Venture capital is, by nature, an optimistic industry, and venture capitalists have historically gone about their work comfortable that they were making positive societal contributions. When looking at VC activity over the past half century, one can see venture capital’s role in championing endeavors that advanced knowledge, improved health, increased worker productivity, and preserved natural … Continue reading “VCs May Face Backlash if Profits Come at Expense of Responsibility”
Category: San Diego
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”
Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More
It’s beginning to look a lot like, well, the last roundup of the year, with plenty of news to pack in before our holiday breather. Whew. Before you fly off, or drive, or simply unplug, check out our preview of what could be next year’s top clinical studies; the tumult in big pharma’s on again-off … Continue reading “Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More”
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”
Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs
Two of the world’s top drugmakers want to focus on making prescription drugs. Pfizer and GlaxoSmithKline have agreed to merge their consumer health businesses and spin them off into a joint venture, a move that will both create a new consumer healthcare giant and increase the pressure on each company to churn out innovative medicines. … Continue reading “Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs”
Graphcore Scores $200M to Scale Up A.I. Chip Production
One of the leading contenders in the A.I. chip race, Graphcore, announced Tuesday it pulled down $200 million in a Series D fundraising round that set its valuation at $1.7 billion. The Bristol, U.K.-based startup, founded in 2016, has now secured a total of more than $300 million in financing from venture capital firms and … Continue reading “Graphcore Scores $200M to Scale Up A.I. Chip Production”
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”
15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)
On Monday, Xconomy began our annual look ahead at clinical trials that could define biotech and have profound healthcare effects in the coming year. Today we’re circling back with the rest of the list, which includes studies of drugs for nonalcoholic steatohepatitis, cystic fibrosis, spinal muscular atrophy and more. Read on for the details. [Editor’s … Continue reading “15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)”
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”
A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency
[Editor’s note: This is part of a series of posts sharing thoughts from technology leaders about 2018 trends and 2019 forecasts.] Today’s artificial intelligence technologies have demonstrated they’re capable of handling specific tasks, such as identifying pictures of cats or spotting cancer in CT scans. Researchers are hopeful the industry’s next breakthroughs will enable A.I. … Continue reading “A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency”
15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)
It can take decades and billions of dollars to develop a drug, and its fate—and often that of its developer—rests in the outcome of clinical trials. Just look at some of 2018’s biggest biotech stories. The failure of a closely watched cancer immunotherapy combination sent ripples through the sector and led several companies to change … Continue reading “15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)”
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”
Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More
Pharmaceutical industry critics lament the cost of rare disease drugs, but some of the steepest price hikes have come on widely used insulin. The patent holder, the University of Toronto, gave companies the right to manufacture insulin. But the university also allowed them to patent the improvements they made, which enabled them to slap higher … Continue reading “Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More”
Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization
Udacity, a pioneer in the online teaching of IT skills, is celebrating a milestone today—50,000 students have now graduated from one of its revenue-generating “Nanodegree” programs. Launched four years ago, the Nanodegree courses allow students worldwide to gain expertise in areas such as data analytics, machine learning, and autonomous flight engineering by completing coursework that … Continue reading “Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization”
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”
Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion
Austin — [Updated 3:10 p.m. See below.] Apple expects to make thousands of new hires around the country from Seattle to New York, the company announced Thursday, with its biggest growth planned for Austin, TX. The computer and smartphone manufacturer plans to hire 5,000 new employees in Austin and to spend $1 billion building a new … Continue reading “Apple Plans 5,000 Jobs for New Austin Site as Part of Nationwide Expansion”
Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National
Foodies in New York City may not realize it, but some of the tasty kale, bok choy, and other leafy greens they buy trace their origins to an industrial park in New Jersey. The produce grown by indoor farming startup Bowery never sees soil or natural sunlight before making its way to select restaurants and … Continue reading “Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National”
The Power of Dreams: Making a Difference as a Detroit Entrepreneur
Those born and raised in Detroit are used to defying expectations, but making your dreams a reality is never an easy task. It involves overcoming both personal and professional hardships, which is why I named my business Make Your Dreams Come True (MYDCT). Inspired by what I wanted to do for both myself and others, … Continue reading “The Power of Dreams: Making a Difference as a Detroit Entrepreneur”
House Members Grill Google CEO Amid Bipartisan Privacy Concerns
Google CEO Sundar Pichai took his turn in the Congressional hotseat on Tuesday, following similar appearances by the chief executives of Facebook and Twitter earlier this year before lawmakers who are increasingly alert to the vast societal impact of Silicon Valley tech giants. House Majority Leader Kevin McCarthy opened a hearing before the House Judiciary … Continue reading “House Members Grill Google CEO Amid Bipartisan Privacy Concerns”
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”
Pear Therapeutics App Gets FDA Nod for Treating Opioid Abuse
Doctors and other caregivers have a new weapon to combat the opioid epidemic. But it’s not a pharmaceutical drug—it’s a mobile app. This week, the FDA cleared “reSET-O,” an app developed by “digital therapeutics” startup Pear Therapeutics, for sale in the U.S. as a treatment for patients recovering from opioid abuse disorder. Doctors can now … Continue reading “Pear Therapeutics App Gets FDA Nod for Treating Opioid Abuse”
IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies
The IPO of any private company comes as the resolution of a mystery, as closely held details about its financial performance and strategies are revealed. But the suspense is heightened in the case of San Francisco-based companies Uber and Lyft, which pioneered the huge ride-hailing industry but have yet to come close to turning a … Continue reading “IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies”
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”
San Antonio Seeks to Be Known as Silicon Valley of Military Medicine
San Antonio — When it comes to medical technology, what’s good for the military isn’t always good for the private sector. It’s often difficult for military researchers to find investors who will help them privately commercialize the innovations they develop, in part because the duties of military physicians are different than those of civilian doctors. That’s … Continue reading “San Antonio Seeks to Be Known as Silicon Valley of Military Medicine”
McAfee CTO On Election Hacking, Cryptojacking, Quantum Security
Election hacking. Information warfare. Adversarial artificial intelligence. All worrisome topics racing through Steve Grobman’s head these days. But the McAfee chief technology officer seems surprisingly upbeat about the prospects of meeting these cybersecurity challenges—or at least putting up a good fight. I met Grobman at a coffee shop in downtown Boston last week. He was … Continue reading “McAfee CTO On Election Hacking, Cryptojacking, Quantum Security”
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”
Synthorx Gets $131M in Upsized IPO for Synthetic Biology Drugs
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”
Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO
The biggest yearly meeting for blood disease research has come and gone, and yet the stories to come out of the American Society of Hematology’s gathering in San Diego represent just a fraction of what happened in biopharma this week. Even if ASH wasn’t on your radar, the CRISPR baby saga—the apparent birth of gene … Continue reading “Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO”
As Unicorns Multiply, Bootstrapped Tech Businesses Holding Steady
[Corrected 12/11/18, 11:20 p.m. See below.] Why do unicorns get all the attention? Brian de Haaff wonders this sometimes, especially as compared to his own tech business, Aha. It’s not a “unicorn”—a business with a valuation of more than $1 billion—and it’s not even close. Instead, Aha is a bootstrapped startup. Founded in 2013 by … Continue reading “As Unicorns Multiply, Bootstrapped Tech Businesses Holding Steady”
SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?
An experimental attention deficit hyperactivity drug developed by SuperNus Pharmaceuticals has met the main goals of two late-stage studies, bolstering the company’s case that it could provide an alternative to currently available ADHD therapies. But shares of the Rockville, MD-based company promptly fell on concerns of whether the drug is any better than a widely … Continue reading “SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?”
5 Reasons to Seek Geographic Diversity in a Venture Portfolio
Silicon Valley. New York City. Boston. Call them tech hubs or startup capitals, they are drawing in our nation’s venture capital dollars. But when it comes to new investments, venture capitalists can’t be so short-sighted. The opportunities beyond these markets may be richer than many realize. In July 2018, my venture capital firm, Alumni Ventures … Continue reading “5 Reasons to Seek Geographic Diversity in a Venture Portfolio”
Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud
G. Steven Burrill, once a noted biotech investment fund founder, sought-after conference speaker, and life sciences publisher, was sentenced Wednesday to serve 30 months in federal prison for defrauding his investors and evading taxes. Burrill was indicted by a federal grand jury on September 14, 2017. He was accused of diverting more than $18 million … Continue reading “Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud”
Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise
A year ago, the leading Chinese Internet company Tencent Holdings pegged the global number of artificial intelligence researchers and professionals at 300,000 or less—just as the unmet demand for such experts was pushing salary offers to as much as $1 million. In February, the Canadian firm Element AI estimated that talent pool at no more than … Continue reading “Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise”
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”
Alto Lands $50M as Pharmacy Sector Embraces E-Commerce Lessons
[Updated 12/5/18, 5:16 pm. See below.] The pharmacy industry’s transformation is accelerating, as traditional drug retailers strike deals to expand their businesses and fend off technology startups encroaching on their territory. The latest salvo in the increasingly competitive sector is a $50 million investment in Alto Pharmacy, a San Francisco-based “digital pharmacy” startup that has … Continue reading “Alto Lands $50M as Pharmacy Sector Embraces E-Commerce Lessons”
“JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus
Last week, Chinese researcher He Jiankui stunned the world with his claim to have created the world’s first gene-edited humans. He said he had used CRISPR-Cas9 to change the DNA of the embryos of twin girls, to make them immune to HIV infection, then implanted them in their mother’s womb. He announced on video the … Continue reading ““JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus”
BCMA Day: At ASH ‘18, Cell Therapies For Myeloma Take Center Stage
The treatment landscape for multiple myeloma, a deadly cancer of the bone marrow that affects about 30,000 Americans every year, has changed significantly over the past decade. And more changes look to be on the way. Take the results of a Phase 3 study just reported today at the American Society of Hematology’s (ASH) yearly … Continue reading “BCMA Day: At ASH ‘18, Cell Therapies For Myeloma Take Center Stage”
Event-Stream Hack Is Not Cause For Panic About Open-Source Security
News last week that event-stream, the popular open-source code library managed by NPM, had been compromised by a hacker (or hackers) looking to steal Bitcoin led some to question the underlying security of the open-source components that they are using in their software. According to reports, a hacker gained control of the event-stream package by … Continue reading “Event-Stream Hack Is Not Cause For Panic About Open-Source Security”
15Five Lands $8M to Provide Coaching Software to More Managers
[Updated 12/4/18 9:20 am. See below.] San Francisco-based performance management startup 15Five, whose mission is to torpedo annual performance reviews for workers and replace them with supportive weekly coaching by managers, announced today it raised $8 million in a Series A funding round. 15Five gets its name from the feedback and coaching process that its … Continue reading “15Five Lands $8M to Provide Coaching Software to More Managers”
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”