Spring has sprung, and it’s shaping up to be another busy season for San Diego’s life sciences community. As we head into the weekend, crossing our fingers that the seemingly endless rain showers will be replaced by our usual sunshine, here’s a quick rundown of some recent news developments. —ResMed (NYSE: [[ticker:RMD]]) acquired a South … Continue reading “San Diego Life Sciences Roundup: ResMed, Alexandria GradLabs & More”
Author: Sarah de Crescenzo
Sarah is Xconomy's San Diego-based editor. Prior to joining the team in 2018, she wrote about startups, tech and finance at the San Diego Business Journal. Her decade of full-time news experience includes coverage of subjects including campaign finance, crime and courts as a reporter and editor at outlets throughout California, including the Orange County Register.
She earned a bachelor's degree in English Literature at UC San Diego, where she wrote for the student newspaper and played collegiate lacrosse. In 2019, she earned an MBA at UC Irvine.
BeiGene Puts Up $10M to Use Ambrx’s Drug Development Technology
Chinese pharma company BeiGene has agreed to pay Ambrx $10 million upfront to experiment with technology the biotech has developed in a bid accelerate BeiGene’s search for new protein drugs for cancer treatment. Ambrx says its technology is able to incorporate “non-natural” amino acids into cells like E. coli and CHO, two cell lines commonly … Continue reading “BeiGene Puts Up $10M to Use Ambrx’s Drug Development Technology”
Apple Updates Plans, Now Expects to Create 1,200 Jobs in San Diego
About three months ago, Apple announced it planned to add 1,000 jobs in the San Diego region over the next three years. On Wednesday, the Cupertino, CA-based tech giant said it would increase that total by 200 jobs as part of a plan to make the city one of its principle engineering hubs. Apple (NASDAQ: … Continue reading “Apple Updates Plans, Now Expects to Create 1,200 Jobs in San Diego”
Joining AI Drug Discovery Race, Erasca Adds $22M For Cancer Work
Erasca, a biotech startup run by the former CEO of Ignyta, debuted in December with $42 million and an audacious plan to “erase cancer,” but provided little explanation as to how. Erasca is still keeping many of those details under wraps. But Jonathan Lim, the company’s co-founder and executive chairman, this week outlined, at least … Continue reading “Joining AI Drug Discovery Race, Erasca Adds $22M For Cancer Work”
After a Speedy IPO, Equillium Expands Antibody R&D to Renal Disease
Equillium, a biotech that’s looking to develop an antibody drug for immuno-inflammatory diseases, has added a form of renal disease to the indications for which it aims to develop medicines. It’s the latest step in a fast-moving journey for the La Jolla, CA-based company, which raised about $65 million in an initial public offering in … Continue reading “After a Speedy IPO, Equillium Expands Antibody R&D to Renal Disease”
Novartis to Pay $150M to Ionis, Akcea for Drug to Slow Heart Disease
Novartis has agreed to pay $150 million to Ionis Pharmaceuticals and Boston-based Akcea Therapeutics for the rights to a clinical-stage drug meant to treat patients with abnormally high levels of a protein that is considered a risk factor for cardiovascular disease. The experimental drug, known as AKCEA-APO(a)-LRx by Akcea and TQJ230 by the Swiss pharma … Continue reading “Novartis to Pay $150M to Ionis, Akcea for Drug to Slow Heart Disease”
Bill Maris’s VC Firm Section 32 Raises $200M for Second Fund
Section 32, the venture capital fund based in San Diego’s Cardiff-by-the-Sea community, has raised nearly $200 million for its second fund. A document filed with securities regulators Friday shed light on comments made the previous week to Xconomy by Section 32 founder Bill Maris, who started the firm in 2017. Maris on Feb. 15 confirmed … Continue reading “Bill Maris’s VC Firm Section 32 Raises $200M for Second Fund”
Software Startup Portfolium Acquired by Salt Lake City’s Instructure
The software of Portfolium, a San Diego startup that hosts online portfolios for students trying to showcase their achievements to potential employers, is set to join the portfolio of Utah educational software company Instructure. Instructure (NYSE: [[ticker:INST]]) has agreed to acquire privately held Portfolium. No financial terms of the deal, which was announced Tuesday, were … Continue reading “Software Startup Portfolium Acquired by Salt Lake City’s Instructure”
Bill Maris Fund Section 32 Notches Two Wins with Life Science Exits
[Updated 6:35 p.m. PT. See below.] Section 32, a venture capital firm headquartered near San Diego that launched in 2017 with a $151 million fund, has had a big month. The firm, based in San Diego’s coastal Cardiff-by-the-Sea community, was started by Bill Maris, who launched and previously headed Google’s corporate venture investment arm, GV (originally called … Continue reading “Bill Maris Fund Section 32 Notches Two Wins with Life Science Exits”
Plant-Breeding Biotech Cibus Delays IPO, Citing Market Conditions
Cibus on Thursday said it is holding off on the initial public offering that was expected to happen this week. “We elected to postpone our offering given current market and technical conditions,” said co-founder and CEO Peter Beetham in a press release. It’s unclear exactly what conditions spurred the company to postpone at the last … Continue reading “Plant-Breeding Biotech Cibus Delays IPO, Citing Market Conditions”
Mission Edge Taps 10 Businesses for “Social Enterprise” Accelerator
Mission Edge, a nonprofit organization backed by the San Diego Foundation and three corporations, has chosen 10 companies and organizations to participate in a 12-week program intended to improve each entity’s financial performance, and thereby long-term sustainability. Called the Social Enterprise Accelerator and Impact Lab (SAIL), the program has previously taken place twice. SAIL’s sponsors … Continue reading “Mission Edge Taps 10 Businesses for “Social Enterprise” Accelerator”
Autonomous Truck Company TuSimple Adds $95M to Rev Up Commercial Fleet
TuSimple has pulled in $95 million more in venture funding to advance its development of a commercial autonomous fleet of trucks. The new Series D round of financing announced Wednesday boosts the San Diego-based company’s valuation to land it on the growing list of “unicorns”—the tech-world term coined for companies valued at $1 billion or above. … Continue reading “Autonomous Truck Company TuSimple Adds $95M to Rev Up Commercial Fleet”
Qualcomm Sells Medical Device Connectivity Business to PE Firm
Francisco Partners, a San Francisco-based private equity firm, said Monday it has acquired Qualcomm Life, a subsidiary of the San Diego chipmaker that focuses on connecting medical devices to software applications installed at hospitals and other healthcare organizations. Terms of the deal between Qualcomm (NASDAQ: [[ticker:QCOM]]) and Francisco Partners weren’t disclosed. The company will be … Continue reading “Qualcomm Sells Medical Device Connectivity Business to PE Firm”
Gossamer Bio Adds $276M in Second Biotech “Unicorn” IPO of 2019
Gossamer Bio, the San Diego-based biotech founded by former Receptos executives, has raised $276 million in its initial public offering, a total that puts it in a rare class among biotechs that have gone public in recent years. The amount raised surpassed expectations. During the partial federal government shutdown in January, Gossamer announced it would … Continue reading “Gossamer Bio Adds $276M in Second Biotech “Unicorn” IPO of 2019″
Halozyme Gets $30M from Argenx in Licensing Deal Worth Up to $530M
Argenx, a Dutch firm with a pipeline of investigational antibody-based therapies, will pay San Diego-based Halozyme to use its drug delivery technology to develop subcutaneous versions of some of the drugs Argenx is developing to treat rare autoimmune diseases and cancers. The technology Halozyme (NASDAQ: [[ticker:HALO]]) is licensing, called Enhanze, allows drugs that would otherwise … Continue reading “Halozyme Gets $30M from Argenx in Licensing Deal Worth Up to $530M”
Maxwell, Struggling Battery-Technology Maker, to Sell to Tesla
Battery-technology business Maxwell Technologies has agreed to be acquired by Silicon Valley electric car company Tesla (NASDAQ: [[ticker:TSLA]]) in an all-stock deal valued at about $218 million, the San Diego-based company announced Monday. Maxwell (NASDAQ: [[ticker:MXWL]]) said Palo Alto, CA-based Tesla would buy its shares at $4.75 apiece, a 55 percent premium over its stock … Continue reading “Maxwell, Struggling Battery-Technology Maker, to Sell to Tesla”
With SEC Reopened, Gossamer Bio Turns Back from Alternative IPO Path
Gossamer Bio is dropping its plan to pursue a little-used path to the public markets and will instead return to a conventional IPO that is reviewed by securities regulators. The company initially filed for an IPO as activity at the SEC ground to a halt during the partial federal government shutdown. The San Diego startup, … Continue reading “With SEC Reopened, Gossamer Bio Turns Back from Alternative IPO Path”
Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup
Taylor Cavanah, whose background is in physics, once caused a fellow scientist to do a spit take after learning Cavanah runs a software startup focused on pet care. Just as surprising is the tale of how Cavanah and co-founders Ken Tsui and Aaron Bannister built the San Diego, CA-based company, called PetDesk. It sells online … Continue reading “Q&A: PetDesk CEO Taylor Cavanah on Building a ‘Slower-Growth’ Startup”
Former Zavante Executive Tapped as Abide Therapeutics President
Abide Therapeutics, which is developing medicines to treat neurological diseases, has appointed Kevin Finney as its president and chief operating officer, a new role for the company. The company, which has about 40 employees, is co-located in San Diego, where the majority of its workers are based, and Princeton, NJ. Abide’s drug candidates, small-molecule inhibitors, … Continue reading “Former Zavante Executive Tapped as Abide Therapeutics President”
San Diego’s DeskHub Snapped Up by Co-Working Company Cross Campus
Cross Campus, a shared office-space provider with five locations in the Los Angeles, CA, region, has snapped up DeskHub in the latest step in a plan to expand its West Coast presence. DeskHub, one of San Diego’s oldest co-working companies, has about 500 members across two locations: a 23,000-square-foot space in Little Italy and about … Continue reading “San Diego’s DeskHub Snapped Up by Co-Working Company Cross Campus”
Trust & Will Raises $2M to Advance Digitization of Estate Planning
[Updated 9:30 a.m., see below.] Roughly half of American adults have no legal document that details how their assets should be distributed when they die. The team at Trust & Will, a San Diego-based startup founded in October of 2017, is betting that a good chunk of those people would shell out some money to … Continue reading “Trust & Will Raises $2M to Advance Digitization of Estate Planning”
Nominations for Xconomy Awards San Diego Close Soon
San Diego is chock-full of companies and people doing innovative work in life science and digital health. From the many unsung heroes toiling in labs countywide, to paradigm-shifting startup founders working on the next life-altering medicine or digital health tool, to executives with multiple exits under their belts, Xconomy will recognize the region’s best this … Continue reading “Nominations for Xconomy Awards San Diego Close Soon”
LunaDNA Health Data Platform to Merge with Genetic Alliance Database
LunaDNA, a startup that is offering individuals company stock in exchange for personal genomic and health information in a bid to build a database that could help advance scientific research, is merging its research platform with the Genetic Alliance’s Platform for Engaging Everyone Responsibly (PEER). The Genetic Alliance is a longstanding nonprofit organization based in … Continue reading “LunaDNA Health Data Platform to Merge with Genetic Alliance Database”
CommonGrounds Raises $100M to Open More New Flexible Office Spaces
Billions of dollars have already flowed to the purveyors of shared workspaces, and the investment spigot isn’t turning off yet. CommonGrounds Workspace, a San Diego, CA-based company that operates flexible office spaces in California and Colorado today, announced Wednesday that it had raised $100 million in a Series A financing to expand its lineup to … Continue reading “CommonGrounds Raises $100M to Open More New Flexible Office Spaces”
AlwaysAI Adds $4M to Bring Deep Learning to Embedded ‘Edge’ Devices
Many of our devices, from wearables to medical instruments to drones, can capture reams of images. Using algorithms to analyze those images on the devices, in turn, generally takes loads of computing power and energy—sometimes more than is feasible. AlwaysAI says it is getting ready to sell its software for enterprise developers looking to make … Continue reading “AlwaysAI Adds $4M to Bring Deep Learning to Embedded ‘Edge’ Devices”
Teradata Names Oliver Ratzesberger as New CEO
Teradata on Monday announced that Oliver Ratzesberger, its chief operating officer, has been tapped as president and CEO Victor Lund’s successor. The company, which last year relocated its headquarters from Dayton, OH, to San Diego, is in the midst of a concerted effort to transform itself from a legacy data storage provider to an innovative, … Continue reading “Teradata Names Oliver Ratzesberger as New CEO”
San Diego Life Science Companies See Stock Bumps, Slips in JPM Wake
The massive life sciences meeting now known as the J.P. Morgan Healthcare Conference started out as a clubby get-together hosted by investment bank Hambrecht & Quist. Back in the days of H&Q, bankers and entrepreneurs flocked to San Francisco to get information about biotech companies that was otherwise hard to come by. Investors, thrilled—or spooked—by … Continue reading “San Diego Life Science Companies See Stock Bumps, Slips in JPM Wake”
Big Deals, Life Sciences Push U.S. VC in 2018 to Dot-Com Boom Levels
[Updated 1/18/19, 3:27 pm. See below.] Venture capital investments rose in 2018 to levels not seen since the heady days of 2000, the last year U.S. startups collectively took in more than $100 billion. That’s according to PitchBook and the National Venture Capital Association’s Venture Monitor report, released this week, which tallied nearly 9,000 deals … Continue reading “Big Deals, Life Sciences Push U.S. VC in 2018 to Dot-Com Boom Levels”
Poseida Therapeutics Prepares for IPO to Advance CAR-T Treatments
Poseida Therapeutics, which is testing CAR-T cell therapies for blood-borne and solid tumor cancers, has laid the groundwork for an initial public offering. In documents filed with securities regulators Friday, the San Diego company set a preliminary IPO target of $115 million. The company has applied for a listing on the Nasdaq stock exchange under … Continue reading “Poseida Therapeutics Prepares for IPO to Advance CAR-T Treatments”
Forge Therapeutics Gets up to $11.1M to Advance “Superbug” Drugs
[Updated 1/4/19, 9:10 p.m. PT. See below.] As strains of bacteria evolve to fight back against common antibiotics, a slew of biotechnology companies are working to develop ways to combat these “superbugs.” San Diego’s Forge Therapeutics is among those targeting gram-negative bacteria, a type of bacteria that has a protective outer membrane that makes it … Continue reading “Forge Therapeutics Gets up to $11.1M to Advance “Superbug” Drugs”
Alphabet’s Biotech R&D Arm Verily Raises $1B to Fuel Growth
Verily, the biotech research and development company owned by Google parent Alphabet, has raised $1 billion in an investment round led by Menlo Park, CA-based private equity titan Silver Lake. The South San Francisco, CA-based company was formerly known as Google Life Sciences before Alphabet (NASDAQ: [[ticker:GOOG]]) spun it off from the search engine giant … Continue reading “Alphabet’s Biotech R&D Arm Verily Raises $1B to Fuel Growth”
4 San Diego Startups Ring in New Year With New Venture Dollars
Heads of some local tech startups—or at least their lawyers—stayed busy over the winter holiday. Four reported raising $10 million or more within days of the New Year, according to recent filings with securities regulators. While the softening stock market may have ruined a few holiday breaks, these San Diego software companies were undoubtedly raising … Continue reading “4 San Diego Startups Ring in New Year With New Venture Dollars”
Gossamer Bio Files for IPO at End of Year in Which It Raised $330M
Gossamer Bio, headed by former Receptos executives, made its debut in January with $100 million in financing. Seven months later, it tacked on another $230 million. Now, the San Diego-based startup is looking to Wall Street for additional funds. The company last Friday outlined plans for an initial public offering to advance its development of … Continue reading “Gossamer Bio Files for IPO at End of Year in Which It Raised $330M”
Ligand Inks Deal, Ionis Details Succession Plan, & More SD Biotech
San Diego’s life sciences companies didn’t tap their brakes much as December chugged along. This week—for many, the last full work week before a holiday break—has been peppered with financings and deals news. So while it might be nearly time to board your plane (or hop in the car, or simply spend a little time … Continue reading “Ligand Inks Deal, Ionis Details Succession Plan, & More SD Biotech”
German Court Sides with Qualcomm in Patent Litigation Versus Apple
A court in Munich, Germany, has ordered Apple to stop imports and sales in Germany of all models of iPhone that infringe on Qualcomm’s intellectual property, the San Diego wireless giant said Thursday. The court ruled that Cupertino, CA-based Apple (NASDAQ: [[ticker:AAPL]]) infringed a Qualcomm patent that relates to a way to extend a smartphone’s … Continue reading “German Court Sides with Qualcomm in Patent Litigation Versus Apple”
Aristea Therapeutics Raises $15M to Develop Anti-Inflammatory Drugs
New biopharma company Aristea Therapeutics has raised $15 million from Novo Holdings, the Danish investment company, and secured global rights to an investigational AstraZeneca drug that’s ready for Phase 2 study. The San Diego, CA, company made its public debut this week after starting up quietly earlier this year. Aristea expects its lead program, RIST4721, … Continue reading “Aristea Therapeutics Raises $15M to Develop Anti-Inflammatory Drugs”
RiverVest Venture Closes $184M Fund for Backing Healthcare Ventures
RiverVest Venture Partners, a St. Louis, MO-based venture capital firm with additional offices in San Diego, CA, and Cleveland, OH, has raised $184.4 million for its fourth fund dedicated to investing in healthcare companies. Since its launch, RiverVest has invested in 47 companies working to develop new drugs and medical devices. Nearly half of the … Continue reading “RiverVest Venture Closes $184M Fund for Backing Healthcare Ventures”
California Life Sciences Association Taps Mike Guerra as New CEO
California Life Sciences Association, the San Diego-based trade association, on Tuesday announced that Mike Guerra will succeed its founding leader Sara Radcliffe as president and CEO effective Jan. 7. Radcliffe is leaving to pursue new opportunities, the association said. Guerra was most recently vice president of the Americas at Avidity Science, which makes water purification … Continue reading “California Life Sciences Association Taps Mike Guerra as New CEO”
Cisco to Pay $660M for Luxtera, Maker of Advanced Data Center Chips
Cisco has agreed to pay $660 million for Luxtera, a Caltech spinout that makes optical chips for data centers. The semiconductor company, founded in 2001, is based in Carlsbad, CA, a San Diego suburb. Cisco, the San Jose, CA-based tech giant (NASDAQ: [[ticker:CSCO]]), said Tuesday that Luxtera’s advanced chips will help it offer its customers … Continue reading “Cisco to Pay $660M for Luxtera, Maker of Advanced Data Center Chips”
$100M Round Turns San Diego’s Seismic into Region’s Newest Unicorn
Seismic, an enterprise software company with ambitious growth plans, has raised $100 million in a Series E financing and added Microsoft chairman John W. Thompson to its board of directors. The venture investment, which the San Diego startup announced Tuesday, is one of only a few so-called mega-rounds—$100 million or more—recorded this year in the … Continue reading “$100M Round Turns San Diego’s Seismic into Region’s Newest Unicorn”
With $42M, Ex-Ignyta CEO Aims At Cancer Again With Startup, Erasca
A year after steering cancer drug developer Ignyta into a $1.7 billion sale to Roche, Jonathan Lim is back at it again. Ignyta’s former co-founder and head executive has co-founded another biotech in San Diego, Erasca, which also wants to make new cancer therapies. Erasca on Tuesday closed a $42 million Series A round led … Continue reading “With $42M, Ex-Ignyta CEO Aims At Cancer Again With Startup, Erasca”
Sophiris, Stock Sliding After Cancer Drug Data, Still Plans Phase 3
Sophiris Bio said Monday that 10 patients who were administered its experimental prostate cancer drug a second time didn’t see any additional benefit. The news sent the San Diego, CA-based biotech’s stock plunging 40 percent. Sophiris (NASDAQ: [[ticker:SPHS]]) already had encouraging mid-stage clinical trial data testing one dose of its drug, topsalysin, in prostate cancer … Continue reading “Sophiris, Stock Sliding After Cancer Drug Data, Still Plans Phase 3”
San Diego Tallies 7 IPOs in Best Year for Market Debuts Since 2014
Will “CBUS” and “SI” join “THOR” and “RMED”? It’s next week or never (until 2019, that is) for two San Diego companies that have filed documents with securities regulators indicating plans to go public. Agtech company Cibus, which uses “precision” gene editing to alter crops, has applied for a listing on the Nasdaq exchange under … Continue reading “San Diego Tallies 7 IPOs in Best Year for Market Debuts Since 2014”
With Losses Mounting, MabVax Therapeutics Looks to Sell Off Assets
MabVax Therapeutics says it doesn’t have enough money to continue funding its operations. The San Diego biotech company, which is testing an antibody discovery platform intended to speed products to patients with cancer and pancreatitis, said Thursday it has retained a local investment banking firm, Objective Capital Partners, to guide its sale. As of Sept. … Continue reading “With Losses Mounting, MabVax Therapeutics Looks to Sell Off Assets”
Aethlon Medical Names GlobeImmune’s Timothy Rodell as Interim CEO
Aethlon Medical has appointed Timothy Rodell as its interim CEO, the company announced Thursday. Rodell was previously president and CEO of Louisville, CO-based GlobeImmune from 2002 to 2016. He remains a GlobeImmune director and consultant. GlobeImmune was acquired last year by NantCell, a subsidiary of Patrick Soon-Shiong’s NantWorks. Rodell succeeds Aethlon’s (NASDAQ: [[ticker:AEMD]]) Jim Joyce. Aethlon … Continue reading “Aethlon Medical Names GlobeImmune’s Timothy Rodell as Interim CEO”
Truepic Acquires Image Forensics IP to Broaden Anti-Fraud Offering
Image authentication startup Truepic said Tuesday it has acquired the intellectual property and software behind San Jose-based Fourandsix Technologies—including Izitru, an image forensics technology licensed earlier this year by DARPA. Fourandsix (pronounced “forensics”), founded by Hany Farid, a Dartmouth professor and digital forensics expert, and Kevin Conner, formerly vice president of product management for Adobe’s … Continue reading “Truepic Acquires Image Forensics IP to Broaden Anti-Fraud Offering”
With New Cash, Sensemetrics Aims to Take Industrial IoT Tech Global
Thinking about Internet-connected devices often brings to mind “smart” home appliances and consumer gadgets. San Diego startup Sensemetrics is applying that technology to the industrial Internet-of-things sector (IIoT), selling access to its cloud platform to the world’s largest mining companies and government agencies monitoring major infrastructure, such as dams. On Tuesday, Sensemetrics announced it has … Continue reading “With New Cash, Sensemetrics Aims to Take Industrial IoT Tech Global”
Mitek Stock Price Rises After ASG Beefs Up Acquisition Offer
ASG Technologies, the Florida-based software company backed by activist hedge fund Elliott Management, has upped its offer for San Diego’s Mitek Systems to $11.50 per share from $10 apiece. That’s according to a Nov. 26 letter the Florida-based software company made public Monday. The stock price of Mitek (NASDAQ: [[ticker:MITK]]) rose nearly 9 percent on … Continue reading “Mitek Stock Price Rises After ASG Beefs Up Acquisition Offer”
Qualcomm Says Chinese Court Has Banned Some Apple iPhone Sales
Qualcomm announced a win Monday in its ongoing and multijurisdictional legal battle with Apple. The San Diego chipmaker said a Chinese court has ordered four Apple (NASDAQ: [[ticker:AAPL]]) subsidiaries in China to stop the sale and import of seven iPhone models in that country. Qualcomm (NASDAQ: [[ticker:QCOM]]) said the court had granted two preliminary injunctions … Continue reading “Qualcomm Says Chinese Court Has Banned Some Apple iPhone Sales”
LunaDNA Offers Stock for Data in Bid to Build Research Database
Henrietta Lacks’s “immortal cells” contributed enormously to the progression of scientific discovery, but Lacks, a poor, black woman who died from cervical cancer in 1951 months after her cells were harvested, never personally benefited from or consented to the medical research the HeLa cell line enabled. Dawn Barry, a former executive at San Diego genome … Continue reading “LunaDNA Offers Stock for Data in Bid to Build Research Database”