Bionetics Firm Completes Deal

American Bionetics Inc. said it has completed the previously announced acquisition of Panab Laboratories Inc. of East Palo Alto for 300,000 restricted common shares of American Bionetics.

Coupled with the acquisition, American Bionetics said it sold a $1-million convertible debenture issue to NBW Venture partners of Los Altos, Calif.

Panab Laboratories is a development-stage company founded in 1984.

American Bionetics said that Panab Laboratories owns a U.S. patent and several patent applications covering technology that is said to bring a substantial increase in the sensitivity of immunoassays and DNA probe diagnostics.