Sirona Biochem Announces Wanbang Biopharmaceutical's Launch of Pre-Clinical Validation
June 03 2014 - 6:45AM
Marketwired
Sirona Biochem Announces Wanbang Biopharmaceutical's Launch of
Pre-Clinical Validation
VANCOUVER, BC--(Marketwired
- June 03, 2014) - Sirona Biochem Corp. (TSX-VENTURE: SBM) (OTCQX: SRBCF) (FRANKFURT: ZSB) announces that Licensee Wanbang
Biopharmaceuticals (Wanbang) has begun pre-clinical validation for
Sirona Biochem's second generation SGLT2 Inhibitor. To date, Sirona
has received Wanbang's licensing fee, the Chinese government's
innovation tax application has been approved, Wanbang has
successfully hired an expert in pharmacology and toxicity to lead
the project and compound synthesis has begun to ensure quantities
of the compound will be available for all future clinical
trials.
About the License Agreement with Wanbang Biopharmaceuticals
Wanbang Biopharmaceuticals secured the exclusive rights to sell
Sirona Biochem's SGLT2 Inhibitor in the People's Republic of China
for US$9.5M in upfront and milestone payments with ongoing royalty
payments as a percentage of all sales. Wanbang is responsible for
funding and managing all clinical validation for the diabetes drug,
removing the financial and resource burden for the development of
the second generation SGLT2 Inhibitor from Sirona Biochem.
Sirona Biochem will oversee and contribute to the design and
execution of all clinical studies and will receive all data
generated by Wanbang. Following the successful completion of each
study, Sirona will receive a milestone payment from Wanbang and the
global value of Sirona's SGLT2 Inhibitor will rise significantly.
Sirona has the option of licensing its SGLT2 Inhibitor to the rest
of the world at any time; previous transaction values for the first
generation of SGLT2 Inhibitors globally include:
- Empagliflozin, one of a two-compound licensing deal
between Boehringer Ingelheim and Eli Lilly for at one time
payment of EUR300 million and milestone payments of
EUR625 million.
- Dapagliflozin (Forxiga®), one of a two-compound licensing
deal between Bristol Myers Squibb and AstraZeneca for upfront
payment of US$100 million and milestone payments of up to
US$1.25 billion
- Bristol Myers Squibb and AstraZeneca expand licensing deal
of Dapagliflozin to include Japan; deal estimated to bring
more than US$1 billion
About Wanbang Biopharmaceuticals
Wanbang Biopharmaceuticals is a leading pharmaceutical company
in China that specializes in research, production and marketing of
medicines for diabetes, cardiovascular disease and endocrinology.
Among domestic pharmaceutical companies, Wanbang Biopharmaceuticals
is one of the largest manufacturers and marketers of a
comprehensive portfolio of drugs for diabetes.
Wanbang Pharma is a subsidiary of Fosun Pharmaceutical Group
which is listed on the Shanghai stock exchange. Fosun Pharma, one
of the major shareholders of Sino Pharma, the largest drug
distributor in China, is part of the Fosun Group, the leading
non-state owned enterprise group in China which is listed on the
Hong Kong stock exchange.
About Sirona Biochem
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 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, contact:
Christopher HoptonCFOSirona Biochem Corp.
Phone: 1.604.282.6064Email: chopton@sironabiochem.com
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