Qualcomm Strikes Deal With China’s Largest Cell Phone Maker, Volcano Moves to Buy Axsun, Life Technologies Buys Visigen, & More San Diego BizTech News

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a $4 million installment of a Series C round of venture funding that could total $12 million if certain milestones are met. The $4 million came from Sanderling Ventures; Biogen Idec New Ventures and SR One, the corporate venture arm of GlaxoSmithKline (NYSE: GSK) promised the additional $8 million. [[Editor’s note: An earlier version of this item erroneously said that CalciMedica had collected the full $12 million. We apologize for the error.]]

Calcimedica was founded in 2006 to develop small molecule drugs for the treatment of autoimminue disorders, organ transplant rejection, and other immune diseases.

Life Technologies, the Carlsbad, CA-based maker of biotech lab equipment, paid about $20 million to buy VisiGen, a Houston startup working on a new, low-cost process to sequence individual genomes.

International Stem Cell, an Oceanside life sciences company that supplies stem cells for biotech research, says it received the first $1 million in a private placement deal that’s expected to yield up to $5 million over the next several months. The company says the financing is in the form of a new class of convertible preferred stock.

San Diego’s Sempra Energy (NYSE: SRE) announced it has completed the company’s first solar energy project, a 10-megawatt photovoltaic facility about 40 miles southeast of Las Vegas, NV.

Big drug companies are thinking a lot these days about finding new ways to innovate in the drug discovery business. Peter Pallai explained how he started San Diego-based BioBlocks as a chemistry outsourcing service for big Pharma. Meanwhile, Rodney Lappe of CovX, a San Diego biotech acquired by Pfizer, desribed the alternative approach to drug development within Pfizer’s Biotherapeutics and Bioinnovation Center, of which it is now a part.

As part of a restructuring that NextWave Wireless announced earlier this year, the company said it sold a 75 percent stake in its IP Wireless subsidiary to an entity formed by certain management personnel for $1 million, and reimbursement of transaction expenses.

And Finally, TheSportsTV.com, a San Diego startup that provides a web-hosted video site for amateur athletes, recruiters, and scouts, got $20,000 in funding from the San Diego Venture Group. The startup won the group’s annual “PitchFest” business plan competition.

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Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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