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