San Diego Innovation Report

2019

Public Offerings

Capital

Initial Public Equity Offerings (IPOs)

 The San Diego IPO market activity in 2019 achieved new heights in both the number of successful lPOs and the total money raised through these IPOs. In 2019, nearly $645 million was raised through nine IPOs.

Connect 2019 San Diego Innovation Report Startup Business Economy Initial Public Offerings

INmune Bio

Founded 2015

$8.16 Million IPO

Went Public Feb 4th, 2019
NAS: INMB

INmune Bio Inc is a clinical-stage biotechnology company. It is engaged in the development of new immunotherapies that reprogram a patient’s innate immune system to allow the immune system to fight cancer.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
2 IPO 2019 $8.16M $11.5M $81.59M $89.76B Pre-Clinical Trials
1 Angel 2017 $3.34M $3.34M Startup

Gossamer Bio

Founded 2015

$276 Million IPO

Went Public Feb 8th, 2019
NAS: GOSS

Gossamer Bio is a clinical-stage biopharmaceutical company. It is focused on discovering, acquiring, developing and commercializing therapeutics in the disease areas of immunology, inflammation, and oncology.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
4 IPO 2019 $276M $606.02M $736.43M $1.01B Clinical Trials – General
3 Early Stage VC (Series B) 2018 $230.02M $330.02M $420M $650.02M Startup
2 Early Stage VC (Series A) 2018 $80M $100M $120M $200M Startup
1 Seed Undisclosed $20M $20M $55M $75M Startup

International Land Alliance

Founded 2013

IPO Amount Undisclosed

Went public Apr 1st, 2019
PINX: ILAL

International Land Alliance Inc is a residential land development company with target properties located in the Baja California, Norte region of Mexico. Its activities include purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers.

Guardian Health Sciences

Founded 2013

$5 Million IPO

Went public Apr 5th, 2019
NAS: GHSI

Guardion Health Sciences Inc is a specialty health sciences company formed to develop, formulate and distribute condition-specific medical foods with an initial medical food product. The company’s Lumega-Z, is a micronized lipid-base nutritional formulation designed to restore and maintain the condition of a depleted macular pigment. It has also developed GlaucoCetin, the first regulated vision-specific Medical Food designed to support and protect the mitochondrial function of optic nerve cells in patients with glaucoma.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
6 IPO 2019 $5M $17.11M $82.69M $87.69M Profitable
5 Corporate 2017 $5M $12.11M Profitable
4 Later Stage VC (Series B) 2017 $3.11M $7.11M Profitable
3 Later Stage VC 2016 $3.5M $4M Profitable
2 Angel 2015 Undisclosed $0.5M Generating Revenue/Not Profitable
1 Convertible Debt 2015 $0.5M $20M Generating Revenue/Not Profitable

Palomar Specialty Insurance

Founded 2014

$84.38 Million IPO

Went Public Apr 17th, 2019
NAS: PLMR

Palomar Holdings Inc is a United States-based company focused on the provision of specialty property insurance primarily earthquake, wind, and flood insurance products. It provides specialty property insurance products in the target markets to both individuals and businesses through multiple channels, including retail agents, program administrators, wholesale brokers, and in partnership with other insurance companies. Its products include Residential Earthquake, Commercial Earthquake, Specialty Homeowners, Commercial All Risk, Hawaii Hurricane, Residential Flood, and others.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
4 IPO 2019 $84.38M $121.88M $736.43M $339.38M Profitable
3 PE 2018 $20M $37.5M Generating Revenue
2 Debt 2015 $17.5M $17.5M Generating Revenue
1 Buyout/LBO 2014 $75M $75M Generating Revenue

Turning Point Therapeutics

Founded 2013

$166.5 Million IPO

Went Public Apr 17th, 2019
NAS: TPTX

Turning Point Therapeutics Inc is a clinical-stage biopharmaceutical company involved in designing and developing molecule, targeted oncology therapies to address limitations of existing therapies. It owns a pipeline of next-generation tyrosine kinase inhibitors (TKIs) that targets genetic drivers of cancer in both TKI-naive and TKI-pretreated patients.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
6 IPO 2019 $166.5M $322.94M $385.01M $551.51M Clinical Trials – General
5 Mezzanine 2018 $80M $156.44M Clinical Trials – Phase 1
4 Later Stage VC 2018 $9.94M $76.44M Clinical Trials – Phase 1
3 Later Stage VC (Series C1) 2017 $45M $66.5M $80M $125M Clinical Trials – Phase 1
2 Early Stage VC (Series B) 2015 $18M $21.5M $32M $50M Startup
1 Early Stage VC (Series A) 2014 $3.5M $3.5M $6.8M $10.3M Startup

NeoVolta

Undisclosed Founding Date

$3.5 Million IPO

Went Public May 9th, 2020
OTC: NEOV

Developer of a home energy storage system designed to simplify the process of storing and consuming self-generated power. The company’s system provides 14.4 kWh storage capacity, 7.6 kW nominal output with lithium iron phosphate battery chemistry that helps in drawing more affordable electricity from the grid when demand and prices are low, to be used during peak pricing periods, enabling users to store power and enjoy the luxury and security of reliable electricity with home energy storage.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
2 IPO 2019 $3.5M $5M Generating Revenue
1 Angel 2018 $1.5M $1.5M Generating Revenue

Exagen

Founded 2002

$61.3 Million IPO

Went Public Sept 19th, 2019
NAS: XGN

Exagen Diagnostics Inc is a commercial-stage diagnostics company committed to addressing the unmet need for the accurate diagnosis and monitoring of patients affected by autoimmune rheumatic diseases. It currently markets four products under its Avise brand to provide an accurate, timely and differential diagnosis and to optimize the treatment of ARDs. It processed approximately 9,300 patient specimens for its diagnostic product line, Avise SLE. It markets and sells solutions to community rheumatologists.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
1 IPO 2019 $61.3M $304.1M* $110.53M $160.93M Generating Revenue / Not Profitable

*Previous funding rounds and total amount raised cannot be verified

Silvergate Bank

Founded 1988

$40 Million IPO

Went Public Nov 7th, 2019
NYS: SI

Silvergate Capital Corp is a provider of innovative financial infrastructure solutions and services. Its solutions and service offerings include Silvergate Exchange Network, Cash Management Solutions and Deposit Account Services. Its customers include U.S. exchanges and global investors in the digital currency industry. The company also provides financial services that include commercial banking, business lending, commercial and residential real estate lending, and mortgage warehouse lending.

Funding Round Deal Type Date Amount Raised to Date Pre-Valuation Post-Valuation Stage
7 IPO 2019 $40M Profitable
6 PE Growth/Expansion 2018 $114M $171.37M Profitable
5 PE Growth/Expansion 2015 $8M $57.36M Profitable
4 PE Growth/Expansion 2012 $13.8M $49.36M Profitable
3 PE Growth/Expansion 2011 $12.57M $35.57M Profitable
2 PE Growth/Expansion 2009 $20M $23M Generating Revenue
1 PE Growth/Expansion 2005 $3M $3M Generating Revenue

Capital

Follow-on Public Equity Offerings

In 2019, four companies raised $178.13 million through follow-on public offerings. The largest follow-on public offering was raised by Kura Oncology for a total of $100.3 million.

Company (Issuer) Total Public Offering Amount
Kura Oncology (NAS: KURA) $100.3M
Atec Spine (NAS: ATEC) $50.13M
Sorrento Therapeutics (NAS: SRNE) $25M
Aethlon Medical (NAS: AMED) $2.69M
Total $178.13M

2019 San Diego Innovation Report

Previous San Diego Innovation Reports

2018   |   2017   |   2016   |   2015