Wednesday, December 10, 2008

Symbollon transfers upper respiratory tract tech license to BioCide

By Mass High Tech staff

Symbollon Pharmaceuticals Inc., a Framingham-based maker of molecular iodine products, has agreed to relinquish ownership of its patent application of its iodine-based technology in the upper respiratory tract and transfer the patent ownership to BioCide Pharma Inc.

Sudbury-based BioCide will also get an exclusive license to other iodine-based technology. In return, Symbollon will get half ownership of the company and representation on the BioCide board of directors. The sale and license agreement also requires BioCide to pay for the remaining patent fees and expenses, valued at $18,000, and to issue half of its equity, or about 625,000 shares of common stock.

Symbollon (OTC:SYMBA) board of directors member James Richards and Symbollon president and CEO Paul Desjourdy will claim ownership of BioCide’s outstanding equity, according to a press release. Desjourdy said the company entered into the agreement in order to retain intellectual property in the upper respiratory tract and to refocus its marketing and commercialization efforts on its IoGen dietary supplement for breast health.

Richards, president and CEO of BioCide Pharma, helped found Symbollon.

The two companies have collaborated on the production of a Nasodine staph-infection product, for which Symbollon holds the Nasodine patent. Last month, Richards discussed the need to raise funds by year-end to gain international approval of its patents for Nasodine.