Hawaii Biotech - 2010 Biotech Graveyard
Company: Hawaii Biotech
Based: Aiea, HI
What Happened: Hawaii Biotech was developing vaccines for dengue fever to West Nile virus. Despite successful trials, the company said earlier this year that it was running out of cash and requested that it's Chapter 11 filing be converted to to a Chapter 11 363(b) asset sale provision. An auction of the company's holdings was scheduled for July, and Merck agreed to purchase the bankrupt biotech's dengue fever vaccine unit for an undisclosed sum. There's no word on what happened the Hawaii's West Nile virus vaccine.