Business briefs

Advertiser Staff

Aquasearch will become Mera

Big Island biotechnology firm Aquasearch Inc. will change its name to Mera Pharmaceuticals and make the California investor who pumped in money last year its chief executive, the company said.

The U.S. Bankruptcy Court in Hawai'i this week confirmed those steps as part of the reorganization plan submitted by Aquasearch, the company said in a statement.

Richard Propper, a former Harvard medical researcher and Silicon Valley venture investor who agreed to lend $300,000 to Aquasearch last year, will serve as the new executive chairman of the board, the company said.

Aquasearch makes the nutraceutical AstaFactor.

A&B pays $30M for Mililani mall

Alexander & Baldwin Inc. and two of its real estate subsidiaries, including A&B Properties, yesterday completed purchase of the Mililani Shopping Center for $30.2 million from the Morita Co. The 180,300-square-foot center, which has 52 tenants and is fully occupied, is on 12.8 acres of fee-simple land. A&B Properties' real estate portfolio now includes 27 commercial properties in Hawai'i and 17 on the Mainland.

Cyanotech gets Nasdaq warning

Cyanotech Corp. said yesterday that it has received a delisting warning letter from Nasdaq for failure to comply with the $1 minimum bid price. Cyanotech said it has until Sept. 16 to regain compliance: The bid price of the company's common stock must close at $1 a share or more for a minimum of 10 consecutive trading days.

The company said that if it is unable to comply before Sept. 16, it intends to apply for listing on the Nasdaq SmallCap Market, which makes available a 180-calendar-day grace period, or until Dec. 16, to regain compliance.