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Chairpersons

Hawaii Biotech Raises $7.8 Million in Series C Financing Round

Strategic Insights

— 2 min read

Hawaii Biotech, a privately held biopharmaceutical company, has announced a $7.8 million Series C financing round led by board chairman Nick Mitsakos, with participation from private investors based in Hawaii and on the mainland. As part of the financing, two notable figures in the life science industry, Frank Herringer and Dick Foster, have joined the company's board of directors. The proceeds of the financing will be used to fund the company's anti-inflammatory small molecule programs, including the pre-clinical and early clinical development of Cardax, a treatment for cardiovascular inflammatory disease.

Key Takeaways:

  • Hawaii Biotech has raised $7.8 million in a Series C financing round, led by board chairman Nick Mitsakos and with participation from private investors.
  • Frank Herringer, former CEO of Transamerica Corporation, and Dick Foster, former leader of the healthcare practice at McKinsey & Company, have joined the company's board of directors.
  • The financing will be used to fund the development of Cardax, a treatment for cardiovascular inflammatory disease, as well as general corporate purposes.
  • Hawaii Biotech is currently developing products from two product platforms: small molecules with anti-inflammatory activity and vaccines for global diseases.
  • The company's vaccine technology was featured on the cover of the January 22, 2004 edition of Nature magazine.
  • Frank Herringer has served as a director of companies such as Amgen, Inc. and the Charles Schwab Corporation, and has worked with Hawaii Biotech Chairman Nick Mitsakos for over five years as a board member of Mirapoint, Inc.
  • Dick Foster has led McKinsey's relationship with the world's largest integrated healthcare company and has written two best-selling business books on innovation and capital formation.
  • Hawaii Biotech President and CEO David G. Watumull stated that the company was grateful for the support of its investors and the arrival of new board members.

Statistics:

  • $7.8 million: The amount of funding raised in the Series C financing round.
  • 2: The number of new board members, Frank Herringer and Dick Foster.
  • 62: The age of Frank Herringer.
  • 22: The number of years Dick Foster spent as a senior partner and director of McKinsey & Company.
  • 5 years: The length of time Frank Herringer has worked with Hawaii Biotech Chairman Nick Mitsakos as a board member of Mirapoint, Inc.
  • 1: The number of product platforms Hawaii Biotech is currently developing, including small molecules and vaccines.
  • 3: The number of diseases for which Hawaii Biotech's vaccine technology has shown promise, including West Nile, dengue, and pandemic flu.

Sources:

  • Hawaii Biotech, Inc. press release (no date provided)
  • Frank C. Herringer biography (no date provided)
  • Richard Foster biography (no date provided)
  • Nature magazine, January 22, 2004 edition

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