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Sirona Biochem Receives $500,000 USD Milestone Payment from Wanbang Biopharmaceuticals
VANCOUVER, British Columbia, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (Xetra: ZSB) (the “Company”) announced that it has received the $500,000 USD milestone payment from partner Wanbang Biopharmaceuticals Co., Ltd (“Wanbang”) for approval by the China Food and Drug Administration of the Phase I Clinical Trial for Sirona’s SGLT-2 inhibitor. Sirona’s SGLT-2 inhibitor, TFC-039, will continue to be developed for the treatment of Type 2 diabetes. Since the two companies signed a licensing agreement in 2014, Sirona Biochem has secured $1.5 million USD in development milestones from Wanbang.
Shortly after the announcement of the approval, Sirona CEO, Dr. Howard Verrico met with the Wanbang team at the Shanghai Fosun Pharmaceutical Industrial Development Company Limited (“Fosun”) headquarters in Shanghai. The meeting focused on next steps in the development of “Wangeliejin”, the name for TFC-039. Wanbang expressed their full dedication to the SGLT-2 inhibitor project. The team also shared that while Wanbang has primarily focused on developing generic drugs, developing TFC-039 shows a need for such a medication in China and their belief in Sirona’s compound. They have heavily invested time and money into the first phase of testing and are dedicated to continuing through to market. Clinical trials are currently being set up and anticipated to begin as early as October - a milestone achievement for both teams.
“As we move into the second half of 2018, we are pleased with the dedication and progress Fosun has made in developing Sirona’s SGLT-2 inhibitor for the Chinese market. Following our most recent meeting in Shanghai, both teams remain enthused about the project and partnership,” said Dr. Howard Verrico, CEO. “Wanbang’s powerful marketing, distribution and retail channels allows them to maintain a strong position in the diabetes treatment market. We look forward to the continued progress in working towards a treatment for Type-2 diabetes.”
About Wanbang Biopharmaceuticals and Fosun Pharmaceuticals
Wanbang Biopharmaceuticals develops, manufactures and sells drugs with indications for chronic disease treatment including endocrine diseases in China. Founded in 1981, they are presently headquartered in Xuzhou, China and are a subsidiary of Shanghai Fosun Pharmaceutical Co., Ltd. Fosun is a leader in the pharmaceutical industry and regarded as one of the top domestic pharmaceutical companies in China. For more information on Fosun and Wanbang, visit https://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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For more information regarding this press release, please contact:
Christopher Hopton, CFO
Sirona Biochem Corp.
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.