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Mount Tam Biotechnologies to be acquired by oil field services company

Mount Tam Biotechnologies Inc. agreed to be acquired by oil field services company Banner Midstream Corp.

Burlington, Vt.-based Mount Tam and its secured debt holders agreed that the latter will take possession of the company's biotechnology assets and other Mount Tam obligations in lieu of amounts due in the secured debt instruments.

The transaction is expected to close by the middle of the fourth quarter, subject to certain approvals and conditions.

After closing, Banner Midstream's stockholders will own a majority controlling interest in the resulting public entity.

Mount Tam Biotechnologies develops therapies for autoimmune diseases.