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What’s Inside: Biocom California Joins New M&A Coalition; Our Statewide Life Science CEO Summits Commence This Friday; OrbiMed Raises $4.3B in Funds for Life Science Startup Investing; and more.
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We’re championing the progress made by California’s life science community and want to hear about your company’s latest scientific breakthrough, investment milestone, or commitment to creating positive change for our industry. Submit your story here for possible inclusion in an upcoming issue. |
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What’s Happening at Biocom California
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Life Science CEO Summits in Bay Area, LA and San Diego
Life science CEOs are invited to join us at our CEO Summits on October 27 in the San Francisco Bay Area, on November 1 in the Greater Los Angeles Area, and November 2 in San Diego to connect, learn, and lead the way for the industry. Each summit is taking place in a retreat-like setting and CEOs can meet with fellow industry leaders, broaden networks, and remain at the forefront of the continuously evolving life science landscape. With speakers representing companies across the life science spectrum and successful investors, our summits promise a diverse and comprehensive exploration of industry trends and opportunities. See which CEOs and investors have already committed to attend in the Bay Area, Los Angeles, and San Diego this year.
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Selma Blair to Keynote Annual Gala
Join us for an inspiring evening at our Annual Celebration of Life Gala on November 16 at the Hyatt Regency La Jolla, where we recognize groundbreaking achievements in the life science industry. We are thrilled to welcome actress Selma Blair as our keynote speaker, celebrated for her versatile film career and as a Time Magazine Silence Breaker in 2017. Blair’s remarkable journey unfolds in her best-selling memoir, “Mean Baby,” where she candidly shares her battle with alcohol addiction, her complex relationship with her mother, and her Multiple Sclerosis diagnosis. Don’t miss the opportunity to hear her incredible story and be part of shaping the future of our industry.
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Industry Intelligence & Member Moments
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- Adcentrx Therapeutics doses first patient in Phase 1a/b study of ADRX-0706, a novel antibody-drug conjugate (ADC) for the treatment of advanced solid tumors.
- BioMarin received FDA approval for vosoritide to increase linear growth in children under five years with achondroplasia.
- BioMed Realty achieved a 5 Star rating in the 2023 GRESB Real Estate Assessment and ranked No. 1 within the Technology/Science/Americas category.
- Bolt Biotherapeutics presented updated clinical data from Phase 1 trial of BDC-1001 as monotherapy and in combination with Nivolumab in HER2-expressing tumors.
- Cargo Therapeutics is gearing up to go public with plans to use the proceeds to continue its Phase 2 large B-cell lymphoma trial.
- Children’s Hospital in Los Angeles’ researchers have developed a clinical tool to predict if a child with acute liver failure will need a transplant.
- eFFECTOR Therapeutics will collaborate with the Northwestern University Division of Hematology and Oncology on a Phase 1 trial evaluating tomivosertib in patients with acute myeloid leukemia.
- Endologix’s DETOUR System earned recognition in local and national award forums and has been nominated for the Prix Galien USA’s Best Medical Technology.
- Exelexis shared results from a Phase 3 trial evaluating cabozantinib in advanced neuroendocrine tumors.
- Gray Matter completed the development of the San Carlos Research Center, a 230,691-square-foot purpose-designed research and biomanufacturing facility on the mid-Peninsula.
- Karius shared results of its multi-center study showing the Karius Test improves the diagnosis and management of pneumonia in patients undergoing treatment for blood cancer.
- NKGen Biotech received FDA clearance of SNK01 cell therapy, its investigational new drug application to treat Alzheimer’s disease.
- OrbiMed has brought in $4.3 billion which it will invest in new healthcare and life science startups in the years ahead.
- Veolia released an interactive sustainability report showcasing the work they are doing across over 500 communities to save energy, reduce waste, and preserve natural resources.
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Biocom California CEO on R&D Amortization
Biocom California CEO Joe Panetta recently published an op-ed with Infixion BIO CEO Herb Sarnoff on Sec. 174 of the 2017 tax law, which requires companies to deduct their R&D expenses over five years instead of the year they were incurred, causing sky-high tax liabilities for companies. Biocom California ran a six-month-long campaign which generated over 8,000 letters to California legislators asking them to repeal the tax change.
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Biocom California Joins New M&A Coalition
Biocom California recently joined a group of more than 30 life science trade associations and companies to launch the Partnership for the U.S. Life Science Ecosystem (PULSE), a new coalition to advocate and support the fundamental role of pro-innovation mergers and acquisitions (M&A).
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Biocom California Summarizes 2023 Legislative Season
On October 13, Gov. Gavin Newsom took his final actions of the 2023 legislative season, marking the end of the first year of the 2023-24 legislative cycle. A number of healthcare bills introduced by both houses of the Legislature demonstrate a willingness to stand with patients and a focus on increasing access to life-saving innovations. Despite five years of budget surpluses, Newsom cited fiscal restraint in many of his veto messages. Read the full summary.
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MTS Votes to Discontinue Sorrento Valley Connector Shuttles
On October 19, the Metropolitan Transit System (MTS) Board of Directors voted to discontinue connector shuttles to Sorrento Valley Coaster Station. Citing low ridership and the need to upgrade outdated shuttles, the MTS board supported the staff’s decision to shift responsibility for the shuttles to the North County Transit District (NCTD). Biocom California spoke in opposition to the proposal, which had only been noticed to local employers three days in advance of the hearing. We will continue to advocate with MTS and NCTD to maintain these shuttle services. Join the NCTD webinar on November 2 to discuss mobility in Sorrento Valley and potential future shuttle service.
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Life Science Motion Receives Final Approval from LA City Council
In early October, Los Angeles City Council formally approved a life science proposal presented by Councilmembers John Lee and Bob Blumenfield. The proposal directs the city to study land use and taxation incentives specific to life science. In September, Biocom California policy staff spoke in support of the proposal, which we worked on with Councilmember Lee, at the city’s Budget, Finance, and Innovation Committee (item No. 15). We look forward to continuing to work with the Councilmembers’ offices on next steps.
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Bay Area Rents Decline with Little Impact on Housing Crisis
Recent data shows that rents across the state have dropped over 2 percent in a year and more than 4 percent in the San Francisco Bay Area. However, this decrease does not necessarily mean that housing is more affordable, given the impact of inflation and increased cost of living. Furthermore, it could have a negative impact on future construction. Instead, housing advocates support proposed bills SB 555 and AB 309, which aim to facilitate the development of new state-owned housing with rents caps.
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Biocom California
For over 28 years, Biocom California has helped move the life science industry forward with transformative resources that enable companies to make meaningful connections. With a membership base of over {{{dynamic_content_1600}}} companies, we connect our members to each other so they can collaborate and work stronger and smarter together. We connect organizations to capital investment and purchasing solutions so they can grow faster and work more efficiently. We’re their link to advocacy that fights for innovation and we provide an environment where their business and talent can thrive. Biocom California is how the life science industry gets connected.
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