Mar 26, 2020

State of Washington

Bono

Gov. Jay Inslee named retired Navy Vice Adm. Raquel C. Bono as state director for COVID-19 Health System Response Management. Bono is a senior fellow with the Johns Hopkins University Applied Physics Laboratory and prior to that was CEO and director for the Defense Health Agency. In her new role, Bono is advising the governor and state agencies on actions needed to address the capacity and strain across the health care system.

HomeStreet

Seattle-based HomeStreet Inc., the parent company of HomeStreet Bank, suspended its stock repurchase program. As of last week, the bank had repurchased 335,360 shares at a cost of about $7.9 million. The program had authorization to buy up to $25 million in stock. HomeStreet said it's preserving capital to protect against potential credit losses and provide more lending support as a result of the COVID-19 pandemic. It could reinstate the remainder of the stock buyback program as circumstances warrant.

NuriFlex

Bellevue-based NuriFlex entered into an agreement with Miami-based seriesOne Securities to raise up to $40 million in a private placement offering from potential investors. The company plans to issue up to 50 million shares of its Class A common stock as part of the deal. NuriFlex will use the proceeds for working capital, operating expenses and capital expenditures. The deal is subject to market conditions and other factors. NuriFlex uses telecommunications to supply advanced metering infrastructure and other services to the utilities industry.

Mar 25, 2020

Sorse Technology

Seattle-based Sorse Technology formed a partnership with Pascal Biosciences for cannabinoid research programs. Sorse also is acquiring part of the Vancouver, B.C.-based cancer research company. This is Sorse's first move into medical research applications. It sells a water-soluble cannabinoid emulsion used as an ingredient in food items, beverages, topicals and medical applications.

KinderCare

Portland-based KinderCare Education said it will shift its operations to provide child care to first responders, critical health care professionals and families in essential services. KinderCare operates about 1,500 centers around the nation and expects to keep more than 400 open to provide this essential child care during the COVID-19 crisis. The company will reopen additional essential centers as the need arises. Also, KinderCare Education at Work centers at medical facilities will remain open.

Arcimoto

Arcimoto temporarily suspended production of its Fun Utility Vehicle through April 17 at its Eugene, Oregon, factory due to the COVID-19 outbreak. The electric vehicle company is maintaining a work-from-home staff for critical operations such as compliance and reporting, research and development, customer service, and deployment of the recently launched Rapid Responder and Deliverator pilot vehicles.

Mar 24, 2020

Silverback Therapeutics

Seattle-based private biopharmaceutical company Silverback Therapeutics raised $78.5 million in Series B funding and brought on Dr. Jonathan Root and Dr. Thilo Schroeder as board members. U.S. Venture Partners led the financing round, with participation from Nextech Invest, Hunt Investment Group, Pontifax Venture Capital, Colt Ventures, NS Investment, OrbiMed Advisors, Bristol-Meyers Squibb and Alexandria Venture Investments. Root is a general partner at U.S. Venture Partners and Schroeder is a partner at Nextech. Silverback is developing ways to eradicate solid tumors.

Warn Industries

Clackamas, Oregon-based Warn Industries acquired Factor 55, a manufacturer of rigging hardware for the vehicle recovery market. Garden City, Idaho-based Factor 55 now operates as a division of Warn, with Factor 55 founder Michael Costa continuing as president. Warn makes off-road equipment and accessories for four-wheel-drive and powersports vehicles.

Arcimoto

Eugene, Oregon-based Arcimoto teamed with nonprofit Carry It Forward on a pilot program to deliver emergency supplies to homeless communities in Eugene and Springfield in an attempt to help flatten the coronavirus curve in that segment of the population. The program, called “Deliverator,” uses Arcimoto's three-wheel electric vehicles to deliver the goods. One of the vehicles was recently put into use and full production is expected to begin later this year.

ARM Insight

Portland-based ARM Insight is launching a new brand and will change its name to Facteus. The company helps financial institutions and payments organizations manage and monetize their data.