Momentum Public Relations
Press Release: August 28, 2018
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.
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.
For more information regarding this press release, please contact:
Christopher Hopton, CFO
Sirona Biochem Corp.
Phone: 1.604.282.6064
Email: chopton@sironabiochem.com