Land partnerships give Barnwell a profit

Hawaii real estate buoyed the finances of a Honolulu company also involved in oil and gas production in Canada during its fiscal first quarter.

Barnwell Industries Inc. reported Thursday that it earned $1.6 million in the three months ended Dec. 31, compared with a $1.4 million loss in the same period the year before.

The company said it received about $2.2 million in proceeds during the recent quarter from land development partnerships at Kukio Resort on Hawaii island in which the company invested in 2013.

“The company’s results improved dramatically,” Alexander Kinzler, Barnwell CEO, said in a statement.

Kinzler added that Barnwell is seeking to restart oil and gas wells that it previously shut down now that oil and natural gas prices have risen.

Barnwell’s stock, which is lightly traded, closed Thursday up 4 cents at $1.73.

Cardax deal gives it access to $5M in funds

Honolulu biotech startup Cardax Inc., which in the third quarter began sales of its new anti-inflammatory dietary supplement, ZanthoSyn, said Thursday it received regulatory approval to sell up to $5 million in stock to an affiliate of Southridge LLC, a financial holding company that makes direct investments and offers advisory services to companies.

The equity purchase agreement gives Cardax the ability to designate the amount, of minimum pricing, and timing of each draw-down that will be used to finance Cardax’s operating needs. The ownership of Cardax stock by Southridge is limited to 9.99 percent at any time, which would be 8,820,509 shares as of Sept. 30.

Cardax’s stock rose .003 to $19 Thursday but is up 8 cents, or 72.7 percent, since the beginning of the year.

ON THE MOVE

The University of Hawaii at Manoa John A. Burns School of Medicine has announced the following:

>> Dr. Chien-Wen Tseng, an associate professor and associate research director of family medicine and community health, is the first person in Hawaii to be appointed to the U.S. Preventive Services Task Force. Tseng will be one of 16 national experts in prevention and evidence-based medicine who will propose clinical screening guidelines to be adopted by physicians.

>> Dr. Ivica Zalud, a professor and chair of the department of Obstetrics, Gynecology and Women’s Health, has become the only American Gynecologic and Obstetrical Society fellow serving Hawaii. He is an expert in fetal and maternal medicine.

>> Dr. Lee Buenconsejo-Lum will lead the Graduate Medical Education (post-M.D. training) programs. Her responsibility will be to oversee the administration of 17 M.D. core and specialty-training programs based at partner medical centers in Hawaii, which annually employs 235 M.D.s as they continue to work toward board certification and licensure.

Send items to business@staradvertiser.com.