Home / Newsletters / Biocom California Newsletter | March 16, 2023

Biocom California Newsletter | March 16, 2023

What’s Inside: Biggest Takeaways from Our Global Life Science Partnering & Investor Conference; Statement on Silicon Valley Bank; Rapport Therapeutics Launches with $100M; Ionis Pharmaceuticals Expands; and more.

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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Silicon Valley Bank Statement

Silicon Valley Bank (SVB) provided banking services to nearly half of the country’s venture capital-backed technology and life science companies. Its collapse has caused ripples throughout the life science industry and has affected some of our 1,700 members. This week we issued a statement regarding the collapse of SVB, in which Biocom California’s president and CEO Joe Panetta explained: “The collapse of Silicon Valley Bank (SVB) and upheaval in the banking sector has created difficulties for many in the life science industry in California and beyond … The recent actions by the Federal Reserve, the FDIC, and Treasury to allow SVB depositors to have access to all their money is a very positive development to mitigate the potential harm to California companies that are innovating across the bioeconomy. We will continue to monitor the situation and encourage our members to reach out to us.”

Global Life Science Partnering & Investor Conference
Our 13th annual Global Life Science Partnering & Investor Conference convened at The Lodge at Torrey Pines and continues to gain incredible momentum throughout the state and the world, welcoming a record number of attendees (500-plus). More than 1,000 meetings were held during the conference through our One-to-One Partnering programs, connecting emerging companies with potential investors and established firms. Attendees heard from prominent biopharma companies and leading VC firms on ten different panels where speakers provided updates on the latest trends in partnering, funding, supporting technology transfer from academia, and how research in space is taking off. Read our full recap for the biggest takeaways from the conference.

Expo Day Inspires Kids Through STEAM
The 15th annual San Diego Festival of Science & Engineering was held earlier this month at Petco Park. The day served 15,618 community members with hands-on engaging science, technology, engineering, arts, and math (STEAM) activities. We’d like to thank Biocom California members who came out in full force to support San Diego’s future innovators, including Presenting Sponsor Illumina Corporate Foundation, Thermo Fisher Scientific, Bristol Myers Squibb, QuidelOrtho, Vertex Pharmaceuticals, Hologic, Qualcomm, Maravai LifeSciences and TriLink Biotechnologies, Lilly, Neurocrine Biosciences, San Diego Gas & Electric (SDG&E), Millennium Health, Pfizer, and Charles Drew University of Science & Medicine. The festival is a program of Generation STEAM, Biocom California’s K-12 STEAM education arm. To learn more about year-round community opportunities for your company, contact Silvana DelPiccolo. 

Industry Intelligence & Member Moments

Ansa Biotechnologies announced the successful de novo synthesis of the world’s longest DNA oligonucleotide at 1005 bases.
CILCare expanded its Scientific Advisory Board with renown hearing researchers to accelerate its research projects in synaptopathy, an early marker of age-related diseases.
Gilead released a study of more than 500,000 patients showing that remdesivir reduced risk of mortality in hospitalized COVID-19 patients across all variant time periods.
Heron Therapeutics entered a cooperation agreement with Rubric Capital and Velan Capital and added new members to its Board as part of the agreement.
Ionis Pharmaceuticals is expanding its headquarters in Carlsbad with a 165,000-square-foot building in addition to a new R&D facility in Oceanside.
Pfizer acquired Seagen in a $43B bid and strategic move to “advance the battle against cancer.”
Quidel received the first non-EUA clearance from the FDA for its rapid antigen COVID-19 test.
Rapport Therapeutics launched with $100M Series A funding led by Third Rock Ventures with participation from ARCH Venture Partners and Johnson & Johnson Innovation-JJDC, Inc.
Vertex Pharmaceuticals is preparing the second generation of its Type 1 diabetes cell therapy for the clinic after the FDA cleared Vertex’s investigational new drug application.

Policy Perspective

FY2024 Budget Targets Biotech Industry

The $1.7 trillion FY2024 budget released last week proposes a significant expansion of the Inflation Reduction Act’s (IRA) drug pricing reform, including doubling the number of drugs that will be subject to price controls, making drugs eligible for negotiation sooner, and extending the inflation rebates to commercial markets. The budget also proposes to increase the corporate tax rate from 21% to 28%. It includes discretionary funding of $48.9 billion for NIH, $3.7 billion for FDA, $10.3 billion for CDC, which represents increases of over a billion dollars or more for each agency. The President’s budget is non-binding and kickstarts the appropriations process in Congress.

Roundtable with FDA Director of Digital Health Center

On March 9, Biocom California hosted a roundtable event with Troy Tazbaz, FDA’s new director of the Digital Health Center of Excellence (DHCoE). The event was held at Gateway Labs by Lilly in South San Francisco and was the Director’s first public engagement since joining the agency in January 2023. Biocom California’s President and CEO Joe Panetta introduced the event alongside Julie Gilmore, Biocom California board member and associate vice president and global head of Lilly Gateway Labs. Read the full story.

Advanced Research Projects Agency for Health Announcements

For its one-year anniversary, Advanced Research Projects Agency for Health (ARPA-H) issued a press release announcing its first funding opportunities through BAA, the selection process for its 3 hubs, and the launch of an online competition ARPA-H Dash. Read the full story.

Governor Newsom Vows CEQA Reform

Gov. Gavin Newsom promised to reform the landmark 1970 California Environmental Quality Act (CEQA) to make it easier to build much-needed student and homeless housing. CEQA requires state and local agencies to evaluate and disclose significant environmental effects of projects, but in recent decades has allegedly been used to block housing and public transit projects.

San Diego City Council Votes to Increase Housing Near Transit

A close 5-4 vote on February 14 passed a Biocom California-supported proposal to increase housing density near transit stops from a half-mile to one mile. The policy will open up 5,000 acres for development, allowing San Diegans to live near transit for commuting and recreation. Biocom California advocated for the change at City Council.

City of Pasadena Announces Recent Promotions

The City of Pasadena announced the promotions of Jennifer Paige and Tiffany Jacobs-Quinn to directors of planning and community development and human resources, respectively. Alex Souto was also promoted to deputy city manager. These promotions come at a time when the city is looking at ways to attract more life science companies.

City of San Carlos Moves to Regulate Biosafety Level 3 Labs

Our policy team was present at the San Carlos Planning Commission on March 6 to dispel misconceptions around biosafety level (BSL) designations and advocate for the city to proceed with a conditional use permit for BSL 3. The Planning Commission voted 3-1 to proceed with the permit process for BSL 3 and prohibit the development of BSL 4 labs. City Council will have the final decision on whether or not to approve this recommendation.

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