VANCOUVER, BC--(Marketwired - June 30, 2016) - Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) today provided a business update.
I would like to provide an update on our progress.
As we enter Q3, our resources continue to be focused on completing a license agreement for our skin lightener SBM-TFC-1067 with a global cosmetic company. While we initially anticipated a deal by the end of Q2, these types of agreements take time and we appreciate your patience. We are very confident in our ability to secure a licensing deal for SBM-TFC-1067.
Skin Lightener SBM-TFC-1067
SBM-TFC-1067 continues to attract the interest of global cosmetic companies, a list which continues to grow. A number of these companies completed material transfer agreements allowing them to test the compound in their facilities. We successfully scaled-up and produced over 1 kg of compound. In parallel, we completed independent testing in a 3D melanocyte model that mimics human skin. The results showed a strong skin lightener at low dosing without signs of toxicity. As this model is used by our potential partners to assess compounds, the study was key to obtaining independent results and improving our negotiating position.
Anti-Aging and Regenerative Compounds
We advanced our anti-aging and regenerative-medicine project by adding several compounds to our library which now consists of 16 novel compounds. With our lead compounds, we were able to show a protective effect in human fibroblast studies under stress conditions. Several global corporations have expressed interest and have signed material transfer agreements. These companies have been provided material for testing.
SGLT2 Inhibitor SBM-TFC-039
Wanbang Biopharmaceuticals has moved into pre-IND (Investigational New Drug) studies with SBM-TFC-039 for type 2 diabetes in China. Upon completion, Wanbang will file the IND with the CFDA. A successful filing will result in a $500,000 USD milestone payment for Sirona. We continue to work with Wanbang and provide technical support for the ongoing studies.
The company continues to maintain a healthy balance sheet and recently generated $829,500 as a result of a non-brokered private placement.
Looking back, over the last 12 months, Sirona Biochem has completed the following:
- Advanced discussions for a licensing deal for SBM-TFC-1067.
- Completed testing in a 3-D melanocyte skin model with excellent results.
- Obtained a milestone payment of $300,000 USD from Wanbang Biopharmaceuticals.
- Advanced the Obagi skin-lightening project.
- Increased the anti-aging and cell preservation library of compounds.
- Entered into material transfer agreements with various global companies for testing of the anti-aging/cell preservation library.
- Launched programs for Keloid scar and acne therapies.
- Launched a red blood cell preservation program.
- Presented at multiple global conferences with a focus on cosmetic ingredients.
Thank you for your continued support. Management remains confident that 2016 will be transformational for Sirona Biochem.
Dr. Howard Verrico, CEO
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona's compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona's laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information visit www.sironabiochem.com.
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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.