Abbott/Synthetic Blood

Executive Summary

Abbott acquired 5% of Synthetic Blood's equity with the right to increase its equity position to 20% over the next eight months. Chicago-based Quixote Corp., a founding shareholder of Synthetic Blood, currently owns approximately 29% of the company and said it will invest more money in Synthetic Blood as Abbott increases its ownership to 20%. Synthetic Blood is developing a coacervate preparation as a possible substitute for whole blood. Quixote said Abbott and Synthetic Blood have an understanding "which may lead to further agreements with respect to the manufacture and marketing of Synthetic Blood products and drug delivery systems".