Zynaxis, Seloc AG deal

ZNXS signed a binding letter of intent to sell its Cauldron Process Chemistry division to Schwarz Pharma's Seloc AG subsidiary for an undisclosed amount. Cauldron provides consulting services on bulk pharmaceutical chemicals production, and offers process research, development and pilot scale-up facilities to the pharmaceutical and biotechnology industries.

ZNXS said the proceeds will provide enough cash to fund operations through 1997. ZNXS lost $2 million on revenues of $123,000 in the first quarter ended March 31, when it had $319,000 in cash. ...