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Syntro Corp.'s on-again, off-again plan to spin off its biopolymer technology to former Chairman Thomas Parmeter is on again.
Syntro President Cam Garner announced the company had reached agreement to transfer its protein engineering division to a new company headed by Parmeter. Called Protein Polymer Technologies Inc., the division has pioneered research into new kinds of synthetic, silk-like superfibers it developed using genetic engineering techniques.
The deal apparently involved no cash upfront from Parmeter's group. But in exchange for licensing rights, Syntro will hold an equity stake in the new concern and receive royalties on any future products. Seven Syntro employees will join Parmeter's group as part of the agreement, with Syntro paying their salaries for the remainder of the year.
Parmeter's company will maintain close physical ties to Syntro, leasing lab space in its Sorrento Valley headquarters and administrative offices in an adjacent facility.
"This helps us enormously," Garner said. "It gives Syntro shareholders the opportunity to participate in a very good technology, only not on our dollar. It's an extremely good deal all around."
The...