Avantogen, Hawaii Biotech combine vaccine businesses

By Elaine Rigoli

Tampa, Fla., May 10 - Avantogen Ltd. and Hawaii Biotech, Inc. closed Wednesday on the definitive agreement announced March 14, combining their respective vaccine businesses.

The company will continue to be known as Hawaii Biotech, Inc., and is 50% owned each by Hawaii Biotech's current shareholders and Avantogen; both companies' shareholders gave approval for the transaction.

Under terms of the agreement, Avantogen contributed $3.5 million in cash, its vaccine adjuvant program (currently in phase 1 human trials) and Pentrys vaccine program (currently in phase 2 human trials) and its senior management team.

Hawaii Biotech contributed its vaccine research and development team, its pre-clinical vaccine programs and facilities, its vaccine grant funding and $1 million in cash.

Under certain circumstances, equity ownership of the newly combined company can be adjusted to 60%-40% in either direction, according to a news release.

Leonard Firestone is the new chief executive officer of Hawaii Biotech, while Carolyn Weeks-Levy was named chief scientific officer, the release said.

Hawaii Biotech is an Aiea, Hawaii-based biopharmaceutical company focused on vaccine research and development.

Avantogen is a biotechnology company developing a broad oncology-related product portfolio, based in Sydney, Australia.

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