Thursday, January 5, 2017PVP Biologics Gets $35M From TakedaSan Diego-based biopharmaceuticals firm PVP Biologics, which is developing treatments for celiac disease, has received $35M from Takeda Pharmaceutical Company Limited, the companies announced on Thursday. The two said that Takeda will fund $35M in expenses for PVP Biologics, in exchange for an exclusive option to acquire PvP. PVP said it is developing an enzyme therapy, which breaks down the immune-reactive parts of gluten in the stomach, which cause the painful symptoms and damage due to glute (More info...)
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Snapchat Sued By Ex EmployeeVenice, California-based Snap, Inc., the parent company of Snapchat, has filed lawsuit in the Los Angeles County Superior Court, alleging that he was fired for refusing to tell lies to potential IPO investors. The lawsuit, filed by Anthony Pompliano, claims that Snapchat used false statistics on user numbers to recruit Pompliano from Facebook, and that Snapchat has since made it difficult for him to find a new job. The lawsuit was filed on Wednesday.
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Cohu Acquires Kita ManufacturingPoway-based Cohu, which manufactures semiconductor test and inspection equipment, said today that it has completed its acquisition of Japanese company Kita Manufacturing Co. LTD.. The deal was worth $15M in cash, with up to $3M in earn out. Kita Manufacturing is a designer and manufacturer of "spring probe contacts", test devices which are used in PCB board testing manufacturers. Cohu said Kita had 2016 sales of approximately $17M.
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Amazon Eyes LA's American ApparelE-commerce giant Amazon.com is reportedly eyeing a bid for bankrupt Los Angeles fashion retailer American Apparel, according to Reuters. Amazon.com joins Forever 21, Next Level Apparel and Authentic Brands Group LLC among companies which are looking at buying American Apparel out of bankrupcy, according to the report. American Apparel filed for bankruptcy in November.
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Avidity Biosciences Finds $16MLa Jolla-based Avidity Biosciences, a biopharmaceuticals developer focused on monoclonal antibody and siRNA-based therapeutics, said today that it has raised $16M in a Series B funding round. The round included $10M in new capital, combined with conversion of $6M in convertible debt. The funding was led by Takeda Pharmaceuticals, and also included Alethea Capital, Alexandria Real Estate Equities, Brace Pharma, EcoR1 Capital, F-Prime Capital, Moore Venture Partners and Tavistock Life Sciences. Av (More info...)
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Molecular Stethoscope Raises $8.2MSan Diego-based Molecular Stethoscope, a biotechnology startup developing a blood-based, liquid biopsy platform for early detection and monitoring of disease, has raised $8.2M in a seed funding round. The funding came from Data Collective, Pfizer, Index Ventures, an un-named research university, and angels. The company said it is initially targeting its testing for diagnosing cardiometabolic and neurodegenerative diseases. Molecular Stethoscope is led by President and CEO Tina S. Nova, Ph.D.
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Hulu Aims At Under $40 For Upcoming Live TV ServiceLos Angeles-based Hulu is planning on charging less than $40 a month for its upcoming, live television service, according to the company on a conference call on Tuesday. The pricing for the service was announced at a conference in Las Vegas which is running in parallel with CES. The new Hulu service will give users live access to live television, and will go up against AT&T's DirecTV Now.
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Neurelis Raises Series B Funding For Epilepsy TreatmentSan Diego-based Neurelis, a developer of a drug treatment for epilepsy, has raised a Series B round of funding, the company said this morning. Size of that funding was not announced. The funding was led by HBM Healthcare Investments, and also includes earlier investor LYZZ Capital. According to Neurelis, the funding will go towards clinical trials of its intranasal drug aimed at treating pediatric, adolescent, and adult epilepsy patients who experience acute repetitive or cluster seizures. The c (More info...)
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Amgen Co-Founder Bowes Passes AwayWilliam K. Bowes, Jr., the founding shareholder and chairman and treasurer of Thousand Oaks-based Amgen, has died, at the age of 90. Bowes--who also founded venture capital firm USVP--died peacefully in his home on December 28th. Amgen said that "without Bowes, there would be no Amgen". The firm said that Bowes was instrumental in coming up with th eiea to launch the biotech company that would become Amgen. Bowes retired from Amgen's board in 2002. USVP has backed such companies as Sun Microsyst (More info...)
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Chinese Drone Manufacturer Wingsland Sets Up Shop In LAWingsland Technology, a Chinese manufactuer of drones for the consumer market, announced on Wednesday that it has opened up its first international office, in Los Angeles. According to the company, the new office will help it service the growing U.S. market. Wingsland said it has opened up an office in the City of Industry, which will include a warehouse, local inventory, and a product, customer service team, and dedicated marketing and sales team. Local efforts of the manufacturer will be led b (More info...)
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Lynx Technology Launches Smart Home ProductSan Diego-based Lynx technology, a developer of software for managing media libraries and smart home devices, said today that it has launched its first product, called SmartLynx 1.0. The product, aimed at the "smart home" market, is aimed at embedding into wireless routers, gateways, set-top-box (STB) and network attached storage (NAS) devices. Lynx Technology said the product is based on "Twonky", a product which was originally developed by PacketVideo, and also said its technology team is the (More info...)
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Axonics Gets Marketing Approval In CanadaIrvine-based medical device manufacturer Axonic Modulation Technologies announced this morning that it has received marketing approval in Canada, from Health Canada. The company's medical devices are used to treat overactive bladder and incontinence issues. The company said the marketing approval means its products meets all of the Canadian Medical Devices Regulations, Section 36, allowing it to market its systems throughout the country. The company said it anticipates treating patients in Canad (More info...)
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