VANCOUVER, March 18, 2020 /CNW/ - Sirona Biochem Corp.
(TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF) ("Sirona") is
pleased to provide the following update:
To our valued Shareholders,
Over the last several weeks, Sirona Biochem's management has
been monitoring the recent increase in cases of Coronavirus
(COVID-19), as we are sure many of you have. As an international
organization, operating on three continents, Sirona has been one of
the many companies affected by recent events. I want to assure you
that we're taking all necessary steps to advance our projects while
minimizing delays and remaining a responsible corporate citizen.
While all projects are moving forward, there have been some
unavoidable delays and necessary rescheduling.
The health and safety of our employees and consultants is our
paramount concern. During these uncertain times, this simple fact
has been at the heart of all our discussions. To that end, we have
taken numerous proactive measures to address the situation at hand,
including:
- We have implemented a work from home policy for our employees
and consultants (outside of our lab) to ensure we minimize the
opportunity for spreading the virus. Historically we have operated
virtually for much of our work and this transition has required
minimal effort and has resulted in no loss of productivity.
- We have delayed travel. Fortunately, our strong established
relationships with our current partners has allowed this step to
limit the impact on moving our projects forward. We will restore
travel as soon as it is deemed appropriate, including travel to
China.
- We have not been required to suspend operations at the lab as
part of a 15-day country wide lockdown in France. We will continue to cooperate with all
government measures in the country's in which we operate.
We will not achieve all our goals for this quarter as originally
planned, but we still anticipate meeting all goals near term.
Sirona has completed preparation for the increased dose (0.4%)
clinical study for its skin lightening compound TFC-1067. Starting
this clinical trial is the objective most delayed since obtaining
formulation supplies from China
were delayed pushing the potential trial into summer months. We are
currently communicating with a global company (that plans to
participate in this trial) to determine an ideal start date. Their
participation in the trial is a tremendous added value to
Sirona.
Other exciting news is anticipated regarding TFC-039 as stated
in our last update. Extensive progress has been made and an
announcement is anticipated. We are fortunate to have ample working
capital to achieve our goals and are in no need to contemplate any
dilutive capital raise. In fact, we are considering an
expansion in the lab team to bring added resources to accelerate an
exciting new project. Further details of this project and other
projects will be forthcoming as we integrate our partners into a
unified plan.
At Sirona Biochem, we pride ourselves on delivering exciting new
therapeutics and cosmetic ingredients to partners using our
proprietary platform technology. We will continue to monitor the
COVID-19 situation and follow the directives and advice of the
World Health Organization (WHO) and the governmental authorities
for as long as necessary. As a shareholder I share your
frustrations with current overall market conditions. By
demonstrating our ability to navigate these challenging times and
grow the company we hope to give shareholders the confidence needed
to regain the value of their investment.
Dr. Howard Verrico, CEO
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery
company with a proprietary platform technology. Sirona's subsidiary
lab, TFChem, 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.
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.
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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.
SOURCE Sirona Biochem Corp.