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VANCOUVER, BC--(Marketwired - June 03, 2015) - Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) today provided a business update.
I would like to provide an update on our progress and to communicate the corporate strategic priorities that will deliver value to our shareholders in the near and long term.
Recently we announced the development of the safest, most effective skin lightener in the world, with SBM-TFC-1067. Our main focus is to license this asset to a major corporation with a global commercial and R&D infrastructure in Japan and Asia-Pacific. These regions represent the vast majority of the $20 billion skin lightening market.
SBM-TFC-1067 has attracted significant interest up to the level of material transfer agreements from nine of the top cosmetic and pharmaceutical companies that dominate the skin care market. The growing problem with current treatments is that they are either hydroquinone based, or release hydroquinone. Hydroquinone has known safety risks associated with its use, and there is evidence that it may be a potential carcinogen. It has been banned in Japan, the European Union, Australia, Korea, and also found on Canada's toxic substances list.
Sirona has developed a solution for the problem, since there is zero hydroquinone released with SBM-TFC-1067. A major corporation could establish a large share of the skin lightening market through a licensing agreement with Sirona. Furthermore, this asset does not directly compete with SBM-TFC-849, which has been licensed to Valeant/Obagi, with a focus on the physician-dispensed channel in the US.
Our anti-aging and regenerative medicine lead candidate, SBM-TFC-837, has delivered breakthrough scientific results demonstrating significant protection in fibroblasts against the stressed conditions of nutrient deprivation, UV irradiation and most recently, oxidative stress. There is ongoing development of this asset to further characterize the multiple mechanisms by which this glycoprotein exerts its positive effects. There are eight major corporations that have expressed interest in this asset and, most importantly, we have obtained the commitment from a major corporation to execute a material transfer agreement to test our compound in their own facility.
The anti-inflammatory project is undergoing compound optimization to ensure maximum commercial viability. In 2016, the project will be transferred to our partner, Bloom Burton, to be further developed as a pharmaceutical.
For our ongoing collaborations, we continue to provide tech transfer consultations to both Valeant/Obagi and Fosun/Wanbang Biopharmaceuticals as they continue the development of SBM-TFC-849 for skin lightening in the physician dispensed channel in the US and SBM-TFC-039 for type 2 diabetes in China.
The company continues to maintain a healthy balance sheet despite being over a year since the last private placement. We recently generated an additional $400,000 as a result of shareholders exercising approximately 2.8 million warrants and our investor base was expanded through a successful European road show.
Moving forward, we anticipate at least one successful licensing agreement by the end of the year, which would be structured to include upfront, milestone and approval payments at each stage of clinical testing, scale-up and formulation, followed by a royalty stream.
In the near term, we will be presenting and participating at BIO International in Philadelphia, attending the World Congress of Dermatology in Vancouver, attending Cosmetics 360 in Paris and BIO Europe in Munich.
Looking back, over the last 6 months, Sirona Biochem has completed the following:
We remain committed to our goal of becoming a global leader in commercializing carbohydrate chemistry by providing leading cosmetic and pharmaceutical companies with innovative products.
With your continued support and our ongoing efforts, together we can realize this goal.
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.
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.
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