Hawaii Biotech, Inc. (HBI) is a privately held biotechnology company focused on the research and development of vaccines for established and emerging infectious diseases. We have developed a proprietary protein production platform that is applicable to the production of vaccine antigens and other proteins. Our lead vaccine candidates target the West Nile virus and Dengue Fever. A vaccine to protect against the viruses responsible for seasonal influenza is also under development.

HBI has built a management team with relevant experience at companies such as Lederle, GlaxoSmithKline, QED Technologies, Syngenta, Chiron and Johnson & Johnson. Collaborators, past and present, include scientists from Harvard Medical School; the University of Texas Medical Branch, Galveston; the University of Hawaii; the Walter Reed Army Institute of Research; the U.S. Army Medical Research Institute for Infectious Disease (USAMRIID); the Southwest Foundation for Biomedical Research; and the Centers for Disease Control and Prevention.

Business Model
We are committed to the development of the highest quality products with superior efficacy as demonstrated through the various stages of clinical trials. We plan to begin to partner and license our West Nile, Dengue, and seasonal influenza vaccine candidates after immunogenicity data has been obtained from clinical studies. Licensing at earlier stages is also being considered, especially for a more complex vaccine, such as the one for dengue fever. We are also funding the development of our vaccine pipeline from grants and contracts for public and private sources. Our strategy should allow us to maintain a stream of revenues from these sources before FDA approval.

Hawaii Biotech will continue to rely on its internal research pipeline, supported primarily by grant revenues and supplemented by a strategic in-licensing program, to produce additional proprietary clinical development vaccine candidates. Additional federally funded research programs include a dengue vaccine funded by grants from the National Institute of Allergy and Infectious Diseases and grant from the National Institute of Neurological Diseases and Stroke to support West Nile vaccine development. HBI has also initiated efforts to develop subunit vaccines for diseases such as malaria and tick-borne encephalitis with funding from the National Institute of Allergy and Infectious Diseases.

In 2006, HBI acquired rights to an adjuvant, GPI-0100, through the acquisition of Avantogen, Inc (formerly a wholly-owned subsidiary of Avantogen, Limited, an Australian public company). The GPI-0100 adjuvant is useful in helping to elicit broad immune responses to certain vaccines and therapeutics especially in the cancer area. HBI has licensed the rights for use of the adjuvant to companies, (including for use with certain animal health and cancer vaccines) and will continue to pursue licensing opportunities for the GPI-0100 adjuvant.

Funding
The Company’s progress has been financed by private equity funding, as well as over $50 million in federal funding since 1982. As the costs associated with developing vaccines are substantial, we will continue to seek additional sources of funding by way of equity financing, debt financing, grants, and other opportunities.