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BANKING
• Piper Sandler, a Denver-based investment bank, has announced that in the past year its Special District Group has secured $331 million in financing for new public infrastructure districts (PIDs) in Utah. The PIDs are expected, upon completion, to result in more than 1,700 new homes and 6,200 acres for commercial and industrial use, including the first ski resort developed in North America in over 40 years. Piper Sandler has been working with state and local governments in Utah for more than 30 years.
CONTESTS
• Applications are being accepted from companies interested in presenting at the pitch competition taking place at the 2022 BioHive Entrepreneur and Investor Life Sciences Summit, set for Feb. 24-25 at the University of Utah. The competition will be abbreviated, with in-person presentations lasting approximately 8-10 minutes. Organizers say the main focus will be on companies currently seeking funding or planning to seek funding in the next 24 months. Applications can be completed at https://nategibby1.typeform.com/to/v8XQS21T. The summit, presented by BioUtah, BioHive and the PIVOT Center at the University of Utah, is designed to bring investors and innovators together to showcase Utah's entrepreneurship.
ECONOMIC INDICATORS
• Utah is ranked No. 23 on a list of “2022’s Best States at Managing Waste,” compiled by LawnStarter. It compared the 50 states and the District of Columbia based on their waste-reducing policies and infrastructure, and then it weighed those factors against the amount of refuse that was landfilled or reused, among other key indicators of waste-management excellence. The top-ranked state is Connecticut. The bottom-ranked state is Alaska. Details are at https://www.lawnstarter.com/blog/studies/best-worst-states-waste-management/.
GOVERNMENT
• Utah will receive more than $63.7 million in water infrastructure funding through the federal Bipartisan Infrastructure Law. The funding, through the U.S. Environmental Protection Agency’s State Resolving Fund programs, is designed to create jobs and upgrade America’s aging water infrastructure and addressing key challenges like lead in drinking water and per- and poly-fluoroalkyl substances (PFAS) contamination. In total, EPA will allocate $7.4 billion to states, tribes and territories for 2022, with nearly half of this funding available as grants or principal forgiveness loans that remove barriers to investing in water infrastructure in underserved communities across rural America and in urban centers.
• The U.S. Environmental Protection Agency has announced that the $893 million Utah Lake Restoration Project is among four projects added to a waitlist to apply for water infrastructure loans. The EPA announced 39 projects are being invited to apply for Water Infrastructure Finance and Innovation Act (WIFIA) loans, in addition to four added to the waitlist. The agency expects that, as funds become available, $6.7 billion in WIFIA loans will help finance over $15 billion in water infrastructure projects designed to protect public health and water quality across 24 states, while also creating up to 49,000 jobs. The WIFIA program will provide selected borrowers with innovative financing tools to address pressing public health and environmental challenges in their communities. The program is making $1.2 billion in loans available to support infrastructure needs in historically underserved communities. Also, 14 projects will help protect infrastructure from the impacts of extreme weather events and the climate crisis. Among the projects are several submitted by private borrowers and public-private partnerships.
HEALTHCARE
• Sera Prognostics Inc., a Salt Lake City-based company focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients, has appointed Sandra A.J. Lawrence to its board of directors. Lawrence has served as trustee of the Delaware Funds by Macquarie, as a director of its New York and Australian Stock Exchange-listed close-end funds, and on its Audit and Investments committees since 2021. She has served as a trustee of its legacy Ivy and Waddell and Reed Mutual Funds Complex Trust, and on its Governance Committee, since 2019. Lawrence was the executive vice president and chief financial officer of Children’s Mercy Hospital from 2005 to 2016 and the executive vice president and chief administrative officer of Children’s Mercy Hospital from 2016 to February 2019. She was senior vice president and treasurer of Midwest Research Institute and subsequently its chief financial officer. Lawrence spent 26 years in professional or management positions in the architecture, real estate, investment banking, financial services, packaging and medical research industries. Lawrence also serves as a member of the board of directors of Evergy Inc., American Shared Hospital Services and Recology, and has been the chair of the board of directors of the Heartland Chapter of the National Association of Corporate Directors (NACD). She also serves on the boards of various charitable, nonprofit and civic organizations.
• Recursion, a Salt Lake City-based clinical-stage biotechnology company, has hired Tim Ahfeldt as fellow in neuroscience, Irit Rappley as vice president of neuroscience and translational research, and Glenn Morrison as vice president of clinical development. Ahfeldt joins Recursion from the Icahn School of Medicine at Mount Sinai, where he was an assistant professor in the departments of neuroscience and neurology. Rappley previously served as the scientific director of discovery and translational research in neuroscience at Bristol Myers Squibb. She began her career at Celgene focusing on novel targets and therapeutics in oncology. Most recently, Morrison was vice president of neurology clinical development at Alector. Morrison also spent six years at Genentech and Roche and was vice president of global clinical development at Zogenix.
• Delic Holdings Corp. has announced that its subsidiary Ketamine Wellness Centers plans to open a clinic Jan. 10 at 6087 S. Redwood Road, Suite B, Taylorsville. It will be the company’s first Utah clinic and, with up to seven treatment rooms, will become one of KWC’s largest U.S. clinics. Delic is focused on new medicines and treatments. It acquired KWC in September and operates 10 ketamine infusion treatment clinics across eight states.
INVESTMENTS
• Fluidx Medical Technology, a Salt Lake City-based privately held medical device company founded to develop GPX, an innovative embolic material, and other technologies, has announced the oversubscribed closing of the first tranche of its Series A financing round. The Series A was led by a large multinational strategic investor, and joined by its existing investor base as well as several new investors (none were identified by name). The funding will be used to support prospective clinical trials and preparation for market entry.
PHILANTHROPY
• The South Jordan Chamber of Commerce, the Jordan Education Foundation and Walmart South Jordan recently hosted the eighth annual “Christmas for Kids” fundraiser to provide Christmas gifts for children in the Jordan School District. The fundraiser provided $100 shopping trips for deserving middle and high school students in the district. The campaign provided shopping trips for selected students at Walmart in South Jordan. School counselors, administrators and Jordan School District Educational Support Services selected students based on extreme needs and personal circumstances. The students received coats, boots, shoes, clothing, socks and other necessities. Firefighters, military, police, business leaders, educators and members of the community volunteered their time to chaperone and shop with a student and provide mentorship.
• Purple Innovation Inc., a Lehi-based producer of comfort products, is partnering with local and national nonprofits this holiday season to provide comfort to those in need, particularly children and families in transitional housing circumstances. It has partnered with Miry’s List, a nonprofit dedicated to welcoming refugee families into communities across the nation, to provide a donation of bedding that will be shared across a national coalition of community-based organizations, Hello Neighbor, to support families in need. The donation, valued at $400,245, includes products that will be distributed to 12 nonprofits in 11 states. Since the start of 2021, the company has donated more than 30,158 comfort products across all categories to 184 various organizations.
• Promontory Foundation has announced that 2021 was a record year for its fundraising. Members of the luxury vacation home community contributed $330,000 to 27 nonprofit organizations that serve the greater Park City area. Seventy percent of the funds were donated to organizations that focus social services, with several grants serving mental and physical health. Since the Foundation’s inception in 2006, it has raised $2.1 million, with an impact of $4.75 million.
• Pyvott, an Orem-based company offering a social media app, has partnered with Run Against Traffic, a Utah charity, for December’s month of giving and Jan. 11 National Human Trafficking Awareness Day. For every download of Pyvott’s free social media app through Jan. 11 (up to 100,000 downloads), the company will donate $1 to support Run Against Traffic, the nonprofit organization committed to resourcing and funding programs as well as community activists dedicated to the long-term aftercare of the survivors of human trafficking.
REAL ESTATE
• Stanton Road Capital LLC, a California-based national investment management firm focused on direct commercial property investments, has acquired Union Park Center III and IV, a two-building Class A office complex in Cottonwood Heights. It is the company’s second acquisition in Salt Lake City since 2019. The complex totals 198,423 square feet. SRC said it plans to invest to improve the tenant experience, including renovated lobbies; implementation of tenant relations technology; and new, pre-built, turnkey spec suites. Dana Baird and Amanda Lawson of Cushman & Wakefield will handle leasing for Union Park Center III and IV, while Colliers will serve as property manager. The transaction was facilitated by Kip Paul of Cushman & Wakefield.
• Van Daele Homes, a California-based homebuilder, has broken ground on its first new home community, Axis at North Station, in the Daybreak community in South Jordan. Van Daele has operations throughout California and Utah. Axis at North Station will feature 77 innovative two- and three-story townhomes. Presales are expected to begin in early 2022, with a model grand opening and first move-ins planned for late spring/early summer 2022. Founded in 1987, the company has built over 17,000 homes in California.
• Angel Oak Home Loans, a retail mortgage lender, has opened branches in three cities, including Salt Lake City. The branch is led by John Newman. It will be under Angel Oak’s consumer direct division.
RECOGNITIONS
• Tribe, a mobile platform for team-based addiction recovery and self-improvement, won first place and the $3,000 grand prize at the 2021-22 University of Utah Opportunity Quest business model summary competition. Ten teams advanced to the final judging and awards event held at Lassonde Studios. The competition is managed by students at the Lassonde Entrepreneur Institute and sponsored by Zions Bank. Other top teams included second-place winner Foam Laundry ($2,000), third-place winner Aether Masks ($1,000), judges’ award winner FoodsRush ($500), and best-video winner SadieB Personal Care ($500). Every team that made it to the top 10 is also awarded a prize of $100. Winning teams at Opportunity Quest receive prize money, and the winner advances into the top 20 of the Utah Entrepreneur Challenge, where they will develop a full business model and compete against students across the state of Utah for the grand prize of $20,000. All university students in the state of Utah are welcome to apply now to the Utah Entrepreneur Challenge, a statewide business-model competition with over $60,000 in prizes available to students. The application is open until Feb. 7. Applications can be completed at lassonde.utah.edu/uec.
RESTAURANTS
• The Crack Shack will open Dec. 17 at 912 E. 900 S., Salt Lake City. It is the chain’s first restaurant in Utah. A portion of proceeds Dec. 17 will be donated to the local nonprofit organization Encircle. The fried chicken restaurant is in a culinary co-op that features its chicken artwork, pet-friendly patio and full bar featuring local craft beer from Kii9TOS, Shades Brewing and T.F. Brewing; craft cocktails; and wine. The company began in San Diego in 2015 and now has six fine-casual eateries.
SALES
• Squeeze, a Salt Lake City-based sales experience provider, has appointed Ken Gary as vice president of solutions development. He will oversee new business development. Gary has over 20 years of business development experience, most recently working as vice president of strategy and solutions for Stafford Communications.
TECHNOLOGY
• Pluralsight Inc., a Draper-based technology workforce development company, has appointed Greg Ceccarelli as executive vice president and general manager of Pluralsight Flow. He will be responsible for overseeing all aspects of Pluralsight’s Flow product line, helping engineering teams develop engineering insights and workflow efficiencies in order to optimize product delivery. Ceccarelli has more than a decade of technology leadership experience, most recently serving as director of data science at GitHub. Prior to GitHub, Greg worked at Google, IBM, Dropbox and AlixPartners.
• ReliaQuest, a Florida-based Open XDR-as-a-service company serving security operations teams, will open an office in Sandy. It will be the company’s eighth office worldwide. The 64,000-square-foot space has the capacity for more than 400 employees. The new office will house teams across the company, including security operations, sales, customer success, marketing, finance, product innovation, training and IT. It will open in 2022.