Stories for August 2016
Wednesday, August 31
Reports that MannKind Corp. is working on an alternative way to deliver the drug epinephrine into the body caused the company’s stock to soar.
The IMT Westlake Village apartment complex has traded for more than $88 million, according to Calabasas commercial real estate firm Marcus & Millichap Inc.
Semtech Corp. beat Wall Street estimates on adjusted earnings and revenue in its 2017 fiscal second quarter.
Farmers Insurance Group, based in Woodland Hills, has named Suzie Elliott its new head of human resources.
Tuesday, August 30
Financial software developer BlackLine has opened a new office in Frankfurt, Germany, the company announced Tuesday.
AeroVironment Inc. missed Wall Street projections on earnings and revenue in the fiscal first quarter.
A more than 60,000-square-feet office building in Pasadena has changed hands for $30 million.
Monday, August 29
Valley Economic Development Center is partnering with the city of Los Angeles on a loan program for businesses in conjunction with the Great Streets Initiative.
Talon International Inc. has received UL certification for its flame-resistant zippers, opening up potential sales in the industrial garment market, the company announced Monday.
Friday, August 26
Los Angeles City Attorney Mike Feuer on Friday announced that his office has convicted Gloria Dora Saucedo and her Panorama City business for illegally practicing law and providing paralegal services.
A mixed-use retail and office center in North Hollywood has changed hands for $7 million, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc.
Destruction of the 46-acre Aerojet Rocketdyne plant in Canoga Park started this week, with work expected to last up to a year.
Rising condominium prices in the San Fernando Valley outpaced those of single-family homes in July, according to the Southland Regional Association of Realtors Inc.
Great American Group has secured an agreement to manage the closure of Masters Home Improvement Stores in Australia.
Thursday, August 25
Amgen Inc.’s application seeking approval for its drug Parsabiv has been rejected by the U.S. Food and Drug Administration, the company announced Thursday.
Interlink Electronics Inc. has named David S. Burnett as chief finance officer for the manufacturing company.Interlink Names New CFO
Simulations Plus Inc. on Thursday announced the launch of its version 1.0 PKPlus software, which is used to analyze preclinical and clinical trial data.
Wednesday, August 24
Two Valencia industrial buildings occupied by Bayless Manufacturing Inc. have sold for about $12 million, according to L.A. commercial real estate brokerage CBRE Group Inc.
Cherokee Global Brands announced Wednesday the launch of Cherokee-branded apparel and accessories at 80 stores in the Czech Republic.
Tuesday, August 23
University Glen, a multifamily housing complex next to California State University Channel Islands in Camarillo, has been bought for $81 million by Kennedy Wilson, the Beverly Hills real estate investment company announced.
Comcast Corp. closed on its deal to acquire DreamWorks Animation SKG Inc. on Monday, the final day of trading for DreamWorks shares on the Nasdaq.
Monday, August 22
Craig Bouchard has stepped down as chief executive and chairman of Real Industry Inc., it was announced Monday.
The former site of Orchard Supply Hardware in West Hills will become home to a new Chick-fil-A restaurant, according to an official from the West Hills Neighborhood Council.
Calabasas commercial real estate brokerage Marcus & Millichap Inc. said it has recently arranged several apartment and retail space deals in the Valley this month.
Capstone Turbine Corp. has signed a new three-year agreement with BPC Engineering to distribute its microturbines in Russia and Belarus.
MANAGEMENT: Romo leaves, search for permanent replacement takes off.
Management change has arrived at Van Nuys Airport.
ENERGY: Investors like financial maneuvers at California Resources.
As part of a deleveraging plan, California Resources Corp. has managed to pay off a good deal of debt – and raised its stock price as a byproduct.
TELEMEDICINE: Hospitals don’t have enough mental health specialists. Here’s the solution.
Telepsychiatry firm raises VC money to grow on-screen counseling.
Pilot program gives checks to merchants near construction.
L.A.’s water and power utility turns on reimbursement program for merchants affected by construction.
Medtronic expands mobile app to address disease epidemic.
Medtronic partners with Chinese firm to expand diabetes app in growing market.
Startup finds space in supermarket freezers for seasoning cubes.
Flash-freezing herbs helps startup cultivate success with supermarkets.
PUBLISHING: Mg hopes to become trade magazine for dispensaries.
Valley entrepreneur Darren Roberts pivots from the porn industry to cannabis.
Thousand Oaks wants a downtown with nightlife
Thousand Oaks plans to revitalize its main street with apartments and nightlife.
HOSPITALITY: Convention center, extended stays to meet demand.
Hotel industry capitalizes on growth in High Desert.
HEALTH CARE: Sober College expands after co-founder dies.
New leadership and new location for substance abuse facility Sober College after founder’s death.
If the group Save the Canyon cancels a proposed hotel, it could result in more development.
News and notes from the greater San Fernando Valley
The Conrad N. Hilton Foundation has given the world’s largest humanitarian award to an Atlanta nonprofit.
APARTMENTS: Neighborhood council OKs 335 units in Woodland Hills.
A controversial 335-unit apartment complex proposed to replace the Woodland Hills Post Office site is a step closer to reality.
How an advertising exec straight out of ‘Mad Men’ moved to Camarillo and opened an agency for small clients.
Advertising guru Bill Hamilton and his knack for pitching the right message.
DEVELOPMENT: Former department store could become office space.
Macy’s Inc. has announced it will close its North Hollywood location this fall, bringing an end to Laurel Plaza’s tenure as a shopping destination and opening the door for the development of NoHo West.
COURT: Growing backlog of civil cases spurs judge to ask for volunteer lawyers.
Judge Huey Cotton of the Los Angeles Superior Court’s Northwest Judicial District has asked the San Fernando Valley Bar Association to recruit volunteer attorneys to mediate civil cases at the Van Nuys Courthouse.
Friday, August 19
Aerojet Rocketdyne on Thursday test-fired its RS-25 rocket engine that will be used on the Space Launch System, the new heavy-lift rocket NASA has under development to power future manned missions to the moon and possibly to Mars.
Suburban Thousand Oaks may never be confused for the Third Street Promenade in Santa Monica or even downtown Glendale. But the city is taking action to make a three-mile stretch of Thousand Oaks Boulevard more like those places.
Robert Pfeifer, founder of drug and alcohol rehabilitation center Sober College, unexpectedly died of a heart attack, leaving his wife and co-founder Mindi Levins Pfeifer to decide the fate of their business.
Thursday, August 18
The 805 is getting new digits, as the California Public Utilities Commission has begun a plan to introduce a second area code into the region over the next two years.
Sales of three apartment complexes in the San Fernando Valley have been closed by Marcus & Millichap Inc. (MMI), the Calabasas real estate firm announced Wednesday, including a record-setting sale of a property in Panorama City.
Wednesday, August 17
Warner Bros. Entertainment has named Gillian Zhao as executive vice president and managing director of Warner Bros. China.
Simi Valley Hospital has rolled out a toll-free phone number for the public to use for physician referrals and finding out about hospital services.
Tuesday, August 16
Santa Clarita’s Princess Cruises on Monday released its 7th annual Relaxation Report, concluding that Americans are using their vacation time not for vacation but to catch up on sleep and errands.
Entertainment industry production equipment rental firm VER has consolidated its operations into three locations in the San Fernando Valley.
Monday, August 15
Biotech products manufacturer SaniSure Inc. has signed a lease in a Camarillo industrial building for nearly double the space it has in Oxnard.
A new pedestrian tunnel opened on Monday between the Red Line subway and the Orange Line busway in North Hollywood.
Interlink Electronics improves performance, Apollo Medical narrows losses and Tix posts lower revenue from Las Vegas attraction ticket sales.
Friday, August 12
With demand rising for industrial space, brokers were able to secure new financing for properties in Valencia and Van Nuys.
Qualstar narrows its losses, while BNK's grows wider on volatile oil prices.
Thursday, August 11
A four-unit apartment complex in Glendale has changed owners for more than $1 million after a flurry of interest from potential buyers, according to commercial real estate brokerage Stevenson Real Estate Services in Glendale.
The U.S. Navy has tested and deployed small drones made by AeroVironment Inc. aboard a guided missile destroyer.
Medical device maker Medtronic on Thursday announced the U.S. commercial launch of its latest device, the MiniMed 630G Insulin Pump System.
Wednesday, August 10
Real Industry Inc. beat Wall Street expectations on earnings for the fiscal second quarter, but the market reacted by sending the share price down nearly 9 percent.
Commissioners of the Burbank-Glendale-Pasadena Airport Authority will vote Monday to approve Frank R. Miller as the new executive director of the Hollywood Burbank Airport.
Antelope Valley Hospital and Kaiser Permanente Inc. on Wednesday announced a three-year contract for Kaiser physicians to continue to administer care to its members at the Lancaster hospital.
Tuesday, August 9
Walt Disney Co. beat Wall Street estimates on adjusted earnings and revenue for the company’s fiscal third quarter.
Capstone Turbine Corp. received an order for one of its microturbines for a microgrid project in China.
The Conrad N. Hilton Foundation in Agoura Hills has given the world’s largest humanitarian award to an Atlanta nonprofit.
Monday, August 8
Shares of California Resources Corp. rose nearly 30 percent Monday after the company announced an expansion of its debt buyback program.
MannKind Corp. (MNKD) announced its second quarter financial results on Monday, reporting an adjusted net loss of $30 million (-7 cents a share) for the second quarter ended June 30, compared with an adjusted net loss of $28.9 million (-7 cents) for the same quarter a year ago.
Investors have purchased a Glendale medical office building for $11 million, according to commercial real estate brokerage CBRE Group Inc. in Los Angeles.
Interlink Electronics Inc. Chief Executive Steve Bronson rang the closing bell at the Nasdaq in Times Square on Monday.
EVENT: Sharky’s donates $1,200 for beautification along Reseda Boulevard.
Sharky’s Woodfired Mexican Grill celebrated the one-year anniversary of its Northridge location on July 30 with a fundraiser benefitting Northridge Sparkle, a nonprofit that involves the local community in beautification efforts on Reseda Boulevard.
News and notes from the greater San Fernando Valley
Amgen Inc. will pay $95 million to settle a class action lawsuit.
MULTIFAMILY: Costly seismic upgrades speed up sales by mom-and-pop landlords.
Apartment sales have soared this year in the San Fernando Valley and outpaced L.A. County overall in sales value and activity, according to a recent report by Marcus & Millichap Inc. in Calabasas.
David Dickinson runs Delta Scientific, a company with the mission of halting vehicles that pose a threat to high-profile buildings and people.
David Dickinson runs barricade builder Delta Scientific.
UPGRADE: A $90 million expansion focuses on neonatal, pediatric care.
Dignity Health – Northridge Hospital Medical Center recently spent close to $90 million on hospital upgrades, primarily in the newborn and pediatric sectors.
ACQUISITION: Agoura Hills’ TouchCommerce sold to Nuance Communications.
Customer service software provider TouchCommerce has been acquired by Nuance Communications in a deal valued at $215 million.
Sacramento’s plans for the Southern California Air Quality Management District.
FILM: Frantic soaking and spraying keep flames at bay – and businesses open.
Movie ranches collaborate against the Sand Fire.
Personal experience led to ministry call at treatment center.
Addiction recovery and insurance form the double life of a Cigna executive.
Training center moves under Cal Lutheran umbrella in the fall.
Center for Nonprofit Leadership is resurrected at Cal Lutheran University.
Frozen Poppers plans to expand beyond its West Hills origins.
Frozen popcorn business pops up in West Hills.
HOSPITALITY: Calabasas project could go to polls in November.
Environmental group stands in the way of proposed Calabasas hotel and housing.
MARKETING: Businesses get customers from game craze.
How businesses are piggybacking on the success of Pokemon Go.
REAL ESTATE: OPI’s exit will vacate 21 industrial buildings on 11 acres.
Future possibilities of nail polish maker OPI Products’ massive North Hollywood campus.
Golden Queen Mine has ramped up operations in the Antelope Valley at the right time.
ENTERTAINMENT: Digital technology puts event attendees inside make-believe scenes.
LA Photo Party gives new life to the photo booth.
A Sylmar company’s photovoltaic panels power satellites and spacecraft as far away as Jupiter, while also setting efficiency records for turning light into electricity.
Spectrolab’s efficient solar cells find their way to space.
VICA lunch with L.A. City Attorney Mike Feuer falls short on substance; locally-based restaurant chains serve up opposite stories.
California imports more than half its crude oil while regulators insist on an unrealistic switch to alternatives.
Oil’s future is being plugged by politics.
Friday, August 5
Macy’s, Inc. is slated to close its North Hollywood location at Laurel Plaza this fall, the store has announced.
Drugmaker AbbVie Inc. filed a lawsuit Thursday against Thousand Oaks biotech Amgen Inc. claiming patent infringement of its top-selling drug Humira, which brought in $14 billion in revenue in 2015.
A three-building retail and office park in Thousand Oaks has been refinanced, said Calabasas-based commercial real estate brokerage Marcus & Millichap Inc.
Thursday, August 4
Calabasas commercial real estate brokerage Marcus & Millichap Inc. reported second-quarter results that exceeded Wall Street estimates on both earnings and revenue.
A number of Valley area companies reported earnings Thursday. While several were disappointing, American Homes 4 Rent posted the best results in its three years as a public company and Salem beat earnings expectations.
California Resources Corp. (CRC), the state’s largest oil and gas producer, reported a widened net loss and much lower revenue. Both numbers missed analysts’ expectations as the company continued to sell off assets and reduce drilling in the second quarter amid low oil prices. The company’s stock slid on the disappointing news.
Teledyne Technologies Inc. (TDY) beat Wall Street expectations on earnings for the second quarter but fell short on revenue.
Wednesday, August 3
DineEquity, the Glendale-based operator of Applebee’s and IHOP restaurants, on Wednesday reported a worse-than-expected dip in revenue in the second quarter amid disappointing same-restaurant sales.
Virgin Galactic received an operator license for its SpaceShipTwo space vehicle from the Federal Aviation Administration, the company announced.
DreamWorks Animation SKG Inc., in the midst of being acquired, beat Wall Street estimates on earnings and revenue for the second quarter.
Tuesday, August 2
Twenty-eight feature film productions were chosen to receive financial help in the second year of the state’s California’s expanded Film & Television Tax Credit Program.
The Burbank City Council has set Nov. 8 as the date for a special election for residents to approve a replacement terminal at Hollywood Burbank Airport.
The California Board of Equalization is offering business owners affected by the Sand Fire that swept through Santa Clarita last week extensions to file their tax returns, penalty relief and replacement copies of lost or damaged records.
Ixia beat analyst expectations for the second quarter, while LTC met expectations and Tutor Perini fell short.
Monday, August 1
California Resources Corp. has offered to buy back debt notes at a price between 55 and 68 percent of their face value, the company announced Monday.
Health management company Apollo Medical Holdings Inc. announced Monday that its affiliate medical group ApolloMed Hospitalists has been contracted to provide its services to Beverly Hospital in Montebello.