Healthy venture firms typically raise new funds every three to four years, but Avalon Ventures, which is based in San Diego and Cambridge, MA, appears to be operating closer to a two-year cycle. The venture firm, which invests early in both life sciences and Web technology startups, has secured $201.6 million for its tenth fund, … Continue reading “Running on Two-Year Cycle, Avalon Ventures Lands $200M for Tenth Fund”
Author: Bruce V. Bigelow
The Recipe for Success Behind Elevation Pharmaceuticals’ $430M Deal
What was Bill Gerhart’s recipe for success at San Diego’s Elevation Pharmaceuticals? Less than four years ago, Gerhart took a glycoyrrolate, a generic drug approved decades ago by the FDA, and set out to reformulate the compound for use with a nebulizer for chronic obstructive pulmonary disease (COPD), which includes emphysema and chronic bronchitis. Gerhart … Continue reading “The Recipe for Success Behind Elevation Pharmaceuticals’ $430M Deal”
Sunovion Targets Respiratory Drug in $430M Deal for Elevation Pharma
[Updated throughout 8/30/12 2:00 pm.] Sticking with a lean business model has paid off big for San Diego’s Elevation Pharmaceuticals, which has agreed to a buyout offer from Marlborough, MA-based Sunovion Pharmaceuticals that could eventually be worth as much as $430 million. With the deal, Sunovion (a subsidiary of the Japanese drug maker Dainippon Sumitomo) … Continue reading “Sunovion Targets Respiratory Drug in $430M Deal for Elevation Pharma”
San Diego Life Sciences Roundup: PrecisionMed, Acutus, & More
It’s been a light week for new developments among San Diego’s biotech and medical device companies. Here’s a very quick rundown. —PrecisionMed, a Solana Beach, CA-based supplier of human cerebrospinal fluid (CSF), said it has begun to enroll up to 2,000 donors in an Amyotrophic Lateral Sclerosis (ALS) Registry. The ALS Registry would be used … Continue reading “San Diego Life Sciences Roundup: PrecisionMed, Acutus, & More”
Bagels at Biocom
Here’s a chance for members and non-members alike to network, to meet with staffers at San Diego’s Biocom industry group, and to learn more about the services and benefits that Biocom provides to San Diego’s life sciences companies. More information and online registration is here.
Amid Wave of Bioinspiration, San Diego Zoo Creates Innovation Center
Over the past few years, the San Diego Zoo has generated a new revenue stream by developing a variety of educational and business programs focused on biomimicry, a school of thought often described as “innovation inspired by nature.” Using its in-house expertise in conservation, zoology, botany, and other fields, the zoo has organized conferences, developed … Continue reading “Amid Wave of Bioinspiration, San Diego Zoo Creates Innovation Center”
AirPay Starts Small, Seeks Feedback on New Mobile Payment System
I stopped by the launch party late yesterday for AirPay, an early stage startup incubating in San Diego’s Ansir Innovation Center that has been developing a mobile payment system with social media features. “I have friends who say we’re insane,” says James Adams, the CEO who co-founded AirPay with Web developer Eric Shultz almost two … Continue reading “AirPay Starts Small, Seeks Feedback on New Mobile Payment System”
San Diego’s Sapphire Energy Producing Green Crude From NM Algae Farm
San Diego’s Sapphire Energy says today it has harvested 81 tons of algal biomass from its farm in Columbus, N.M., less than two months after the first phase of its “green crude farm” became operational. The venture-backed company, which financed the project with a combination of private and public funding, says the demonstration proves that … Continue reading “San Diego’s Sapphire Energy Producing Green Crude From NM Algae Farm”
Qualcomm Acquires Israeli Company with Small Cellular Technology
Qualcomm (NASDAQ: [[ticker:QCOM]]), the San Diego wireless chipmaker, says it has acquired DesignArt Networks, an Israeli company that specializes in modem and system design for small cell base stations and high-speed wireless backhaul equipment. Financial terms were not disclosed, but the English version of the Israeli business daily “Globes” estimates the deal to be about … Continue reading “Qualcomm Acquires Israeli Company with Small Cellular Technology”
San Diego Life Sciences Roundup: Regulus IPO, Fate Funding, & More
The week’s big news in San Diego’s life sciences sector came with the IPO filing by Regulus Therapeutics. The proposed IPO also will test relaxed rules for emerging companies under the new Jump Start Our Business Startups (JOBS) Act. It will be a story worth following, and you can get started here. —After signing partnerships … Continue reading “San Diego Life Sciences Roundup: Regulus IPO, Fate Funding, & More”
In a Requiem for Helix Wind, Critics Come to Bury More Than Praise
Back in May, I noted that Sauer Energy of Newbury Park, CA, had acquired the assets from San Diego’s defunct Helix Wind, which ceased operations at the end of 2010 with an accumulated deficit of nearly $42 million. During its three years in the sun, Helix attracted widespread attention for the iconic design of its … Continue reading “In a Requiem for Helix Wind, Critics Come to Bury More Than Praise”
FDA Approves Sotera Wireless Technology for Monitoring Vital Signs
It took a little longer than expected, but FDA regulators have cleared the mobile technology that San Diego’s Sotera Wireless has developed for monitoring hospital patients’ vital signs. Sotera said in April that the FDA had cleared its ViSi mobile monitor, a device that continuously monitors blood pressure, respiration, skin temperature, blood oxygen levels, and … Continue reading “FDA Approves Sotera Wireless Technology for Monitoring Vital Signs”
MediciNova Raises Capital Through $20M Stock Purchase Agreement
Aspire Capital, a Chicago-based fund that invests directly in public companies, has agreed to invest as much as $20 million in San Diego-based MediciNova (NASDAQ: [[ticker:MNOV]]) over the next two years. Aspire agreed to pay the market price at the time of each purchase, with the company controlling the timing and number of shares sold. … Continue reading “MediciNova Raises Capital Through $20M Stock Purchase Agreement”
Regulus Therapeutics Files for IPO as ‘Emerging Growth’ Company
San Diego’s Regulus Therapeutics plans to raise $57.5 million in an IPO that takes advantage of incentives for emerging growth companies provided under the Jump Start Our Business Startups (JOBS) Act passed earlier this year. In its IPO filing, the preclinical biopharmaceutical says it plans to follow reduced IPO disclosure and financial reporting requirements for … Continue reading “Regulus Therapeutics Files for IPO as ‘Emerging Growth’ Company”
San Diego Life Sciences Roundup: Regulus, MEI Pharma, Qualcomm & More
Against a backdrop of declining VC activity in the life sciences, it’s heartening to see several financing deals come through for companies in the San Diego region. Here’s our rundown. —The Midwest isn’t the only place experiencing a drought. Venture funding for life sciences startups throughout the U.S. fell 39 percent in the second quarter, … Continue reading “San Diego Life Sciences Roundup: Regulus, MEI Pharma, Qualcomm & More”
Renamed West Health Institute Names CEO, Creates Health Tech Incubator
San Diego’s renamed West Health Institute has hired a new CEO and is unveiling some organizational changes today, reflecting its continuing shift away from an exclusive focus on wireless health to a broader mission that studies ways to lower healthcare costs The organization that began more than three years ago as the “West Wireless Health … Continue reading “Renamed West Health Institute Names CEO, Creates Health Tech Incubator”
Elcelyx Therapeutics Raises $4M to Treat Obesity and Diabetes
After two years of maintaining a low profile, San Diego’s Elcelyx Therapeutics says it has secured a $4 million extension on its Series B round of private equity financing. The startup, which is focused on treatments for obesity and diabetes, has been developing compounds to boost the signal along the appetite-control pathway that tells your … Continue reading “Elcelyx Therapeutics Raises $4M to Treat Obesity and Diabetes”
Connect Takes on Programs after TechAmerica Closes San Diego Office
A move to restructure the operations at TechAmerica, the nonprofit technology trade association, has prompted its longtime San Diego representative, Kevin Carroll, to jump to Connect, the San Diego nonprofit focused on innovation and entrepreneurship. As an executive vice president at Connect, Carroll is now responsible for building a new program intended to help small-to-medium … Continue reading “Connect Takes on Programs after TechAmerica Closes San Diego Office”
After Persevering for 22 Years, Peregrine Semiconductor Marks IPO
[Updated 8/7/12 5:30 pm, with Peregrine pricing shares.] It’s been a long time coming, but San Diego’s Peregrine Semiconductor raised $77 million in its IPO, offering 5.5 million shares at $14, according to Renaissance Capital’s IPO website. That’s at the low end of its planned range of $14 to $16. Trading is set to begin tomorrow … Continue reading “After Persevering for 22 Years, Peregrine Semiconductor Marks IPO”
Halozyme Says Roche Work Unaffected by FDA Concerns over HyQ Program
San Diego’s Halozyme Therapeutics (NASDAQ: [[ticker:HALO]]) told analysts and investors today it cannot provide a new timeline for its derailed HyQ program until company officials can meet with FDA regulators. But when the company will meet with regulators was not addressed during a conference call this afternoon. The price of Halozyme’s stock plunged by 50 … Continue reading “Halozyme Says Roche Work Unaffected by FDA Concerns over HyQ Program”
Life Sciences Roundup: Halozyme, Avalon Ventures, Auspex & More
In case anyone noticed last week that I was missing, I’ve enclosed a photo below from Rocky Mountain National Park, where I spent much of my vacation. And in case anyone is wondering why I came back, here’s my latest update on San Diego’s life sciences news. —In a huge setback for Halozyme Therapeutics (NASDAQ: … Continue reading “Life Sciences Roundup: Halozyme, Avalon Ventures, Auspex & More”
Xconomist of the Week: John Reed on Sanford-Burnham’s Drug Pipeline
In the decade since John Reed stepped in as chief executive, San Diego’s Sanford-Burnham Medical Research Institute has basically doubled in size. The nonprofit research facility has added a campus in Orlando, FL, the full-time faculty has grown from 52 to 89, and the overall staff has increased from 520 to 1,200. Today the institute … Continue reading “Xconomist of the Week: John Reed on Sanford-Burnham’s Drug Pipeline”
Genomatica Withdraws IPO, Instead Raises $41.5M in Private Financing
Almost exactly a year ago, San Diego-based Genomatica filed paperwork to raise roughly $100 million through an initial public offering, with a proposed listing on NASDAQ under the symbol GENO. Then the industrial biotech went silent. Today, the company is announcing that it is withdrawing its IPO, and has raised $41.5 million in a Series … Continue reading “Genomatica Withdraws IPO, Instead Raises $41.5M in Private Financing”
Regulatory Concerns Over Halozyme’s Flagship Product Trigger Selloff
Shares of Halozyme Therapeutics (NASDAQ: [[ticker:HALO]]) plunged by more than 55 percent this evening, after the 14-year-old biopharmaceutical said FDA regulators have raised concerns about the potential effects its adjunctive enzyme technology might have on human fertility and reproduction. In a statement released after regular trading, San Diego-based Halozyme says a complete response letter issued … Continue reading “Regulatory Concerns Over Halozyme’s Flagship Product Trigger Selloff”
Avalon Ventures, Coming Off Zynga Investment, Raising 10th Fund
Venture investing in the life sciences has been declining over the past year or so, along with a contraction in the number of VC firms that are actively investing. Yet San Diego’s Avalon Ventures, which also has a strong presence in Boston, seems to be running contrary to the industry’s overall trend. The venture firm—which … Continue reading “Avalon Ventures, Coming Off Zynga Investment, Raising 10th Fund”
San Diego’s Assay Depot Unveils Online Exchange for AstraZeneca’s R&D
San Diego’s Assay Depot, which unveiled an online marketplace of laboratory services for Pfizer (NYSE: [[ticker:PFE]]) a year ago, says today it has established a similar vendor relationship management system for AstraZeneca (LSE: [[ticker:AZN]]), the British multinational pharmaceutical. The Web-based system, which Assay Depot describes as a “research exchange” and “private virtual laboratory,” enables AstraZeneca scientists … Continue reading “San Diego’s Assay Depot Unveils Online Exchange for AstraZeneca’s R&D”
San Diego Startups Raise Over $300M From VCs in Second Quarter
[Corrected 7/20/12, 10:55 am. See below.] It wasn’t the best of times for venture capital activity in San Diego. But it wasn’t the worst of times, either. Venture capital firms invested $304.8 million in 27 startups during the three months that ended June 30, according to regional data released as part of the MoneyTree Report … Continue reading “San Diego Startups Raise Over $300M From VCs in Second Quarter”
Software Surge Drives Up U.S. Venture Activity—and Top 10 Deals
Overall venture capital activity turned up sharply during the three months that ended June 30, with venture firms investing just over $7 billion in 898 deals throughout the United States, according to the latest MoneyTree survey. The study generally confirms the improving trend in VC activity that was highlighted in the quick take from CB … Continue reading “Software Surge Drives Up U.S. Venture Activity—and Top 10 Deals”
San Diego Life Sciences Roundup: Life, BioSurplus, Obalon, & More
[Updated 7/10/12 9:25 am. See below.] It seemed as if much of San Diego’s life sciences industry took the past week off, and I plan to join them next week. If you can’t hold your breaking news until I return on July 30, send your bulletins to editors at Xconomy.com. —Life Technologies (NASDAQ: [[ticker:LIFE]]) bought … Continue reading “San Diego Life Sciences Roundup: Life, BioSurplus, Obalon, & More”
HubEdu Departs San Diego’s Downtown Incubator After Bay Area Buyout
When San Diego’s downtown EvoNexus incubator held its official ribbon-cutting ceremony five months ago, Jonny Simkin was eager to brief me about SwoopThat, a Web startup he created with two friends in 2010 after graduating from Harvey Mudd College in Claremont, CA. He founded the website to offer textbooks substantially below the prices listed in … Continue reading “HubEdu Departs San Diego’s Downtown Incubator After Bay Area Buyout”
In Unexpected Plus, BioSurplus Raises $2.4M in Oversubscribed Round
Preston “Cinco” Plumb says he had no thought of expanding beyond San Diego, much less the United States, seven years ago when he bought a business that buys and sells used biotech equipment. Since then, he says BioSurplus sales have grown by five times, and the company has expanded to Fremont, CA; Incheon, South Korea; … Continue reading “In Unexpected Plus, BioSurplus Raises $2.4M in Oversubscribed Round”
Life Technologies Buys Navigenics in New Gene Diagnostics Strategy
Life Technologies (NASDAQ: [[ticker:LIFE]]), the Carlsbad, CA-based maker of gene sequencing equipment, says today it has acquired Navigenics, the venture-backed startup in Foster City, CA, that provides personalized genomics testing for consumers. Life says the deal represents the company’s first step in a strategy to build out its molecular diagnostics business through select acquisitions, internal … Continue reading “Life Technologies Buys Navigenics in New Gene Diagnostics Strategy”
San Diego’s Tealium Raises $10.5M to Advance Tag Management System
Tealium, the four-year-old San Diego startup that created a Web-based service to make it easier for enterprise network marketing staffers to manage their own Web page tags, says today it has raised $10.5 million in Series B financing. Tealium co-founder Ali Behnam tells me that Boston’s Battery Ventures provided nearly all of the funding, except … Continue reading “San Diego’s Tealium Raises $10.5M to Advance Tag Management System”
San Diego Life Sciences Roundup: Halozyme, Sophiris, Arena, & More
Plans by Bedford, MA-based Hologic to acquire San Diego’s Gen-Probe, are moving ahead. We’ve got the latest details, along with the rest of the innovation news in San Diego’s biotech, diagnostics, and medical device sectors. —San Diego’s BioNano Genomics, which is getting ready to introduce its nanoAnalyzer System, has raised almost $11.6 million in a … Continue reading “San Diego Life Sciences Roundup: Halozyme, Sophiris, Arena, & More”
Connect’s 25th Anniversary Most Innovative New Product Awards
Join Connect on Pearl Harbor Day for its 25th Annual Most Innovative New Product Awards (MIP). In honor of the 25th anniversary of the MIP awards, Connect plans to highlight the innovation superstars who came to San Diego and transformed innovation here in life science, communications, defense, transportation, software, and more. The event is held … Continue reading “Connect’s 25th Anniversary Most Innovative New Product Awards”
In Finding Things to Do, Mobile App Uses Calendar for Search
Jan Anton, the CEO of San Diego-based uTemporis, is a little guarded about the genesis of Time to Enjoy, a free, location-based mobile app intended to answer the perennial question, “Is there anything for us to do?” The app, available for the iPhone, iPad, and iPod touch, pulls in data (from San Diego’s Eventful and … Continue reading “In Finding Things to Do, Mobile App Uses Calendar for Search”
Energy Technology Ventures Invests in San Diego’s On-Ramp Wireless
Energy Technology Ventures—a joint fund established GE, NRG Energy, and ConocoPhillips—has agreed to participate in the Series C round of funding currently being raised by San Diego’s On-Ramp Wireless. Financial terms were not disclosed in a statement today. On-Ramp CEO Joaquin Silva told me in March he was preparing to raise from $20 million to … Continue reading “Energy Technology Ventures Invests in San Diego’s On-Ramp Wireless”
Halo Report: Angel Investing Holds Steady in First Quarter
[Updated 7/9/12 12:42 am. See below.] The average amount of capital that angels invested in early stage companies during the first three months of 2012 declined slightly from last year, according to a new report on U.S. angel activity. The average size of deals involving only angels and angel groups was $940,000 during the first … Continue reading “Halo Report: Angel Investing Holds Steady in First Quarter”
Sophiris Moves to Unlock Blockbuster Potential in New Prostate Drug
In the vintage tic-tac-toe TV game show, The Hollywood Squares, one of the classic funny moments occurred when host Peter Marshall asks the question: “True or false—a pea can last as long as 5,000 years.” Assuming an expression of middle-aged consternation, the late comedian George Gobel answers: “Boy, it sure seems that way sometimes.” The … Continue reading “Sophiris Moves to Unlock Blockbuster Potential in New Prostate Drug”
San Diego Life Sciences Roundup: Amylin Buyout, PDUFA, & More
Amylin’s acquisition topped the news out of San Diego’s life sciences sector in the week before the July 4 holiday. But there were plenty of other developments as well. Here’s my rundown: —What a long, strange trip it’s been. San Diego’s Amylin (NASDAQ: [[ticker:AMLN]]) spent 18 years developing exenatide (Byetta), an injection that helps diabetics … Continue reading “San Diego Life Sciences Roundup: Amylin Buyout, PDUFA, & More”
Biocom Breakfast: What Dealmakers Want
Following a highly successful presentation during the recent BIO International Convention, Campbell Alliance is scheduled to present the results of its fourth annual “dealmakers’ intentions survey,” the only forward-looking measure of deal-making activity in the pharmaceutical and biotech industries. In addition to Campbell’s prospective view of the partnering and licensing landscape, Campbell Vice President Jeff … Continue reading “Biocom Breakfast: What Dealmakers Want”
San Diego’s Qualcomm Embraces Experiment in Incentive Prizes
It’s probably still too early to know if incentive prize competitions will prove to be a sustainable method for advancing technology innovation, but Qualcomm (NASDAQ: [[ticker:QCOM]]) has embraced the idea—at least as an experimental hypothesis. The San Diego wireless technology giant has been testing the concept in various ways, beginning about three years ago with … Continue reading “San Diego’s Qualcomm Embraces Experiment in Incentive Prizes”
ServiceNow IPO Tests Investors’ Mood After Facebook’s Downer IPO
ServiceNow, the San Diego-based provider of cloud-based services for managing enterprise IT operations, priced its IPO late yesterday at $18 a share, slightly higher than the initial range of $15 to $17 per share the company estimated in regulatory filings last week. The higher price suggests that underwriters expect investors will show an appetite for … Continue reading “ServiceNow IPO Tests Investors’ Mood After Facebook’s Downer IPO”
SD Life Sciences Roundup: Arena, PatientSafe, MEI Pharma, & More
Here’s my roundup of new developments from San Diego’s life sciences cluster over the past week. —After initially rejecting a new drug application from San Diego’s Arena Pharmaceuticals (NASDAQ: [[ticker:ARNA]]), the FDA approved lorcaserin (Belviq)—the first new weight-loss drug to be approved in 13 years. With some two-thirds of Americans considered overweight or obese, the … Continue reading “SD Life Sciences Roundup: Arena, PatientSafe, MEI Pharma, & More”
Qualcomm Steps into the Sun with Focus on Mobile OS Development
Qualcomm (NASDAQ: [[ticker:QCOM]]) Chairman and CEO Paul Jacobs kicked off the wireless technology giant’s annual conference for mobile software developers in San Diego yesterday with a message that was akin to declaring “Our time has come.” Jacobs made this point by offering a few staggering factoids: —Annual sales of smartphones now exceed PCs, and are … Continue reading “Qualcomm Steps into the Sun with Focus on Mobile OS Development”
Remembering Walter Zable and Cubic’s Era of Electronics Innovation
San Diego’s local newspapers served up big stories today about the death of Walter J. Zable, who founded San Diego-based Cubic Corp. (NYSE: [[ticker:CUB]]) in 1951 and continued to serve as chairman and CEO for the next 61 years. Today the little electronics business he started in a Point Loma garage is a stalwart defense … Continue reading “Remembering Walter Zable and Cubic’s Era of Electronics Innovation”
San Diego’s ServiceNow In Starting Gate for IPO This Week
ServiceNow, the San Diego provider of Web-based IT management services, is expected to become a public company this week, after submitting final changes to its IPO in a series of regulatory filings and setting a range between $15 and $17 per share for the 11.65 million shares of its offering. The IPO, which amounts to … Continue reading “San Diego’s ServiceNow In Starting Gate for IPO This Week”
Analyzing Social Media: Graffiti and a Tweet Heard Round the World
I’m sitting with Patrick Giblin in the back of Caffé Calabria in North Park, and he’s talking about Graffiti, analytic software developed by 451 Degrees, the business he founded in 2003 to provide a variety of Internet and media-related products and services. Among San Diego’s Internet entrepreneurs, Giblin is one of the ancients. He dropped … Continue reading “Analyzing Social Media: Graffiti and a Tweet Heard Round the World”
SD Life Sciences Roundup: Ambrx Gets Big Partner, GenMark, & More
While much of the life sciences news seemed to come out of the big BIO conference in Boston, San Diego still had its share of significant developments over the past week. Here’s my rundown. —Merck (NYSE [[ticker:MRK]]), the New Jersey pharmaceutical giant, agreed to pay San Diego-based Ambrx $15 million—and another $288 million in potential … Continue reading “SD Life Sciences Roundup: Ambrx Gets Big Partner, GenMark, & More”
BioMed Realty Remains Mostly Mum About New BioMed Ventures
Bruce Steel has managed to stay more or less off the radar screen since the fall of 2010, when he was named as managing director of BioMed Ventures, an investment arm of BioMed Realty (NYSE: [[ticker:BMR]]), the San Diego-based real estate investment trust (REIT). But as I’ve noted many times, San Diego is not exactly … Continue reading “BioMed Realty Remains Mostly Mum About New BioMed Ventures”