Biotech co. Oncolin to reduce interest in subsidiary

HOUSTON A biotech company in Houston that specializes in cancer treatments plans to dump most of its interest in a subsidiary.

Oncolin Therapeutics announced Thursday that it had negotiated with the founding scientist and consultants of Intertech Bio to drop 75% of its interest in the subsidiary, as long as Intertech Bio accepts certain liabilities and future obligations. Oncolin will retain an interest of about 25% in Intertech Bio, but will not be responsible for future expenses.

Intertech Bio will become a private company, while Oncolin will reserve the right to participate in future investments for it.