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Subsequent Event
6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

8.   Subsequent Event

 

Upon recommendation of the Audit Committee and unanimous approval by the Company’s Board of Directors, on July 3, 2012, the Company dismissed Berman & Company, P.A. as its independent registered public accounting firm. In July 2012, the Company retained BDO USA, LLP as its new independent registered public accounting firm responsible for auditing its financial statements.  

 

On August 6, 2012, Synthetic Biologics, Inc. expanded its relationship with Intrexon Corporation (“Intrexon”) and entered into an Exclusive Channel Collaboration Agreement (the “Channel Agreement”) with Intrexon that governs a “channel collaboration” arrangement in which the Company will use Intrexon’s technology relating to the identification, design and production of human antibodies and DNA vectors for the development and commercialization of a series of monoclonal antibody therapies for the treatment of certain serious infectious diseases (collectively, the “Program”). The Channel Agreement establishes committees comprised of Company and Intrexon representatives that will govern activities related to the Program in the areas of project establishment, chemistry, manufacturing and controls, clinical and regulatory matters, commercialization efforts and intellectual property.

 

The Company also entered into a Stock Issuance Agreement with Intrexon pursuant to which the Company has agreed to issue to Intrexon 3,552,210 shares of the Company’s common stock, which is equal to the difference between (i) 19.99% of the number of shares of Common Stock of Company outstanding as of the date of the closing prior to the issuance of such shares, and (ii) the number of shares of Common Stock of Company held by Intrexon immediately prior to the Closing (the “Technology Access Shares”), which issuance will be deemed paid in partial consideration for the execution and delivery of the Channel Agreement.