Development-focused Cardax sheds $2M
Cardax Inc., which went public in February after completing a reverse merger with Houston-based Koffee Korner Inc., lost $2 million in the second quarter as it continued in its developmental phase without generating any revenue.
The Hawaii-based biotech firm, headed by David Watumull, reported that it lost $907,229 in the year-earlier quarter.
"We currently devote substantially all of our efforts to developing nutraceutical and pharmaceutical products that provide many of the anti-inflammatory benefits of steroids," the company said in a filing Tuesday with the Securities and Exchange Commission.
The reverse merger used by Cardax was a simpler way of taking a company public than with a standard initial public offering because Koffee Korner already had met shareholder requirements for publicly traded companies.
Cardax’s shares slipped 5 cents to 75 cents Tuesday on the over-the-counter-market. Its filing was released during the final hour of trading.
$2.4B casino resort fizzles in Atlantic City
ATLANTIC CITY, N.J. » When it opened just over two years ago, many people hoped Revel would save Atlantic City’s struggling casino industry, which has been bleeding money and jobs for years.
But now the $2.4 billion resort that was widely seen as the last, best chance for Atlantic City’s gambling market is shutting down, unable to find a buyer for even pennies on the dollar.
In addition to putting 3,100 people out of jobs and hurting state and local budgets, Revel’s demise shows just how cutthroat the East Coast casino market has become.
Job openings in U.S. hit 13-year high
WASHINGTON » U.S. employers in June advertised the most monthly job openings in more than 13 years.
Employers posted 4.67 million jobs in June, up 2.1 percent from May’s total of 4.58 million, the Labor Department reported Tuesday.
The number of advertised openings was the highest since February 2001, a positive sign that points to a strengthening economy.
Pfizer, DNA firm seek to unravel disease
WASHINGTON » Pfizer Inc. is teaming up with DNA testing company 23andMe to study the possible genetic underpinnings of inflammatory bowel disease, a hard-to-treat ailment that affects an estimated 1.4 million Americans.
Under the agreement, Silicon Valley-based 23andMe will map the DNA of 10,000 patients who have forms of the disease, which include Crohn’s disease and ulcerative colitis. Patients will submit saliva samples using 23andMe’s at-home collection kit and then fill out online questionnaires about their disease and symptoms.
The companies hope to identify genetic similarities among patients with the disease, which could eventually guide development of new targeted drugs.
ON THE MOVE
PacificBasin Communications has named Bobby Senaha vice president of its business division. His responsibilities include managing the publishing of three business division brands, which include Hawaii Business magazine, Hawaii Home+Remodeling magazine and Hawaii Buyer’s Guide.
Humana has promoted Michael Franks to Hawaii and Alaska market leader for senior products. He joined Humana in 2004 as director of provider contracting for northern Indiana and Illinois.
SimplicityHR by ALTRES has hired Rebecca Morton as a human resources consultant to its Kona office. Her experience includes serving as a licensed Realtor and a licensed real estate broker at Windermere/C and H Properties.
