VANCOUVER, British Columbia, July 12, 2022 (GLOBE NEWSWIRE) — Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona”) provides the following update:
We are pleased to provide an outlook of our ongoing corporate development.
On June 13th we announced that we had successfully completed an exclusive global license for TFC-1067 and related family of compounds with Allergan Aesthetics (an AbbVie company). This deal represents a major milestone for Sirona and one we have been working on for some time. While this clearly validates our science and our chemistry platform, the deal also speaks volumes about the team we have here at Sirona. Although we are still a small organization, we were able to rise to the challenge of a long and intensive due diligence process while maintaining operations and moving other projects forward. We will continue to grow our team on the strong base we have built as a group.
The deal will make Sirona a profitable company and the value will be realized. Terms of the agreement were negotiated with the assistance of industry expert Linda Pullan of Pullan Consulting and our legal team from McMillan LLP. The agreement includes a long-term revenue stream in addition to significant upfront and milestone payments. We can now leverage the success of this deal and have already been provided opportunities to meet with institutional investors and analysts. We will continue to build this company and target rapid growth over the second half of 2022 and beyond.
We recently added Dr. Wolfgang Bieber to our strategic advisory board. He has started a review of the company on an operational level and will report on improvements to maximize the talent and value from our team and facilities. He will also assist in any management changes that take place. We plan to have further additions to this new board of advisors in order to improve operations and effectively manage and speed up the development of our promising product pipeline.
TFC-039 Animal Health
Our anti-diabetes drug, TFC-039, is being evaluated as a treatment in companion animals by a number of the top global animal healthcare companies. SGLT2 inhibitors provide an opportunity to treat inflicted animals with a once-daily oral medication as opposed to the traditional method of daily insulin injections. There are currently no alternatives to insulin injections in animal health.
Discussions and due diligence activities with global animal health companies continue to progress. As outlined in our previous CEO update, Wanbang Biopharmaceuticals has signed a binding Letter of Intent and remains committed to providing data and manufacturing information to potential partners. Discussions between Wanbang and a number of these companies are currently ongoing.
TFC-039 Other Indication
Studies on a new indication for TFC-039 have shown promising results and the next steps are being planned. Details of the new indication will not be disclosed until patented, but the opportunity as a valuable therapeutic exists in an area of great need.
Batch scale-up and formulation of our lead anti-aging compound are in preparation for a clinical trial. In parallel, we are working with a contract research organization to finalize the trial plan and determine the endpoints that will give us the most commercially viable results. The trial is expected to begin in H2 2022 and will take place in France. We are in discussions with several pharmaceutical / dermatology companies that may participate in the trial for a right-of-first-refusal to license the compound. This compound has the potential to revolutionize the antiaging market as BOTOX® did with the antiwrinkle market. After many years of research, we are excited to reach the pivotal milestone of a clinical trial.
As announced on 20 December 2021, our library of 20 antiviral compounds was tested by Utah State University’s Institute of Antiviral Research and results were inconclusive. We have now identified a European institution with the potential to screen the antiviral library through customized development tests. TFChem is preparing the contract for this partnership which will be announced when completed. Testing is expected to start in H2 of 2022. We have expanded this library of compounds through ongoing work at our research facility in France. The need for new antivirals remains incredibly strong as vaccines struggle to combat continually evolving viruses like the SARS-CoV-2 virus. The antiviral market is estimated to reach $64 B US by 20281.
We thank our investors for their continued support as we move forward into the second half of 2022.
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 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.
For more information regarding this press release, please contact:
Email: [email protected]
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.