AUTOMOTIVE
Kia Motors America Chief Operating Officer and Executive Vice President Michael Sprague announced he’ll leave his post, effective April 17. The Irvine-based automaker hadn’t appointed his successor, according to a company statement. Sprague has been with Kia for nine years and helped launch vehicles such as the Soul, Niro and Stinger models. Kia made another change to its C-suite this year when it named SeungKyu “Sean” Yoon chief executive and president, replacing JangWon “Justin” Sohn.
— Subrina Hudson
HEALTHCARE
Irvine-based Axonics Modulation Technologies received a $40.1 million financing comprised of $20.1 million in equity and a $20 million credit facility. It makes the rechargeable Sacral Neuromodulation system for the treatment of urinary and bowel dysfunction. Proceeds will support the device’s launch in Europe and in the U.S. following Food and Drug Administration approval. The equity financing was led by Longitude Capital in Menlo Park and included participation from existing investor Glide Healthcare in Cambridge, Mass. The secured credit facility was provided by Silicon Valley Bank. Longitude co-founder and Managing Director Juliet Bakker will join Axonics’ board. Axonics said it should complete a U.S. clinical study late this year.
— Sherry Hsieh
Irvine-based Inari Medical Inc. received $27 million in a series C round to support commercialization. The financing was led by new investor Glide Healthcare, which was joined by all existing investors, including Versant Ventures Inc. and U.S. Venture Partners in Menlo Park. Glide Partner Geoff Pardo will join Inari’s board.Local veteran investor Bill Link is a Versant managing director based at its Newport Beach location. Inari develops catheter-based technologies for the treatment of a condition in which a blood clot forms and travels in the blood, lodging in the lungs. The company’s two devices have both Food and Drug Administration clearance and European CE Mark approval.
— Sherry Hsieh
HOSPITALITY
A 12-story, 326-room Radisson Blu hotel is planned for a site in Anaheim about a mile from Disneyland Resort, with a scheduled opening of 2020. The site is a bit off the beaten path from the Disneyland-to-Platinum Triangle route on Katella Avenue—east of the Santa Ana (5) Freeway at 1601 S. Anaheim Blvd. The developer is Portland, Ore.-based BPM Real Estate Group.
— Paul Hughes
INSURANCE
Newport Beach-based insurance broker Alliant Insurance Services Inc. is expanding into Asia with the acquisition of Dumortier Risk Management Inc. Terms were undisclosed. Dumortier, which specializes in hospitality risk management, has ties to Taiwan and China that will help the Alliant Real Estate practice grow in Asia and elsewhere, Alliant said. Los Angeles-based Dumortier’s president, Chris Chang, joins Alliant as an executive vice president. Alliant tops the annual Business Journal’s insurance brokers list.
— Peter J. Brennan
NONPROFITS
Josephine Garrett was named chief financial officer of Irvine-based nonprofit MIND Research Institute. The neuroscience and education-focused organization said she’ll oversee its finance, accounting, human resources and legal activities. She previously held the chief financial officer and chief operating officer titles as an independent contractor with media and entertainment firms. MIND says its trademarked visual math program helps more than a million students and 54,000 teachers in 47 states.
— Subrina Hudson
RESTAURANTS
Nekter Juice Bar Inc. in Santa Ana will open franchised locations in Ohio and Minnesota this summer, new markets for the healthful food and juice bar chain. With the two new franchisees, it will be in about a dozen states.
— Paul Hughes
