Daily Business Report-Oct. 20, 2014
San Diego Venture Capital
Venture capitalists invested $238.5 million in 27 deals in San Diego in the third quarter of this year, a 7.2 percent increase compared to $222.4 million invested in 26 deals in the prior quarter, according to recent findings in the Pricewaterhouse Coopers/National Venture Capital Association MoneyTree report.
As compared to the same quarter of the prior year, dollars invested in the region increased 6.3 percent in the third quarter of 2014 from $224.3 million invested in the third quarter of 2013. The number of deals decreased to 27 deals in this year’s third quarter from 28 deals in the same period of 2013. The average deal size increased, however, to $8.8 million in third quarter 2014 from $8 million in third quarter 2013. The $238.5 million invested in the third quarter this year exceeded all of the quarters in 2013.
Top 5 Deals 3rd Quarter:
BioNano Genomics $31 million
Epic Sciences $30 million
Tracon Pharm. $27 million
Acutus Medical $21 million
Astute Medical $20 million
San Diego’s technology (including software, semiconductors, computers and peripherals, and IT services) and media companies fueled the bulk of the growth. Total dollars invested in these sectors was $56.1 million in the third quarter of 2014, compared to $37.0 million in the prior quarter, an increase of 52 percent. As compared to the same quarter of the prior year, total dollars invested in these sectors increased 177 percent from the third quarter 2013 total of $20.2 million.
Life Sciences Sector
San Diego’s life sciences sector maintained its position as the top industry sector for investment in this region. Seventy one percent of San Diego venture capital investment dollars and 48 percent of deals went to the life sciences sector in third quarter 2014.
Venture capital investments in the software sector accounted for the second highest investment activity in San Diego, with six deals totaling $37 million for the quarter.
The software sector experienced an increase in investment dollars of 38 percent in third quarter 2014 from the second quarter 2014, with $37 million invested in six deals in the third quarter of this year, compared to $27 million invested in nine deals in the second quarter of 2014.
Golden State Foreclosure
Starts Continue To Decline
Lending institutions initiated formal foreclosure proceedings last quarter on the lowest number of California homes in more than eight years, the result of a recovering real estate market and the dwindling pool of toxic home loans made in 2006 and 2007, Irvine-based CoreLogic DataQuick reported.
A total of 16,833 Notices of Default (NoDs) were recorded at county recorders offices during the July-through-September period. That was down 3.9 percent from 17,524 for the prior quarter, and down 17.1 percent from 20,314 in third-quarter 2013, according to CoreLogic DataQuick data.
San Diego County Notices of Default Starts:
Third Quarter 2014: 1,266 Second Quarter 2013: 1,289
Third Quarter 2013: 1,519
Last quarter’s NoD tally was the lowest since fourth-quarter 2005, when 15,337 NoDs were recorded. NoDs peaked in first-quarter 2009 at 135,431, while the low was 12,417 NoDs in third-quarter 2004. The NoD statistics go back to 1992.
A Notice of Default is recorded at a county recorder’s office and marks the first step of the formal foreclosure process.
“This home repo pipeline isn’t exactly drying up, but it sure is diminishing. Its negative effect on the overall market is only a fraction of what it was several years ago, and is really only still noticeable in some pockets of the hardest-hit markets of the Inland Empire and Central Valley,” said John Karevoll, a CoreLogic DataQuick analyst.
On primary mortgages, California homeowners were a median 12.5 months behind on their payments when the lender filed the Notice of Default. Borrowers owed a median $28,684 on a median $316,651 mortgage.
San Diego’s Fire-Rescue Vehicles
May be Miniaturized as Toys
San Diego’s fire-rescue vehicles may receive a special honor by a well-known toy company. City Council members today will consider a licensing agreement with Mattel Inc. that would allow the company to create a Matchbox car line featuring San Diego Fire-Rescue Department vehicles.
The agreement states this would include a lifeguard vehicle and a fire apparatus.
If the council approves the agreement, the first model — a Toyota Tacoma lifeguard vehicle — could hit shelves next summer, said Natasha Collura, San Diego’s director of strategic partnerships. In return, the city would get 200 samples of the toy and an additional model expected the following year. The packaging will also include the city’s website.
Collura also said Mattel expressed interest in exploring a national sweepstakes that could allow a winner to experience a day as a San Diego lifeguard or firefighter. The city approved a similar licensing agreement in 2008.
The San Diego City Council will vote on the agreement at its 2 p.m. meeting.
Today is Last Day to Register
To Vote in Nov. 4 General Election
Today is the last day to register to vote for the Nov. 4 general election.
If you’ve moved, changed your name or aren’t registered, you need to get your registration forms postmarked or turned in to the Registrar of Voters office by the end of the day. If you register online at sdvote.com, you have until 11:59 p.m. to submit the form.
Forms are available at the registrar’s office at 5600 Overland Ave. in San Diego, post offices, public libraries, city clerk offices and Department of Motor Vehicles offices. Election materials are also available in Spanish, Filipino, Vietnamese and Chinese.
Registered voters who want a mail-in ballot have until Oct. 28 to submit an application.
The November ballot includes races for governor, other statewide offices, six ballot measures, Congress and the Legislature, and for mayor of several San Diego County cities.
Two high-profile races in San Diego County include the 52nd Congressional District race between Rep. Scott Peters, D-San Diego, and former San Diego Councilman Carl DeMaio, a Republican; and the campaign for an open San Diego City Council seat between taxpayer advocate Chris Cate and education consultant Carol Kim.
— City News Service
Cal State San Marcos Expands
Accelerated Nursing Program
California State University San Marcos is expanding its popular two-year nursing program with new groups of students starting in the fall, spring and summer.
The 24-month Accelerated Bachelor of Science in Nursing is designed for students who hold a degree in a discipline outside of nursing. Upon completion of the program, students will be awarded the degree of Bachelor of Science in Nursing.
The fall program will accept one group of students, or cohort, in Temecula, the spring program will accept one cohort in San Marcos, and the summer program will admit one cohort in Temecula. Applications received now will be considered for admission into all planned cohorts.
The university is scheduling a free information program on Friday, from 2 to 4:30 p.m. in Room 101 of the Foundation Classroom Building.
More information is available at 760-750-4020 or online at www.csusm.edu/el