Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.
For the week of November 22, 2019, here’s a look at what we’re reading:
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Phoenix Molecular Designs announces expansion to SD in June 2017
In June 2017, Phoenix Molecular Designs(PMD), a Canadian biotech company working on a breast cancer therapy, announced it was expanding to San Diego during World Trade Center San Diego’s Trade Mission to Vancouver. Over two years later, PMD- which now has an outpost at JLabs – is now one step closer to bringing its life-saving treatment to market. And it’s happening because of PMD’s clinical work in San Diego.
Phoenix Molecular Designs’ therapy is developed to treat triple-negative breast cancer. This aggressive form of cancer is often likely to become metastatic, and has a poorer prognosis than other forms of breast cancer. In 2019, nearly 270,000 individuals will be diagnosed with breast cancer in the US alone. Up to 20 percent of those new cases – over 50,000 – are estimated to be the triple-negative type.
But thanks to PMD, there’s a new form of hope.
The company has officially entered Phase 1/1b clinical trials for PMD-026 with the FDA, meaning they are able to administer the drugs to their first patients.
“Dosing the first patient in this newly initiated clinical trial is a paramount milestone for PhoenixMD,” said Andrew Dorr, M.D., chief medical officer of Phoenix Molecular Designs. “We believe PMD-026 to be a promising new approach to treat advanced breast cancer and we look forward to building upon this momentum in the pursuit of a potential treatment option for individuals living with advanced forms of breast cancer.”
International partnerships take time
When World Trade Center San Diego – EDC’s international affiliate – set its sights on Vancouver in 2017 for its first international trade mission, it was in hopes of spurring international partnerships in the life sciences and clean technologies sectors.
WTCSD first met Dr. Sandra Dunn, CEO of Phoenix Molecular Designs, when the international BIO convention was in town in 2017. After a quick conversation, it was clear that in order to meet their lofty goal of bringing a treatment to market, Phoenix Molecular Designs needed to expand somewhere in the U.S. with a strong biotech sector and access to top-tier clinical talent.
A few weeks later, City of San Diego Mayor Kevin L. Faulconer, World Trade Center San Diego, and a delegation of 20 senior-level San Diego leaders were in PMD’s board room in Richmond – right outside of Vancouver – helping the company plan its expansion.
Today, PMD’s presence has grown to nearly 15 employees in San Diego and with the latest funding round, may see additional growth. And its engaged other companies along the way. PMD has partnered with WuXi STA, another international company with a presence in San Diego, to develop and manufacture PMD-026.
At a time of mounting global uncertainty, it is important that San Diego continues to show up in international markets and forge partnerships. The next life-saving treatment is out there, and if San Diego’s regional track record is any indication, we may play a part in bringing it to the world.
Every Friday, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.
For the week of November 15, 2019, here’s a look at what we’re reading:
Be in the know – Sign up below to receive future editions of GNOTW. Want to submit your event or news update to our weekly newsletter? Contact us for more information
World Trade Center San Diego and 200+ live audience award the MetroConnect grand prize
World Trade Center San Diego named EDDY Pump Corporation, a global pump and dredge equipment manufacturer, as the MetroConnect program grand prize winner. Made possible through a grant from JPMorgan Chase & Co., the $35,000 award will be used to excel its technology and services to additional international markets.
“EDDY Pump Corporation is a quintessential example of a San Diego defense company taking their products global,” said Nikia Clarke, Ph.D., Executive Director of World Trade Center San Diego. “The results from this year’s cohort are impressive. From opening new offices in the Japan to inking multi-million dollar deals throughout Latin America, the participating MetroConnect companies are collectively strengthening the San Diego region’s economy.”
During the 12-month program, companies in MetroConnect Year 4 collectively generated a net increase of $69.6 million in exports sales, signed 369 international contracts and opened 10 new facilities overseas. Together, the 20 participants also created more than 100 jobs in San Diego – evidence that exporting supports the increase of jobs locally.
MetroConnect is an export assistance program managed by World Trade Center San Diego, an affiliate of San Diego Regional EDC. Each year, the participating cohort vies for a chance to win the grand prize—$35,000 to aid in their international market expansion plans. For the fourth year of MetroConnect, 20 export-ready companies were selected and equipped with a slew of financial and programmatic resources to assist in their plans to expand internationally.
With proposed tariffs, trade wars and the looming Brexit deadline, the national rhetoric around global trade has shifted. However, according to a recent article from The Brookings Institution, exporting or going global offers firms the opportunity to diversify markets, grow local regional economies and add more well-paying jobs. Programs such as MetroConnect help expand the pipeline of export-ready firms.
The four finalists from this year’s 20-company cohort were Bitchin’ Sauce, EDDY Pump, LRAD Corporation and Scientist.com. The grand prize winning company was selected based on a 50-50 split, weighing the popular vote from a live audience of 200-plus international business professionals and community leaders and selection from a judging panel comprised of representatives from Qualcomm Ventures, City of San Diego Economic Development Department and last year’s MetroConnect winner, Cure Match.
“The MetroConnect program has been a game-changer, allowing us to increase our international exports by $5 million from the previous year and enter into five key new countries,” said Ben Weinrib, CEO & Managing Partner at EDDY Pump Corporation. “In the years that follow, we are looking to close a multi-million dollar per year contract with some of the largest companies in Canada as well as selling our technology to friendly foreign militaries.”
“Since 2015, Chase has supported the MetroConnect program helping San Diego businesses realize their potential to scale and successfully navigate complex global markets,” said Aaron Ryan, Executive Director for San Diego Middle Market Banking at JPMorgan Chase. “San Diego is one of the best places for new business and innovation, and we are very excited to help businesses compete locally and to be able to grow globally.”
The MetroConnect Grand Prize PitchFest was hosted at The Alexandria on November 13, with keynote remarks by Barbara White, CFO at Taylor Guitars and the winner announced by Bud Colligan, senior advisor for international affairs and trade at California Governor’s Office of Business & Economic Development (GO-Biz).
About World Trade Center San Diego World Trade Center San Diego operates as an affiliate of San Diego Regional Economic Development Corporation. WTC San Diego works to further San Diego’s global competitiveness by building an export pipeline, attracting and retaining foreign investment and increasing San Diego’s global profile abroad. sandiegobusiness.org/wtcsd
About EDDY Pump Corporation Founded in 1984, EDDY Pump is a technology development and manufacturing company located in San Diego, CA. The company designs and manufactures proprietary technology for the U.S. Military along with some of the largest oil, mining, wastewater, chemical, marine construction and other industry-related companies in the world. By bring together some of the best mechanical, electric, ocean, embedded systems, hydraulic and manufacturing engineers, EDDY Pump is leading the field with breakthrough technology. eddypump.com
San Diego has changed a lot over the past five years. And EDC has changed with it. We want to make sure we had a digital presence that reflects how we’ve evolved – as an organization and as a region.
You can find us throughout our binational region – from the 78 Corridor to Tijuana – all the way to Tokyo, ensuring that we are creating opportunities for our companies and our region.
While these programs may seem disparate on the surface, they are all woven together by a common thread; our mission to maximize San Diego’s economic prosperity and global competitiveness. However, for the region to remain competitive, we must take proactive measures to promote economic inclusion. That’s why EDC has developed an inclusive-focused agenda to ensure that prosperity is felt in all corners of San Diego’s economy.
At the same time, we remain committed to telling San Diego’s story. From interactive dashboards on our economy, to information about investing in our region, we will constantly be providing the most relevant, up-to-date information about this region we’re lucky to call home.
The website is designed to be easily viewable on any device, in practically any language, so we can ensure that no matter where in the world we are, San Diego is always showcasing its best self.
Lastly, we want to express our gratitude to all of our investors. San Diego Regional EDC is proud to be a privately-funded non-profit. That means that in order to do the work we’ve outlined above, we rely upon the financial backing of nearly 200 organizations. Together, they are helping us create a stronger San Diego for everyone.
This is just the beginning. Stay tuned for more tools to support San Diego, its thriving companies, and growing talent in the months ahead.
It might. The company has set aside a significant portion of its investment to create an affordable housing investment fund, help first-time homebuyers, support vulnerable populations, and more throughout the state.
Eduardo Velasquez, senior manager at EDC, spoke to ABC about why housing affordability matters to Apple and other regional employers.
Through EDC’s Inclusive Growth initiative, we are working with 20+ local employers to address San Diego’s affordability crisis and create 75,000 newly thriving households by 2030. Housing, as well as transportation and childcare costs, impact the region’s affordability.
Ahead of the U.K.’s impending departure from the European Union, World Trade Center San Diego, the international affiliate of San Diego Regional EDC, is leading a delegation to Frankfurt and Munich, Germany. The trade mission will lay the groundwork for San Diego companies to develop long-term business relationships with the European market.
“With the launch of Lufthansa’s non-stop service from San Diego to Frankfurt and a shift in economic power resulting from Brexit, Germany will become an increasingly important trade and investment partner for San Diego,” said Nikia Clarke, executive director of World Trade Center San Diego and vice president of economic development at San Diego Regional Economic Development Corporation. “If San Diego wants to be recognized as a global economic player, it is important that we continue to show up and develop partnerships with markets that buy our goods and invest in our economy.”
Germany is currently the fourth-largest economy in the world, and is increasingly becoming one of San Diego’s most vital trading partners. According to data collected by World Trade Center San Diego, German-based companies, including Kontron, Evotec and BioNTech, directly employ more than 2,700 individuals in San Diego.
The trade mission will focus on three key subject areas:
Best practices in mobility, transportation and smart cities – Amid discussions about the future of transportation in San Diego, the delegation will explore technologies, best practices and strategic partnerships in mobility, the internet of things and smart cities through visits to Siemens, BMW and IBM’s cutting-edge Watson Lab. Additionally, through a visit to the House of Logistics & Mobility in Frankfurt, the delegation will learn a bit more about Frankfurt’s world-class transportation system.
Strengthening global life sciences partnerships – Like San Diego, Munich has become a hub for life sciences and biotech. Following a visit to BioM and the world-renowned Max Planck Institutes, German-based Evotec and the site lead from Takeda’s San Diego office will expand on a partnership that will benefit San Diego’s life sciences ecosystem.
Reinforcing global ties in a post-Brexit economy – Through meetings with the European Central Bank and the U.S. Consulates General in Frankfurt and Munich, the delegation will explore the gravitational shift in global trade while developing relationships with the experts responsible for evaluating trade policy.
Delegates will participate in upwards of 13 meetings over the course of the trade mission, sharing best practices and formulating collaborations across many industry verticals. The 20 -San Diego delegates include representatives from Takeda California, Qualcomm, General Atomics, Cubic Transportation Systems and more. Also in attendance are key San Diego agencies, universities and civic organizations such as UC San Diego, San Diego State University, San Diego Regional Airport Authority, the Port of San Diego and more.
At a time of mounting global uncertainty – particularly in the European Union – World Trade Center San Diego conducts trade missions to drive long term relationships for San Diego’s economy. Previously, World Trade Center San Diego led trade missions to Vancouver, London and Tokyo, which enabled startups Forge Therapeutics and Scientist.com to expand their global operations.
This trade mission is organized by World Trade Center San Diego, an affiliate of the San Diego Regional Economic Development Corporation.
Follow along during the trade mission: #SDinGermany.
From December 2018 and January 2019, the San Diego Small Business Lending Collaborative surveyed 129 existing and 101 prospective business owners in three San Diego Promise Zone zip codes (92102, 92113 and 92114). The purpose of the survey was to identify barriers for small business establishment and growth within the San Diego Promise Zone, a geographic area comprising of Barrio Logan, Southeastern San Diego, and Encanto. Historically disadvantaged, the culturally rich communities within the San Diego Promise Zone possess unique barriers that inhibit economic growth.
The study, written by the San Diego Regional EDC, found that the biggest challenge business owners face is related to credit/financing. Only 12 percent of business owners have ever applied for business financing, and out of those who have, they found only expensive options or were declined due to bad credit or income requirements. The final report outlines recommendations and strategies for small business owners in the San Diego Promise Zone to overcome these obstacles and grow their companies. For example, expanding access to entrepreneurship training and accelerator programs for low to moderate income populations.
As a way to inspire new approaches to inclusive economic development, EDC organizes an annual leadership trip with its partners and stakeholders in a peer region facing similar challenges. This year, EDC led a delegation of more than 40 San Diegans to Atlanta, Georgia – a city with deep cultural and historical significance. After three full days of dialogue with some of Atlanta’s most progressive and impactful leaders, our group came home with three main takeaways.
1. The decisions we make today will have lasting impacts on future generations. We started off the leadership trip the way EDC approaches everything we do: with research. We learned how Atlanta’s history of racial inequity directly impacted the way the city was developed. It affected where public transportation would run, where good schools were built, who received loans to buy a house or start new businesses, and much more. Rohit Malhotra of Center of Civic Innovation stated, “96% of people born poor in Atlanta will die poor in Atlanta.” The disparities facing Atlantans today are deeply rooted in the region’s history. And because it’s leaders are willing to take a honest look at that history, that they are able to bring about lasting change. This inspired thoughtful discussion on how San Diego’s own history has shaped the way our communities live today, and will hopefully lead to further investigation into our region’s past, so that we can create sustainable solutions for our future.
2. Transportation can either exacerbate or alleviate existing problems. Perhaps the biggest historic factor inhibiting Atlantan’s economic prosperity is access to transportation. Because the city was designed to separate black and white populations, many low-income areas of the region simply do not have access to good jobs and affordable housing. In reference to predicting economic and health outcomes for Atlantans, Carol Naughton of Purpose Built Communities shared that “zip code impacts more than genetic code.” To combat this, organizations like Purpose Built Communities, TransFormation Alliance, and Historic District Development Corporation formed and work together to create an infrastructure that will support healthy, sustainable, and affordable communities. Thanks to their support and a transformational vision for redevelopment by Ryan Gravel, the Atlanta BeltLine was created to connect disparate neighborhoods and is drastically changing the way people live. That kind of positive peer pressure is what is bringing about change unlike anything the city of Atlanta has ever seen before. People who were previously displaced from quality jobs and access to transportation can now walk or bike to the grocery store to buy healthy food for their families. They can walk to a quality job that pays enough to support themselves. The thoughtful collaboration between these entities shows us that this level of systems change is, in fact, possible when organizations work together to take action.
3. It’s critical for younger generations to see themselves in leadership roles. Inside the historic International Martin Luther King Jr. Chapel at Morehouse College, we heard about the importance of talent development investments from members of the Atlanta University Center Consortium. As Spellman College President Mary Schmidt Campbell eloquently said, “when students are affirmed, they do better.” Organizations like Cristo Rey Atlanta High School, a private school for underserved students who don’t pay tuition, help students and their families with hands-on college preparation, like the college application process. Interim President Camille Naughton said, “It’s barriers like filling out a FAFSA application that keeps students out of college – not intellect or lack of desire.” Clearly, the education systems in Atlanta understand that a bright future in Atlanta largely depends on significant investment in its students today. We also heard from Brookings Institution Fellow Rodney Sampson, who co-founded the Opportunity Hub (OHUBS) to eliminate barriers for minority tech founders. Rodney believes that building an inclusive economic ecosystem starts with early exposure to innovation and socialization. He said, “When you’re exposed to innovative ecosystems, the trajectory of your ability to acquire wealth changes.” Through organizations like these, students and young entrepreneurs see that they’re worth investing in. They see themselves as a leader, who can take action and make an impact.
From hearing about innovative talent development strategies and inclusive entrepreneurial ecosystems at Morehouse College, to walking along the Atlanta BeltLine that is radically changing the connectivity of Atlantas’s neighborhoods, our group gained invaluable insights that spurred thoughtful conversations about creating a better San Diego that works for all. The transformation in Atlanta was palpable. After immersing ourselves in its rich history and hearing first-hand experiences from Atlanta’s civic, education, and business leaders, one thing is clear: our inclusive growth work in San Diego is far from over, but we’re on the right path.
Sysmex Corporation, a global medical device manufacturing company with its HQ in Kobe, Japan, was looking to enlarge their US-based presence.
With San Diego as a target destination for expansion, Sysmex contacted EDC with details on the company’s plans to expand its life science operations by leveraging proprietary technologies to create new testing and diagnostic technologies that help provide optimal healthcare for all. Sysmex distributes and supports automated in vitro diagnostic hematology, coagulation and urinalysis analyzers, reagents and information systems for laboratories and healthcare facilities throughout the Western Hemisphere.
The company was interested in piloting their US presence with a research and development lab staffed with ten initial full-time employees. EDC provided a list of properties using a site selection database that met Sysmex’s requirements for location characteristics. In order to coordinate site logistic tours and provide Sysmex additional market perspectives on the potential locations, EDC leveraged its connections with CBRE’s research team. CBRE was able to conduct a tour with Sysmex on nine different locations across the region.
Sysmex is now in the process of finalizing their internal budget by mid-October, in order to establish their research and development site by December of this year. The Sysmex team is very positive regarding San Diego and establishing a future here.
