Hawaii Biotech Inc. won the right to use existing cash for day-to-day functions such as payroll and electricity bills, as well as won approval for new financing of $500,000 during its first bankruptcy court hearing yesterday.

The biotechnology company filed for a Chapter 11 reorganization last Friday as it ran short of cash. Bankruptcy Court Judge Robert Faris allowed the çAiea-based company access to $164,000 in a bank account and granted approval for $500,000 of a possible $2 million in new financing for the company.
A hearing on the remainder of the financing will take place later this month.