SOURCE: Sirona Biochem Corp.
VANCOUVER, BC--(Marketwired - February 25, 2014) - Sirona Biochem Corp. (TSX VENTURE: SBM) (OTCQX: SRBCF) (FRANKFURT: ZSB) (the "Company") announces that it has arranged, subject to TSX Venture Exchange acceptance, a private placement of 9,230,770 units at $0.13 per unit for total gross proceeds of $1,200,000. Each unit will consist of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share for a period of three years from the date of issue at a price of $0.20 per share. The private placement is fully subscribed.
"Sirona's recent success in signing two revenue producing agreements, multiple joint ventures and brand ambassador agreements has given leading financial institutions the confidence to actively support and invest in Sirona Biochem," said Chief Executive Officer Neil Belenkie. "We are hungry and committed to this next step in our Company's growth."
Finders' fees will be payable on part of the private placement pursuant to the policies of the TSX Venture Exchange.
Proceeds of the placement will be used for general working capital.
Sirona would like to welcome the participation of leading hedge fund manager AlphaNorth Asset Management to our investor group.
The Company also advises that the private placement announced January 8, 2014 will not be proceeding under the previously announced terms. The Company anticipates an additional financing, the details of which will be released when confirmed.
About Sirona Biochem
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary technology platform developed at its laboratory facility in France. The company specializes in the stabilization of carbohydrate molecules, with the goal of improving compounds' efficacy and safety. Sirona Biochem's compounds are patented as new chemical entities for maximum commercial protection and revenue potential. Newly developed compounds are licensed to leading companies around the world in return for licensing and milestone fees and ongoing royalty payments. TFChem, Sirona Biochem's wholly-owned French laboratory is a recipient of multiple French national scientific awards and a European Union and French government grant. For more information visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem's forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.