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# TIGR Newsletter Coverage (September 2002)
- URL: https://www.hibiotech.com/press-2002-09-tigr/
- Published: 2002-09-01T12:00:00.000Z
- Updated: 2026-10-24T18:57:03.000Z
- Description: From the Hawaii Biotech archive: If ultimately successful, market is huge: disease afflicts 50-100 MM people each year. Watumull negotiating deal that would bring in India company Bharat Biotechnology International as corporate partner to help finance human trial
- Author: The Hi, Biotech Newsroom
- Tags: Press Archive, Press Coverage

Hi, Biotech is an independent publication with no affiliation with Hawaii Biotech, Inc. This page preserves a historical record from the company's original press archive, republished for research and archival purposes. Copyright in the original material remains with its original owner.

acu (biotechnology) Also easier for local biotech R&D

to stay small, live off government grants, avoid financial risks/effort involved in trying to turn ideas into commercial products for marketplace. Hawaii Biotechnology Group, founded in 1982 by UH professors, basically fit pattern until recently when it took big leap, changed name to Hawaii Biotech Inc. (www.hibiotech.com), lured businessman David S29 Watumull away from Aquasearch, gave him mission David Watumull to commercialize company's product portfolio and prepare for an IPO within in five years. Watumull had background they wanted -- had helped Aquasearch develop, commercialize, market proprietary astaxanthin antioxidant supplement with anti-inflammatory properties called AstaFactor; offered analysis and investment management experience gained at Paine Webber and First Honolulu Securities; served as chairman of Biotechnology Council at Hawaii Technology Trade Assn. In Dec. 2001, Watumull secured first significant equity financing for company in its 20 year history -- $1.8 MM in first round venture capital from local investors (including Digital Island founder Ron Higgins; Barry Weinman, managing director of San Francisco Bay area venture firm Allegis Capital; UH business professor Rob Robinson; and Bill Richardson, managing partner of local venture capital firm HMS Hawai'i.). This past March, he pushed total to $2.5 MM, enough to accelerate development of promising proprietary dengue fever vaccine now in preclinical (animal) trials (company had been working on problem for 15 years).

If ultimately successful, market is huge: disease afflicts 50-100 MM people each year. Watumull negotiating deal that would bring in India company Bharat Biotechnology International as corporate partner to help finance human trials in next few years if animal trials successfully concluded. India's 900 }\\ MM people prime target for vaccine. VC also being used to further development of new product called ' Cardax designed to reduce tissue damage in heart attacks. Watumull hopes success will lead to major $10 MM equity infusion by year's end. (Internet and e-commerce) In 1996, Kevin Sypniewski, Hawaii office manager for a large, national disability insurance carrier, realized senior citizens and their caregivers badly needed information on retirement living, disability and chronic health-care services, decided to create Internet web site to provide it. AssistGuide (www..assist-guide.com) launched in 1996 from Sypniewski's home in Kailia using $180,000 raised from relatives, friends. Web site showcased Hawaii providers of equipment and services, allowed site visitors to take virtual tours of nursing homes, browse photos of different types of wheelchairs, etc. Hawaii success led to Mainland expansion, attracted more angel $$ (almost $3 MM to date

Kevin Sypniewski

Mainland and local investors, including Ron Higgins and former Silicon Valley Bank Chairman John Dean). Company has since emerged as leading provider of web-based systems and services (hosting, site maintenance, marketing help) to companies providing senior, long term care and disability services; and through its AssistGuide website has i My Wet ie J become information central for consumers looking for Ed Cadman help in making choices regarding products and services (over 140,000 providers are listed on AssistGuide website)....... (UH R&D) In FY 00-01, UH received record $133 MM in research grants. Work of scientists at UH critical to longterm health, success of Hawaii's high-tech industries, especially ocean/earth sciences, biotechnology, astronomy, telecom/internet. State needs UH to help generate new ideas, products, spinoff companies (and associated jobs) for economy. Local biotech industry got shot of vision, enthusiasm when UH hired Dean Edwin Cadman, MD to head up, revitalize UH medical school (http://hawaiimed.hawaii.edu/). Cadman put together, championed, helped sell to Legislature ambitious plan for new, high-visibility, $150 MM biomedical campus in Kakaako. Besides housing med school, new Health and Wellness Center will ultimately

bring together in one place formerly scattered biomedical labs, could also attract private biotech companies looking for access to UH scientists/researchers, state-of-art lab facilities; become showcase for medical biotech activities in Hawaii. When completed in 2005, UH expecting new campus will eventually generate 2,900 new jobs, bring $100 million in new research grants to UH each year. Count on immediate payoff too. Campus is largest post 9-11 construction project in Hawaii, giving timely, badly-needed shot in arm to local construction industry, state economy. First phase of fast-track construction scheduled to start this October, David McClain will employ 600-700 construction workers; economic multiplier should be 3-4 times $150 MM spent on construc-tion......... TIGR Industry Support Award will also be presented to Dean and First Hawaiian Bank Professor David McClain, UH College of Business Administration (CBA) (www.cba.hawaii.edu/). Hawaii needs to produce more risk-takers -- entrepreneurs drive TIGR industries. Over last three years, McClain has put together a team led by current Walker Chair Shirley Daniel and Associate Dean Jim Wills which has created, launched comprehensive, synergistic package of programs designed to encourage entrepreneurship among UH students, faculty, researchers. In 1999, then Walker Chair McClain launched the UH Business Plan Competition modeled on Wharton and MIT efforts; today scores of teams of bright local people develop ideas for business startups, vie for $50,000 worth of prizes -- City Bank is one of local sponsors. The next year McClain won support from Governor Cayetano and Legislature for $1 million investment in new Pacific Asian Center for Entrepreneurship and E-Business at the College; entrepreneurs Barry and Virginia Weinman and Harold and Sandy Noborikawa followed right behind with two endowedchairs. PACE package has grown to include new academic courses focusing on fundamentals of entrepreneurship, guerilla and internet marketing, electronic commerce, management of new ventures, and entrepreneurship for scientists and engineers; Kauffman Entrepreneurial Internship Program and a UH Entrepreneurship Club; sponsored lectures on venture capital and angel investing and an Entrepreneur Boot Camp featuring Guy Kawasaki; the Asia Moot Corp competition presenting business plans from a dozen leading Asian business schools; and Debates and Dilemmas Friday afternoon series focusing on problems every entrepreneur faces. Last but not least, hired into the Weinman chair former Harvard prof. and angel investor expert Rob Robinson who arrived, launched local UH angel network designed to help local entrepreneurs find funding for bright ideas. Net result? Look for more entrepreneurs in Hawaii in near

future.

UH RESEARCH GETS NEW BOSS, NEW ATTITUDE, NEW EMPHASIS ON HELPING HAWAII ECONOMY GROW

Dobelle administration turning out to be big friend of Hawaii high tech industry. UH chose experienced, Harvard-trained ocean sciences researcher Dr. Ed Laws for post of Vice Chancellor for Research (interim) less than year ago. With support from top, Laws has attacked red tape; instituted a dozen policy and rule changes to make system more user-friendly for both UH researchers and private companies Dr.Ed Laws UH wanting to partner with them; currently pitching some innovative ideas to both UH and business community to help make UH real engine of economic growth. Laws joined university in 1974, Laws knows all the players, history of past failures, knows his way around system (critical skill for making things happen quickly; outsider would suffer steep learning curve). Laws knows scientific research game (personally brought in over $6 MM in grants himself); plucked from School of Ocean and Earth Science and Technology (SOEST), biggest research operation on campus (by factor of two, three) and number one winner of extramural contracts/grants dollars -$47 million in past 12 months, 19% of UH's record quarter billion ($252 million) total. Has experience working with private sector -- has helped local aquaculture farmers with water quality in ponds; served as consultant to high health shrimp grower CEATECH on Kauai, conducted energy studies for Electric Power Research Institute in Palo Alto, CA. Last but not least, spent three years in Bachman Hall under former UH president Mortimer's administration trying to reform research system before returning to teaching/research position at SOEST. Laws: "With the previous administration, there was a real reluctance to rock the boat in any way. The mindset was, ‘Don't change," But that led nowhere. Evan's attitude (new president Evan Dobelle) is that we need change, we must change. That maintaining the status quo is not an option. No more business as usual. And he means it. So we've got the green light to revamp the system. I want to see researchers to do their work with a minimum amount of interference from the administration; to eliminate excessive oversight; to allow researchers to hire people faster, buy equipment faster, pay people and bills faster, to get on with their work and innovation; and to be rewarded for entrepreneurship. Too many times in the past, faculty would simply throw up their hands and say it's not worth it, research is too much fuss. We're not 100% where we want

to be yet, but we're definitely headed in the right direction." One innovative idea Laws pushing for approval in next 12 months: creat

of ombudsman (recruited from business community) to help private sector companies navigate through UH maze; unravel red tape; champion their cause; bring outside, "customer" perspective to historically inward-focused UH research system. "We need outsider input." Laws also determined to integrate research and teaching roles at UH. Make sure top researchers teach as well as research, pass on their knowledge and skills to UH students and even Hawaii H.S. kids who will become Hawaii's next generation of scientists and business leaders. The welcome mat is out for Hawaii companies. "Mortimer didn't stress UH's role as an engine of economic growth. Under this administration, we're specifically targeting it. We expect to ultimately have a major impact on the economy of Hawaii. We're going to make it happen." More info: Dr. Edward Laws, UH, 956-9136,

law est.hawaii.edu.

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