VANCOUVER, British Columbia, April 11, 2022 (GLOBE NEWSWIRE) — Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona”) is pleased to provide the following update to shareholders.
We continue to make fundamental progress on core objectives and will be able to share more in due course.
A comprehensive update is due in the near future. We can report there are no adverse events and proper disclosure rules are being followed. No further information will be made public at this point
TFC-039 / Animal Health
We are pleased to inform our shareholders that Sirona and Wanbang have signed a binding Letter of Intent (LOI) to collaborate on licencing efforts for Sirona’s SGLT2 inhibitor, TFC-039, as a treatment for diabetes in animal health. We have a long-standing relationship with Wanbang and are excited to combine our two companies’ expertise to license TFC-039 to a global animal healthcare company.
Previous efforts to license TFC-039 for this indication were delayed for reasons unrelated to the merit of the opportunity and interested parties are now able and willing to move forward. Discussions are rapidly progressing with several global companies to develop TFC-039 as a treatment for diabetes in companion animals. SGLT2 inhibitors provide an opportunity to treat inflicted animals with an oral medication as opposed to the traditional method of daily insulin injections.
The combined scientific knowledge of Sirona and Wanbang will significantly increase the speed to commercialization of TFC-039. This includes extensive data, advanced manufacturing process development and the ability to commercially manufacture TFC-039. The new agreement was a desired step on the part of the interested partners to create the legal framework and to have certainty regarding production capacities and costs. Now that this has been finalized , the probability of a successful licensing agreement in the near future has been made much stronger.
This LOI is a modification of a previous agreement signed February 8th, 2021 which was mentioned in the CEO Update of 24 February 2021. The agreement will focus solely on applying TFC-039 to animal health.
Studies on a new indication for TFC-039 are also ongoing. Details of the new indication cannot be disclosed, but the opportunity as a valuable therapeutic exists and is an area of great need.
The lead compound for anti-aging will enter small scale-up and formulation for use in clinical and stability studies. We anticipate the clinical trial to take place in the second half of 2022.
Furthermore, our IP keeps growing – see latest entry for TFChem in the WIPO database.
As announced on 20 December 2021, we have had 20 antiviral compounds tested by Utah State University’s Institute of Antiviral Research.
The tests proved to be inconclusive. A known antiviral that was used as a positive control failed to produce results suggesting the test was not performing for this class of compounds. We’re now working on how to evaluate the compounds with a new assay. Accordingly, we are in the process of identifying other options or providers for testing our compounds and are currently coordinating how to proceed.
We remain no less confident that our antiviral compounds will deliver convincing results.
Due to these results, our discussions with potential partners in both public and private sector are on hold.
Due to our work on licensing agreements, we have diverted resources from this project at this time and will resume focus on this and other innovative pipeline projects when we’ve closed our deals.
We will be participating in person with partnering meetings during BIO International June 13-16 in San Diego. BIO One-On-One Partnering™ opportunities with over 15,000 biotechnology leaders the largest of its kind. For more information, please visit https://www.bio.org/events/bio-international-convention
In February 2022, 12,258,960 warrants were exercised for proceeds of $1,961,434.
In addition, as announced on March 9, 2022, our wholly owned subsidiary TFChem, has been awarded financing to develop an advanced chemistry process that could improve the manufacturing of active ingredients.
Furthermore, and most importantly: we anticipate very significant positive corporate developments that will completely change the company’s financial situation – for the long term.
Dr. Howard Verrico, CEO
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 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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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.