Synbiotics Corp. Signs Pact on Commercialization

Synbiotics Corp. and International Minerals & Chemical Corp. have signed an agreement in principle designed to speed commercialization of Synbiotics’ monoclonal antibody technology.

According to terms of the proposal, IMC will contribute a minimum of $6.75 million to Synbiotics during the next five years in return for the marketing rights to some of Synbiotics animal health products. IMC also will acquire common stock and warrants from Synbiotics.

The cash infusion will “accelerate our technology and product development,” according to Synbiotics Chairman Edward T. Maggio. San Diego-based Synbiotics manufactures monoclonal antibody-based diagnostic and treatment products.

Northbrook, Ill.-based IMC produces animal health and nutrition products and crop nutrients.