Monday 7th May 2012
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Synlait Milk, the Canterbury milk processor controlled by China’s Bright Dairy, has signed a deal to supply colostrum to ASX-listed biopharmaceutical company Immuron.
No value was put on the agreement. A spokesman for Synlait said his company planned a production run of the ‘hyperimmune colostrum’ in October. While the volumes would be small compared to Synlait’s total production, it was high-end in terms of value, said Synlait spokesman Michael Wan.
Immuron, which focusses on “oral immunotherapy treatments using dairy-derived antibody products for humans”, has a product for the prevention of diarrhoea, Travelan, on the market and several others in various stages of development, according to its statement.
“As Immuron embarks on an era of increased global distribution of Travelan and other products, it is imperative to have a partner able to accommodate the anticipated significant increase in supply capacity, chief executive Joe Baini said in the statement.
Shares of Immuron rose 5.9 percent to 1.8 Australian cents on the ASX today and have declined 66 percent this year.
Last month, the Melbourne-based company raised A$2 million via a A$1 million share placement and an underwritten A$1 million share purchase plan. Proceeds were to fund the rollout of Travelan and ongoing development of other products, it said at the time.
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