By E. Janene Geiss
Philadelphia, Jan. 9 - Hawaii Biotech, Inc. said Monday that it has raised $7.8 million in a series C financing round.
Hawaii Biotech board chairman Nick Mitsakos led the round with participation of private investors.
The financing will be used primarily to fund Hawaii Biotech's anti-inflammatory small molecule programs, including the preclinical and early clinical development of Cardax, the company's treatment for cardiovascular inflammatory disease, as well as general corporate purposes.
Hawaii Biotech said it expects that its vaccine programs will be funded by a combination of strategic initiatives and grant funding.
As part of the financing, two nationally known figures in the life science arena will join the company's board of directors. Frank Herringer, chairman and former chief executive officer of Transamerica Corp., board member of Amgen and Charles Schwab, joined the board along with Dick Foster, former founder and leader of the health care practice at McKinsey & Co., one of the nation's leading management consulting firms.
"Looking ahead, we are indeed fortunate to have people of Frank and Dick's caliber and experience in the life science area to help guide us as we move Hawaii Biotech into human clinical trials and onto a national stage," David G. Watumull, president and chief executive officer, said in the release.
Cardax, the company's proprietary small molecule anti-inflammatory compound, has an outstanding safety profile and localizes in cardiac tissue. In animal studies, it has been shown to reduce cardiac inflammation and evidence of damage related to myocardial infarction. First indications include reduction of general cardiac inflammation and treatment for peri-procedural damage in patients undergoing angioplasty.
Hawaii Biotech, based in Honolulu, is a privately held biopharmaceutical company engaged in the research and development of human pharmaceuticals. It is developing products from two product platforms, small molecules with potent anti-inflammatory activity and vaccines for dangerous global diseases.
| Issuer: | Hawaii Biotech, Inc.
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| Issue: | Series C financing
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| Amount: | $7.8 million
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| Investors: | Nick Mitsakos (lead), private investors
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| Announcement date: | Jan. 9
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