A University of Virginia team developing miniature power plants that convert rice husks into electricity for use in rural villages throughout India won $250,000 in seed capital for winning a global business plan competition. Husk Power Systems of Charlottesville, Va., was named as the winner today by the sponsors, the Menlo Park, CA, venture capital firm … Continue reading “Virginia BizPlan Wins $250K Prize”
Author: Bruce V. Bigelow
Cleantech Venture Funding Brightens for All But Solar
The clouds may be parting for cleantech startups. Venture capital funding for renewable energy and cleantech startups (which plunged from last October through March) rebounded in the second quarter—but the $1.2 billion invested in 67 countries is still down 44 percent from the same quarter in 2008. Cleantech venture investments were strongest in transportation—specifically, vehicles … Continue reading “Cleantech Venture Funding Brightens for All But Solar”
SEC Opens Probe of Sequenom Research
San Diego’s Sequenom, which postponed release of its prenatal test for Down syndrome, disclosed in a filing that the Securities and Exchange Commision has initated an investigation into the company’s mishandling of data supporting the genetic test. The company says it received written notification of the probe from the SEC on June 29. The value … Continue reading “SEC Opens Probe of Sequenom Research”
MojoPages Raises $5M
San Diego-based MojoPages, an online business directory that includes consumer reviews, said today it has raised $5 million in a Series A round of venture funding led by Austin Ventures, the venture fund based in Austin, TX. Founded in 2007, MojoPages says it plans to use the funds to expand its private-labeled local search solution … Continue reading “MojoPages Raises $5M”
Pyron Solar Acquired
Ellis Energy Investments of Bakersfield, CA, says it has acquired the assets of San Diego-based Pyron Solar, a venture-backed company developing high-energy concentrating photovoltaic cells for utility scale solar projects. Ellis did not disclose financial terms. Pyron was founded in 2004 by Johannes “John” and Inge Laing, who spent 20 years developing the technology. Pyron … Continue reading “Pyron Solar Acquired”
Reaction Design Aims for Cleantech Boom with Combustion Simulation Software
The world of combustion science is much like fluid dynamics, an intense and ever-changing pattern of turbulence, a swirling river of fire and complex chemistry. So it’s only apropos that San Diego’s Reaction Design, which seemed adrift for a decade or more, now finds itself at a powerful confluence of forces in combustion technology. Increasing … Continue reading “Reaction Design Aims for Cleantech Boom with Combustion Simulation Software”
UCSD’s Biological Dynamics a Finalist in Global Contest for $250K Prize
Biological Dynamics, an early stage cancer diagnostics company founded by UC San Diego grad student Raj Krishnan, has raised more than $47,000 in startup capital by winning cash prizes in business plan competitions and other academic contests. Now Krishnan tells me he’s one of 16 finalists in a global competition for university and business-school students that provides … Continue reading “UCSD’s Biological Dynamics a Finalist in Global Contest for $250K Prize”
Xconomy, San Diego Union-Tribune Enter Into Syndication Partnership
In less than nine months, Xconomy San Diego has emerged as the most-authoritative source for news and information about technology innovation in our sun-splashed region—and beyond. As the third and newest hub in the Xconomy network, we set out from the beginning to describe how and why San Diego is renowned for pioneering advances in … Continue reading “Xconomy, San Diego Union-Tribune Enter Into Syndication Partnership”
J. Craig Venter Gets Some Federal Stimulus Funding, Out-of-Town VCs Get Better Results, Third Automaker Parks Downtown & Other San Diego BizTech News
The recession may be resetting our expectations, but technology innovation could be re-arranging our thinking about the importance of hometown VCs. And the arrival of a new venture-backed automaker in our region also raises an interesting question: Could San Diego become America’s new “Motor City?” Forthwith, the highlights from last week’s news: —The V-Vehicle Company, … Continue reading “J. Craig Venter Gets Some Federal Stimulus Funding, Out-of-Town VCs Get Better Results, Third Automaker Parks Downtown & Other San Diego BizTech News”
Qualcomm Exec Helps Start Wireless-Life Sciences Alliance, Lawsuit Entangles La Jolla Pharma, Sorrento Raises Cash & More San Diego Life Sciences News
We saw several San Diego biotechs raising cash over the past week, which might be a sign that some green shoots are emerging in the regional economy. Read up on that and the rest of San Diego’s life sciences news. —Less than three months after its debut, San Diego’s new West Wireless Health Institute says … Continue reading “Qualcomm Exec Helps Start Wireless-Life Sciences Alliance, Lawsuit Entangles La Jolla Pharma, Sorrento Raises Cash & More San Diego Life Sciences News”
West Wireless Health Institute Discloses First Clinical Trial
San Diego’s new West Wireless Health Institute today announced its first clinical research program, saying it will oversee randomized clinical trials of wireless heart monitoring technology developed by San Jose, CA-based Corventis. The institute, which announced its presence less than three months ago, was established to advance healthcare by helping medical device makers and others … Continue reading “West Wireless Health Institute Discloses First Clinical Trial”
Halozyme Raises $40M in Secondary Offering
[Editor’s Note: Updated in first graf at 8:10 a.m. on 6/23/09] Halozyme Therapeutics Inc. said today it priced its secondary offering at $6.50 a share, an almost 14 percent discount to yesterday’s closing price of $7.53 a share. The offering of 6.15 million shares raised $40 million, with Halozyme’s net proceeds amounting to $38.2 million. … Continue reading “Halozyme Raises $40M in Secondary Offering”
Cytori Raises Cash In Stock Sale
San Diego’s Cytori Therapeutics (NASDAQ: [[ticker:CYTX]]) says it is raising $850,000 today by selling shares to Seaside 88, a fund managed by Orlando, FL-based Seaside Capital Management, under a private placement agreement. Cytori, which has been developing regenerative medicine technologies for breast reconstruction and other treatments, says Seaside has agreed to purchase as many as … Continue reading “Cytori Raises Cash In Stock Sale”
Vical Hits Milestones
Vical, (NASDAQ: [[ticker:VICL]]) the San Diego biotech developing DNA vaccines for cancer and infectious disease, says it has received a $1.5 million milestone payment from Merck for its early stage development of a cancer vaccine based on Vical’s technology. In a statement, Vical CEO Vijay Samant says, “We have leveraged our technologies through license agreements … Continue reading “Vical Hits Milestones”
Waitaminnit—San Diego is the Headquarters of America’s Latest Green Auto Startup?
When Louisiana Gov. Bobby Jindal announced that a startup automaker based in San Diego will build a new line of fuel-efficient cars in Monroe, LA, nobody was more surprised than some folks at Cleantech San Diego. The V-Vehicle Company, founded in 2006 by former Oracle executive Frank Varasano, says it “will produce a high-quality, environmentally … Continue reading “Waitaminnit—San Diego is the Headquarters of America’s Latest Green Auto Startup?”
San Diego’s Wireless Incubator Hatches, Geospatial Software Gains Ground, EcoDog Gets an Angel, & More San Diego BizTech News
As the unemployment rate climbed to 11.5 percent statewide in California, and 9.4 percent in San Diego County, two local industry groups announced major initiatives to encourage and support innovation in the region. Read up on that and the rest of San Diego’s business and technology news: —San Diego’s software industry, which already hosts a … Continue reading “San Diego’s Wireless Incubator Hatches, Geospatial Software Gains Ground, EcoDog Gets an Angel, & More San Diego BizTech News”
Norman Steps in at Supercomputer Center
The San Diego Supercomputer Center at U.C. San Diego today named UCSD astrophysicist Michael L. Norman as interim director. Norman replaces Fran Berman, a specialist in grid computing (and San Diego Xconomist), who has served as the center’s director since 2001. Berman plans to join the Rensselaer Polytechnic Institute as vice president of research, effective … Continue reading “Norman Steps in at Supercomputer Center”
Sorrento Therapeutics Raises $2.3 Million
San Diego-based Sorrento Therapeutics has raised $2.3 million in a one-time equity investment, according to a filing yesterday with the Securities and Exchange Commission. The biotech, which specializes in new methods for developing 100-percent human monoclonal antibodies, was founded in 2006 and lists Steve Zaniboni, Antonius Schuh, and Henry Ji as executives and directors. Zaniboni … Continue reading “Sorrento Therapeutics Raises $2.3 Million”
Accumetrics Gunning To Be the Medical Diagnostics Standard for Managing Cardiovascular Disease
Doctors often prescribe a drug like clopidogrel (Plavix) or aspirin to help prevent their patients from suffering a heart attack, stroke, or even waxy plaque buildup along the inside of blood vessels. But how do they know if the dosage is correct, and that the drug prescribed is actually working as intended to prevent blood … Continue reading “Accumetrics Gunning To Be the Medical Diagnostics Standard for Managing Cardiovascular Disease”
Qualcomm’s Don Jones and the Year of Inflection for Wireless Health
At the Wireless-Life Sciences Convergence Summit in San Diego a few weeks ago, healthcare industry veteran Rob McCray told me, “We may well look back and say 2009 was the year of inflection for wireless health.” By wireless health, he means healthcare information and services delivered via wireless networks and devices. The emerging industry certainly got off to … Continue reading “Qualcomm’s Don Jones and the Year of Inflection for Wireless Health”
Trius Approaches Next Stage in Drug Development, China Partnerships a Hot Topic at CalAsia, Lpath Headed to Critical Juncture, & More San Diego Life Sciences News
We all look for milestones in life, but several San Diego biotechs are approaching important junctures where they’re expected to report positive results from their drug development studies. Read on to find out which ones, and to catch up on the rest of San Diego’s life sciences news. —San Diego’s Ardea Biosciences (NASDAQ: [[ticker:RDEA]]) reported … Continue reading “Trius Approaches Next Stage in Drug Development, China Partnerships a Hot Topic at CalAsia, Lpath Headed to Critical Juncture, & More San Diego Life Sciences News”
EcoDog Angel is Former Utility CEO
EcoDog, a Vista, CA-startup developing a “watchdog” device to help consumers monitor their electricity use, inaugurated its plans to raise $5.6 million in angel funding today by naming its first angel investor. CEO Ron Pitt, who founded EcoDog in his garage four years ago, told me Tom Page, the former chairman and CEO of San … Continue reading “EcoDog Angel is Former Utility CEO”
Arena Lines Up $100 Million in Final Push for Obesity Drug
After reporting comprehensive findings from its major study of obesity drug lorcaserin 11 days ago, San Diego’s Arena Pharmaceuticals (NASDAQ: [[ticker:ARNA]]) said today it has arranged $100 million in debt financing with Deerfield Management, a significant shareholder. That should provide the means for Arena to take the drug through the FDA drug review process. In … Continue reading “Arena Lines Up $100 Million in Final Push for Obesity Drug”
San Diego’s Wireless Industry Establishes Startup Incubator
At a time when communications startups are about as rare in San Diego as a newborn Panda at the zoo, the local wireless industry is delivering a nursery. CommNexus, the San Diego communications industry group, and San Diego-based Leap Wireless (NASDAQ: [[ticker:LEAP]]) are establishing a non-profit business incubator here to nurture startups developing communications technologies. CommNexus … Continue reading “San Diego’s Wireless Industry Establishes Startup Incubator”
Specialized Capabilities Put San Diego on the Geospatial Map
Yash Talreja says most people don’t know that cell phones were around for 30 years before they became affordable, useful, and prevalent devices for ordinary consumers. Now he says the same thing is happening with geographic information systems, or GIS. “For 30 years, it was a very specialized area,” Talreja says. “It was used by … Continue reading “Specialized Capabilities Put San Diego on the Geospatial Map”
RoyaltyShare Expands UK Service
San Diego’s RoyaltyShare, which provides software-as-a-service for record labels that want to track and collect music royalties, says its technology now supports the U.K.’s Mechanical-Copyright Protection Society. Bob Kohn, RoyaltyShare’s co-founder, chairman and CEO, says creating an automated process for reporting royalties to MCPS represents a “significant milestone” for RoyaltyShare. “They have 100 percent market … Continue reading “RoyaltyShare Expands UK Service”
Hollis-Eden Names Frincke CEO
San Diego’s Hollis-Eden Pharmaceuticals (NASDAQ: [[ticker:HEPH]]) today named James Frincke as CEO, three months after the biotech terminated founder Richard Hollis. Frincke, who was the biotech’s chief operating officer, was named interim CEO at the time. Hollis founded the biotech 15 years ago to develop therapies based on a synthetic form of HDEA, an adrenal … Continue reading “Hollis-Eden Names Frincke CEO”
MadCap Competes by Innovating, VC Partners See Influx of Foreign Investment, Qualcomm’s Media Flo Begins Delayed Network Expansion, & More San Diego BizTech News
While tech deals remained scarce last week in San Diego, Qualcomm served up some of the biggest news by launching the delayed expansion of its Media Flo network and signaling an increase in its wireless chip sales, at least in the current quarter. More on all that, and the rest of last week’s San Diego … Continue reading “MadCap Competes by Innovating, VC Partners See Influx of Foreign Investment, Qualcomm’s Media Flo Begins Delayed Network Expansion, & More San Diego BizTech News”
Q&A With Hui Cai on Biotech in the Asia Pacific Region: Sharing Risks and Building Sustainable Businesses
As cross-pacific partnerships multiply among life science companies in California and Asia, San Diego biotech companies are increasingly interested in learning how to do business in China, India, and other countries. At least 250 representatives of the international life science community are expected to gather for CalAsia, a two-day conference that begins today at the … Continue reading “Q&A With Hui Cai on Biotech in the Asia Pacific Region: Sharing Risks and Building Sustainable Businesses”
Small Indian Tribe Lands Big Wind Energy Deal
A Chicago-based developer of large-scale renewable energy projects will build a 160-megawatt wind farm on the Campo Indian Reservation about 60 miles east of San Diego, under an agreement announced today. If completed as expected by 2012, the 100-turbine facility in the Laguna Mountains will generate enough electricity during peak production for more than 100,000 … Continue reading “Small Indian Tribe Lands Big Wind Energy Deal”
Anadys Cuts Jobs, Obesity Drug Developers Show Intriguing Results, Trius Antibiotic Passes Key Test, & More San Diego Life Sciences News
There was a lot of life sciences news over the past week in San Diego, with much of it coming out of the American Diabetes Association annual meeting in New Orleans. —At a time when San Diego’s Amylin Pharmaceuticals (NASDAQ: [[ticker:AMLN]]) doesn’t need more challenges, Denmark’s Novo Nordisk announced that liraglutide, its once-daily diabetes drug, … Continue reading “Anadys Cuts Jobs, Obesity Drug Developers Show Intriguing Results, Trius Antibiotic Passes Key Test, & More San Diego Life Sciences News”
Digital TV Conversion Clears Way for Qualcomm’s Flo TV Expansion to Boston, Other Markets
Qualcomm’s delayed plan to substantially expand the scope of its Flo TV service should finally take effect tomorrow, once television broadcasters in 39 markets turn off their analog transmitters and switch to digital TV broadcasts. Tomorrow’s planned DTV transition will free broadband spectrum on what was UHF Channel 55 that will be used by Flo … Continue reading “Digital TV Conversion Clears Way for Qualcomm’s Flo TV Expansion to Boston, Other Markets”
Avalon’s aFraxis Raises $750K
San Diego’s aFraxis has raised $750,000 in early stage funding, according to a recent regulatory filing submitted to the Securities and Exchange Commission. The startup backed by San Diego’s Avalon Ventures was founded in 2007, and is focused on developing treatments for Fragile X syndrome and autism. Avalon’s Jay Lichter is listed as chief executive … Continue reading “Avalon’s aFraxis Raises $750K”
Survey Shows VCs Expect Huge Shifts in Fundraising, Global Investing
We keep hearing there’s no better opportunity to start a company than during hard times, but a survey of venture capitalists shows that doesn’t necessarily translate into increased investment activity. In fact, results of a survey of VCs around the world being released today show that just over half (51 percent) of 725 VCs who … Continue reading “Survey Shows VCs Expect Huge Shifts in Fundraising, Global Investing”
Sorenson Gets Video to iPhone
After rolling out its Sorenson 360 video delivery network last month, Sorenson Media of Carlsbad, CA, says its network now enables any website owner to publish video that can viewed on the iPhone’s web browser. The online media company founded in Salt Lake City, UT, says its enhanced video publish platform is compatible with all … Continue reading “Sorenson Gets Video to iPhone”
MadCap Offers a Lesson in Bootstrapping, and a Case Study on Offshoring
San Diego’s MadCap Software may stand as an exemplar in showing how a small American technology company can compete against rivals that take advantage of low-cost development offshore. The startup, founded in 2005, specializes in developing authoring software that is used by technical writers and others to create owners’ manuals, user guides and other types … Continue reading “MadCap Offers a Lesson in Bootstrapping, and a Case Study on Offshoring”
Adventrx Raises $2M
San Diego’s Adventrx Pharmaceuticals (NYSE Amex: [[ticker:ANX]]) says it has raised about $2 million through a private placement sale of stock that is convertible into Adventrx’s common stock at a price of slightly more than 11 cents a share. The investor, who was not identified, also will receive warrants to buy more than 8 million … Continue reading “Adventrx Raises $2M”
VoxOx Launches Text Callback Service for International Calls
After launching a beta version of its free VoxOx universal communications service in November, San Diego’s TelCentris is rolling out a revision today that could make it easier for VoxOx users to place low-cost international calls. The privately held startup says it has updated its SMS (text messaging) service so that you can place an international call … Continue reading “VoxOx Launches Text Callback Service for International Calls”
For San Diego’s Hometown VCs, It’s Déjà vu All Over Again
Robert Kibble’s arrival in San Diego in 1996 was celebrated as a kind of watershed in some quarters of the region’s emerging information technology community. While a couple of prominent biotech VCs already were established in San Diego by the early 1990s, some local software executives viewed the region as semi-arid when it came to … Continue reading “For San Diego’s Hometown VCs, It’s Déjà vu All Over Again”
Amylin Dissidents Win Board Seats, Targeted Genetics’ Troubles Raise Gene Therapy Concerns, Celladon Eyes Partnership, & More San Diego Life Sciences News
The big news in the San Diego biotech community this week came from the boardroom instead of the laboratory. Dissident shareholder factions elected representatives to the boards of both San Diego-based Amylin Pharmaceuticals (NASDAQ: [[ticker:AMLN]])and Biogen Idec, the Cambridge, MA, biotech that has a significant local presence. —Amylin’s founding CEO Howard “Ted” Greene, who also is … Continue reading “Amylin Dissidents Win Board Seats, Targeted Genetics’ Troubles Raise Gene Therapy Concerns, Celladon Eyes Partnership, & More San Diego Life Sciences News”
Dry Storage Savings Detailed
San Diego’s Biomatrica, which has developed a dehydrating technique for storing biological samples at room temperature, released some cold, hard facts today about laboratory energy costs. Biomatrica says a major U.S. research university could cut its electricity usage by 40 million kilowatt-hours, reduce its carbon footprint by an estimated 18,000 metric tons, and save $16 million … Continue reading “Dry Storage Savings Detailed”
Amylin Founder Ted Greene, In Exclusive Interview, Upbeat About Outcome of Proxy Battle
San Diego-based Amylin Pharmaceuticals has witnessed an extraordinary struggle for control of its board of directors in which a key turning point came when founding CEO Howard “Ted” Greene publicly switched sides and urged shareholders to vote for the dissidents’ nominees. So what does Greene have to say about the results of the shareholder vote … Continue reading “Amylin Founder Ted Greene, In Exclusive Interview, Upbeat About Outcome of Proxy Battle”
Inovio and VGX Pharma Merge
San Diego DNA vaccine developer Inovio Biomedical (NYSE: [[ticker:INO]]) says it has completed its merger with VGX Pharmaceuticals of Blue Bell, PA. The combination gives Inovio more time to develop its approach to new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV. Inovio says it has $11.7 million in available cash and … Continue reading “Inovio and VGX Pharma Merge”
Genomatica Clears Way for ‘Sustainable Chemical’ Demo Plant
San Diego’s Genomatica says it has checked off another technical accomplishment in its quest to take the “petroleum” out of the petrochemical industry. After showing last year that it had engineered bacteria to make butanediol, a key industrial chemical also known as BDO, Genomatica says it now can make BDO in commercial grade batches. In … Continue reading “Genomatica Clears Way for ‘Sustainable Chemical’ Demo Plant”
Using Biotechnology Innovations, Senomyx Makes New Taste Sensations
San Diego-based Senomyx is using some innovations from the biotech industry to develop novel flavor ingredients to enhance tastes, enable food makers to reduce their costs, and improve the “nutritional profile” of food and beverages. At least that’s the way CEO Kent Snyder described it when I met with him recently. Snyder emphasized that Senomyx … Continue reading “Using Biotechnology Innovations, Senomyx Makes New Taste Sensations”
TorreyPines Moves to Dissolution
TorreyPines Therapeutics (Nasdaq: [[ticker:TPTX]]) plans to wind down its business after the San Diego biotech’s board of directors unanimously approved a plan to liquidate and dissolve the company. TorreyPines, which laid off most of its workforce last year, says it intends to call a special shareholders meeting to seek approval of the dissolution plan. While the board approved … Continue reading “TorreyPines Moves to Dissolution”
A Defining Time for Bootstrapping and Survival—Lessons From Business Leaders and Baron Munchausen
When the CEO of Carlsbad, CA-based MaxLinear cited a 1785 translation of “The Surprising Adventures of Baron Munchausen” for the term “bootstrapping,” it’s safe to say nobody in the audience knew where the discussion was headed. But MaxLinear’s Kishore Seendripu was making a point during a panel discussion on “bootstrapping a business” that was hosted … Continue reading “A Defining Time for Bootstrapping and Survival—Lessons From Business Leaders and Baron Munchausen”
Leap Increases Stock Offering
San Diego’s Leap Wireless increased the size of its stock offering to 7 million shares today and priced it near the market close of $37.79 a share, enabling the affordable cell phone service provider to raise $264 million. Leap said yesterday it intended to offer 6.1 million shares. The company also priced its $1.1 billion … Continue reading “Leap Increases Stock Offering”
Medsphere Raising $15M
In a regulatory filing this week, Carlsbad, CA-based Medsphere Systems says it has raised about $1.9 million of a $15 million secondary venture round. Medsphere CEO Michael Doyle told me recently that existing investors have committed $6 million for the round so far. Since it was founded in 2002, Medsphere has raised $50 million from … Continue reading “Medsphere Raising $15M”
Amylin Pharmaceuticals Gets New Directors (But Who Are They?), Ophthonix and Vical Raise Capital, Metabasis Cuts Back—Again, & More San Diego Life Sciences News
After months of buildup to get to yesterday’s shareholder vote to determine the makeup of Amylin Pharmaceuticals’ board of directors, a key question remains unresolved. Happily for those who like more closure, the rest of the week held more definitive news for San Diego’s life sciences companies. —The protracted proxy battle between San Diego’s Amylin … Continue reading “Amylin Pharmaceuticals Gets New Directors (But Who Are They?), Ophthonix and Vical Raise Capital, Metabasis Cuts Back—Again, & More San Diego Life Sciences News”