VANCOUVER, BC --(Marketwired - December 29, 2017) - Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) (the "Company") announced today that partner Jiangsu Wanbang Biopharmaceuticals has confirmed an Investigational New Drug (IND) submission to China's Food and Drug Administration (CFDA) for its SGLT2 inhibitor. The application will be reviewed by the CFDA for acceptance into clinical trials. Wanbang has confirmed it is processing a $500,000 USD payment to Sirona Biochem.
Sirona Biochem's SGLT2 inhibitor was licensed to Wanbang's subsidiary Shanghai Fosun Pharmaceuticals in 2014 with rights for China. This compound, created for the treatment of Type 2 diabetes, will be only the second SGLT2 inhibitor listed in China following the listing of AstraZeneca's earlier this year.
Since the initial licensing agreement, Fosun Pharma has invested RMB 29 million for the research and development of the SGLT2 inhibitor. With acceptance of the IND application by the CFDA, Fosun Pharma will begin clinical trials, triggering another milestone payment to Sirona Biochem.
"We are very pleased with the progress that has been made by Wanbang thus far with the SGLT2 inhibitor and are eager to see the project through to clinical trials. With clinical trials also planned for our skin lightening agent TFC-1067 in 2018, this demonstrates the enormous potential of our proprietary platform technology," said Dr. Howard Verrico, CEO.
About Jiangsu Wanbang Biopharmaceuticals
A leading pharmaceutical company in China, Jiangsu Wanbang Pharmaceuticals manufactures and sells a variety of products including those for chronic disease treatment, antibiotics, and other endocrine diseases. Their subsidiary Fosun Pharma is driven by drug research and innovation, continuously investing in and optimizing their drug development capabilities.
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.
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.
For more information regarding this press release, please contact:
Sirona Biochem Corp.
Phone: 1.604.282.6064Email: email@example.com