Synbiotics Corp. Sells 1.5 Million Stock Shares

Synbiotics Corp. has sold 1.5 million shares of common stock at $8.50 per share, less than the $11 price that the company had anticipated. The lower price was linked to generally bad market conditions that were generated Monday when the Food and Drug Administration refused to allow Genentech, a San Francisco-based biotechnology company, to market a heart-treatment drug.

Synbiotics, which manufactures monoclononal antibody products for the veterinary and human health markets, will use net proceeds of the offering for research and product development.