The demise of San Diego’s Verari Systems and its resurrection as Verari Technologies happened so fast you might not have realized what happened unless you were paying close attention over the holidays. The longtime local company, which specializes in making high-performance servers, server racks, and energy-efficient data storage centers, laid off 223 employees and ceased … Continue reading “Verari Founder Outlines Strategy After High-Speed Wipeout and Rebirth”
Author: Bruce V. Bigelow
San Diego’s Life Sciences CROs—The Map of Clinical Research Organizations
Economic downturns often light the fuse of revolutionary change. And one key change is becoming apparent now in San Diego’s life sciences community—which has been hammered by the 2008 capital markets collapse and plunge in VC funding. Unable to raise capital, many biotechs and medical instrument makers were forced over the past 16 months to … Continue reading “San Diego’s Life Sciences CROs—The Map of Clinical Research Organizations”
Prometheus Positions for IPO, Licenses Novartis Drug
Prometheus Laboratories, a San Diego-based specialty pharmaceutical and diagnostics company, says it has executed a commercialization deal with Novartis that gives Prometheus exclusive rights to sell aldesleukin (Proleukin) in the United States. Aldesleukin is a recombinant human interleukin-2 for treating metastatic melanoma and metastatic kidney cancer, and generated about $75 million in U.S. sales last … Continue reading “Prometheus Positions for IPO, Licenses Novartis Drug”
San Diego’s Top 10 Venture Deals of 2009
The good folks at Dow Jones VentureSource provided us with a list of the 10 biggest private-equity deals in Southern California in 2009, but it might have been just as easy if Dow Jones had focused solely on San Diego. Seven of the region’s 10 biggest deals of 2009 were in the San Diego area, … Continue reading “San Diego’s Top 10 Venture Deals of 2009”
Ralph Whitworth on What Must Change at Genzyme, Verari Starts Anew, V-Vehicle Tries to Keep it Stealthy, & More San Diego BizTech News
Shareholder activist Ralph Whitworth explained his move on Cambridge, MA-based Genzyme in a week that was abuzz with news about San Diego people and capital. Here’s a recap of what all that buzzing was about. —Verari Systems, the San Diego provider of server racks that shut its doors and laid off all but a handful … Continue reading “Ralph Whitworth on What Must Change at Genzyme, Verari Starts Anew, V-Vehicle Tries to Keep it Stealthy, & More San Diego BizTech News”
New Surveys Suggest Venture Investing Reset at Lower Level in 2009; We Break Out Data for Boston, San Diego, & Seattle
The picture of venture capital investments in U.S. startups filled in a bit this week, with the results of two more VC surveys aligning generally with the findings we reported earlier this month from ChubbyBrain, the New York data services company that tracks the innovation economy. New surveys from Dow Jones VentureSource and the MoneyTree … Continue reading “New Surveys Suggest Venture Investing Reset at Lower Level in 2009; We Break Out Data for Boston, San Diego, & Seattle”
OccuLogix Raises $1.7M in Round Targeting $5M
OccuLogix, a biotech startup founded near Toronto, Canada, in 1996 to develop ophthalmic treatments for age-related macular degeneration and glaucoma, apparently has relocated in San Diego, according to an SEC filing. In its Form D filed today, OccuLogix discloses that it has raised more than $1.7 million from investors in a round that intends to … Continue reading “OccuLogix Raises $1.7M in Round Targeting $5M”
Elevation Pharmaceuticals Raises $30M to Develop Aerosol Treatments for Pulmonary Diseases
San Diego-based Elevation Pharmaceuticals, a biotech startup developing aerosol-based treatments for respiratory diseases, said today it has raised a tranched $30 million in Series A venture funding. It’s a sizable round for the local life sciences community, but other recent fundings have come close. Last month, VentiRx raised $25 million, Pfenex got $24 million, and … Continue reading “Elevation Pharmaceuticals Raises $30M to Develop Aerosol Treatments for Pulmonary Diseases”
6 Goals for Fixing Genzyme: Xconomy’s Q&A With Relational Investors’ Ralph Whitworth
Former T. Boone Pickens protégés David H. Batchelder and Ralph V. Whitworth co-founded San Diego-based Relational Investors in 1996, and their privately owned asset management firm now serves some of the largest pension funds in the world. Whitworth, a lawyer who was president of the Washington D.C.-based United Shareholders Association before joining Batchelder in San … Continue reading “6 Goals for Fixing Genzyme: Xconomy’s Q&A With Relational Investors’ Ralph Whitworth”
Verari Restarts After Asset Sale
San Diego’s Verari Systems, which ceased business in mid-December and laid off more than 200 employees, says it is restarting its blade computer business after an investment group acquired Verari’s assets at auction. An investment group led by the company’s original founder, David Driggers, purchased Verari’s inventory, equipment and technologies, and will support past Verari … Continue reading “Verari Restarts After Asset Sale”
Lessons in Stealth Communications: V-Vehicle Tries to Keep Technology Details Under Wraps
One problem with being a stealthy company is the difficulty in setting the record straight. The News-Star of Monroe, LA, reported yesterday that V-Vehicle, the San Diego-based startup automaker building a factory in Northeastern Louisiana, is “apparently testing prototypes of its mystery car,” but that may be overstating the matter. The newspaper quotes David Hitchcock, … Continue reading “Lessons in Stealth Communications: V-Vehicle Tries to Keep Technology Details Under Wraps”
Google Ventures’ Joe Kraus Joins OpenCandy’s Board of Directors
I profiled San Diego-based OpenCandy just last week, and the Web-based distributor of open-source software already is providing an update. Excite founder Joe Kraus, who participated in OpenCandy’s Series A funding round as an angel investor, has joined the company’s board of directors. According to a statement issued by the company, Kraus will be joining … Continue reading “Google Ventures’ Joe Kraus Joins OpenCandy’s Board of Directors”
MP3.com Founder Michael Robertson Explains Apple’s Cloud Music Strategy
San Diego’s Michael Robertson, who founded several startups since he sold MP3.com in 1997, offered some observations about online music providers and other aspects of the digital music business when we talked in late November. Today he offers more insights in a post for TechCrunch that explains why Lala, the Palo Alto, CA, digital music … Continue reading “MP3.com Founder Michael Robertson Explains Apple’s Cloud Music Strategy”
Early Results In for Venture Fund-Raising, OpenCandy Sees Sweet Growth, UCSD B-School Launches Venture Fund, & More San Diego BizTech News
It’s that time of year when young analysts turn to thoughts of venture investments won and lost. We’ve got the early returns, and more details will shake out in coming weeks, so get a head start now. —It was the best of times, it was the worst of times. Venture investments in cleantech startups nationwide … Continue reading “Early Results In for Venture Fund-Raising, OpenCandy Sees Sweet Growth, UCSD B-School Launches Venture Fund, & More San Diego BizTech News”
CDG’s LaForge Joins AirHop’s Advisory Board
San Diego’s AirHop Communications, a 2007 startup that specializes in SON, or self-organizing networking technology, says CDMA (Code Division Multiple Access) industry leader Perry LaForge joined AirHop’s advisory board. LaForge is founder and executive director of CDG, the Costa Mesa, CA-based CDMA Development Group, a trade association comprised of more than 100 of the world’s … Continue reading “CDG’s LaForge Joins AirHop’s Advisory Board”
Is Histogen Hair to Stay? Amid Patent Lawsuit That Is Mane Event, CEO Updates Plans to Advance its Hair Regrowth Treatment
San Diego-based Histogen became something of a high-wire act on the local biotech scene last year after a cross-town rival filed a patent infringement lawsuit against the startup—upending Histogen’s plans to develop a variety of regenerative medical treatments. The patent suit, which was filed a year ago by Carlsbad, CA-based SkinMedica, hit just as Histogen … Continue reading “Is Histogen Hair to Stay? Amid Patent Lawsuit That Is Mane Event, CEO Updates Plans to Advance its Hair Regrowth Treatment”
Crinetics Enters Collaboration Agreement With Ferring Research Institute
Crinetics Pharmaceuticals, an early stage San Diego biotech developing specialized biosensors for drug discovery applications, says it has signed a collaboration agreement with the Ferring Research Institute, the peptide research center established in San Diego by Ferring Pharmaceuticals. Last month, when Crinetics got a small business research grant of nearly $238,000, the startup said its … Continue reading “Crinetics Enters Collaboration Agreement With Ferring Research Institute”
OpenCandy Builds Online Marketplace For Free Software Downloads
[Updated 1/14/2010, 9:37 am. See Below] Darrius Thompson tells me he’s been involved for a long time in the software community, and he sees how consumer acceptance can be fluky. Some new software products get widespread distribution, and some go nowhere. Thompson says he believes in open-source products, but sometimes it doesn’t seem to matter … Continue reading “OpenCandy Builds Online Marketplace For Free Software Downloads”
Life Acquires AcroMetrix
Life Technologies (NASDAQ: [[ticker:LIFE]]), the Carlsbad, CA-based provider of biomedical diagnostic equipment and laboratory supplies, has agreed to acquire AcroMetrix, a diagnostics controls specialist based in the Bay Area community of Benicia, CA. Financial terms of the deal were not disculosed. Life says in a statement that AcroMetrix’ diagnostic quality control products allow a laboratory … Continue reading “Life Acquires AcroMetrix”
Once Destined for Bankruptcy, Adventrx Pharmaceuticals Sets New Course With Reformulated Drugs
Like something out of an old Clint Eastwood movie (where the cowboy left for dead is somehow resurrected), San Diego’s Adventrx Pharmaceuticals (AMEX: [[ticker:ANX]]) announced last week that it raised $19 million and filed a new drug application. Shares of the biotech, which had no pulse a year ago, sprang to life. Adventrx stock that … Continue reading “Once Destined for Bankruptcy, Adventrx Pharmaceuticals Sets New Course With Reformulated Drugs”
Covario Acquires Netconcepts
San Diego’s Covario, a venture-backed startup in Web-based search engine optimization (SEO) and interactive marketing analytics for big companies, says it has acquired Netconcepts, a Madison, WI-based specialist in SEO for retailers and e-commerce websites. Financial terms were not disclosed. In a joint statement issued by the two companies, Covario CEO Russ Mann says by … Continue reading “Covario Acquires Netconcepts”
Quidel Buys Diagnostic Hybrids for $130M
San Diego-based Quidel (NASDAQ:[[ticker:QDEL]]), which makes medical diagnostic tests used at the point-of-care, says it is paying $130 million in cash to acquire Athens, OH-based Diagnostic Hybrids, a privately held maker of medical diagnostic tests for hospitals and laboratories. Diagnostic Hybrids, founded in 1983, was spun out from Ohio University, and the university’s fund-raising arm … Continue reading “Quidel Buys Diagnostic Hybrids for $130M”
UCSD Business School Launches Student-Assisted Venture Fund
Entrepreneurs scratching to find sources of startup capital in San Diego will soon be getting help from an unexpected source. The Rady School of Management at UC San Diego says it is launching its own venture fund that will use donor funds to make investments of $75,000 to $100,000 in startups commercializing new technologies. The … Continue reading “UCSD Business School Launches Student-Assisted Venture Fund”
San Diego’s SG Biofuels Announces Strategic Alliance with Life Technologies
It’s been almost a year since San Diego-based SG Biofuels stepped out of the shadows to announce its plans to produce biodiesel and feedstock substitutes from Jatropha, a hardy shrub that produces golf ball-size seeds with high oil content. Today, the company is announcing it has formed a strategic alliance with Life Technologies (NASDAQ: [[ticker:LIFE]]), … Continue reading “San Diego’s SG Biofuels Announces Strategic Alliance with Life Technologies”
Flurry of Early Stage Internet Deals Highlight Q4 VC Activity; Investments Slip to $5.5B
Venture investing settled in a bit during the fourth quarter of 2009, but the analysts at ChubbyBrain, the New York firm providing the data, are encouraged by the overall mix, saying, “optimism, albeit of the cautious variety, seems to have found its way back.” While the total amount of venture capital investments during the quarter … Continue reading “Flurry of Early Stage Internet Deals Highlight Q4 VC Activity; Investments Slip to $5.5B”
Fund-Raising By U.S. Venture Capital Funds Fell 55% in 2009: We Have the Boston, San Diego, and Seattle Details, Too
It’s probably not much consolation for the entrepreneurs who tried to raise venture funding last year, but U.S. venture capital firms raised much less money from their institutional investors in 2009 than they have in recent years. New figures from Dow Jones LP Source show that fund-raising by venture firms in 2009 fell almost 55 … Continue reading “Fund-Raising By U.S. Venture Capital Funds Fell 55% in 2009: We Have the Boston, San Diego, and Seattle Details, Too”
Qualcomm Shows its Consumer Side at CES, Venture Investor Joins Economic Development Corp., Dot Hill Buys Cloverleaf, & More San Diego BizTech News
There was a lot of tech news from Las Vegas last week, and it wants to get out. So we’re setting it free now. —Dazzling examples of the latest innovations of tablet computers, e-book readers, 3D-TVs, netbooks, and many more electronic devices were introduced at the annual International Consumer Electronics Show (CES), which ended yesterday … Continue reading “Qualcomm Shows its Consumer Side at CES, Venture Investor Joins Economic Development Corp., Dot Hill Buys Cloverleaf, & More San Diego BizTech News”
Achates Power Closes Round at $19.2M
San Diego cleantech startup Achates Power said late today it has completed a $19.2 million Series B round of venture funding that brought a new investor into its fold: Triangle Peak Partners, which has offices in Carmel, CA, Houston, and Palo Alto, CA. The funding appears to complete a round we noted in October. With … Continue reading “Achates Power Closes Round at $19.2M”
Asset Liquidation Signals End of San Diego’s Verari Systems
When San Diego tech firm Verari Systems abruptly laid off nearly all of its employees last month, senior vice president Dan Gatti maintained that the doors remained open, a few executives were staying on, and the company was restructuring its business. In a Dec. 14 statement posted on Verari’s website, the company said it had … Continue reading “Asset Liquidation Signals End of San Diego’s Verari Systems”
San Diego’s Organovo Develops Bio-Printer Technology to Engineer New Organs
A biomedical startup in San Diego is giving new form to tissue engineering, with the help of proprietary technology licensed from the University of Missouri and a 3-D “bio-printer” capable of building human blood vessels and organs. Organovo CEO Keith Murphy demonstrated the bio-printer for me several weeks ago, explaining that the technology was developed … Continue reading “San Diego’s Organovo Develops Bio-Printer Technology to Engineer New Organs”
Prometheus Labs Gets $260M in Debt Financing
San Diego-based Prometheus Laboratories, which develops specialty pharmaceuticals and diagnostic tests, says today it has secured $260 million in financing that consists of a $210 million loan and a $50 million line of credit. The company says proceeds will be used to finance the acquisition of more therapeutic and diagnostic products, and to refinance existing … Continue reading “Prometheus Labs Gets $260M in Debt Financing”
Agreement Between Genzyme and San Diego Activist Shareholder Suggests Truce
In what may be a pre-emptive move to turn down the heat, beleaguered Genzyme (NASDAQ: [[ticker:GENZ]]) says today it has entered into a “mutual cooperation agreement” with Relational Investors, the $6 billion activist investment fund based in San Diego. The private investment firm began to acquire Genzyme shares in 2008, and Relational co-founder Ralph Whitworth … Continue reading “Agreement Between Genzyme and San Diego Activist Shareholder Suggests Truce”
Biogen Idec CEO Stepping Down, Ambrx Focuses on Empowered Antibodies, Intellikine Testing First Drug Candidate, & More San Diego Life Sciences News
San Diego’s biotech community got busy in the first week of 2010, with a flurry of news falling as heavily as a New England snowstorm. Better get your snow shovel. —James Mullen announced his plans to retire June 8 (at the tender age of 51) as CEO of Cambridge, MA-based Biogen Idec (NASDAQ: [[ticker:BIIB]]). Mullen … Continue reading “Biogen Idec CEO Stepping Down, Ambrx Focuses on Empowered Antibodies, Intellikine Testing First Drug Candidate, & More San Diego Life Sciences News”
From VC to EDC: Venture Investor Dave Titus Joins San Diego’s Economic Development Corp.
Dave Titus, a co-founder and managing partner of San Diego VC firm Windward Ventures, notified his friends and colleagues in an e-mail blast yesterday that he’s joining the San Diego Regional Economic Development Corp. (EDC) as managing director of strategic initiatives. As it turns out, Titus has had some time on his hands. When we … Continue reading “From VC to EDC: Venture Investor Dave Titus Joins San Diego’s Economic Development Corp.”
Consumer Electronics Show Offers Showcase for San Diego Tech Companies
[Corrected 1/5/10, 2:45 pm. See below.] “Connectivity” will be one of the prevailing themes at the annual International Consumer Electronics Show, according to analyst John F. Bright of the investment banking firm Avondale Partners. And several San Diego firms are poised to get connected at the show, which officially begins Thursday in Las Vegas. [Correction: … Continue reading “Consumer Electronics Show Offers Showcase for San Diego Tech Companies”
Dot Hill Buys Cloverleaf Communications
Dot Hill Systems (NASDAQ: [[ticker:HILL]]), which provides data storage equipment, says today it is buying Woodbury, NY-based Cloverleaf Communications, a privately held software developer. Dot Hill says the deal, which calls for issuing about $9.5 million in Dot Hill shares and $2.5 million in cash, will significantly broaden its capabilities in virtual data storage, data … Continue reading “Dot Hill Buys Cloverleaf Communications”
Former Qualcomm Exec Named CEO of Color Printing Technology Developer
The other shoe dropped today with regard to Len J. Lauer, who announced his resignation before Christmas as Qualcomm’s chief operating officer, which is ostensibly the No. 2 executive post at the San Diego wireless giant. Lauer was named as the president and chief executive officer of Memjet, a privately held company developing innovative color … Continue reading “Former Qualcomm Exec Named CEO of Color Printing Technology Developer”
Sequenom Settles SensiGen Claims
San Diego-based Sequenom (NASDAQ: [[ticker:SQNM]]) disclosed in a regulatory filing it has issued 367,547 additional shares of its common stock, valued at $1.5 million, to settle claims stemming from its acquisition of Ann Arbor, MI-based SensiGen’s molecular diagnostic tests. Sequenom and SensiGen said last January the San Diego biotech was buying a variety of diagnostic … Continue reading “Sequenom Settles SensiGen Claims”
Adventrx Asks FDA to Approve Its Formulation of Anti-Cancer Drug
San Diego-based Adventrx Pharmaceuticals (AMEX: [[ticker:ANX]]), which reduced its workforce to just five executives and announced plans last March to “substantially end” its drug development and business operations, sprang back to life today. The company says it has submitted a new drug application, or NDA, to the Food and Drug Administration for ANX-530, a formulation … Continue reading “Adventrx Asks FDA to Approve Its Formulation of Anti-Cancer Drug”
Qualcomm’s No. 2 Executive Departs Amid Shuffle, Metaplace Closes Virtual World, Startups Refill Coffers, & More San Diego BizTech News
Although the news flow slowed to a trickle over the holidays, we’ve patiently collected all the high-tech news to get you ready to greet the New Year. —San Diego’s Qualcomm announced the resignation of its No. 2 executive, Chief Operating Officer Len Lauer, on Christmas Eve—a move that almost ensured minimal press attention. Lauer, who … Continue reading “Qualcomm’s No. 2 Executive Departs Amid Shuffle, Metaplace Closes Virtual World, Startups Refill Coffers, & More San Diego BizTech News”
Ringing in the New Year: Five San Diego Tech Companies Raise Cash in December
Venture fundraising came to life among for a number of San Diego’s high-tech companies in December, although the deals for the most part were relatively small. Here’s a roundup of recent deals that will no doubt help these startup founders rest a little easier over the holidays: —Daylight Solutions, the specialized maker of solid-state lasers … Continue reading “Ringing in the New Year: Five San Diego Tech Companies Raise Cash in December”
ViaSat Sells Shares as Part of WildBlue Deal
ViaSat (NASDAQ: [[ticker:VSAT]]), the Carlsbad, CA-based satellite communications company raised $133 million in equity funding in December, according to a recent filing with the Securities and Exchange Commission. ViaSat spokesman Bruce Rowe tells me the company issued about 4.3 million shares for the stock component of the company’s $568 million stock-and-cash purchase of Colorado’s WildBlue … Continue reading “ViaSat Sells Shares as Part of WildBlue Deal”
Readers’ Picks: Xconomy San Diego’s Top 5 Stories of 2009
There are many differences between this new world of online media and the old world of ink-on-paper that I used to inhabit. So many, in fact, that sometimes I feel like the earthling in the blockbuster “Avatar” who must take archery lessons and learn how to live in an alien culture. One of the most … Continue reading “Readers’ Picks: Xconomy San Diego’s Top 5 Stories of 2009”
Ambit Signs Big Deal With Astellas, Xenomics Alleges Fraud at Sequenom, Arena Seeks FDA Approval for Weight-Loss Drug & More San Diego Life Sciences News
Despite the fact that there are no snow days in San Diego, we still saw occasional flurries—of life sciences news—in the days before Christmas. Here at Xconomy, we’re wishing everyone happy holidays and an exponential New Year. —Scott Salka, the CEO of Ambit Biosciences told Luke the San Diego life sciences company pushed hard to … Continue reading “Ambit Signs Big Deal With Astellas, Xenomics Alleges Fraud at Sequenom, Arena Seeks FDA Approval for Weight-Loss Drug & More San Diego Life Sciences News”
In Development of Bio-Engineered Skin Tissue, Third Try is Charm for Advanced BioHealing
[Corrected 12/29/09, 3:40 pm. See below.] When it comes to commercializing a bio-engineered human skin substitute that could be used to treat diabetic ulcers and other tissue damage, Kathy McGee has the benefit of a long view. McGee tells me she arrived in San Diego from Ireland in 1992 to work for Advanced Tissue Sciences … Continue reading “In Development of Bio-Engineered Skin Tissue, Third Try is Charm for Advanced BioHealing”
Seacoast Science Avoids VCs, Finds Other Money to Develop Tiny Chemical Sensors
I wanted to meet with the founders of Seacoast Science since I learned in late October that the Carlsbad, CA, startup is part of a government-sponsored initiative to embed tiny chemical sensors in cell phones. Seacoast’s technology is impressive: tiny microchips—about the size of the typeface on a postage stamp—each containing multiple individual sensors, or … Continue reading “Seacoast Science Avoids VCs, Finds Other Money to Develop Tiny Chemical Sensors”
Patent Issued to Vical and UW
San Diego-based Vical says today it has obtained a patent covering DNA vaccines for the sexually transmitted herpes simplex virus type 2 (HSV-2), the leading cause of genital herpes. Vical (NASDAQ: [[ticker:VICL]]) says it is in preclinical development of a HSV-2 vaccine in collaboration with the University of Washington School of Medicine, which also is … Continue reading “Patent Issued to Vical and UW”
Metaplace Pulling Plug on Website
San Diego-based Metaplace co-founder Ralph Koster announced on his blog today that the venture-backed company is shutting down Metaplace.com, its user-generated content website, effective Jan. 1. Koster, the former chief creative officer at Sony Online, says the Metaplace website, which offers users an online marketplace and platform for building their own social networking rooms “just … Continue reading “Metaplace Pulling Plug on Website”
Qualcomm Plans to Repeat Global QPrize, With a Few Changes
After reporting reporting last month that Israeli startup Panoramic Power won the inaugural QPrize, the incentive prize organized by Qualcomm Ventures, I recently got a chance to discuss the outcome with Nagraj Kashyap, vice president of Qualcomm Ventures. He says the San Diego wireless industry giant intends to organize a second round of its business … Continue reading “Qualcomm Plans to Repeat Global QPrize, With a Few Changes”
Qualcomm’s Top Executives Talk Shop, Verari Lays Off Nearly Everyone, Assay Depot Goes From Biotech Startup to Online Merchant, & More San Diego BizTech News
San Diego’s tech news slowed to a trickle last week, as considerable speculation focused on the restructuring at Verari Systems, which included laying off most of the data equipment supplier’s workforce. Keep reading to get the latest news. —San Diego-based Verari Systems abruptly laid off most of its employees, prompting a flurry of reports that … Continue reading “Qualcomm’s Top Executives Talk Shop, Verari Lays Off Nearly Everyone, Assay Depot Goes From Biotech Startup to Online Merchant, & More San Diego BizTech News”