Synbiotics Corp. to receive additional shares in Texas Biotechnology Corp

Business Wire, July 25, 1995

SAN DIEGO--(BUSINESS WIRE)--July 25, 1995--Synbiotics Corp. (NASDAQ:SBIO) Tuesday reported that it will receive an additional 573,109 shares in Texas Biotechnology Corp. (TBC), a Houston-based biopharmaceutical company.

In July 1994, Synbiotics' then-41-percent-owned affiliate ImmunoPharmaceutics Inc. (IPI) was merged with TBC. Pursuant to the merger agreement, TBC announced Tuesday that IPI has met certain conditions relative to its endothelin antagonist series of compounds, resulting in an additional 1.4 million shares being issued to former IPI shareholders.

As a result of the merger contingency being satisfied, Synbiotics will now own approximately 1,228,100 shares in TBC, or 7 percent of the total outstanding TBC shares. Michael K. Green, vice president-finance, said: ``This contingency was met during the second quarter and will have a material positive impact on our earnings. We will issue a revised second-quarter earnings release in the near future.''

Synbiotics develops, manufactures and markets advanced animal- health products under its own name in the United States and internationally through licensees.

CONTACT: Synbiotics Corp., San Diego

Michael K. Green, 619/451-3771

or

The Financial Relations Board Inc., Chicago

Kathy Brunson, 312/266-7800