Synlait Milk to supply colostrum to ASX-listed Immuron
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.
BUSINESSDESK: 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.
Synlait spokesman Michael Wan said the company planned a production run of the "hyperimmune colostrum" in October.
While volumes would be small compared to Synlait’s total production, it was high-end in terms of value.
Immuron, which focuses on “oral immunotherapy treatments using dairy-derived antibody products for humans”, has Travelan, a product for the prevention of diarrhoea, on the market and several others in various stages of development, the company said.
“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.
Shares of Immuron rose 5.9% to 1.8 Australian cents on the ASX today and have declined 66% this year.
Last month, the Melbourne-based company raised $A2 million via a $A1 million share placement and an underwritten $A1m 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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Synlait Milk to supply colostrum to ASX-listed Immuron
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