Synbiotics Chief Operating Officer Robert L. Widerkehr has replaced Synbiotics founder Edward T. Maggio as president and chief executive officer, the company said Monday.
Maggio, one of the biotechnology firm's founders in 1982, will continue to serve as president and chief executive of ImmunoPharmaceutics, a subsidiary that Synbiotics created in 1989. Maggio also will continue to serve as a director of Synbiotics and ImmunoPharmaceutics.
Synbiotics has concentrated on developing products for the animal-health market, while ImmunoPharmaceutics designs and synthesizes potential drugs.
Maggio was on vacation and unavailable for comment on Monday. However, in a press release issued Monday by the company, Maggio said that he would concentrate on "realizing the enormous potential of ImmunoPharmaceutics for producing breakthrough new pharmaceuticals."
Synbiotics reported $1.8 million in net income and $15.5 million in revenue for the year ended June 30. The company reported $734,800 in net income and $10.5 million in revenue during the previous year.