STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Recipharm (STO:RECI) today announces that it has made an equity investment in Synthonics Inc and purchased $2.0 million of preferred stock in the company.
A further $2.0 million of preferred stock will be purchased upon Synthonics’ achievement of certain milestones, which could be expected during 2016. In addition, Synthonics and Recipharm have entered into a Joint Development Agreement under which Synthonics gains access to Recipharm’s expertise in drug development, marketing and manufacturing in exchange for a royalty payment on certain of Synthonics’ compounds. Synthonics has developed a unique drug delivery technology for metal coordination of pharmaceutical APIs. In connection with its investment, Recipharm’s Carl-Johan Spak has joined Synthonics’ board of directors.
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