VANCOUVER, July 3, 2019 /CNW/ - Sirona Biochem Corp. (TSX-V:
SBM) (FSE: ZSB) ("Sirona") is pleased to announce that
clinical development of Sirona's SGLT2 inhibitor, TFC-039, which is
currently well into phase 1 of human trials, is progressing on
schedule with no adverse events.
Wanbang and Sirona are unable to comment further on the details
of the progress for strategic as well as competitive reasons.
Sirona Biochem's SGLT2 inhibitor, TFC-039, was licensed to
Wanbang Biopharmaceuticals, a wholly owned subsidiary of
Shanghai Fosun Pharmaceutical Group in 2014 with exclusive rights
for China. In exchange for this
license, Wanbang Biopharma will provide upfront and milestone
payments of up to US$9.5M in addition
to royalty payments for product sales in China. Since the initial licensing agreement,
the Fosun Pharma group has invested tremendous resources to the
development and has already paid Sirona $1.5 US Million in milestone payments. Wanbang
Biopharmaceuticals has approved this news release.
"Wanbang continues to be very dedicated to the development of
this treatment for diabetes. The current status of the program is
exactly where we expected it to be at this time and while we would
like to comment further, we understand and respect the need for
confidentiality", said Dr. Howard
Verrico, CEO of Sirona Biochem. "Our business development
and legal teams have been committed to working on the ground in
China to maintain and strengthen
the relationship with the two companies. We anticipate that the
mutual benefits will extend well beyond this program and into other
regions in the near future. Having two projects based on Sirona's
technology reach clinical trials is a rare achievement for a
biotechnology company of our size."
Worldwide, an estimated 8.5% of the adult population (422
million people) have type 2 diabetes, and about a quarter of them
(148 million; 10.9% of the population) live in China. A recent study in China analyzed data from more than 400,000
adults suffering from type 2 diabetes. It was revealed that men and
women with type 2 diabetes had a 32% and 64% greater risk of
developing cancer, respectively, compared with their peers in the
general population. Cancer is a leading cause of death in
China.
Source: www.medscape.com/viewarticle/912934
About Wanbang Biopharmaceuticals and Fosun
Pharmaceuticals
Wanbang Biopharmaceuticals develops, manufactures and sells
drugs with indications for chronic disease treatment, antibiotics,
and other endocrine diseases in China. Founded in 1981, they are presently
headquartered in Xuzhou, China,
and are a subsidiary of Shanghai Fosun Pharmaceutical Group. Fosun
is a leader in the pharmaceutical industry and regarded as one of
the top five domestic pharmaceutical companies in China. For more information on Fosun and
Wanbang, please visit www.fosunpharma.com/en.
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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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.
SOURCE Sirona Biochem Corp.