety. The city’s Sidewalk Vending Ordinance, which begins today, sets limits on vending activities within the public right of way.
The San Diego City Council voted to approve the ordinance earlier this year, bringing San Diego into compliance with SB 946, a California law that decriminalized sidewalk vending statewide and set parameters on how cities could impose regulations.
Vendors who currently participate in street and sidewalk vending within the City of San Diego will be required to obtain permits in order to continue operating. Food vendors are also required to obtain a San Diego County Health Permit and Food Handler Card. More information about the permits and the application process is available on the city’s sidewalk vending webpage.
Assembly leader: Gas rebates likely ‘before October’
CalMatters
For Californians concerned about sky-high gas prices and a looming increase to the state’s fuel excise tax: Never fear, the Assembly Select Committee on Gasoline Supply and Pricing is here!
What exactly will the committee do? It will “investigate the gas price gouging that has inflated prices at a rate equivalent to 100 percent per year,” said Assembly Speaker Anthony Rendon, the Lakewood Democrat who unveiled the group Monday. “The committee aims to answer two basic questions: First, why are we paying so much for gas? And two, how can we stop it?”
When will those questions be answered? It’s unclear, but probably not before the July 1 scheduled increase to California’s gas excise tax, which will tack nearly 3 cents per gallon onto prices at the pump.
- Assemblymember Jacqui Irwin, the Thousand Oaks Democrat who will lead the committee, said she expects the first meeting will be in “a number of weeks.”
Housing affordability hits 15-year low
as prices, mortgage rates rise
Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory, according to the latest market report from Zillow.
Mortgage rates have shot up in early June, averaging 5.78 percent. A new purchase of a typical U.S. home at that rate would mean monthly mortgage payments of $2,127, that’s 51 percent higher than a year ago and up 36 percent year to date.
Incomes are lagging further behind fast-rising mortgage costs, leading to the most significant affordability challenges in the past 15 years. The latest data available from April shows monthly payments taking about 28 percent of homeowners’ monthly income — dangerously close to the 30 percent threshold, beyond which is considered a cost burden.
District receives grant to expand
use of free online textbooks
A $975,000 federal grant has been awarded to the San Diego Community College District to expand a program that provides free online textbooks and resources to students, saving them the cost of buying expensive books for their classes. The Community Funding Project grant came through the support of Rep. Scott Peters, who sought the funds.
“Students in higher education experience high levels of stress and face many challenges, but paying for essential materials like textbooks should not be one of them,” said Peters. “The San Diego Community College District’s program that provides free online textbooks and resources is a shining example of how we should support students in pursuing their academic goals.”
The grant money will be used to develop more low-cost print options or zero-textbook-cost courses, which use digital materials that are free to students. Textbook prices, which have risen more than 800 percent since 1978, can be a prohibitive cost for many students, who on average spend about $1,200 a year for textbooks.
Cynthia Lebeaupin awarded 2022 Fishman Fund Fellowship
Cynthia Lebeaupin was recently awarded the 2022 Fishman Fund Fellowship, a postdoctoral award unique to Sanford Burnham Prebys. The award provides a boosted stipend to exceptional postdocs from the Institute who have a demonstrated research track record and whose work shows significant potential for future breakthroughs.
“It’s an honor to have been selected for such a prestigious award from the Institute, says Lebeaupin, who works in the lab of Randal J. Kaufman. “The resources and people at Sanford Burnham Prebys are incredible and I’m happy to be able to continue my research here.”
Lebeaupin’s research focuses on a growing and pressing problem in medicine – liver cancer. One of the major risk factors for developing liver cancer is fat accumulation in the liver, known as fatty liver disease. Increases in obesity rates over the last several decades have led to a dramatic increase in fatty liver disease.
Curebound announces $3.2 million raised
at Padres Pedal the Cause event
Curebound, a San Diego-based philanthropic organization that raises and invests funding in translational cancer research projects, has announced a record-breaking fundraising year for Padres Pedal the Cause. The signature event, held on April 9 at Petco Park, brought 2,200 participants together in the fight against cancer for one of Southern California’s largest stand-alone cancer fundraising events, and raised $3,209,521.00
Operated in partnership with the San Diego Padres, “Padres Pedal” is San Diego’s most impactful fundraising experience with more than $18 million raised to date to fund 80 innovative research grants in all types of cancer.
“We are blown away by the community’s support in helping make Padres Pedal 2022 the most successful yet,” said Anne Marbarger, Curebound CEO. “On World Without Cancer Day, we celebrate advancements in cancer research. San Diego is committed to helping raise much-needed funding to accelerate this work faster and further.”
FDA gives orphan drug designation to Phanes
Therapeutics for small cell lung cancer
Phanes Therapeutics, Inc., an emerging leader in innovative discovery research and clinical development in oncology, announced that the U.S. Food and Drug Administration has granted orphan drug designation to PT217 for the treatment of small cell lung cancer (SCLC).
“PT217 has the potential to be a transformative treatment option for SCLC patients whose initial response to chemotherapy is short-lived and inevitably becomes resistant to chemotherapeutic agents,” said Dr. Ming Wang, founder and CEO of Phanes Therapeutics. “We have built a strong pipeline in immuno-oncology by leveraging our proprietary technology platforms.
The FDA’s Office of Orphan Products Development grants orphan designation status to drugs and biologics that are intended to treat, diagnose, or prevent rare diseases that affect fewer than 200,000 people in the United States
Dermatology company receives patent
for treatment of eczema
DERMALA Inc., a science-based consumer dermatology company developing microbiome-based solutions for chronic skin conditions, announced the issuance of the U.S. Patent No. 11,364,214 — Compositions and Methods for Treating Eczema. This patent is the fourth patent in the expanding DERMALA intellectual property portfolio. It covers using the human microbiome to treat and prevent atopic dermatitis (eczema) without using steroids or immunomodulators associated with side effects.
Eczema is the second most prevalent chronic skin condition worldwide. There is no cure for eczema available, only disease management.
Human Longevity Inc. and Freedom
Acquisition 1announce intention to combine
San Diego-based Human Longevity Inc. and London-based Freedom Acquisition I Corporation, a publicly traded special purpose acquisition company, announced that they have signed a non-binding letter of intent for a proposed business combination that would result in HLI becoming a publicly listed company. Upon the closing of the transaction, the combined company would be expected to remain listed on the New York Stock Exchange under a new ticker symbol. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.
Human Longevity was pioneered by Dr. J. Craig Venter, listed in Time Magazine’s 2007 and 2008 TIME100 Most Influential People in the World, who significantly advanced the human genome sequencing effort.
Clearity’s Teal Revolution raises $117,200
for women impacted by ovarian cancer
Clearity, a San Diego-based national ovarian cancer nonprofit organization, has raised close to $118,000 at its annual Teal Revolution Walk and fundraiser. Donned in teal, the San Diego ovarian cancer community gathered (May 22) at Liberty Station in support of women with ovarian cancer, while supporters across the country joined forces virtually. One of the highlights of the event was when all participants gathered to form the largest teal ribbon of people ever created.
Clearity will continue fundraising in order to meet the increased demand for their services locally and nationwide. Funds are needed to increase Clearity’s capacity to deliver the personalized counseling and education services women and their families need to better understand and manage their diagnosis. To make a donation, visit here at https://give.clearity.org/campaign/teal-revolution-2022/c391892.
Viasat to conduct 5G network
research with Defense Department
Viasat said it has received an award from U.S. Department of Defense (DoD) through the Information Warfare Research Project (IWRP) to conduct research on the use of 5G to support communications for Expeditionary Advanced Base Operations (EABO).
The research will focus on network enhancements, command and control (C2) and delivering advanced processing through the integration of digital twin and agile software defined network (SDN) capabilities. This is the third award Viasat has received as a part of the DoD’s $600 million research initiative partnering with industry and academic leaders to explore and advance the use of 5G technology on the battlefield.
