In a grim portent for the semiconductor sector, San Diego’s Cymer (NASDAQ: [[ticker:CYMI]]) says its fourth-quarter revenue will be about $100 million—at the low end of its guidance—and additional cutbacks will be necessary. Cymer makes specialized and extremely precise “deep ultraviolet” laser systems that are used as light sources in the photolithographic process in which … Continue reading “For Whom The Bellwether Tolls: Cymer Enacts More Cuts”
Author: Bruce V. Bigelow
Cypress Bioscience Shares Soar on News of FDA Approval
Cypress Bioscience (NASDAQ: [[ticker:CYPB]]) shares are up sharply today after the San Diego drug developer and its New York partner announced last night the Food and Drug Administration approved their drug for fibromyalgia. As Luke reported in October, Cypress started down this path in 2001, when it licensed rights to milnacipran, (Salvella) a drug approved outside … Continue reading “Cypress Bioscience Shares Soar on News of FDA Approval”
The Father of the Cell Phone on the Future of His Offspring
At a moment when it seemed like the San Diego Chargers still had a chance to win Sunday’s NFL playoff game against the Pittsburgh Steelers, my daughter’s cell phone issued a high-pitched “beep-beep-beep.” Some guy named “Rio” in Pittsburgh sent a photo of a black Steelers helmet to her cell phone. The image was accompanied … Continue reading “The Father of the Cell Phone on the Future of His Offspring”
NuVasive Invests in Synthetic Bone Maker
NuVasive, (NASDAQ: [[ticker:NUVA]]), the San Diego medical device company developing surgical treatments for the spine, says it’s acquiring a stake in Progentix Orthobiology BV, a Dutch company developing calcium phosphate putty for use as a synthetic bone substitute. NuVasive is making an initial equity investment of $10 million, and providing Progentix a $5 million loan, … Continue reading “NuVasive Invests in Synthetic Bone Maker”
VCs to Entrepreneurs: Outlook for Software Startups Is As Good—or Bad—As Ever
When the moderator for a panel discussion about the venture outlook for 2009 begins by saying, “Everyone knows it’s really bleak right now,” it’s a safe bet you’re not at a chapter meeting for Optimist International. But a venture overview yesterday organized by the San Diego Software Industry Council seemed to run against the current … Continue reading “VCs to Entrepreneurs: Outlook for Software Startups Is As Good—or Bad—As Ever”
Nirvanix Replaces Its CEO
San Diego’s Nirvanix, a venture-backed company that operates online data storage as a service, says it changed CEOs, replacing the entrepreneurial CEO Patrick Harr for enterprise software CEO Jim Zierick. Harr was previously the CEO of Streamload, another data storage service, and Preventsys, a network security startup acquired by McAfee in 2006. Zierick was previously … Continue reading “Nirvanix Replaces Its CEO”
For All They Do, Sempra’s Utilities Need Innovation Too
Perhaps because they operate in heavily regulated industries, electric and gas utility companies are not usually regarded as centers of innovation. And to some critics, the utilities operated by San Diego’s Sempra Energy seem to operate in stodgy defiance to anything shiny and newfangled. But it’s a bad rap to Hal Snyder, who oversees strategy … Continue reading “For All They Do, Sempra’s Utilities Need Innovation Too”
Medtronic To Pick Up Ablation Frontiers for $225 Million Upfront
Medtronic (NYSE: [[ticker:MDT]]) says it has inked a deal to acquire Carlsbad, CA’s Ablation Frontiers, which has been developing a medical device for treating heart arrhythmias. Medtronic will make pay an initial $225 million for the firm, and may make additional payments if certain milestones are met. Medtronic, the Minneapolis medical equipment maker, plans to … Continue reading “Medtronic To Pick Up Ablation Frontiers for $225 Million Upfront”
Cleantech Funds Lead $25.4 Million Investment in Fallbrook Technologies
One good turn deserves another, and San Diego alternative transmission maker Fallbrook Technologies is ready to shift to the next level. After working more than 10 years to develop a radical new transmission design that helps motors operate more efficiently, Fallbrook announced today it has secured $25.4 million in its first round of venture funding. NGEN … Continue reading “Cleantech Funds Lead $25.4 Million Investment in Fallbrook Technologies”
Sequenom Makes Buyout Offer, Anadys Zooms on Promising Results, Michael Robertson Gives iPod Last Rights, Forward Ventures Going Virtual, & More San Diego BizTech News
The best part about last week’s deals and biztech news was that so much of it amounted to the first act in a continuing drama. Will the deal go through? Will that drug get approved? Stay tuned… Who needs TV soaps when a corporate buyout drama is unfolding before your very eyes? Will San Diego’s … Continue reading “Sequenom Makes Buyout Offer, Anadys Zooms on Promising Results, Michael Robertson Gives iPod Last Rights, Forward Ventures Going Virtual, & More San Diego BizTech News”
CalciMedica Finds a New Pathway to Fight Autoimmune Disorders
In 2005, Gonul Velicelebi was the vice president of research and drug discovery at TorreyPines Therapeutics (NASDAQ: [[ticker:TPTX]]) when scientists there determined that a molecule dubbed STIM1 played a crucial role in activating immune cells. To Velicelebi, STIM1 was like a key that helped open a hidden pathway that scientists had been seeking for 20 … Continue reading “CalciMedica Finds a New Pathway to Fight Autoimmune Disorders”
Near Record Pace of Private Equity Fund-Raising Hit Wall in September
Fund-raising by private equity firms slowed dramatically during the last three months of 2008, so much so, in fact, that an analysis shows an 18 percent overall decline among fund-raising by U.S. firms compared to 2007—all of it due to the Q4 meltdown. An analysis published today in the Dow Jones Private Equity Analyst newsletter … Continue reading “Near Record Pace of Private Equity Fund-Raising Hit Wall in September”
Auspex Recruits Former SGX CEO
Former SGX Pharmaceuticals CEO Michael Grey was named as President and CEO of Auspex Pharmaceuticals, a Vista, CA, biotech founded in 2001 to develop next-generation medicines with improved performance. Auspex says it is pioneering the targeted application of deuterium, a safe and stable hydrogen isotope, to clinically validate drugs.
Not Everyone is Shrinking: Business Analytics Technology Fuels Expansion at ParAccel
At a time when many tech companies are reducing their payrolls, San Diego’s ParAccel just announced it’s moving into a new headquarters to accommodate its rapid growth. The venture-backed company, which develops business analytics technologies that accelerate database queries, says its workforce has doubled to 60 people over the past year. “It’s great to be … Continue reading “Not Everyone is Shrinking: Business Analytics Technology Fuels Expansion at ParAccel”
Huya Bioscience Taps Into China For Novel Drug Candidates
If there was an “ah-ha!” moment for Huya Bioscience International, it occurred in 2004, when founder Mireille Gingras was working as a consultant for mid-size biotech companies. “I was looking for opportunities for in-licensing compounds in China when I found a very interesting drug for Alzheimer’s,” Gingras recalls. The potential for the Chinese drug in … Continue reading “Huya Bioscience Taps Into China For Novel Drug Candidates”
Anaphore Raises $25 Million in Venture Funding
Anaphore, a La Jolla biotech near our Xconomy San Diego office, says it has raised $25 million in a Series A round led by 5AM Ventures, Versant Ventures, and Apposite Capital. Headed by founder and CEO Katherine Bowdish, Anaphore is developing a new class of protein therapeutics the company calls Atrimers. Anaphore says it’s novel drug … Continue reading “Anaphore Raises $25 Million in Venture Funding”
Accelrys CEO Resigns
Mark Emkjer has resigned as CEO and director at San Diego’s Accelrys (NASDAQ: [[ticker:ACCL]]), which develops software for computer-aided design and modeling. The company says its board has named Todd Johnson as interim CEO.
San Diego’s Forward Ventures Moves Toward a Lean and Virtual Future
Speculation has been rampant in recent months about the future of San Diego’s Forward Ventures, which has been one of the region’s leading life sciences VC firms for more than 15 years. Partner Joel Martin, who joined Forward in 2001, left the firm in October and another partner, Stuart Collinson, is said to be leaving … Continue reading “San Diego’s Forward Ventures Moves Toward a Lean and Virtual Future”
Quidel CEO Announces Retirement
San Diego’s Quidel (NASDAQ: [[ticker:QDEL]]), which specializes in rapid medical diagnostic tests, said in a filing today that CEO Caren Mason plans to retire on June 1. Quidel says the company’s board has initiated a search for her replacement. A statement released by Quidel chairman Mark Pulido hailed Mason for “double digit organic revenue growth,” … Continue reading “Quidel CEO Announces Retirement”
Qualcomm Strikes Deal With China’s Largest Cell Phone Maker, Volcano Moves to Buy Axsun, Life Technologies Buys Visigen, & More San Diego BizTech News
Innovation never sleeps, but the pace of San Diego business and technology news yawned a little over the Christmas and New Year holidays. Still, there were plenty of noteworthy developments to round up for the first Monday of 2009. Oh, and by the way, Happy New Year!The end of December brought news from faraway China … Continue reading “Qualcomm Strikes Deal With China’s Largest Cell Phone Maker, Volcano Moves to Buy Axsun, Life Technologies Buys Visigen, & More San Diego BizTech News”
Can’t Take My Eyes Off Of You: The Untold Story of How a San Diego VC Backed Broadway’s Jersey Boys
Among San Diego’s venture capitalists, I’d say that Kevin Kinsella ranks among the foremost riskophiles. Since the formation of his first Avalon Ventures fund some 25 years ago, he has shown a willingness to take chances where even angels fear to tread—and an uncanny knack for making the right bet. Kinsella’s success in backing—and often … Continue reading “Can’t Take My Eyes Off Of You: The Untold Story of How a San Diego VC Backed Broadway’s Jersey Boys”
A Mini-Cluster of Algae-to-Biofuels Technology Blooms in San Diego
When I sat down recently with Mario Larach, he was still excited about a U.S. Department of Energy workshop he had attended on algae biofuels earlier this month at the University of Maryland. As the co-founder of a local biofuel startup called Kai BioEnergy, Larach has been tracking a nationwide surge of interest in algae-to-biofuel … Continue reading “A Mini-Cluster of Algae-to-Biofuels Technology Blooms in San Diego”
San Diego’s CovX and Pfizer’s New Strategy For Innovation
It has been a year since the largest pharmaceutical company in the world acquired San Diego’s CovX, a venture-backed life sciences company developing new treatments for cancer and diabetes. At the time, Pfizer already had invested more than $522 million to develop a San Diego campus, which has more than 1,000 employees and operates as … Continue reading “San Diego’s CovX and Pfizer’s New Strategy For Innovation”
Genomatica Forms Council to Guide Industrial Expansion
San Diego’s Genomatica is forming an engineering advisory council to help the company as it moves to expand to large-scale chemical production. Privately-held Genomatica has shown it can use genetically modified bacteria to make 1,4-butanediol, or BDO, a basic polymer used to make everything from skateboard wheels to spandex clothing. Genomatica named Page Shirtum, a … Continue reading “Genomatica Forms Council to Guide Industrial Expansion”
Qualcomm Strikes Deal With China’s Biggest Cell Phone Maker
San Diego wireless giant Qualcomm (NASDAQ: [[ticker:QCOM]]) has reached a licensing agreement with Beijing Tianyu Communications Equipment Co., China’s biggest cell phone maker. Under the deal, Tianyu has obtained worldwide rights to develop, manufacture and sell Qualcomm’s proprietary CDMA2000 and WCDMA subscriber units and modem cards. Qualcomm said Tianyu will pay royalties at its standard … Continue reading “Qualcomm Strikes Deal With China’s Biggest Cell Phone Maker”
SAIC Says Greek Government Has Finally Accepted $322 Million Athens Olympics Project
It might have won a gold medal for longest-running contract dispute. Finally, though, it’s over—or so it seems. San Diego defense contractor SAIC said yesterday the Greek government has formally accepted the sophisticated “command and control” security network the company installed for the 2004 Summer Olympic Games. The company also known as Science Applications International … Continue reading “SAIC Says Greek Government Has Finally Accepted $322 Million Athens Olympics Project”
Sempra Energy Beams Over Completion of Solar Plant
California’s major utilities have been scrambling to meet a state mandate that requires using renewable energy sources to generate 20 percent of the electricity they supply by 2010. So San Diego’s Sempra Energy (NYSE: [[ticker:SRE]]) had good reason to bask yesterday as it announced its Sempra Generation subsidiary has completed the company’s first solar energy … Continue reading “Sempra Energy Beams Over Completion of Solar Plant”
Sports Web Site Wins Venture Group’s PitchFest
The San Diego Venture Group today named TheSportsTV.com as the winner of its ninth annual “PitchFest” business plan competition. The startup, which was awarded $20,000, was among three finalists that made presentations to 280 people who attended the venture group’s annual meeting on Dec. 3. TheSportsTV.com is a Web site that enables amateur athletes to … Continue reading “Sports Web Site Wins Venture Group’s PitchFest”
SAIC To Support Anti-Bomb Training
The Navy’s Space and Naval Warfare Systems Center in Charleston, SC, has awarded a $17 million task order to SAIC, the San Diego defense contractor, to support a training program for countering IEDs, or improvised explosive devices. The program trains Marine Corps engineers to defuse roadside bombs and other booby-traps, and in using electronic warfare … Continue reading “SAIC To Support Anti-Bomb Training”
Abbott Buys Isis’ Diagnostics Subsidiary, Ligand Binds With GlaxoSmithKline, Ardea Raises $30M & More San Diego BizTech News
It was the week before Christmas, and the deals were flying. Could San Diego’s economy be downturn defying? Heed the tech news and be of good cheer! We wish you an Xconomy Xmas and Xponential New Year! —The big deal of the week came Wednesday, when Abbott Labs (NYSE: [[ticker:ABT]]) exercised its option to acquire … Continue reading “Abbott Buys Isis’ Diagnostics Subsidiary, Ligand Binds With GlaxoSmithKline, Ardea Raises $30M & More San Diego BizTech News”
Michael Robertson Is Calling, But Will Anybody Answer?
If nothing else, Michael Robertson gets credit for stickin’ it to the establishment. Maybe it’s because he was born in 1967, amid America’s flaring protests. Maybe it’s just a result of his penchant for libertarian views. When I saw an announcement earlier this week from Robertson about GizmoCall, his new browser-based calling service, my first … Continue reading “Michael Robertson Is Calling, But Will Anybody Answer?”
Huntington Capital Raises $78 Million For Second Fund
Huntington Capital partner Tim Bubnack says the San Diego firm, which operates as both a venture lender and private equity investor, has raised $78 million in capital commitments for its second fund. The firm hopes to raise a total of $100 million for “Fund II” by early next year. Bubnack told me in October that … Continue reading “Huntington Capital Raises $78 Million For Second Fund”
Maglev Industry Gains Momentum, But Is Big Cost A Turn-Off?
In meeting room G of San Diego’s Manchester Grand Hyatt, Neil Cummings was preaching yesterday to the choir—which in this case is the 20th International Conference on Magnetically Levitated Systems and Linear Drives. “I call it the new Iron Horse,” said Cummings, referring to the maglev industry’s vision for high-speed trains driven by magnetic levitation … Continue reading “Maglev Industry Gains Momentum, But Is Big Cost A Turn-Off?”
Lilly’s San Diego Biotechnology Center of Silence
Eli Lilly and Co. executives were downright chatty about the company’s biotechnology strategy last week when they convened a meeting with Wall Street analysts. “We see more and more that biotech is a key to sustaining pharmaceutical innovation for the future,” Lilly’s vice president of biotech discovery research, Tom Bumol, said in a statement the … Continue reading “Lilly’s San Diego Biotechnology Center of Silence”
SAIC Gets Biofuels R&D Contract
It turns out that DARPA, the Pentagon’s R&D funding agency, awarded two biofuel development contracts last week, and both went to San Diego companies. As we reported, the Defense Advanced Research Projects Agency awarded a $19.5 million contract to a consortium headed by General Atomics. Yesterday, the Pentagon said DARPA also awarded a $14.9 million … Continue reading “SAIC Gets Biofuels R&D Contract”
Metabasis CEO Resigns
San Diego’s Metabasis Therapeutics (NASDAQ: [[ticker:MBRX]]) said today that co-founder Paul Laikind has resigned as CEO and interim chief financial officer. The biotech, which is developing drugs for diabetes and liver disease, says Laikind will remain on the company’s board. Mark Erion, a co-founder and chief scientific officer, was named as Laikind’s replacement. In connection with … Continue reading “Metabasis CEO Resigns”
SAIC Gets Lunar Mission Contract
San Diego defense contractor SAIC said today NASA has awarded the company a technology services contract to support its Constellation program at Florida’s Kennedy Space Center. The company, also known as Science Applications International Corp., said the contract could be worth as much as $69 million over the next five years if all options are … Continue reading “SAIC Gets Lunar Mission Contract”
California Stem Cell Agency Awards Grants, Cohu Buys German Rival, Amylin Gets Go-Ahead, & More San Diego BizTech News
Venture and private equity firms apparently have clamped down on much of their funding activities in San Diego, but some local firms were able to take advantage of state and federal sources of cash last week. We also saw the Food and Drug Administration give Amylin a break and Qualcomm’s top executives offer their outlook … Continue reading “California Stem Cell Agency Awards Grants, Cohu Buys German Rival, Amylin Gets Go-Ahead, & More San Diego BizTech News”
Dude! San Diego’s Connect Gives Surf Board Maker (And 8 Others) Technology Award
Against the backdrop of a worsening recession, San Diego’s innovation community came together for the 21st annual “Most Innovative Products” awards luncheon today in La Jolla. The event is intended to showcase new products introduced over the past year in eight categories that reflect technology clusters, such as wireless communications, medical devices, and aerospace and … Continue reading “Dude! San Diego’s Connect Gives Surf Board Maker (And 8 Others) Technology Award”
DivX Cuts 21 From San Diego Payroll
A spokesman for San Diego’s DivX (NASDAQ: [[ticker:DIVX]]) confirms today the online digital video provider has laid off 21 employees, or nearly 10 percent of its San Diego workforce. We first saw the layoffs reported at TechCrunch. DivX disclosed earlier this month that its chief technology officer resigned, and it’s not clear if these cutbacks were … Continue reading “DivX Cuts 21 From San Diego Payroll”
Ex-Software CEO Sentenced to 8 Years in Fraud
Stephen Gardner, the former CEO of San Diego’s scandal-ridden enterprise software giant Peregrine Systems, was sentenced yesterday to eight years in prison for helping inflate Peregrine’s revenue. The San Diego Union-Tribune reported that Gardner told a federal judge in San Diego yesterday, “I did hide problems in the hope that they would be fixed and … Continue reading “Ex-Software CEO Sentenced to 8 Years in Fraud”
Verve Wireless Adds 6 Media Content Partners
San Diego’s Verve Wireless, which provides technologies that optimize local media content for wireless devices, says it has reached partnership agreements with six publications, including the Chicago Sun-Times, The San Diego Union-Tribune, and The Pittsburgh Post-Gazette. Financial terms were not disclosed. Verve, founded by a Pulitzer Prize-winning reporter from the Philadelphia Inquirer, also provides news … Continue reading “Verve Wireless Adds 6 Media Content Partners”
State Stem Cell Grants Awarded to Four San Diego Biotechs
Venture funding for San Diego’s life science companies seems to have slowed to a trickle, but four local biotechs are among the first companies to get grants from California’s taxpayer-funded stem cell institute. The 29-member governing board for the California Institute for Regenerative Medicine voted Wednesday to approve funding of more than $19.8 million for … Continue reading “State Stem Cell Grants Awarded to Four San Diego Biotechs”
Mars Postponed: Launch Delay Gives Little Company Another Chance to ‘Wow The Public’
When NASA announced last week it was postponing the launch of its next mission to Mars by 26 months, Michael Ravine says his heart sank—and then he breathed a sigh of relief.As the advanced projects manager at San Diego’s Malin Space Science Systems, Ravine says his team has been working frantically to deliver two cameras … Continue reading “Mars Postponed: Launch Delay Gives Little Company Another Chance to ‘Wow The Public’”
Alphatec Gets $30 Million in Debt Financing
Alphatec Holdings (NASDAQ: [[ticker:ATEC]]), the Carlsbad parent company of medical device maker Alphatec Spine, says it has secured a $30 million credit facility with Silicon Valley Bank and Oxford Finance. The debt consists of a $15 million loan and a $15 million line of credit for working capital. The company, which designs and makes products … Continue reading “Alphatec Gets $30 Million in Debt Financing”
Novatel President Departs
San Diego’s Novatel Wireless said today Brad Weinert resigned Monday, after serving 16 months as president of the broadband wireless company. A statement by Novatel chairman and CEO Peter Leparulo said Weinert has been an important contributor to the company’s growth since 2003. Weinert joined Novatel in 1998, and worked in various jobs until 2002, … Continue reading “Novatel President Departs”
Gov Nominates Roth as Vice Chair of Stem Cell Board
Gov. Arnold Schwarzenegger has nominated San Diego’s Duane Roth, who sits on the board of the state’s stem cell institute, to serve as its vice chairman. Roth, who heads Connect, a non-profit that promotes emerging technologies and helps entrepreneurs, is a longtime biotechnology industry veteran.
Pentagon Awards Biofuel R&D Contract to General Atomics
DARPA, the Pentagon’s R&D funding agency, yesterday awarded a $19.5 million contract to privately held General Atomics of San Diego to make jet fuel from algae and cellulosic feedstocks. Work on developing JP-8 grade biofuel will be done at General Atomics and UC San Diego’s Scripps Institution of Oceanography, Arizona State University, Blue Sun Biodiesel … Continue reading “Pentagon Awards Biofuel R&D Contract to General Atomics”
Qualcomm Executives Look for Industry Rebound Next Summer
The economic downturn means it’s likely the wireless industry will stay with third-generation, or 3G, technologies for the foreseeable future, Qualcomm’s top executives said last night during a panel discussion. Qualcomm CEO Paul Jacobs said customers of the San Diego wireless giant have pushed out their chip orders for 3G technologies because of the economic … Continue reading “Qualcomm Executives Look for Industry Rebound Next Summer”
Enterprise Partners Re-Ups Funding for Fitness Equipment Venture
San Diego-based Enterprise Partners Venture Capital was among three venture firms that participated in $14 million raised in a secondary round by Expresso Fitness of Sunnyvale, CA. Expresso makes cardio fitness equipment, such as stationary bikes with interactive display screens with online access that allow you to compare your times and training with those of others. The … Continue reading “Enterprise Partners Re-Ups Funding for Fitness Equipment Venture”