Category: San Diego

Contract Gives Lift to Fire Scout

Northrop Grumman said today the Pentagon has awarded a planned low-rate, initial production contract to procure three unmanned Fire Scouts helicopters developed in San Diego. The Naval Air Systems Command in Patuxent River, MD, awarded the contract, which is not to exceed $40 million, under the Navy’s vertical takeoff and landing tactical unmanned aerial vehicle … Continue reading “Contract Gives Lift to Fire Scout”

Tech Coast Angels Still Investing

Southern California’s Tech Coast Angels said today its members participated in 15 first-time financings in 2008, providing $75 million in funding for new companies from members and affiliated investors. The organization of angel investors also participated in 16 follow-on rounds last year. That compares with 12 first-time fundings and 14 follow-on rounds in 2007. Since … Continue reading “Tech Coast Angels Still Investing”

Recruiters Say They’re Hiring, But UCSD Engineering Students See It Differently

California’s jobless data for January is set for release Friday, but there’s little reason to expect much improvement since December, when the statewide unemployment rate hit 9.3 percent, with more than 1.73 million California residents out of work. In San Diego County, overall unemployment was at 7.4 percent in December, with 117,000 people jobless. For … Continue reading “Recruiters Say They’re Hiring, But UCSD Engineering Students See It Differently”

Early Histogen Study Offers Hope for Retreating Hairlines, Cadence Pharmaceuticals and Vertex Raise Lots of Cash, Unmanned Predator Begins New Air Patrol, & More San Diego BizTech News

It was the best of times and worst of times for the life sciences in San Diego last week. Stalwarts Cadence Pharmaceuticals and Vertex Pharmaceuticals raised cash to expand their businesses, while La Jolla Pharmaceutical and 4-D Neuroimaging basically went in the opposite direction. Biofuels also were back in the news, along with the unmanned … Continue reading “Early Histogen Study Offers Hope for Retreating Hairlines, Cadence Pharmaceuticals and Vertex Raise Lots of Cash, Unmanned Predator Begins New Air Patrol, & More San Diego BizTech News”

Coast to Coast

Earlier this month I joined Massachusetts Governor Deval Patrick and members of his administration on a trade mission to the West Coast. The trade mission was an opportunity to showcase why Massachusetts is a great place to do business for companies in information technology, life sciences and other sectors. For us at the Massachusetts Life … Continue reading “Coast to Coast”

La Jolla Pharmaceutical Looks at Sale or “Winding Down”

There are not many options remaining for La Jolla Pharmaceutical, (NASDAQ: [[ticker:LJPC]]) which last week reported the failure of its Riquent drug candidate for treating lupus. In a brief statement, CEO Deirdre Gillespie said Riquent was the San Diego biotech’s sole significant asset. The company says it is taking steps to reduce costs, “including a … Continue reading “La Jolla Pharmaceutical Looks at Sale or “Winding Down””

Kent BioEnergy, With Decades of Algae Experience, Predicts Biofuel Innovation Will Come From “A Guy on a Tractor”

Jack Van Olst and Michael Massingill have an interesting perspective on the green gold rush underway in San Diego, where there has been a proliferation of startups focused on algae-based biofuels. At a time when venture funds are pouring hundreds of millions of dollars into startups that plan to make diesel, gasoline and jet fuel … Continue reading “Kent BioEnergy, With Decades of Algae Experience, Predicts Biofuel Innovation Will Come From “A Guy on a Tractor””

Plinky: The Cure for Blank Slate Syndrome

If you feel it’s time to share something online but can’t think of anything to say, it might be a sign that you’re dull. If you try too hard to craft a bon mot for your blog or some table talk for your Twitter stream, in other words, you might just be inflicting your insipidness … Continue reading “Plinky: The Cure for Blank Slate Syndrome”

Out With Hedge Funds, In With Blue Bloods: Vertex Transforms Investor Base Via Stock Sale

Vertex Pharmaceuticals has been around the block with biotech hedge funds. These are the people who aim to get rich trading volatile stocks second-to-second, and make big bets, long or short, on whether an experimental drug will work. Now that Vertex has passed some of the riskiest stages of drug development, the company figured it … Continue reading “Out With Hedge Funds, In With Blue Bloods: Vertex Transforms Investor Base Via Stock Sale”

Evoke Pharma Inc. Secures $12,300,000 Series A Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=8f0d7c65-a9ba-44f7-88c7-e00abf648501&Preview=1 Date 2/20/2009 Company Name Evoke Pharma Inc. Mailing Address 12636 High Bluff Drive San Diego, CA 92130 Company Description The company is involved in the acquisition and development of proprietary products for the treatment of gastrointestinal diseases. Website Undisclosed Transaction Type Venture Equity Transaction Amount $12,300,000 Transaction Round Series A Proceeds … Continue reading “Evoke Pharma Inc. Secures $12,300,000 Series A Round”

San Diego Specialist in Biomagnetic Technologies Shuts Down

San Diego-based 4-D Neuroimaging, a small company that specializes in magnetoencephelography, or MEG, to detect bio-electric fields in the brain and other organs, has abruptly ceased operations. A letter posted on the company’s web site explains 4-D Neuroimaging could not secure additional financing it needed to continue operations. Our updated San Diego layoff tracker is here. … Continue reading “San Diego Specialist in Biomagnetic Technologies Shuts Down”

General Atomics’ Unmanned Predator Aircraft Goes Domestic with New Missions

In 1994, the Pentagon awarded a contract to develop a new type of unmanned aircraft to a three-year-old company in San Diego. The idea behind the Advanced Concept Technology Demonstration was to build a more robust version of a drone that a former Israeli aircraft designer had developed in the 1980s. The result was the … Continue reading “General Atomics’ Unmanned Predator Aircraft Goes Domestic with New Missions”

Vertex Raises $320M in Secondary Stock Offering

Vertex Pharmaceuticals has struck a deal to raise a jaw-dropping $320 million in a secondary offering of stock. The biotech company, which has 1,300 employees at its Cambridge, MA headquarters and 200 in San Diego, is rallying investors around drug candidates that it hopes will set new standards of effectively treating hepatitis C and cystic … Continue reading “Vertex Raises $320M in Secondary Stock Offering”

Verenium, BP Form Joint Venture to Build Biofuel Plant in Florida

Verenium (NASDAQ: [[ticker:VRNM]]), a Cambridge, MA, startup whose proprietary microbes break down high-cellulose material like sugar cane into ethanol, said yesterday that it has established a joint venture with British Petroleum (NYSE: [[ticker:BP]]) to build commercial-scale biofuel plants in the United States. BP, which owns 50 percent of the new company, is contributing $22.5 million … Continue reading “Verenium, BP Form Joint Venture to Build Biofuel Plant in Florida”

Using U.K. Clinical Research to Increase Valuation and Preserve Capital

A panel of seasoned experts sponsored by the British Consulate and the North of England Inward Investment Agency explain how U.S. life science companies can use clinical researchers in the United Kingdom for drug development, medical devices and regenerative medicine. Lunch is provided but space is limited. Please RSVP by Feb. 23 to Dara Khan … Continue reading “Using U.K. Clinical Research to Increase Valuation and Preserve Capital”

Special Screening of ‘The Accidental Advocate’

The Accidental Advodate is a documentary about the controversy over the funding and regulation of stem cell research, and the implications for the U.S. life sciences industry. Filmmaker Jessica Gerstle says her family became aware of the debate only after her father, a surgeon and sports enthusiast, suffered a bicycle accident that left him quadriplegic … Continue reading “Special Screening of ‘The Accidental Advocate’”

To Survive and Thrive, Go Global Young Startup

While traveling the world over the past dozen years on behalf of the MIT Entrepreneurship Center, I have spoken with hundreds of entrepreneurs in virtually all major business centers of the world, both developed and developing. I would like to see more of our regional entrepreneurs take a big leap by establishing early international relationships and recruiting operations with … Continue reading “To Survive and Thrive, Go Global Young Startup”

San Diego Biotechs With Good News Step Forward at Roth Conference

Many investors are nursing their wounds in the recession, so some of the big technology investment conferences have been canceled—or the investment banks that sponsored them no longer exist. That’s why the turnout at Roth Capital Partners’ 21st annual growth stock conference has been a pleasant surprise for Aaron Gurewitz, a managing director at Roth’s … Continue reading “San Diego Biotechs With Good News Step Forward at Roth Conference”

Kythera Biopharmaceuticals, Inc. Garners $10,000,000 Series C Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=097ff609-be4b-42a5-88e2-9a3d6599637b&Preview=1 Date 2/18/2009 Company Name Kythera Biopharmaceuticals, Inc. Mailing Address 27200 West Agoura Road Calabasas, CA 91301 Company Description Kythera is focused on science and innovation in aesthetic and restorative dermatology. These markets are expanding rapidly driven by an aging population, increasing discretionary income, and an evolution of patient preference toward restorative … Continue reading “Kythera Biopharmaceuticals, Inc. Garners $10,000,000 Series C Funding Round”

OVGuide Receives $5,000,000 New Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=cbdfc7d2-8faa-426d-a799-986c13a4a039&Preview=1 Date 2/18/2009 Company Name OVGuide Mailing Address 254 South Beverly Drive Beverly Hills, CA 90212 Company Description OVGuide.com is the Internet’s most comprehensive and up-to-date guide to online video, including TV shows, movies, user-generated content and video games. Headquartered in Los Angeles, the privately-held company delivers an innovative, user-friendly way to … Continue reading “OVGuide Receives $5,000,000 New Financing Round”

Cadence Raises $86.6M in Private Stock Offering

Cadence Pharmaceuticals just proved that you can raise a lot of money in biotech if you’ve already passed the test in a pivotal clinical trial. The San Diego-based biotech company has entered an agreement to raise $86.6 million mostly from a group of venture capitalists who are better known for investing in companies at earlier, … Continue reading “Cadence Raises $86.6M in Private Stock Offering”

San Diego’s Stem Cell Startup Reports Hair-Regrowth Results

San Diego-based Histogen CEO Gail Naughton is presenting encouraging preliminary results today at a stem cell conference from the startup’s first human trial of its hair regrowth treatment, ReGenica. The company says it is in the midst of conducting a five-month clinical trial somewhere outside the United States to assess the safety of ReGenica. After … Continue reading “San Diego’s Stem Cell Startup Reports Hair-Regrowth Results”

Venture Lender Hercules Technology Pulls Out of San Diego

Hercules Technology Growth Capital (NASDAQ: [[ticker:HTGC]]), a specialty finance company based in Palo Alto, CA, has closed its San Diego office—roughly a year and a half after announcing its expansion into the San Diego venture market. The public company, which issues loans to startup technology companies and also makes venture investments, had three employees in … Continue reading “Venture Lender Hercules Technology Pulls Out of San Diego”

What Now, Medical Device Entrepreneurs?

Years ago, new medical device companies were often formed by a small group of people who came up with an idea for a new concept and started the company by working on it nights and weekends in someone’s garage. Often, this new company had little or no real financial backing other than the money that … Continue reading “What Now, Medical Device Entrepreneurs?”

Xconomy San Diego Hosts its Premiere Event, A Regional Algae Initiative Blooms, Mpex Pharmaceuticals Raises $27.5M, La Jolla Pharmaceuticals Fails Key Trial, & More San Diego BizTech News

The highlight last week for Xconomy San Diego was our premiere event, “Physics for Future Presidents,” which drew a big turnout (about 200 people registered), including at least two Ph.D. physicists—Lowell Burnett of Quasar Federal Systems and J. Robert Beyster, the founder and retired chairman and CEO of defense contractor SAIC. Yet it also was … Continue reading “Xconomy San Diego Hosts its Premiere Event, A Regional Algae Initiative Blooms, Mpex Pharmaceuticals Raises $27.5M, La Jolla Pharmaceuticals Fails Key Trial, & More San Diego BizTech News”

CampusExplorer Receives $2,250,000 Series B Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=0f2540e2-0ba6-419a-9be5-77fdff047d9d&Preview=1 Date 2/17/2009 Company Name CampusExplorer Mailing Address Undisclosed Santa Monica, CA 90404 Company Description CampusExplorer.com is dedicated to helping students, parents and counselors find the information and support needed while researching and applying to post secondary schools. Choosing the right school is an important life decision and CampusExplorer.com is here to … Continue reading “CampusExplorer Receives $2,250,000 Series B Financing Round”

Emergent Game Technologies Secures $12,500,000 New Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=812240f7-0b42-4468-ba6c-63553e018422&Preview=1 Date 2/16/2009 Company Name Emergent Game Technologies Mailing Address 5016 North Parkway Calabasas Calabasas, CA 91302 Company Description Emergent Game Technologies is the single source for all the tools required to build, test, manage and expand interactive games. Emergent was founded in 2000 and merged with NDL, the company that created … Continue reading “Emergent Game Technologies Secures $12,500,000 New Funding”

Making Sense of Websense’s Acquisitions Strategy

When Websense (NASDAQ: [[ticker:WBSN]]) announced a couple of weeks ago it had acquired Defensio, a Canadian spam filtering Web service, I realized the San Diego software developer had morphed into something bigger and more robust than I remembered. “A lot has changed in the last three or four years,” David Meizlik, a Websense product marketing manager, … Continue reading “Making Sense of Websense’s Acquisitions Strategy”

With DOE Contract, SAIC Can Seek $5B in Energy Conservation Work

SAIC’s acquisition of an Oklahoma engineering company in 2007 could yield a substantial new revenue source for the San Diego-based government contractor. The company also known as Science Applications International Corp. (NYSE: [[ticker:SAI]]) said earlier this week its Benham Companies subsidiary was recently awarded an Energy Savings Performance Contract by the U.S. Department of Energy. … Continue reading “With DOE Contract, SAIC Can Seek $5B in Energy Conservation Work”

Public Radio for People Without Radios

I have a bunch of wireless devices at home, but none of them are radios. And if I’m at all typical, then the radio business has a big problem. For broadcasters, getting radio programming to people like me, who find most or all of their news, information, and entertainment on the Internet, is challenging enough. … Continue reading “Public Radio for People Without Radios”

Ligand Settles Rockefeller University Suit

Ligand Pharmaceuticals, the San Diego-based drug developer, said today it has agreed to settle a legal dispute with The Rockefeller University over rights to eltrombopag (Promacta), a drug for a rare bleeding disorder called ITP. Ligand (NASDAQ: [[ticker:LGND]]) will pay $5 million once the settlement is signed, another $2 million over the next two years, … Continue reading “Ligand Settles Rockefeller University Suit”

Syntricity Promotes Griffith to CEO

San Diego’s Syntricity today named Steven Griffith as CEO, replacing A.C. D’Augustine, who served as chief executive since last year. Griffith was the company’s chief operating officer and chief technology officer. D’Augustine plans to retain his seat as board chairman. Syntricity develops software used by semiconductor makes, test vendors and wafer foundries to improve yield … Continue reading “Syntricity Promotes Griffith to CEO”

Cymer Sees Continuing Downturn

The outlook for the semiconductor industry remains grim, based on financial results reported yesterday by San Diego’s Cymer (NASDAQ: [[ticker:CYMI]]), which supplies 65 percent of the specialized laser equipment used worldwide to make integrated circuits. Cymer says it expects revenue to decline between 40 percent and 50 percent in its first-quarter from the fourth-quarter, which showed … Continue reading “Cymer Sees Continuing Downturn”

Former San Diego Chipmaker Lays Off 16 Percent of Global Workforce

In Sunnyvale, CA, yesterday, Applied Micro Circuits Corporation (NASDAQ: [[ticker:AMCC]]) announced it was making pay cuts and laying off 100 employees in its worldwide workforce. The company, which was founded in San Diego and based here until 2005, now has between 470 to 500 employees around the world, spokesman Gilles Garcia told me. Some of … Continue reading “Former San Diego Chipmaker Lays Off 16 Percent of Global Workforce”

La Jolla Pharmaceutical Stock Crashes After Drug Fails In Pivotal Clinical Trial

La Jolla Pharmaceutical said today that its lead drug candidate, Riquent, failed in a clinical trial of lupus of the kidneys. The news wiped out almost 90 percent of the San Diego-based company’s stock market value, driving shares down to 26 cents after the opening bell. The company (NASDAQ: [[ticker:LJPC]]) issued a one-paragraph statement this … Continue reading “La Jolla Pharmaceutical Stock Crashes After Drug Fails In Pivotal Clinical Trial”

Virtual Initiative Cultivating Algae Industry Bloom in San Diego

One of the distinguishing characteristics about algae is that it grows fast, and it seems that may be true as well for the algae biomass industry in San Diego. After reporting last month about a push to establish a multimillion-dollar hub for algae-based biofuels research in San Diego, I learned of a related effort with … Continue reading “Virtual Initiative Cultivating Algae Industry Bloom in San Diego”

Huntington Capital Discloses Four Deals (So Far) From Its Second Fund

Huntington Capital, San Diego’s boutique private equity and venture lending firm, says it has made four investments so far from Huntington Capital Fund II, after raising $78 million in capital for the second fund it formed last May. Partner Tim Bubnack told me in October the privately-held firm was seeing a lot of prospects, as … Continue reading “Huntington Capital Discloses Four Deals (So Far) From Its Second Fund”

Ferring Opens New Research Center

Switzerland’s Ferring Pharmaceuticals, which established the Ferring Research Institute in San Diego in 1996, celebrated the opening of its new research facility here last night. Ferring describes itself as a leading biopharmaceuticals center for peptide research, and last night’s event also provided an opportunity for the Swiss pharma to promote degarelix, the first peptide “new … Continue reading “Ferring Opens New Research Center”

Arena Weight Loss Drug Approaches Critical Turning Point Next Month

Fen-phen was the wonder drug for weight loss in the 1990s, until it was found to damage heart valves and yanked off the market. Now the folks at San Diego-based Arena Pharmaceuticals are eagerly waiting clinical trial results that will show whether they have learned something profitable from that colossal failure. Arena is developing a … Continue reading “Arena Weight Loss Drug Approaches Critical Turning Point Next Month”

Advice on Physics for Future Presidents From the Debunker in Chief

The President of the United States is supposed to know the differences between Sunni and Shia Muslims. But somehow, as Richard Muller points out, nobody expects America’s commander in chief to know the differences between uranium and plutonium, or between gasoline and hydrogen. That’s why he teaches “Physics for Future Presidents” at UC Berkeley, a … Continue reading “Advice on Physics for Future Presidents From the Debunker in Chief”

U.S. Slow to Join Global Wave of Mobile TV Growth

A new study released yesterday says half a billion people around the world are expected to tune in to mobile TV by 2013—a market that is estimated at, oh, $50 billion or so. But the study’s author told me that in the United States, where Qualcomm’s MediaFlo is the leading technology, the growth of mobile … Continue reading “U.S. Slow to Join Global Wave of Mobile TV Growth”

Mpex Pharma Lands $27.5M in Fourth Round

Mpex Pharmaceuticals has reeled in $27.5 million in the first closing of a Series D round of financing as the firm advances its inhaled antibiotic for chronic respiratory ailments through clinical trials, according to the company. The San Diego-based drug developer says that its fourth round of financing was led by Investor Growth Capital and … Continue reading “Mpex Pharma Lands $27.5M in Fourth Round”

CEO Resigns at Xenonics

Carlsbad, CA-based Xenonics (AMEX: [[ticker:XNN]]) says the responsibilities of CEO have been assumed by the company’s executive committee following the resignation of Chuck Hunter as CEO. The company, which makes night-vision equipment and ultra-high-illumination lights for military, law enforcement and commercial customers, says Hunter will continue as a consultant for the company.  Xenonics’ executive committee consists … Continue reading “CEO Resigns at Xenonics”

Service-now Finds Hard Economic Times Are Good for Business

A private software company that arose following the implosion of San Diego’s scandal-ridden Peregrine Systems says its business is booming despite the recession, because its innovative model for offering Software as a Service can help customers shave their IT costs. Service-now.com was founded in 2003 to meet the same business needs served by Peregrine, which was once … Continue reading “Service-now Finds Hard Economic Times Are Good for Business”

Anadys Keeps Surging, as Hepatitis C Drug Data Trickles In

The more data dribbles out of Anadys Pharmaceuticals, the more investors apparently like what they see. The San Diego-based biotech company said today that one of its experimental drugs for hepatitis C was effective at killing the virus in three more patients who took a low dose in a clinical trial, providing a bit of … Continue reading “Anadys Keeps Surging, as Hepatitis C Drug Data Trickles In”

Mpex Pharmaceuticals Secures $27,500,000 Series D Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=35207a8e-9411-41ab-8fe3-fad09213ff40&Preview=1 Date 2/10/2009 Company Name Mpex Pharmaceuticals Mailing Address 11535 Sorrento Valley Road San Diego, CA 92121 Company Description Mpex Pharmaceuticals is focused on the discovery and development of new anti-bacterial drugs that meet the growing clinical need created by multi-drug resistant bacterial pathogens. Website http://www.mpexpharma.com/ Transaction Type Venture Equity Transaction Amount … Continue reading “Mpex Pharmaceuticals Secures $27,500,000 Series D Round”

Countdown to Physics for Future Presidents—See You This Afternoon!

We’re looking forward to seeing you today at Xconomy’s San Diego premiere, an entertaining and eye-opening presentation on Physics for Future Presidents by UC Berkeley’s Richard A. Muller. Online registration for the event, which is here, closes at noon and walk-in registrations begin at 3:30 pm The presentation begins at 4 pm—hope to see you … Continue reading “Countdown to Physics for Future Presidents—See You This Afternoon!”

Behind the Prize at the X Prize: A New Model For Venture Capital

At a time when many people are saying the traditional venture capital model is broken, an influential Internet pioneer has developed a fundamentally different concept for investing in innovation. San Diego resident Lee Stein explained his concept to me in a long conversation last week. He already has given shape to his idea in the … Continue reading “Behind the Prize at the X Prize: A New Model For Venture Capital”