Sirona Biochem Corp.
TSX VENTURE : SBM

Sirona Biochem Corp.

February 01, 2011 09:10 ET

Sirona Biochem Announces Results of Annual General and Special Meeting and Election of a New Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2011) - Sirona Biochem Corp. (TSX VENTURE:SBM) (the "Company"), a biotechnology company specializing in carbohydrate-based molecules, including therapeutics for diabetes and obesity, announced today that all the resolutions proposed at the Annual General Meeting of shareholders held on January 25, 2011 were passed. 

Among the resolutions, disinterested shareholders voted unanimously to support the proposed acquisition of France-based TFChem and the creation of a new control person pursuant to the proposed TFChem acquisition, subject to TSXV acceptance. Sirona Biochem announced in August 2010 that it had signed a binding preliminary agreement to acquire TFChem. An extension to the agreement has been agreed upon with a new expiry date of March 31, 2011. TFChem is a biotechnology company specializing in the development of a proprietary chemistry technology platform it is applying towards the development of therapeutics, cosmeceuticals and biological ingredients. Currently, Sirona Biochem is partnered with TFChem for the development of its lead product, a sodium glucose transporter (SGLT) inhibitor for Type 2 diabetes. On January 10, 2011, Sirona Biochem announced that this lead drug candidate achieved positive preclinical results and reduced blood glucose levels in a dose dependent manner by as much as 50% compared to untreated groups.

Sirona Biochem also announces that shareholders voted to re-elect the following board of directors: Michael Rogers, currently President of Palmer Rogers Encore Ventures, Dr. Alex Marazzi, a family and emergency care physician, Dr. Howard Verrico, CEO of Sirona Biochem and an emergency room physician, Mark Senner, President of Sirona Biochem, and Chris Verrico, an investment business consultant. Newly appointed and elected to Sirona Biochem's Board of Directors is Christopher Hopton, Sirona Biochem's Chief Financial Officer.

The audited annual financial statements for the year ended October 31, 2009 were presented to the shareholders and the shareholders appointed Chang Lee LLP, Chartered Accountants, as the auditor of the company for the ensuing year, and authorized the directors of the company to fix the remuneration of Chang Lee LLP, Chartered Accountants.

About Christopher Hopton

Mr. Christopher Hopton is Sirona Biochem's Chief Financial Officer. He brings 15 years of expertise in financial management and operations. His extensive experience covers areas of financial planning, accounting policy and business process improvement. As a business investment and finance consultant, Mr. Hopton has worked with several public and privately-held companies. Most recently, Mr. Hopton was the Chief Financial Officer of Central Resources Corp., a junior mineral exploration company. Formerly, he held the position of Division Controller at Canadian Airlines where he was responsible for an annual operating budget of $200M. Mr. Hopton was also involved in the restructuring of 360 Networks, a network communications company, which led to a buyout by Bell Canada. Mr. Hopton earned his Bachelor of Business Administration from Simon Fraser University in British Columbia, Canada and received his professional designation as a Certified General Accountant. 

About Sirona Biochem Corp.

Sirona Biochem is a biotechnology company specializing in carbohydrate-based chemistry. Our lead product is a sodium glucose transporter (SGLT) inhibitor for Type 2 diabetes. With our partner TFChem of France, we are using a proprietary chemistry technique to improve the pharmaceutical qualities of these SGLT-2 inhibitors. It is our aim to develop a best-in-class diabetes treatment. In August 2010, Sirona Biochem announced it had signed a binding preliminary agreement to acquire France-based TFChem. For more information visit www.sironabiochem.com.

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

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.

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