Hawaii Biotech Inc. has emerged from Chapter 11 bankruptcy nearly a year after it sold its dengue fever vaccine research unit to pharmaceutical giant Merck & Co. 

The privately-held biotech company, which develops vaccines for infectious diseases, filed for Chapter 11 reorganization in December 2009 after a shareholder dispute blocked venture capital financing.

U.S. Bankruptcy Judge Robert Faris confirmed today the company’s reorganization plan and the close of bankruptcy proceedings.