Daily Business Report-April 2, 2019
Construction work at Phase II at The Village at Pacific Highlands Ranch.
Construction starts on Phase II at
The Village at Pacific Highlands Ranch
Construction has stared on Phase II at The Village at Pacific Highlands Ranch in Carmel Valley, which will be anchored by two new tenants — UC San Diego Health and Chase Bank. The announcement was made by CBRE and Coast Income Properties.
The Phase II buildings are currently under construction on the north end of the The Village. UC San Diego Health will be occupying 7,617 square feet on the first floor of a two-story building and all 8,731 square-feet of the second floor. The first floor also features three additional for-lease retail spaces, ranging from 1,729 to 2,860 square-feet.
Phase I of The Village at Pacific Highlands Ranch is 100 percent leased and is comprised of 160,000 square feet of retail, dining and office space. The tenant roster includes Rite Aid, Trader Joe’s, Westroot Tavern, Moment Bicycles, Breakfast Republic and Crunch Fitness.
CBRE’s Reg Kobzi is the leasing agent for the project. “It’s all about forward-thinking mixed-use today,” said Kobzi. “Centers such as The Village embody that. They feature retail, lively eateries, amenities as well as office/medical space and provide experiences, convenience and accessibility for everybody.”
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GetInsured abolishes nearly $2 million
of California residents’ medical debt
GetInsured, a provider of health insurance, announced that it has abolished nearly $2 million of California residents’ medical debt to help alleviate some of the severe financial hardship caused by unpaid and unpayable medical bills. The company partnered with RIP Medical Debt, a nonprofit 501(c)(3) charity that locates, buys and forgives medical debt on behalf of donors, to identify Californians’ debt across the state – including northern, central and southern regions – for this charitable endeavor. The total debt forgiven: $1,856,771.28.
The Californians who were relieved of medical debt earn less than two times the federal poverty limit, and have spent more than five percent of their gross income on medical bills. In addition, they are insolvent due to medical debt, meaning they owe more due to medical expenses than assets owned.
“As the cost of care continues to increase, so does the weight of the financial burden placed on the shoulders of people across the country,” said Chini Krishnan, co-founder and CEO of GetInsured. “We have seen, time and again, how critical it is to find the health insurance plan that is most aligned with individual health needs, in order to avoid a potentially devastating situation. We are grateful to be able to make a meaningful impact in the lives of so many people in our native state of California.”
Letters notifying these residents that their health bills have been forgiven have all been mailed. With the exception of dental and elective surgeries, most types of medical debt were eliminated through this effort, including debt created by cancer treatments, diabetes and heart disease.
According to RIP Medical Debt, more than 13 percent of the population in the state of California have medical debt – collectively totaling more than $7 billion. The burden causes financial instability and hinders vulnerable communities, including the sick, poor, elderly, and veterans. It also drives many middle class families into poverty.
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UC San Diego Health treats 1st cancer patient
with stem-cell derived natural killer cells
After 10 years in remission, Derek Ruff’s cancer returned, this time as stage IV colon cancer. Despite aggressive rounds of chemotherapy, palliative radiotherapy and immunotherapy, his disease progressed. In February 2019, as part of a phase I clinical trial at Moores Cancer Center at UC San Diego Health, Ruff became the first patient in the world to be treated for cancer with a human-induced pluripotent stem cell (iPSC)-derived cell therapy called FT500.
“This is a landmark accomplishment for the field of stem cell-based medicine and cancer immunotherapy. This clinical trial represents the first use of cells produced from human induced pluripotent stem cells to better treat and fight cancer,” said Dan Kaufman, professor of medicine in the Division of Regenerative Medicine and director of cell therapy at University of California San Diego School of Medicine. “This is a culmination of 15 years of work. My lab was the first to produce natural killer cells from human pluripotent stem cells. Together with Fate Therapeutics, we’ve been able to show in preclinical research that this new strategy to produce pluripotent stem cell-derived natural killer cells can effectively kill cancer cells in cell culture and in mouse models.”
The off-the-shelf, iPSC-derived natural killer (NK) cell cancer immunotherapy received U.S. Food and Drug Administration approval to move into clinical trials in November 2018. Kaufman has been collaborating with Fate Therapeutics over the past four years to bring iPSC-derived NK cells to patients with cancer.
Click here for information about the clinical trial.
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Leading cause of muscular dystrophy
in adults responds to new treatment
People diagnosed with myotonic dystrophy type 1 have difficulty unclenching muscles due to a type of genetic defect that generates toxic material within their cells. There is currently no treatment. In a new report published in the Proceedings of the National Academy of Sciences, a group at Scripps Research in Florida says they have made a potential drug that targets a disease-causing RNA at the root of the disease. In mouse and cellular models of myotonic dystrophy type 1, it improved the muscle defects with no apparent side-effects.
The study, “Precise small molecule cleavage of an r(CUG) repeat expansion in a myotonic dystrophy mouse model,” appears in the March 29 issue of PNAS. More work lies ahead before testing in people will be possible, but “the results look better than we could have imagined,” says lead author Matthew Disney, a Scripps Research chemistry professor.
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USS Decatur returns from deployment
The guided-missile destroyer USS Decatur returned to San Diego on Monday following a deployment to the U.S. 7th Fleet and 5th Fleet area of operations.
Decatur participated in multiple exercises and operations while deployed, including conducting maritime security operations, and rendering assistance to seven distressed mariners in the waters south of Sri Lanka. After a fishing vessel suffered a mechanical failure rendering the vessel inoperable, Decatur provided food, water and towing assistance to the fisherman while waiting for Sri Lankan authorities to respond to the mariner’s distress calls.
“This deployment highlighted every capability that dynamic force employment provides,” said Cmdr. Bob Bowen, Decatur’s commanding officer. “We were successful on deployment, providing the fleet commanders with a well-trained and equipped surface combatant capable of executing any mission assigned.”
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Census awards $3.2 million to groups
to reach ‘hard to count’ populations
The California Complete Count – Census 2020 Office has awarded two major contracts totaling $3.22 million to coordinate Census 2020 outreach for “hard to count” populations in San Diego and Imperial Counties. A complete and accurate count is essential to ensure federal, state and county dollars are adequately distributed to local communities, as well as to determine future congressional seats.
The two contracts were awarded to:
• Count Me 2020, a coalition of over 100 community-based organizations and other partners, led by the United Way of San Diego County, has been awarded $1.66 million for Census 2020 outreach. The contract designates United Way of San Diego County as the Primary Administrative Community-Based Organization for San Diego and Imperial Counties Region with a mandate to count everyone in the hard to reach populations.
• The San Diego Association of Governments (SANDAG) will act as the fiscal agent for $1.56 million to support local governments in the San Diego region in promoting awareness about the census and motivating residents to complete and return their questionnaire, particularly among hard to count populations.
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Personnel Announcements
Paul Cortez promoted to
VP of real estate at LendSpark
Paul Cortez has been promoted to VP of real estate at LendSpark to further develop its growing real estate loan and investment portfolio in California. LendSpark is a direct lender providing working capital loans, equipment financing and real estate loans to small and medium-sized businesses that need financing to fuel their business growth and achieve their business goals.
As VP of real estate, Cortez assists LendSpark clients in purchasing commercial real estate as well as renegotiate and refinance current properties. He provides clients insight to the current market trends and guides them on the different funding options that are available for their needs. He assists borrowers in choosing proper loan programs, compiling loan applications and acquiring necessary paperwork needed, as well as communicates with appraisers, escrow officers, loan underwriters, etc., to streamline the process.
Prior to joining LendSpark, Cortez spent 20 years in private lending companies where he was instrumental in portfolio management, underwriting, investor relations and origination. He earned his bachelor’s degree in finance from San Diego State University and has over 30 years experience in real estate, including finance and accounting for major commercial developers, underwriting residential and commercial properties, and customer relations.
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Elena Ridloff promoted at ACADIA Pharmaceuticalls
ACADIA Pharmaceuticals Inc., a San Diego biopharmaceutical company, announced the promotion of Elena Ridloff to executive vice president, chief financial officer. Ridloff joined ACADIA Pharmaceuticals in April 2018 as senior vice president, investor relations and has served as the company’s interim chief financial officer since October 2018.
Previously, Ridloff was senior vice president, investor relations and interim chief financial okkficer at ACADIA Pharmaceuticals. Prior to joining ACADIA, she was vice president, investor relations at Alexion Pharmaceuticals and served as a member of the Operating Committee. Additionally, Ridloff was chief executive officer and managing member of BIOVISIO, an independent consulting firm providing strategic, financial and investor relations counsel to the life sciences industry. She was also a managing director at Maverick Capital, a hedge fund based in New York, and was responsible for investments in the biotechnology, pharmaceutical, medical device and life science sectors.
Capt. Jan Ellinger, commanding officer of USS Lake Champlain, gives the keynote speech at the annual Women’s Waterfront Symposium. (U.S. Navy photo by Mass Communication Specialist 1st Class Jacob I. Allison)
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Women on the Waterfront
San Diego event focues on issues facing women in the Navy
By Ensign Britney Duesler
It’s 2019, and women are serving in every branch of the United States’ Armed Forces with no gender-specific restrictions imposed on them. Positions in combat units are awarded based on merit and qualification, rather than restricted by sex. Nearly 20 percent of both enlisted and officers serving in the U.S. Navy are female.
Last week, Vice Adm. Richard Brown, commander of Naval Surface Force, U.S. Pacific Fleet, hosted the 2019 Women’s Waterfront Symposium, as a forum for sailors and leadership to come together to learn about and discuss current issues facing women in the Navy.
The symposium featured keynote speaker Capt. Jen Ellinger, commanding officer of USS Lake Champlain, who reminded the audience that there are still individuals actively serving that began their careers when opportunity was more limited.
Recalling her time at the Naval Academy, Ellinger noted that she was not allowed to become a Surface Warfare Officer (SWO) due to the Combat Exclusion Act. Despite the career restriction, she participated in a two-month cruise aboard a destroyer participating in exercise Baltic Operations during her senior year midshipman training in 1992. This was, perhaps, a sign of the changes to come for women serving in the Navy.
“This [the opportunity to drive a warship alongside Allied ships in the Baltic Sea] was a unique opportunity,” she said. Women weren’t allowed to serve in assignments on combat ships, so the female midshipmen were the only women aboard. She remembered how for the first week of the cruise, the crew of the ship avoided them. But as time went on, the crew grew comfortable with integrating the young women into the daily operations of the ship. They were afforded the opportunity to drive the ship and explore the life of a SWO. Ultimately, Ellinger said, the experience aboard the destroyer was a positive one, despite the initial “gawking” and awkwardness of women being in the all-male environment.
At the end of her cruise, the commodore of the Surface Action Group she had been attached to asked her what her desired service selection was.
“If I could serve on a destroyer like this, I would definitely go SWO,” she said. “But due to the fact that my opportunities are limited to non-combatants, I’m turned off by the exclusivity of your community.”
The commodore’s response caught her off guard. “Midshipman, women have served on [Navy] ships since 1978. And they will serve on these ships as well. It’s coming. In time, women will have the opportunity to command them. It will happen,” he said.
And it did happen.
Ellinger graduated from the United States Naval Academy in 1993, just a few months before the Defense Authorization Act repealed the prohibition against women serving on combat vessels. Coincidentally, she had been unable to commission into the pilot pipeline due to budget cuts; she instead chose the surface community, based upon her positive experience during the midshipman cruise.
She reminisced about being in the Surface Warfare Officer School (SWOS) in Newport, R.I., and learning about the “bittersweet” news of the repeal of the Combat Exclusion Act.
However, she noted, “I was locked into three year orders to USS Shasta and a chance to drive another warship would have to wait.”
Unable to immediately serve on a “Gucci DDG ship,” Ellinger refocused her efforts at SWOS toward qualifications that would support her next tour on a warship. She graduated from the Steam Engineering Officer of the Watch course and was the first female to graduate of the Frigate Gas Turbine School.
After her tour aboard Shasta, Ellinger went on to serve aboard combatant ships, and now, 25 years later, she serves as the commanding officer of USS Lake Champlain, a Ticonderoga-class guided-missile cruiser.
Ellinger’s career is a nearly perfect timeline to demonstrate how far the Navy has come in integrating women aboard surface ships. We’ve made extraordinary progress in unlocking the true potential of 20 percent of our force. We’ve gone from sending a handful of female midshipmen on a summer cruise to a female commander of U.S. 6th Fleet and Naval Striking and Support Forces NATO leading BALTOPS 2018.
Today’s Great Power Competition requires a diversity of qualifications and resources to ensure that peace and security are achieved and maintained. Our Navy benefits from different perspectives and capabilities and, thus, is further strengthened as more women assume leadership roles. When we base assignments on performance and qualifications, with no gender bias, we are a stronger force united by our common desire to serve with honor, courage and commitment.