Hawaii Biotech declares bankruptcy

AP News
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Posted: Dec 11, 2009 10:40 PM

Hawaii Biotech Inc. has filed for bankruptcy.

The Aiea-based high-technology company filed a petition Friday for Chapter 11 reorganization in U.S. Bankruptcy Court in Honolulu.

The filing is intended to allow Hawaii Biotech to continue its human clinical trials, keep its staff in place, pursue funding and protect current investors.

The company has been developing vaccines to protect people from West Nile virus, dengue fever and tick-borne encephalitis.

President Elliot Parks plans to manage the company during the bankruptcy.

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Information from: Honolulu Star-Bulletin, http://www.starbulletin.com