Techniclone, American Cyanamid Confirm Deal
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Techniclone International Corp., a Santa Ana bio-engineering company, has confirmed the previously announced purchase by American Cyanamid Inc. of a 4% interest in Techniclone, or about 21.2 million shares.
American Cyanamid of Wayne, N.J., and its pharmaceutical subsidiary, Lederle Laboratories, also obtained the diagnostic and therapeutic rights related to the development and commercialization of Techniclone’s lymphona antibodies by providing an undisclosed amount in research funds for the company.
Lon Stone, chairman of Techniclone, declined to disclose the terms of the agreement or the amount of research funds provided.
The most recent quote available for Techniclone’s stock, according to a broker at Newport Securities, was 12.5-cents a share. That trade occurred last month. At that price, American Cyanamid would have paid about $2.6 million for its stake in the company.
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