Synthorx, which is working to develop cancer and autoimmune therapies using technology that allows it to expand the genetic alphabet, raised $131 million in an upsized IPO on Thursday. The company sold more than 11.9 million shares at $11 apiece. Nearly 1.8 million additional shares are available for its underwriters to purchase. Synthorx, headed by … Continue reading “Synthorx Gets $131M in Upsized IPO for Synthetic Biology Drugs”
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.
Viracta, Neurelis & More: The Latest in San Diego Biotech
[Corrected 12/6/18, 2:32 p.m. See below.] Even as all eyes were on the American Society of Hematology (ASH) conference in downtown San Diego this week, other biotech companies were staying busy. Let’s get caught up with the latest life sciences news in San Diego. (Check out Xconomy’s ASH coverage here and here.) —Viracta Therapeutics has … Continue reading “Viracta, Neurelis & More: The Latest in San Diego Biotech”
Brain Corp. Agrees to Power More Walmart Self-Driving Floor Scrubbers
Early next year the floors of hundreds of Walmart stores will be cleaned by self-driving scrubbing machines powered by software developed by San Diego’s Brain Corp. On Monday, Brain said Walmart (NYSE: [[ticker:WMT]]), the world’s largest retailer, will be using BrainOS, its proprietary operating system, in 360 such autonomous machines by Jan. 31, the end … Continue reading “Brain Corp. Agrees to Power More Walmart Self-Driving Floor Scrubbers”
Cidara Names Former Sapphire Energy CEO Jamie Levin as CFO
Cidara Therapeutics (Nasdaq: [[ticker:CDTX]]) has appointed Jamie Levine as its chief financial officer. Previously Levine served as CEO of two local industrial biotech companies, Sapphire Energy and Verenium. Prior to that he spent 11 years in investment banking at Goldman Sachs where he worked with the bank’s healthcare and energy industry clients. The San Diego … Continue reading “Cidara Names Former Sapphire Energy CEO Jamie Levin as CFO”
For Qualcomm, Xi’s Comments on NXP Deal Are Too Little, Too Late
Wireless giant Qualcomm spent a bruising two years pursuing NXP Semiconductors NV, the Dutch firm that could have accelerated its entrée into new areas like automotive chips. Qualcomm, caught up in rising U.S.-China trade tensions, ended the bid in July after Chinese regulators allowed Qualcomm’s self-imposed deal deadline to pass. But at a dinner Saturday … Continue reading “For Qualcomm, Xi’s Comments on NXP Deal Are Too Little, Too Late”
As Hedge Fund Presses Takeover Bid, Mitek CFO Rescinds Resignation
Elliott Management, a New York-based activist hedge fund, has had San Diego-based Mitek Systems in its crosshairs for months. In October, Elliott subsidiary ASG Technologies Group publicly “reaffirmed” an offer to buy Mitek (NASDAQ: [[ticker:MITK]]) at $10 per share—an unsolicited proposal that it said Mitek had previously rebuffed, claiming it undervalued the company. At the … Continue reading “As Hedge Fund Presses Takeover Bid, Mitek CFO Rescinds Resignation”
Connect Honors 7 New Products as ‘Most Innovative’ at Annual Awards
San Diego’s Connect, which runs a tech and life science startup accelerator, recognized seven local companies Thursday night at its 31st annual Most Innovative New Product Awards (MIP) gala. Winners were picked from the 23 finalists that advanced through an earlier round of selections in the spring. The seven companies that won were chosen by … Continue reading “Connect Honors 7 New Products as ‘Most Innovative’ at Annual Awards”
ViaCyte Raises $80M to Prep for the Clinic Now, Perhaps an IPO Later
ViaCyte is recruiting patients for clinical trials testing its experimental stem cell-based diabetes treatment. Now it has $80 million to support that work, and also prepare for something more: a possible IPO. The financing, a Series D round of investment, includes so-called crossover investors that back both public and private companies. CEO Paul Laikind told … Continue reading “ViaCyte Raises $80M to Prep for the Clinic Now, Perhaps an IPO Later”
Organovo Says Chief Scientific Officer Sharon Presnell Will Resign
Organovo’s chief scientific officer, Sharon Presnell, will resign next week, according to a regulatory document the company filed Tuesday. Presnell is also president of Organovo subsidiary Samsara Sciences. Organovo (NASDAQ: [[ticker:ONVO]]) is using what it calls 3D bio-printing technology to make living human liver tissue “patches”; Samsara sells human liver cells for research applications. Presnell’s resignation … Continue reading “Organovo Says Chief Scientific Officer Sharon Presnell Will Resign”
To Show Off SD Startups, Investors Hit the Road with New TV Show
First there was “Comedians in Cars Getting Coffee.” Now four San Diego, CA-based investors are debuting “VCs in a Van,” a vehicle (no pun intended) meant to spotlight local companies ripe for funding. The show tracks the financiers—Neil Senturia, Tom Tullie, Mark Bowles, and Taner Halicioğlu—as they visit a handful of San Diego-based early-stage businesses … Continue reading “To Show Off SD Startups, Investors Hit the Road with New TV Show”
As It Aims to Go Public, Seismic Taps Former ServiceNow Exec as CFO
Seismic, one of San Diego’s most prominent enterprise software companies, has tapped a member of the team behind one of the region’s most successful tech startup stories to prep for its own prospective market debut. The software developed by Seismic, part of the relatively new sales enablement industry, helps marketing and sales teams manage, automate … Continue reading “As It Aims to Go Public, Seismic Taps Former ServiceNow Exec as CFO”
Cybersecurity Startup AttackIQ Hires New, Bay Area-Based CEO
Cybersecurity startup AttackIQ has appointed veteran tech executive Brett Galloway as its new CEO. AttackIQ said Galloway is taking over the role from Carl Wright, who has been named chief commercial officer. Wright was hired as chief revenue officer in August 2017. The company said he was named interim CEO in September of this year. … Continue reading “Cybersecurity Startup AttackIQ Hires New, Bay Area-Based CEO”
Silvergate Bank Files for IPO to Grow Cryptocurrency Services
Silvergate Bank has transformed itself in recent years from a typical business bank to one of the financial institutions of choice for digital currency companies. Now the cryptocurrency-friendly bank, which is headquartered in La Jolla, CA, is preparing to go public. On Tuesday it set a $50 million price target, according to documents filed with … Continue reading “Silvergate Bank Files for IPO to Grow Cryptocurrency Services”
Uber Expands Its E-Bike Service, Jump, to 2 More West Coast Cities
Hundreds of red, “dockless” electronic bikes appeared on the streets of San Diego and Seattle on Monday, the latest cities in which Uber introduced its e-bike program, Jump. The expansion comes days after Uber began rolling out the bike-sharing service across Los Angeles. The San Francisco-based ride-hailing giant acquired Jump Bikes, a Brooklyn e-bike sharing … Continue reading “Uber Expands Its E-Bike Service, Jump, to 2 More West Coast Cities”
Agbio Startup Cibus Files for an IPO to Support Gene-Editing R&D
Cibus, which has developed a proprietary gene-editing technology that tweaks crops’ DNA to improve yield, is planning to make its public market debut. The San Diego-based biotech set a preliminary $100 million target for its IPO in documents filed with securities regulators Friday. That figure will change as the company determines how many shares it … Continue reading “Agbio Startup Cibus Files for an IPO to Support Gene-Editing R&D”
Connect Taps Tega Therapeutics CEO, Springboard Grad as Chairman
Connect, the longstanding nonprofit organization that runs one of San Diego’s best-known startup accelerator programs, said Thursday that Tega Therapeutics CEO Tim Scott will become chairman of its board of directors on Dec. 1. Scott has a long history with the organization. As part of the founding group that, in 1999, launched San Diego-based Internet … Continue reading “Connect Taps Tega Therapeutics CEO, Springboard Grad as Chairman”
Tocagen Appoints Lori Kunkel as Acting Chief Medical Officer
Tocagen (NASDAQ: [[ticker:TOCA]]), which is developing a gene therapy for brain cancer, said Thursday it has appointed board member Lori Kunkel as its acting chief medical officer effective Nov. 26. The San Diego-based company said its current CMO and senior vice president, Asha Das, is leaving as of Nov. 23 to “focus on unforeseen and immediate … Continue reading “Tocagen Appoints Lori Kunkel as Acting Chief Medical Officer”
Airspace Technologies Brings In $20M to Scale Its Logistics Business
[Updated 5:20 p.m. See below.] Having to wait for a package to arrive generally doesn’t result in severe consequences, besides perhaps a feeling of frustration. Some deliveries, however, are only useful if they arrive on time. Logistics startup Airspace Technologies says its software, developed specifically for time-sensitive shipments—donated organs slated for transplant and replacement parts … Continue reading “Airspace Technologies Brings In $20M to Scale Its Logistics Business”
Synthorx Files for IPO to Advance Enhanced Cytokine Drugs
Synthetic biology company Synthorx is laying plans for an initial public offering to raise money to advance its suite of enhanced cytokine drugs. The San Diego-based company says it wants to use the proceeds to put its lead product candidate, an investigational cancer therapy that’s based on the drug interleukin-2 (IL-2), through dose escalation and … Continue reading “Synthorx Files for IPO to Advance Enhanced Cytokine Drugs”
Expansion Therapeutics Hires Elliot Enrich as CMO
Expansion Therapeutics has hired Elliot Ehrich as its chief medical officer. Ehrich was most recently CMO and executive vice president of research and development at Alkermes (NASDAQ: [[ticker:ALKS]]). He is also a venture partner at 5am Ventures, which incubated Expansion and co-led its $55.3 million Series A financing with Kleiner Perkins, Novartis Venture Fund, and … Continue reading “Expansion Therapeutics Hires Elliot Enrich as CMO”
GreatCall Expands Lyft Partnership to Pick Up Seniors Nationwide
GreatCall, the maker of the Jitterbug cellphone and other products and services for older adults, has extended its partnership with the San Francisco-based ride-hailing company Lyft to offer GreatCall customers the ability to schedule rides without a smartphone app. No financial terms were disclosed. The San Diego-based healthtech company said Tuesday it is rolling out … Continue reading “GreatCall Expands Lyft Partnership to Pick Up Seniors Nationwide”
Salk Team Awarded 8-Year, $19.2M Grant for Alzheimer’s Research
A 10-person team of researchers at the Salk Institute for Biological Studies has been awarded an eight-year, $19.2 million grant to investigate mechanisms underlying Alzheimer’s disease and aging-related cognitive decline and uncover new therapies. The grant, announced Friday by the research institute in San Diego’s La Jolla community, is part of a $43 million initiative … Continue reading “Salk Team Awarded 8-Year, $19.2M Grant for Alzheimer’s Research”
Nominations Open for San Diego’s Inaugural Xconomy Awards
Hundreds of companies. Dozens of research institutes. Billions of dollars in economic impact. San Diego is one of the top U.S. cities for innovation in life sciences and healthtech. Researchers and entrepreneurs here are leaders in developing the next generation of medicines and medical devices. In doing so, they are revealing new insights from our … Continue reading “Nominations Open for San Diego’s Inaugural Xconomy Awards”
Mirum Pharmaceuticals Launches with $120M to Advance Liver Drugs
Serial entrepreneur Mike Grey is launching a biotech enterprise with $120 million in new funding to advance two investigational liver disease drugs—one of which he has worked to develop before. Called Mirum Pharmaceuticals, the startup is developing a compound, maralixibat, to treat Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC), genetic liver disorders that … Continue reading “Mirum Pharmaceuticals Launches with $120M to Advance Liver Drugs”
Mitek Systems Appoints New CEO After Rejecting $380M Takeover Bid
Mitek Systems has appointed a new chief executive, the day after rejecting an $380 million takeover bid from Florida-based ASG Technologies. A letter ASG sent to Mitek’s board of directors last week proposing ASG acquire the San Diego-based company asserted Mitek was facing “significant operational uncertainty and risk” following news of the imminent departure of … Continue reading “Mitek Systems Appoints New CEO After Rejecting $380M Takeover Bid”
Mitek Systems Rejects ASG’s $380M Takeover Bid
Mitek Systems, which is being targeted for takeover by a subsidiary of Elliott, billionaire Paul Singer’s activist hedge fund, has unanimously rejected its $380 million offer. The Oct. 31 offer—rejected Monday—was made by ASG Technologies Group, a Florida-based software company that last year sold a controlling stake to Evergreen Coast Capital, Elliott’s Menlo Park, CA, … Continue reading “Mitek Systems Rejects ASG’s $380M Takeover Bid”
ResMed to Add to Software Offerings with $750M MatrixCare Acquisition
Medical device maker ResMed has agreed to acquire Minnesota-based MatrixCare, which makes software for long-term care providers, for $750 million. San Diego’s ResMed (NYSE: [[ticker:RMD]]) announced its intention to buy the privately held tech company on Monday. The purchase price is 25 times MatrixCare’s pro forma 2018 earnings of about $30 million (without taking into … Continue reading “ResMed to Add to Software Offerings with $750M MatrixCare Acquisition”
MEI Pharma Inks Cancer Drug Deal with Japan’s Kyowa Hakko Kirin
The second-most advanced investigational drug in MEI Pharma’s four-asset portfolio is drawing attention from overseas as a potential treatment for several leukemias and lymphomas. Japanese life sciences company Kyowa Hakko Kirin has agreed to pay the San Diego company $10 million upfront for rights to develop and commercialize ME-401 in Japan. The Japanese company will … Continue reading “MEI Pharma Inks Cancer Drug Deal with Japan’s Kyowa Hakko Kirin”
Cloudbeds, a Hospitality Software Firm, Debuts New San Diego Office
Software startup Cloudbeds recently relocated its 20-odd local employees from a small space in downtown San Diego to an office nearly three times the size in the same neighborhood. The company unveiled the new digs Thursday, about a month after moving in, with a ceremonial ribbon cutting. The office in San Diego’s Bankers Hill area … Continue reading “Cloudbeds, a Hospitality Software Firm, Debuts New San Diego Office”
CFO Todd Young Leaving Acadia Pharmaceuticals
Acadia Pharmaceuticals on Monday announced the imminent department of Todd Young, its executive vice president and chief financial officer, after roughly two years with the biopharma company. Young’s last day is Wednesday, said Acadia (NASDAQ: [[ticker:ACAD]]), a San Diego-based company that is developing and commercializing treatments for neurological disorders. Its drug pimavanserin (Nuplazid) was the … Continue reading “CFO Todd Young Leaving Acadia Pharmaceuticals”
Fundraising Startup Classy Surpasses $1B Raised on Its Platform
It took six years for Classy, a software-as-a-service company that targets nonprofit organizations looking to fundraise online, to facilitate $500 million in donations. But the next $500 million took just 14 months. The San Diego-based startup announced the $1 billion milestone on Tuesday, citing the addition to its platform of ever-larger nonprofits—including the Salvation Army—as … Continue reading “Fundraising Startup Classy Surpasses $1B Raised on Its Platform”
Cuida Health Launches Voice-Based ‘Social Wellness’ App for Seniors
Lisa doesn’t interrupt. She doesn’t mind long pauses between responses. And she has a sense of humor. Oh – and, she’s virtual. San Diego startup Cuida Health, a recent graduate of the Connect Springboard accelerator program, this week launched its first product: a voice-activated “social wellness” app for seniors. For the past four months, about … Continue reading “Cuida Health Launches Voice-Based ‘Social Wellness’ App for Seniors”
Startup Developing Opioid Alternative Takes Top ‘Quick Pitch’ Honors
The winner of the largest-ever startup pitch contest in San Diego is aiming to solve a problem that is weighing heavily on the national consciousness. The same day President Trump signed a bipartisan package of measures to address the opioid epidemic, San Diego startup NeuraLace Medical won $50,000 on Wednesday at the annual John G. … Continue reading “Startup Developing Opioid Alternative Takes Top ‘Quick Pitch’ Honors”
Mirati Shares Fall On New Data For Lung Cancer Drug Combo
[Corrected 1:38 pm. See below.] Shares of San Diego-based Mirati Therapeutics fell 15 percent Monday as data from an ongoing mid-stage study of one of its experimental cancer drugs disappointed investors. Mirati (NASDAQ: [[ticker:MRTX]]) is one of several biotech companies trying to get in on the mix-and-match cancer immunotherapy game. Drugmakers have been combining immunotherapies … Continue reading “Mirati Shares Fall On New Data For Lung Cancer Drug Combo”
TP Therapeutics Names New CEO, Gets $80M More for Cancer Drug Push
Five-year-old biotech TP Therapeutics has raised an $80 million mezzanine financing round and promoted its chief medical officer, Athena Countouriotis, to CEO. The San Diego-based biotech, which is developing targeted cancer drugs for people whose tumors resist other precision therapies, announced the changes Friday. TP Therapeutics is developing a drug called repotrectinib that targets a … Continue reading “TP Therapeutics Names New CEO, Gets $80M More for Cancer Drug Push”
ATyr Pharma Chief Scientific Officer, David King, to Resign
ATyr Pharma, a developer of protein drugs, said Monday its chief scientific officer will leave the company at year’s end. David King has been with San Diego, CA-based aTyr (NASDAQ: [[ticker:LIFE]]) for two years. He is resigning to start a biotech company, aTyr said in a prepared statement, which quoted King as saying that launching … Continue reading “ATyr Pharma Chief Scientific Officer, David King, to Resign”
Citing Regulatory Uncertainty, Origin Code Academy to Close
Origin Code Academy, one of San Diego’s few coding schools—for-profit companies that offer short-term vocational training in computer programming—said this month it will shutter on Nov. 16 after about three years in business. The company opened in late 2015, offering a 12-week course for $13,500 and promising graduates a software job within 90 days of … Continue reading “Citing Regulatory Uncertainty, Origin Code Academy to Close”
Study: Reflexion Health Virtual Therapy System Reduces Rehab Costs
Reflexion Health, which has developed a “virtual physical therapy” system for patients recovering from surgery, said results from a randomized controlled clinical trial completed by nearly 300 people showed patients who used the technology saved the healthcare industry an average of $2,745 compared to those who underwent traditional physical therapy. The study, which evaluated Reflexion’s … Continue reading “Study: Reflexion Health Virtual Therapy System Reduces Rehab Costs”
Ansun BioPharma Adds Stanley Lewis to C-Suite
Ansun BioPharma has appointed Stanley Lewis to serve as its chief medical officer. Lewis comes to Ansun from TaiMed Biologics, where as CMO he oversaw the development of a treatment for multi-drug resistant HIV through to FDA approval. San Diego-based Ansun said Lewis will oversee the late-stage development of its lead candidate, DAS181, a treatment … Continue reading “Ansun BioPharma Adds Stanley Lewis to C-Suite”
Teradata Moves HQ to San Diego in Global Rebranding Effort
Andrian Pawluk was living in San Diego when Teradata hired him this year and tasked him with transforming 65,000 square feet of offices into an alluring workspace for techies—but he had never previously heard of the data warehouse and business analytics company. And although Teradata has had an engineering R&D lab north of the city … Continue reading “Teradata Moves HQ to San Diego in Global Rebranding Effort”
With Vernalis Buy, Ligand Adds to Portfolio, Establishes U.K. Presence
Ligand Pharmaceuticals said Wednesday that its acquisition of U.K.-based biotech Vernalis has closed. The $42.3 million deal netted the San Diego company eight partner programs and a 70-person R&D team in Cambridge, England, plus about $32 million in cash after deal costs. Ligand (NASDAQ: [[ticker:LGND]]) CEO John Higgins, in a prepared statement, said the acquisition … Continue reading “With Vernalis Buy, Ligand Adds to Portfolio, Establishes U.K. Presence”
U.S. Venture Capital Deals on Pace to Exceed $100B in 2018
Once considered a passing phase, the concentration of capital into fewer, larger venture capital deals appears to be the new normal. Fueled by so-called mega-funds, investment in U.S.-based venture-backed companies as of the end of the third quarter hit a decade high, and is on pace to pass the $100 billion mark by year’s end. … Continue reading “U.S. Venture Capital Deals on Pace to Exceed $100B in 2018”
Senomyx, Maker of Flavor Enhancers, Set to Be Acquired by Firmenich
By year’s end San Diego’s Senomyx will be part of Firmenich, a privately held Swiss fragrance and flavor company. Senomyx (NASDAQ: [[ticker:SNMX]]), a biotech that makes flavor enhancers, launched nearly 20 years ago and went public in 2004 at $6 per share. But since then its stock price has fallen significantly, dropping below $1 per … Continue reading “Senomyx, Maker of Flavor Enhancers, Set to Be Acquired by Firmenich”
Genomatica Grabs $90M to Boost Sustainable Chemical Business
Bioengineering pioneer Genomatica has raised $90 million in private funding to accelerate the commercialization of two chemicals it has developed from renewable sources—chemicals that are being used today in plastics, cosmetics, and personal care. The company says it will also use the money to further ongoing development of a third chemical, to be used in … Continue reading “Genomatica Grabs $90M to Boost Sustainable Chemical Business”
Rady Children’s to Test Bay Area Startup’s Diagnostics Tool for CNS
Physicians treating children with symptoms that indicate a potential central nervous system infection—a life-threatening condition—need to know two things: whether the infection is being caused by a pathogen, and if so, its identity. The San Diego, CA-based Rady Children’s Institute for Genomic Medicine (RCIGM), a subsidiary of Rady Children’s Hospital and Health Center, said today … Continue reading “Rady Children’s to Test Bay Area Startup’s Diagnostics Tool for CNS”
10 San Diego Startups to Compete at Region’s Top Pitch Competition
Ten tech startups will vie to impress a panel of six judges and hundreds of attendees at San Diego’s biggest pitch contest later this month. Three of the 10 slated to pitch at the Oct. 24 event will get a cut of $75,000 to advance their businesses. Launched in 2006 by San Diego’s Tech Coast … Continue reading “10 San Diego Startups to Compete at Region’s Top Pitch Competition”
With a New Name, Afyx Aims to Improve Oral Disease Treatment
Diseases that affect mucus membranes, such as those lining the inside of the mouth, can be difficult to treat because drugs don’t adhere well to wet surfaces. Afyx Therapeutics, a Danish transdermal drug company that established its North America headquarters in San Diego about six months ago, says it has developed a nanofiber-based patch that … Continue reading “With a New Name, Afyx Aims to Improve Oral Disease Treatment”
Vividion Names Receptos Alum Fred Aslan President
San Diego biotech Vividion Therapeutics, which says it is deploying proteomics and chemistry platforms to discover and develop novel small-molecule therapeutics, announced on Tuesday it has appointed Fred Aslan as its president and chief business officer. Aslan was a co-founder of Receptos Pharmaceuticals, which was acquired by Celgene for about $7 billion in 2015. Most … Continue reading “Vividion Names Receptos Alum Fred Aslan President”
Equillium Plans IPO to Fund Clinical Trials for Transplant Drug
Equillium, a biotech startup developing treatments for immune system disorders—including an immune response that affects some transplant recipients—is preparing for an IPO to finance tests of its lead drug. The company set a preliminary IPO target of $86 million, according to documents filed this week with securities regulators, and has applied to be listed on … Continue reading “Equillium Plans IPO to Fund Clinical Trials for Transplant Drug”
3 Life Science Startups Join San Diego’s Ad Astra Accelerator
Three San Diego life science startups have been selected to go through the Ad Astra Ventures accelerator program, a relatively new addition to the San Diego scene. Ad Astra, which means “to the stars” in Latin, was founded this year by three local entrepreneurs and investors interested in bolstering the efforts of women-led companies. Earlier … Continue reading “3 Life Science Startups Join San Diego’s Ad Astra Accelerator”