BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Hawaii Biotech, Inc. Exits Bankruptcy


6/21/2011 7:34:34 AM

HONOLULU, HI--(Marketwire - June 20, 2011) - Hawaii Biotech, Inc., (HBI), a Hawaii-founded biotech company focused on the development of recombinant protein subunit vaccines for infectious disease, announced today that Judge Robert Faris, presiding judge in Federal Bankruptcy Court in Hawaii, ruled to confirm the company's plan of reorganization and approve distributions and close the bankruptcy proceedings against HBI. The company filed for Chapter 11 reorganization with the Honolulu court in December 2009 after a shareholder dispute blocked a venture capital financing.

"This is a significant milestone and an important day for Hawaii Biotech," noted HBI CEO Elliot Parks, Ph.D. "We are very pleased with the fairness, judgment and speed of the bankruptcy court. We worked closely with our creditors and shareholders to accomplish this goal and appreciate their cooperation and understanding."

"Substantial shareholder value was preserved through the process," noted Rob Robinson, member of the HBI Board of Directors and an investor. "Hawaii Biotech is now in the position to move ahead and attract additional funding from grant and other sources unavailable during Chapter 11 reorganization."

HBI remains actively engaged in research and development at its Aiea facility on Oahu. Currently HBI is focused on the development of a tick-borne encephalitis virus vaccine with funding from a grant from the National Institute of Allergy and Infectious Diseases. Other subunit vaccines are also under development including a malaria vaccine in collaboration with academic researchers at the University of Hawaii-Manoa. With this exit from bankruptcy, HBI can now focus on pursuing pre-clinical and clinical development efforts for these and other future vaccine targets.

HAWAII BIOTECH, INC. (HBI) is a privately held biotechnology company focused on the development of prophylactic vaccines for established and emerging infectious diseases. HBI has developed proprietary expertise in the production of recombinant proteins that have application to the manufacture of safe and effective vaccines, diagnostic kits and as research tools. HBI completed successful first-in-man Phase I clinical studies with both West Nile Virus and dengue vaccines in healthy human subjects. In 2010, HBI sold its dengue vaccine and certain other assets to Merck Sharp and Dohme. HBI is currently engaged in the development of a product pipeline of recombinant subunit vaccines, including vaccine candidates for tick-borne encephalitis, malaria and other infectious agents. HBI, the oldest biotech company in Hawaii, is headquartered in suburban Honolulu. For more information, please visit: www.hibiotech.com


Contact:
Piia Aarma
Pineapple Tweed PR
(808) 221-2102
Email Contact

Digg this    Bookmark with del.icio.us    Add to Newsvine

Technorati:



Read at BioSpace.com
Read at NBC
Read at News Release

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES