Synbiotics Corp. of San Diego announced Monday that itssubsidiary, ImmunoPharmaceutics Inc., has raised $2.8 millionin equity financing.
Hambrecht & Quist Life Science Technologies Fund, Imcera Inc.and an undisclosed private investor obtained a 38 percentequity share of IPI.
Synbiotics set up IPI in 1989 to turn its proprietary drug-design technology into new and improved cardiovascular, anti-inflammatory and immunoregulatory drugs. Synbiotics invested$2.5 million in IPI, which has synthesized several drugs thatwill be ready for testing later this year, said Dr. Edward T.Maggio, Synbiotics' president.
The Synbiotics/IPI technology uses the three-dimensionalstructure of proteins, such as antibodies and receptors, todesign peptidomimetics, or protein mimics. Unlike proteins,peptidomimetics can be administered orally.
Synbiotics is looking for a corporate sponsor to completedevelopment and manufacture and market IPI's products, saidMaggio.
Synbiotics (NASDAQ: SBIO) has a second subsidiary, UniSynFibertec, which makes and sells hollow fiber-basedmammalian cell culture systems. Synbiotics also sellsveterinary products, including the feline leukemia vaccineVacSYN/FeLV and canine lymphoma treatment Mab231.
Synbiotics' stock closed Monday at $3.88, down 13 cents.
-- Carol Talkington Verser, Ph.D. Special to BioWorld
(c) 1997 American Health Consultants. All rights reserved.