VANCOUVER, BC–(Marketwired – June 13, 2016) – Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) (the “Company“) today announced that Wanbang Biopharmaceuticals has confirmed they will be proceeding with studies to prepare for Investigational New Drug (IND) filing for the anti-diabetic SGLT2 Inhibitor, SBM-TFC-039. IND filing and approval is required to proceed to clinical testing. Sirona Biochem has received a milestone payment of US$ 300,000 from Wanbang Biopharmaceuticals.
The set of studies, which will comprise of CMC (chemistry manufacturing and controls), sample preparation and any additional toxicology and pharmacokinetic studies, will be in accordance with the China Food and Drug Administration for enabling IND filing. Successful IND filing will result in a US$ 500,000 payment to Sirona Biochem as part of the US$ 9.5M in upfront and milestone payments according to the license contract with Wanbang Biopharmaceuticals.
“Based on promising results in our first set of studies, we will move the drug to the next phase and prepare for clinic trials,” said Ning Yuan, Vice President Business Development at Wanbang Biopharmaceuticals. “We are very pleased with the results and the productive collaboration with Sirona Biochem.”
“The advancement into pre-IND means that our partner is close to moving into the clinic with our SGLT2 inhibitor,” said Dr. Howard Verrico, CEO of Sirona Biochem. “This next step represents a significant achievement on this project as we continue toward commercialization in China and strengthen our negotiation position on global partnering. We look forward to continued success.”
About Wanbang Biopharmaceuticals
Wanbang Biopharmaceuticals is the leading pharmaceutical company in China that specializes in research, production and marketing of medicines for diabetes, cardiovascular disease and endocrinology. Among domestic pharmaceutical companies, Wanbang Biopharmaceuticals is one of the largest manufacturers and marketers of a comprehensive portfolio of drugs for diabetes.
Wanbang Biopharmaceuticals is a subsidiary of Shanghai Pharmaceutical Group which is listed on the Shanghai Stock Exchange.
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, please 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.
For more information regarding this press release, please contact:
Christopher Hopton
CFO
Sirona Biochem Corp.
Phone: 1.604.282.6064
Email: chopton@sironabiochem.com